JazzCash launches Islamic savings with highest daily halal profits
JazzCash, Pakistan’s largest fintech organisation, has launched its Islamic savings product with the highest daily halal profit rates.
Editor
Jazz Cash Becomes SECP’s Strategic Knowledge Partner to Propel Pakistan’s Fintech Ecosystem
The Securities and Exchange Commission of Pakistan (SECP) has signed a Memorandum of Understanding (MoU) with JazzCash, the country’s largest fintech operator. This MoU fortifies JazzCash’s role as SECP’s knowledge partner. The partnership underscores a concerted effort to bolster digitalization and promote financial literacy.
Mobilink Bank Launches “Center of Excellence for Women” at Arid University
Mobilink Bank, Pakistan’s leading digital microfinance bank, has reaffirmed its commitment to women’s financial inclusion with the launch of the country’s first “Center of Excellence for Women” in partnership with Arid Agriculture University, a leading agricultural institution in Pakistan, to advance financial education. In this joint endeavor, Mobilink Bank will serve as the exclusive financial partner for Arid University’s outreach program, which extends its services to approximately 200 rural villages in the Potohar region. Alongside offering customized financial services, the Bank will actively contribute to advancing agricultural education by supporting financial literacy training, skills development, and capacity building for women.
FBR to Launch Tajir Dost Scheme for Small Traders, Shopkeepers
The Federal Board of Revenue (FBR) has announced the initiation of tax collection under the newly proposed Tajir Dost Scheme for small traders and shopkeepers, slated to commence on July 15, 2024.
SIFC gives go ahead for establishing largest IT Park in Islamabad
The Standing Investment Facilitation Committee (SIFC) has given the green light to establish the country’s largest IT Park in the G-10 sector of the federal capital, covering an expansive area of 3.3 acres. This landmark decision marks a significant stride forward for Pakistan’s burgeoning tech landscape, promising unparalleled opportunities for innovation and progress.
International Water Day highlights importance of sustainable water management
This year’s theme, “Leveraging Water for Peace,” underscored the critical role water plays in our ecosystems, economies, and lives. Despite progress, millions globally still lack access to clean drinking water and sanitation, emphasizing the urgent need for collective action.
PSX marks listing of Bank Islami Pakistan’s Ehad Sukuk II with a Gong ceremony
Pakistan Stock Exchange (PSX) held a gong ceremony at the Exchange to mark the listing of BankIslami Pakistan Limited’s Islamic financial instrument of Ehad Sukuk II, a fully paid up, rated, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Mudaraba Sukuk. The issue size was of PKR 1,000 million, out of which Sukuks of PKR 850 million (85% of issue size) were issued to the pre-IPO investors and Sukuks of PKR 150 million (15% of issue size) were offered to the general public by way of Initial Public Offering. The issue price or par value of each Sukuk is PKR 5,000, with an expected profit rate of 1 month KIBOR + 2.5% per annum to be paid out monthly. The instrument has a perpetual tenor. The purpose of the Issue was to raise capital towards the issuer’s Additional Tier I for Capital Adequacy Ratio as per guidelines set by the State Bank of Pakistan.
Pakistan’s Tractor assembling grew by 77 percent
Tractor assembling in the country during first 07 months of current financial year increased 77 percent.
Wilmar unit to make further investment in Pakistan-listed Unity Foods
Wilmar Pakistan Holdings Pte. Ltd. (“WPH”, a wholly owned direct subsidiary of Wilmar International Limited), Unity Wilmar Agro (Private) Limited (“UWA”, a 52% subsidiary of WPH) and certain shareholders of Unity Foods Limited (“UFL”) have, through Arif Habib Limited (in its capacity as the manager to the public offer), made a public announcement to the Pakistan Stock Exchange Limited of their intention to acquire up to 277,070,908 shares of UFL in the public offer, at the price that complies with the pricing formula and other applicable Pakistan laws and regulations including the Securities Act 2015 and Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017 (“PAI”).
Javed Ahmed, Managing Director and CEO, Jubilee Life Insurance presents the Wicket keeper of the Tournament Award to Azam Khan
Javed Ahmed, Managing Director and CEO, Jubilee Life Insurance presents the Wicket keeper of the Tournament Award to Azam Khan