KARACHI: Religious leaders, the State Bank of Pakistan (SBP) and financial institutions have agreed on a plan to resolve the long-standing issue of bank accounts for religious seminaries, paving the way for madrassas to be formally integrated into the legal banking system.
The agreement was reached at a conference of scholars and clerics organized by the Directorate General of Religious Education. Participants agreed to expedite the process of opening madrassa bank accounts by completing the necessary legal and administrative requirements.
During the consultative session, it was decided that banking obstacles facing madrassas in other parts of the country would also be addressed through mutual consultation.
Participants noted that the issue extends beyond administrative matters, describing it as a national necessity affecting millions of students enrolled in religious seminaries.
The meeting also agreed to provide madrassas with easy and dignified access to the formal banking system.
Officials said a transparent account-opening procedure would help safeguard the interests of both the seminaries and the banking institutions involved.
According to officials, formal banking access will make the financial affairs of madrassas secure, documented and regulated, while also improving financial management, record-keeping and the handling of donations.
