Pakistan 'set for parallel bank system'

PAKISTAN - Pakistan's central bank yesterday issued a fresh set of requirements for commercial banks intending to provide Islamic banking services, in a step to comply with an order from the country's Supreme Court seeking a conversion to Islamic banking by June next year.

The State Bank of Pakistan said Islamic banks should be listed on the stock market with at least 50 per cent of their shares offered to individual equity investors. It also said Islamic banks should have a minimum paid-up ca