KATI calls for a 5% cut in interest rate
President of the Korangi Association of Trade and Industry (KATI), Junaid Naqi, has urged the State Bank of Pakistan to reduce the policy rate by 500 basis points or 5%.…
Deposit Protection Corporation releases its annual report FY2023-24
The Deposit Protection Corporation (DPC) announces the release of its fourth Annual Report for the fiscal year ending June 2024. The report has been issued to disclose the Corporation’s financial…
InfraZamin Pakistan, Saudi Pak Industrial and Agricultural Investment provide solar financing
InfraZamin Pakistan and Saudi Pak Industrial and Agricultural Investment Co Ltd signed a landmark transaction to provide an 11.5-year Distributed Solar Financing Facility to Acumen Energy Limited (Acumen) for PKR…
BankIslami achieves the 2024 Euro Clearing Quality Recognition Award
BankIslami recently won the "2024 Euro Clearing Quality Recognition Award" from J.P. Morgan for achieving an impressive MT202 STP Rate of 99.37%. Mr Amin Khowaja, CEO of J.P. Morgan Pakistan,…
SBP reserves increased by US$ 13 million
The total liquid foreign reserves held by the country stood at US$ 16,600.9 million as of 06-Dec-2024. The break-up of the foreign reserves position is as follows: Foreign reserves held…
Pakistan paving way for Islamic Financial Ecosystem: SECP Chief
Pakistan, through holding the international Islamic capital market conference, is paving the way to transition into a sustainable, equitable, and interest-free financial ecosystem. SECP Chairman Akif Saeed stated this in his…
FPCCI demands a level playing field for the Export Finance Scheme for local industry
Mr. Atif Ikram, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has called upon the federal government to immediately provide a level playing field in the…
Islamic Banks of Pakistan hosted a gathering in honour of Chairman of the Board of Trustees AAOIFI.
Islamic Banks of Pakistan hosted a gathering in honour of H.E. Shaikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board of Trustees AAOIFI. The event highlighted the pivotal role of…
Hanif Lakhani calls for a 3-4% reduction in the New Monetary Policy
Hanif Lakhani, former Senior Vice President of the Karachi Chamber of Commerce and Industry (KCCI) and former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI),…
Workers’ remittances saw a record inflow in November 2024: SBP
Workers’ remittances recorded an inflow of US$ 2.9 billion during November, 2024. In terms of growth, remittances increased by 29.1 percent in November, 2024 on y/y basis. Cumulatively, with an…
M/s Al-Hameed International Money Exchange license cancelled
The State Bank of Pakistan (SBP) on December 09, 2024 has cancelled the authorization/license issued to M/s Al-Hameed International Money Exchange (Private) Limited under the Foreign Exchange Regulations Act, 1947…
AlHuda CIBE will organize Global Islamic FinTech Forum in Dubai, UAE
AlHuda Centre of Islamic Banking and Economics (CIBE) is organizing the Global Islamic FinTech in Dubai, United Arab Emirates. This event aims to improve the country's economic conditions in both…
PQAMC achieves PKR 50 billion AUM in first two years of its operations
Pak-Qatar Asset Management Company Limited (PQAMC)-Rated AM2 with stable outlook by PACRA, Pakistan’s emerging dedicated Islamic Asset Management Company and part of Pak-Qatar Group, Pakistan’s premier and pioneer Islamic financial…
A review on Pakistan Sukuk Market
In 2024, the Government raised Rs2tn from Sukuk auctions using the PSX auction system in 15 total auctions. The largest quantum of funds was raised in the last auction 2024,…
MCB Bank partners with BPC to strengthen digital security
MCB Bank Limited (MCB), one of Pakistan's leading banks, has selected BPC, a global leader in payment solutions, to strengthen the security of its digital channels by implementing the BPC SmartVista Fraud…
FPCCI urges establishing the Bank of Balochistan
Mr. Atif Ikram Sheikh, President of FPCCI, has been apprised of FPCCI’s stance that Balochistan needs special attention from the government vis-à-vis industrialization; waivers in taxes & duties; setting up,…
Bank Alfalah wins two prestigious accolades from PBA
Bank Alfalah, a leading commercial bank in Pakistan, has been honoured by the Pakistan Banking Awards (PBA) with two prestigious accolades: the ‘Best Bank for Digital Excellence’ award for the third…
Mobilink Bank named ‘Best Microfinance Bank’ at Pakistan Banking Awards 2024
Mobilink Bank, Pakistan’s leading digital microfinance institution, was honored as the ‘Best Microfinance Bank’ at the Pakistan Banking Awards 2024. The recognition highlights the Bank’s pivotal role in advancing financial…
The future of banking in Pakistan will be driven by commitment to customer satisfaction: Governor SBP
The Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, advised financial institutions to continue striving for excellence and collaborating to foster a more inclusive, dynamic, and future-ready…
NBP celebrates 75 years of unwavering excellence
Exuberant celebrations filled with unwavering dedication and opulent prestige marked the 75th anniversary of the National Bank of Pakistan (NBP). Held at the historic Mohatta Palace in Karachi, the event…
SBP reserves increased by US$ 131 million
The total liquid foreign reserves held by the country stood at US$ 16,076.2 million as of 22-Nov-2024. The break-up of the foreign reserves position is as under: i) Foreign reserves…
Bank Makramah achieves major milestone — Net assets to increase by Rs29.39 billion
Bank Makramah Limited (BML) has achieved a major milestone in its journey toward strengthening its capital base with the Board of Directors approving a comprehensive scheme of arrangement. This transformative…
SBP has removed the Minimum Deposit Rate (MDR) requirement
State Bank of Pakistan (SBP) has removed the Minimum Deposit Rate (MDR) requirement for all conventional banks on deposits from financial institutions, public sector enterprises, and public limited companies. The…
Strengthening ties in Islamic Finance: Bank Alfalah Partners with CEIF IMSciences
Bank Alfalah has entered into a strategic partnership with the Centre for Excellence in Islamic Finance (CEIF) at the Institute of Management Sciences (IMSciences), Peshawar. This collaboration aims to drive…
Bank Alfalah partners with CEIF IMSciences
Bank Alfalah collaborates with the CEIF Institute of Management Sciences (IM Sciences) to drive progress in Islamic Finance. This alliance emphasises innovation, talent development, and sectoral growth by offering sponsorships…