Pakistan’s largest tech conference and expo 2022, in Islamabad

Zindigi – Pakistan’s first customizable digital banking experience powered by JS is proud to bring Future Fest, Pakistan’s largest tech conference and expo 2022, to be held in Islamabad from May 13-15.

Zindigi Future Fest will be a three-day event hosting four conferences and an exhibition arena covering an innovation exposition and workshops by renowned local and international speakers.… Continue

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MMBL celebrates a decade of Financially Empowering Millions

Mobilink Microfinance Bank Ltd. (MMBL), the largest digital bank in Pakistan, is celebrating 10 years of successful banking operations. With a focus on promoting financial inclusion across the country, MMBL is currently operating with over 100 branches across Pakistan and is serving over 39 million customers including 15 million+ monthly active mobile wallets.… Continue

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ACE Money Transfer and Bank Alfalah giving away SIX Kia Sportage Alpha

The partnership between Bank Alfalah, one of the largest commercial banks in Pakistan and ACE Money Transfer, a leading online remittance provider, is all set to reach new heights with their latest marketing campaign. Overseas Pakistanis using legal remittance channels to the country will get a chance to win up to six Kia Sportage Alpha SUVs.… Continue

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NBP joins hands with ICAP to launch CA Training Program

The National Bank of Pakistan, in line with its vision to become the nation’s leading bank enabling sustainable growth and inclusive development joined hands with the Institute of Chartered Accountants of Pakistan (ICAP) to offer articleship training to CA students. As a certified Training Organization Outside Practice (TOoP), National Bank of Pakistan is launching this Chartered Accountant training program to help youth engage in a training contract for a three to four year term of Articleship is pursuance of the Chartered Accountant qualification with the ICAP.… Continue

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Pak Kuwait Investment Company & Enertech Kuwait sign agreement worth US$ 750 million!

Pakistan Kuwait Investment Company (Private) Limited (PKIC) a leading development financial institution in Pakistan has entered into a strategic alliance agreement with Enertech Holding Company KSC (Enertech) a subsidiary of Kuwait Investment Authority, worth $ 750 million, with the objective to collaborate and jointly explore investment opportunities and business potential primarily within Pakistan.… Continue

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Bank Alfalah signed an MOU with Jubilee Life Insurance

Bank Alfalah Limited (BAFL), the country’s leading financial institution and Jubilee Life Insurance Company Limited (JLICL), Pakistan biggest private sector insurer have come together, and signed an MOU for round the clock cash collection through Bank Alfalah CDM network. The signing ceremony was held at Bank Alfalah’s Head Office in Karachi.… Continue

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Pakistan’s foreign reserves stands US$ 16,553.2 million as of 30-April-2022

The total liquid foreign reserves held by the country stood at US$ 16,553.2 million as of 30-April-2022. The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan: US$ 10,499.0 million

Net foreign reserves held by commercial banks    : US$ 6,054.2 million

Total liquid foreign reserves                 : US$ 16,553.2 million

During the week ended on 30-April-2022, SBP reserves recorded a decline of US$ 59 million to US$ 10,499.0 million due to external debt payments.… Continue

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IPS’ roundtable lauds FSC Judgement on Riba-free Economy

The much-awaited verdict of the Federal Shariat Court (FSC) on interest-free economy, despite being overly delayed, sets the course in the right direction by cogently answering all reservations put forward earlier. The decision, by validating the practical viability of an interest-free economy, has opened up new opportunities for the realization of this dream, and should be treated as a stepping-stone by the government and all stakeholders collectively to further build upon.… Continue

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BankIslami recorded 34% growth in PAT for 1Q22

BankIslami Pakistan Limited (‘the Bank’ or ‘Bankislami’) announced its financial results for the quarter ended March 31, 2022.  Underpinned by growth in customer base, increase in income levels and improvements in cost efficiency; BankIslami’s underlying operating profit before provisioning for 1Q22 registered an increase by 95.8% i.e.… Continue

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The central bank is likely to raise interest rates soon: Mian Zahid Hussain

On Friday, Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain said the possibility of a further increase in interest rates by the central bank had disturbed the business community.… Continue

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Western Union rolls out services with Bank Alfalah

Western Union, a global leader in cross-border, cross-currency money movement and payments, has announced the launch of its services with Bank Alfalah, one of the largest private banks in Pakistan.

Western Union’s strategic partnership with Bank Alfalah empowers customers in Pakistan to enjoy the added convenience of receiving their Western Union money transfers at more than 790 Bank Alfalah locations across the country.… Continue

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All Banks and their branches shall remain open on Saturday, April 30, 2022

SBP has clarified that all banks and their branches shall remain open on Saturday, April 30, 2022 in line with central bank instructions embodied in BPRD Circular Letter No. 11 of April 13, 2022.

