SBP seeks Supreme Court guidance on Riba

SBP welcomes the Federal Shariat Court’s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision. 

As the prime custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan, SBP is deeply committed to ensuring compliance with the injunctions of Islam, in particular those pertaining to riba, while protecting the stability and security of the financial sector of the country that functions as part of the global financial system. … Continue

Emirates to operate extra flights for upcoming Hajj season

With the significant demand for air travel during Hajj, Emirates is deploying extra flights to ensure more connectivity for the scores of pilgrims making their way to the Holy City of Makkah. Emirates will be operating special flights to Jeddah and Medina during the upcoming Hajj season to carry pilgrims for this special period.… Continue

Super tax announcement eroded the sentiment of PSX

Market Commentary

The market commenced on a negative note this week over uncertainty over the IMF Program, whereby the index shed 300 points DoD. However, the sentiment turned positive when a Chinese consortium of banks signed a USD 2.3bn loan facility agreement, and the ECC approved the second installment of PKR 96bn to the IPPs of the 2002 power policy.… Continue

PSX outlook for next week

With increased direct taxation measures and reversal of fuel & electricity subsidies, the resumption of the IMF program now looks increasingly likely. However, recent imposition of super tax and poverty alleviation tax on corporate earnings will weigh heavily on investors as earnings outlook and dividend yields are set to take a hit.… Continue

Pubg Mobile strives to promote Pakistan’s beautiful landscapes

Taking inspiration from the vision of Pakistan Tourism Development Corporation (PTDC) to help mainstream tourism in the country, PUBG MOBILE, Pakistan’s No. 1 gaming platform, is working towards bringing attention to Pakistan’s stunning scenery and beautiful culture both online as well as offline, which can be further supported with patronage from Pakistan’s foremost tourism authority.… Continue

Pakistan needs a new economic order: Mian Zahid Hussain

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said the country would be able to get loans from friendly countries and other sources after getting a loan from the IMF.… Continue

Google launches Think Games & Gaming Growth Lab

Google today announced it has successfully launched Think Games, Pakistan’s first thought leadership and knowledge-sharing event for game developers, which saw over 1,600 attendees. First announced in May 2022, the two–day event aimed to create an environment for Google leaders and local gaming experts to share insights, tools, and best practices to help developers create, grow and scale world-class games. … Continue

One-time tax on Pakistan companies to have a 14% earnings impact may help in IMF funding.

Miftah Ismail, Finance Minister of Pakistan, in his speech in the parliament, announced an additional one-time super tax of 10% to be imposed on FY22 earnings on specified sectors where companies make an annual profit of over Rs300mn. Hence, the effective tax rate for selected sectors would increase from 29% to 39% for Tax Year 2022 and 29% in Tax Year 2023.… Continue

Daily cargo handling report of Karachi Port Trust

The Karachi Port Trust handled 143,180 tons of cargo comprising 95,242 Tones of import cargo and 47,938 Tons of export cargo during last 24 Hrs ending at 0700 Hours.

TOTAL IMPORT CARGO:

The total import cargo of 95,242 comprised of 40,238 Tons of Containerized Cargo, 10,592 Tons of Bulk Cargo and 44,412 Tons of Oil and Liquid Cargo.… Continue

Boskalis update on HAL offer

Royal Boskalis Westminster N.V. (Boskalis) has taken note of the press release issued earlier today by HAL Holding N.V. (HAL) in which it formally announces the launch of its public offer for all issued and outstanding shares of Boskalis (the Offer).… Continue

Delegation of business leaders from Saudi and Kuwait meet PM to discuss KE issues

A delegation of K-Electric’s majority shareholders representing Saudi Arabia’s Aljomaih Holding Company, Kuwait’s National Industries Group (NIG) and Infrastructure Growth and Capital Fund (IGCF) called upon the Honorable Prime Minister of Pakistan Mian Shehbaz Sharif on Thursday.

Delegation was led by Sheikh Abdulaziz Aljomaih – Managing Director of Aljomaih Holding Company, one of the strongest conglomerates in Saudi Arabia with interests in diversified industries along with Riyadh Edrees – CEO of NIG.… Continue

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

Befiler becomes an ACCA approved employer

Befiler (Pvt.) Ltd is pleased to announce its inclusion to the panel of ACCA’s Approved Employer Network under the Trainee Development – Gold Category. The Association of Chartered Certified Accountants (ACCA) is one of the world’s leading professional accountancy body, and Befiler’s inclusion to the panel reflects its commitment to providing the right combination of technical, professional, and ethical skills to the students, affiliates, and members of ACCA.… Continue

Karandaaz leads dialogue on renewable energy

Karandaaz held a full-day webinar on the challenges and opportunities of renewable energy and energy efficiency in Pakistan. Leading experts and stakeholders in the renewable energy and climate finance space deliberated on the challenges and opportunities in this emerging space. Pakistan’s energy demand in 2021 was 29,435 MWs, whereas the supply after line losses in the same period was 26,083 MWs.… Continue

Rs. 11.33/ kWh likely be the FCA for Karachi for May 2022

K-Electric requested the National Electric Power Regulatory Authority (NEPRA) to increase the power tariff by Rs 11.33 per unit on account of fuel charges adjustment (FCA) for the month of May. Per applicable tariff across the country, fuel adjustment is reviewed every month and is applicable on consumer bills for only one particular month.… Continue