Regulatory Alerts2026-01-22 | EPD Circular Letter No. 03Payment to Non-Resident Directors, Chairmen, Shariah Advisors, and Shariah Scholars of SBP Regulated Entities
Authorized Dealers are permitted to remit remuneration to non-resident directors, chairmen, and Shariah personnel of SBP-regulated entities in accordance with board-approved policies. Banks must perform thorough due diligence to verify compliance with SBP remuneration instructions before processing any payments. Required documentation for these remittances includes valid SBP appointment approvals, board resolutions specifying entitlements in Pak Rupees, attendance confirmation, travel proofs, Form 'M', and tax deduction records.
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