In the wake of public holidays announced by the Government of Pakistan on the occasion of Eid-ul-Fitr from 2nd to 5th May, 2022, the general public is encouraged to undertake their banking transactions on Saturday, April 30, 2022.… Continue

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MCB Bank’s PBT increased by 32% for the period ended 31st March 2022

The Board of Directors of MCB Bank Limited (MCB) in its meeting under the Chairmanship of Mian Mohammad Mansha, on April 27, 2022, reviewed the performance of the Bank and approved the condensed interim financial statements for the first quarter ended March 31, 2022.… Continue

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Meezan Bank gives a dividend of Rs1.75/share

Meezan Bank Limited (MEBL) announced consolidated earnings of Rs9,244mn for 1Q2022 translating into an EPS of Rs5.64 up 51% YoY and 9% QoQ.

Alongside the result, a dividend of Rs1.75/share was also announced.

Interest expense of the bank increased by 38% sequentially following the rate hikes in Nov (150bps) and Dec (100bps).… Continue

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Bank Alfalah’s another strong quarter; PAT up by 45%

The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on April 26, 2022, revealed BAFL’s financial results for the quarter ended March 31, 2022. The Bank’s impressive performance for 2022 is an endorsement of its customer centricity and product innovation driven by the growth strategy.… Continue

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Khushhali Microfinance Bank empowers the women through Skill Training

Khushhali Microfinance Bank Limited (KMBL) in collaboration with the Institute of Rural Management (IRM) has successfully completed the skill development program for women from Rawalpindi’s marginalized communities. The aim of the program was to empower women through skill-based learning and financial literacy programs so they play an active role in the community.… Continue

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Pak-Qatar Family Takaful given A++ Credit Rating from VIS & PACRA

VIS Credit Rating Company and PACRA has harmonized the Insurer Financial Strength rating of Pak-Qatar Family Takaful Limited (PQFTL) at ‘A++’ with Stable Outlook. The rating assigned signifies high capacity to meet policyholder obligations and contractual obligations reflected by the company’s adequate capitalization and liquidity profile.… Continue

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JS Bank partnered with NdcTech to modernize its Core Banking and drive Business Agility

JS Bank, a leading Commercial Bank of Pakistan has modernized its Core Banking platform with renowned IT company NdcTech as the implementation partner. This deployment is a central part of the Bank’s strategy to rebuild its technology and support its future growth objectives.… Continue

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NITL Funds are now available on Hysab Kytab

Pakistan’s First Asset Management Company NITL has signed up with Hysab Kytab to provide end users/customers access to its family of funds within the consumer application. This collaboration will empower customers to make informed decisions leading to a financially secure future.… Continue

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KATI’s concern over the rise in the value of the dollar again

Acting President of Korangi Association of Trade and Industrial (KATI) Farrukh Qandhari has expressed concern over the rise in the value of the dollar once again. He said that the rise in the value of the dollar at the time of negotiations with the IMF would have a detrimental effect on the economy.… Continue

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SBP reserves increased by US$ 36 million

The total liquid foreign reserves held by the country stood at US$ 17,045.0 million as of 16-April-2022. The break-up of the foreign reserves position is as under:-

  • Foreign reserves held by the State Bank of Pakistan: US$ 10,885.7 million
  • Net foreign reserves held by commercial banks    : US$ 6,159.3 million
  • Total liquid foreign reserves                 : US$ 17,045.0 million

During the week ended on 16-April-2022, SBP reserves increased by US$ 36 million to US$ 10,885.7 million.… Continue

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Jubilee Life hosts special Iftar for the Arthouse students

Jubilee Life join hands with Arthouse by Sarwat Gilani for a special Iftar hosted for the Arthouse students from Special Olympics Pakistan (SOP) accompanied by Ronak Lakhani, Chairperson of SOP, Scinosa and Kiran Foundation.

The evening comprised of storytelling, games and arts & crafts so the children could enjoy and develop their skills in multiple creative ways.… Continue

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MMBL partners with BaKhabar Kissan to foster a smart digital ecosystem for its growing Agri-customers across Pakistan

Pakistan’s largest digital bank, Mobilink Microfinance Bank Ltd (MMBL) has partnered with BaKhabar Kissan (BKK), a leading agri-tech enterprise that provides advisory services to small and medium farmers across the country.

Through this strategic alliance, smart digital financial and agri-tech solutions will be offered to MMBL’s growing base of agri-customers to help farmers identify, assess and monitor crop type, weather and land conditions, livestock, and other key agriculture and environment-related indicators to boost income and agricultural produce.… Continue

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Govt decision to restart talks with IMF lauded: Mian Zahid Hussain

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Monday said the decision of the government to restart negotiations with IMF is a welcome move.… Continue

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Bank Alfalah partners with Paymob to drive digital payment acceptance in Pakistan

Bank Alfalah, one of the largest private banks in Pakistan has partnered with Paymob, MENA’s market-leading digital payments provider. The two organizations have collaborated to activate and support merchant acquisition and integration services across Pakistan. The partnership will empower over 100,000 merchants across Pakistan and launch new innovative services in e-commerce acceptance for online merchants.… Continue

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