Faysal Bank Limited announced on Wednesday that the Securities and Exchange Commission of Pakistan (SECP) has issued the certificate of incorporation to Faysal Islami Currency Exchange Company.
This development comes as the bank earlier announced on September 28, 2023, to establish a wholly-owned exchange company with an initial paid-up capital of Rs 1 billion under the directions of the State Bank of Pakistan (SBP).
The SBP in its letter on September 6, 2023, decided to introduce structural reforms in the exchange companies’ sector. As part of these reforms, leading banks involved in the foreign exchange business are required to establish wholly owned exchange companies to cater to the legitimate foreign exchange needs of the general public.
The SBP further emphasized that the existing exchange companies and their franchises will be consolidated and transformed into a single category of exchange companies with a well-defined mandate.
Furthermore, SBP increased the minimum capital requirement for exchange companies from Rs 200 million to Rs 500 million.
