Mobilink Bank recognized as the best retail bank in Pakistan

Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, has been recognized for its services in offering innovative digital financial solutions at the 13th Annual Retail Banker International (RBI), Asia Trailblazer Awards 2022. MMBL won the prestigious title of ‘Best Retail Bank in Pakistan’ along with an honorable mention of ‘Highly Commended’ for Excellence in Client Onboarding through its premium digital financial services application – MMBL DOST. … Continue

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NdcTech displayed the largest global banking events in London

NdcTech, Pakistan’s leading IT and consulting company was invited to showcase its offerings as a Silver Sponsor at the Temenos Community Forum 2022, one of the most prestigious banking technology events held recently at the world’s financial city, London, UK. Ammara Masood, CEO and President of NdcTech and Asif Peer, CEO Systems Ltd were present at this international forum, alongside other key management

The event not only brought together banking professionals from across the globe, but also provided a huge opportunity to IT Service providers and Fintechs to showcase their offerings.… Continue

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Mastercard strengthens leadership team to accelerate growth across MENA including Pakistan

Mastercard has reaffirmed its commitment to the GCC and wider region through the appointment of Mastercard veteran J.K. Khalil to lead its operations across the MENA East Cluster in his new role as Cluster General Manager.

In his new role, Khalil is responsible for the UAE, Qatar, Kuwait, Pakistan, and Oman, which make up Mastercard’s MENA East Cluster.… Continue

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Pak-Qatar Family Takaful signed MOU with Sehat Kahani

Pak-Qatar Family Takaful Limited (PQFTL) came into an MOU with Sehat Kahani, to promote Takaful products through the digital medium. Sehat Kahani and PQFTL aim to make Takaful products, affordable, and accessible for the major part of the population currently not being served.… Continue

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Meezan Bank plans to meet stringent security standards

Meezan Bank, Pakistan’s leading Islamic bank, attained Payment Card Industry Data Security Standard certification (PCI DSS v3.2.1) by Payment Card Industry Security Council (PCI SSC) through PCI QSA Firm – Risk Associates, a premier global information technology company.

This certification, which is a leading payment card data security standard, is another milestone in Meezan Bank’s journey towards implementation of data security and control systems that ensure customer security, sensitive card data protection and fraud risk prevention.… Continue

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SBP reserves decreased by US$ 748 million

The total liquid foreign reserves held by the country stood at US$ 14,210.4 million as of 17-Jun-2022. The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan: US$ 8,237.7 million

Net foreign reserves held by commercial banks    : US$ 5,972.7 million

Total liquid foreign reserves                 : US$ 14,210.4 million

During the week ended on 17-Jun-2022, SBP reserves decreased by US$ 748 million to US$ 8,237.7 million mainly due to external debt repayments.… Continue

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SBP asks banks to conserve energy – urged WFH

The State Bank of Pakistan, through BPRD Circular No. 02 of 2022, has informed the Presidents/ Chief Executives of All Banks/ DFIs/ MFBs to take the measures to conserve energy and fuel in the banking sector

 

  1. As you are aware, the Federal and Provincial Governments are taking several actions to address the prevailing energy situation in the country.
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Financial System performed well and remained resilient, says Financial Stability Review 2021

The State Bank of Pakistan (SBP) has issued its annual flagship publication, the Financial Stability Review (FSR) for CY21. The Review presents the performance and risk assessment of various segments of the financial sector including banks, non-bank financial institutions, financial markets, financial market infrastructures and non-financial corporates.… Continue

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NBP launches the Aitemaad Islamic Banking window at the main branch, Rawalpindi

The Islamic Banking Window of NBP Aitemaad at Main Branch, Rawalpindi, was inaugurated by Mr Gul Bahar Khan, EVP / General Manager – Islamabad Cluster and Mr Saquib Haider Loan, Regional Head, AIBR-FEDC. Ms Zahida Hameed, Regional Head Rawalpindi, Ms Mahum Tariq, SVP/Chief Branch Manager Main Branch Rawalpindi, and Mr Muhammad Farhan, Project Coordinator IBW AIBR-FEDC Islamabad.… Continue

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NBP signs MOU with PTA

Pakistan Telecommunication Authority (PTA) and National Bank of Pakistan have signed a Memorandum of Understanding (MoU) for provision of consumer financing facilities to PTA employees.

The MoU is aimed as mutually beneficial for both the organization and it will further strengthen NBP’s partnership with PTA.… Continue

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Mastercard Economics Institute: Pent-up demand drives global leisure and business flight bookings past 2019 levels

After a turbulent two years, new research from the Mastercard Economics Institute reveals that global leisure and business flight bookings have surpassed pre-pandemic levels while spending on cruise lines, buses and trains saw sharp improvements this year. A new report, Travel 2022: Trends and Transitions, delivers critical insights across 37 markets about the global state of travel in a post-vaccine and less restricted chapter of the pandemic era.… Continue

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Pak-Qatar Family Takaful (PQFTL) signed MoU with WAADA

Pak-Qatar Family Takaful Limited (PQFTL) came into an MOU with WAADA, to promote Takaful products through the digital medium. WAADA and PQFTL aim to make Takaful products, affordable, and accessible for the major part of the population currently not being served.… Continue

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Bank Alfalah celebrates International Day of Family Remittances

Today on International Day of Family Remittances, as adopted by the United Nations General Assembly,5 Bank Alfalah recognizes the contributions of the migrant workforce of the sixth-largest remittance-receiving country in the world.

