BankIslami becomes the first Islamic Bank to finance electronic warehouse receipt financing

BankIslami, Pakistan’s leading Islamic financial institution, has become the first Islamic Bank to have successfully structured and disbursed Pakistan’s first Shariah-compliant Electronic Warehouse Receipt (EWHR) financing issued under the repository system managed by Naymat Collateral Management Company Limited.

To facilitate farmers & aggregators to avoid distress sales during the harvesting period, SECP issued Collateral Management Company (CMC) Regulations in the Year 2019 to create an enabling environment and accredit warehouses for the storage of different commodities.… Continue

FPCCI: Free-falling rupee threat to national security; Sri Lanka-like scenario emerging

Mr Irfan Iqbal Sheikh, President of FPCCI, has maintained that the free-falling rupee has reached a point where it has become a threat to national security as LCs for petroleum imports are being opened at a much higher rate than that of intra-bank rate; and a grave law & order situation might emerge in case of any fuel shortages for transportation and electricity generation.… Continue

Political instability is breaking the rupee.

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the business community was hoping for political stability after staff-level agreement with IMF after hectic negotiations by by-elections has resulted in more instability.… Continue

Jazz to empower lives and livelihoods of women through tech’: Jazz CEO

Reiterating the company’s commitment to addressing the gender diversity and inclusion gaps in the larger community, Jazz CEO Aamir Ibrahim, in a recent interview, stated, “The soul of our organization is to empower lives and livelihoods of women through technology. It’s our fundamental belief that technology is the greatest equalizer and can help us overcome gender disparity.”… Continue

The market witnessed a range bound session today

·        . The benchmark KSE-100 index remained sideways due to continuous Pak rupee devaluation against US dollar and political unrest. Volumes remained dry although the last trading hour witnessed value buying in the E&P sector.

·        The Index closed at 40,459.70pts, up by 70.63pts (+0.17% DoD).… Continue

ACCA, MANTAQ sign MoU

ACCA (the Association of Chartered Certified Accountants) and MANTAQ Centre for Research have entered an MOU that focuses on building the capacity of lawmakers in legislative drafting and research related to finance.

As part of MANTAQ’s legislative drafting and research programme ‘TADVEEN’, both the organisations will collaborate to offer formal mentorship and training to policymakers and researchers to promote policy reforms and progressive regulations that drive good public financial management, enable effective implementation of UN’s Sustainable Development Goals (SDGs), and increase Pakistan’s global competitiveness.… Continue

Huawei’s David Wang: innovation, lighting up the 5.5G era

At the Win-Win Huawei Innovation Week, David Wang, Executive Director of the Board and Chairman of the ICT Infrastructure Managing Board of Huawei, delivered a keynote speech titled “Innovation, Lighting up the 5.5G Era”. In his speech, Wang spoke about the next evolution of 5G technology, which the company has termed, 5.5G, and the industry’s innovation roadmap for the next five to ten years.… Continue

NHA increased toll collection booths at Hakla toll plaza

As per the directive of Prime Minister of Pakistan Mr Shahbaz Sharif, the Ministry of Communications and National Highway Authority undertook immediate measures and established additional toll collection booths at Hakla Toll Plaza on Hakla-D.I.Khan Motorway. It is to recall that the Prime Minister of Pakistan, Mr Shahbaz Sharif took serious notice of reports regarding the traffic rush at Hakla Toll Plaza and issued orders to ensure smooth traffic flow at this point by increasing the number of toll collection booths.… Continue

The salient features of HUAWEI nova 9

A great smartphone is one that is styled for the ages, equipped with a great camera, has a large battery that charges up swiftly, and if you throw in some cool futuristic features then you have something special. And all of these things are not easy to find in one single phone!… Continue

Bears took charge at PSX as the bloodbath continued due to political unrest and rupee devaluation today

