Bank Alfalah marks breakthrough with Equity Investment and Embedded Finance Partnership with QistBazaar
Bank Alfalah, one of the largest commercial banks in Pakistan, has made a significant entry into the venture capital ecosystem as it has signed an agreement to acquire a 7.2% equity stake worth PKR 140 million in QistBazaar, a fast-growing, Securities and Exchange Commission of Pakistan (SECP) licensed Buy Now Pay Later (BNPL) non-bank financial…
Adil Aziz
US committed to provide business-friendly environment: Commerce dept. official
The United States is committed to provide a conducive environment to the Pakistani business community, a senior Commerce Department official. Aileen Crowe Nandi, Executive Director for Asia at the US Department of Commerce, was speaking at an event hosted by Pakistan’s Ambassador to the U.S., