Faysal Bank Limited recently announced that they have been granted the status to be an Authorised Derivatives Dealer by the State Bank of Pakistan, after which they are now the sixth bank to have this status in the Pakistan banking industry. In a statement to the press, the President and CEO, Mr. Naved A. Khan commented: “We are honoured to be among the six banks in Pakistan to have been given this status by the State Bank of Pakistan. This will further allow us to offer our clients structured derivatives solutions, thereby addressing their financial needs and providing excellence in service.” An Authorised Derivatives Dealer is a status that is given to a Financial Institution by SBP to carry out Derivatives Business. The basic purpose of permitting banks to undertake derivatives is to enable the market participants and/or Corporates to hedge their balance sheet exposures in the financial markets.