  • Bears took charge at PSX today as the bloodbath continued. Despite opening in the green zone, the benchmark KSE-100 index dropped down to an intraday low of 40,216 levels (1150.73 points negative). Selling momentum continued across the board due to political unrest and rupee devaluation against US Dollar, marking a historic high in the interbank and open market. 
Continue

In concluding the Theatrical Masterpiece Trilogy, Anwar Maqsood announces Saadhay 14 August

Esteemed scriptwriter, television presenter, humorist, and actor Anwar Maqsood’s iconic 14th August play trilogy is all set to launch its final leg as the series concludes with its last epic performance. Celebrating the 75th Anniversary of Pakistan with the final part of the theatrical masterpiece trilogy, KopyKats Productions and Anwar Maqsood’s ‘Saadhay 14 August’ premieres in Karachi on 14th August 2022.… Continue

Emirates flight catering opens the world’s largest vertical farm in Dubai

Bustanica has opened the doors to the world’s largest hydroponic farm, backed by an investment of US$40m. The facility is the first vertical farm for Emirates Crop One, the joint venture between Emirates Flight Catering (EKFC), one of the world’s largest catering operations serving more than 100 airlines, and Crop One, an industry leader in technology-driven indoor vertical farming.… Continue

Pakistan’s delegation visits to Afghanistan were instrumental in improving trade, transit and bilateral investment.

PAJCCI, as a result of its series of meetings, has been recommending several measures to facilitate economic activity with Afghanistan including waiver of E-Form & EIF requirement for the extended period till finalization of alternate mechanism, opening up of new border crossings, increase in timings at existing border crossings, reducing multiple and manual checks, adding items to PKR trading category, barter trade mechanism implementation, exploring new items for trade, cross-stuffing & de-stuffing of containers, sales tax and duty drawback claims policy, setting up separate visa counters for the business community at border crossings, development of infrastructure on both sides, joint tariff rationalization and effective transit trade policy and mechanism.… Continue

World Population Day: Awareness event conducted in Islamabad

To commemorate World Population Day, a collaborative event was conducted in Islamabad today. A joint effort of the United Nations Population Fund (UNFPA) Pakistan, British High Commission, Ministry of National Health Services, Regulations & Coordination (NHSRC), and Population Programme Wing (PPW), the event revolved around the theme”A world of 8 billion: Towards a resilient future for all – Harnessing opportunities and ensuring rights and choices for all.”… Continue

Google expands Android Earthquake alerts system to Pakistan

Today, Google is launching Android Earthquake Alerts System in Pakistan. Android Earthquake Alerts System is a no-cost, helpful Android feature that detects earthquakes around the world and alerts people. It uses sensors in Android smartphones. The system uses accelerometers in active Android smartphones to detect seismic activities.… Continue

Daraz and Visa collaborate to impart business skills to online Sellers

As part of their joint efforts to help small and micro business (SMB) owners make confident, informed decisions to grow their businesses, Leading e-commerce platform Daraz and Visa, the world leader in digital payments, have collaborated to impart practical business skills to online sellers through the Daraz University platform based off Visa’s global Practical Business Skills digital platform that delivers free educational resources covering business skills and financial literacy training.… Continue

Daily cargo handling report of Karachi Port Trust

The Karachi Port Trust handled 113,776 tons of cargo comprising 75,830 Tones of import cargo and 37,946 Tons of export cargo during last 24 Hrs ending at 0700 Hours.

TOTAL IMPORT CARGO:

The total import cargo of 75,830 comprised of 53,390 Tons of Containerized Cargo, 12,725 Tons of Bulk Cargo & 9,715 Tons of Wheat.… Continue

Telenor Pakistan announces results for 2nd quarter 2022

Pakistan’s volatile macroeconomic situation during the current fiscal year and its exchange rate fluctuations impacted Telenor Pakistan’s performance during the second quarter of 2022. Despite the economic challenges, Telenor Pakistan reported revenue of PKR 26.7 billion, up by PKR 104 million from Q2 last year.… Continue