Remittances sent by migrant workers account for more than 9% of Pakistan’s GDP while being the biggest source of foreign reserves after foreign direct investment into the country.… Continue

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NBP’s victory in US Terror financing case

NBP has won the case entitled Harold Brown Sr., et al vs NBP filed in the United States District Court, Southern District Court, Second Circuit, New York. NBP had filed a motion to dismiss which was vigorously contested through its US attorneys leading to the case against NBP being dismissed in its favour.… Continue

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State Bank of Pakistan renews the status of VIS and PACRA

State Bank of Pakistan has renewed the status of both credit rating agencies operating in Pakistan namely “VIS Credit Rating Company Limited (VIS)” and “The Pakistan Credit Rating Agency Limited (PACRA)” as eligible / recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2022.… Continue

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Carrefour partners with Mastercard to celebrate Mondays

Carrefour, owned and operated by Majid Al Futtaim in Pakistan, has introduced ‘Mastercard Mondays’. Through this offer, in-store customers who spend above 5000 rupees through their Mastercard will get a chance to enter a raffle draw to win exciting weekly prizes including a mobile phone and memorabilia signed by Wasim Akram.… Continue

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Khushhali Microfinance Bank clients win at the 14th annual Citi-PPAF Micro-Entrepreneurship Awards

Seven of the best-performing clients of Khushhali Microfinance Bank (KMBL) were shortlisted to win prestigious accolades at the “14th “Citi-PPAF Micro Entrepreneurship Awards – 2022”. Five of these seven shortlisted candidates, personally attended the ceremony organized by Pakistan Poverty Alleviation Fund (PPAF) and Citi Foundation in Islamabad, to recognize the achievements of successful micro-entrepreneurs across Pakistan.… Continue

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Pakistan Banks’ profitability impacts 15-20% due to propose increased taxation

The government has introduced major changes in Federal Budget FY23 for the banking sector, which will significantly impact the industry’s bottom line. These changes include 1) an increase in the corporate tax rate for banks, 2) an additional 2% tax on poverty alleviation, and 3) an increase in the tax rate on interest income on government securities. … Continue

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Mastercard study advocates financial inclusion as a driver for better access to health and education

Financial inclusion is driving better access to health and education across Middle East and Africa, according to a new white paper from Mastercard.

The study, Financial Inclusion+ – Connecting People to Finance, Health, and Education, explores how health, education, digital, and financial inclusion are all intertwined to unlock greater prosperity and wellbeing for communities across the region.… Continue

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SBP reserves decreased by US$ 497 million

The total liquid foreign reserves held by the country stood at US$ 15,176.5 million as of 03-Jun-2022. The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan: US$ 9,226.2 million

Net foreign reserves held by commercial banks    : US$ 5,950.3 million

Total liquid foreign reserves                 : US$ 15,176.5 million

During the week ended on 03-Jun-2022, to US$ 9,226.2 million due to external debt repayment.… Continue

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“Find My Doctor set to insure families of overseas Pakistanis in collaboration with TPL Insurance”

As part of an ongoing quest to redefine healthcare in Pakistan using technology, Find My Doctor, in collaboration with TPL Insurance has launched state-of-the-art Insurance and Takaful Products for the families of Overseas Pakistanis.

Mr. Saad Wahab Siddiqui, CEO, Find My Doctor, stated: “In our continued commitment to providing quality, affordable and convenient healthcare solutions, we have created this high-tech insurance marketplace to give our esteemed overseas Pakistanis true peace of mind, and their families the ability to get access to best-in-class healthcare.”… Continue

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The Government and SBP refute baseless claims circulating on social media regarding Foreign Currency Accounts, Roshan Digital Accounts and Safety Deposit Lockers

The Government of Pakistan and the State Bank of Pakistan assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers in banks in Pakistan that their accounts and lockers are completely safe, and that there is no proposal under consideration to put any restriction on them.… Continue

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CDC ITMinds Limited signs an agreement for back office service provisioning

ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), has entered into outsourcing arrangement with Pak Qatar Asset Management Company Limited (PQAMCL) & Pak Qatar Family Takaful Limited (PQFTL) to provide Back Office Accounting Services to PQAMCL & PQFTL.… Continue

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PBA strongly recommends FBR not impose any additional tax on the banking sector

Chief Executive Officer, Pakistan Banks Association, Tawfiq Hussain, said the banking sector is playing a vital role in the country’s economic development and is supporting major initiatives of the government, the Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP).… Continue

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Jubilee Life Insurance wins two major awards at the Pakistan Digital Awards 2022

Jubilee Life Insurance, the leading life insurance company in the private sector, has been awarded two major accolades at the Pakistan Digital Awards Ceremony 2022. For its exceptional outreach, the campaign for HBL PSL Season 6 by Jubilee Life Insurance bagged the ‘Best Integrated Media Strategy’ award, while the Jubilee Life Customer Testimonial Videos campaign was honoured with the ‘Best Content of the Year award.… Continue

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