Macroeconomic conditions towards the end of FY15 have further improved compared to the beginning of the fiscal year. Current account deficit has narrowed down; average annual inflation is significantly below the target; there is a marginal uptick in real GDP growth; and foreign exchange reserve buildup continues.
Islamic Finance News recognised Standard Chartered Saadiq for the Best Deal of the Year Award for successfully closing the US dollar dominated Government of Pakistan (“GOP”) International Sukuk.
The Bank was competing with some of the largest players in the Banking Industry and has won this award on the basis of its competence and commitment to the clients.
According to press release issued by State Bank of Pakistan, Federal Government has approved amalgamation of KASB Bank Limited with BankIslami Pakistan Limited. Hence the moratorium placed on former KASB Bank Limited has been lifted while depositors of the former KASB Bank Limited can now freely operate their accounts maintained at the respective branches with BankIslami Pakistan Limited.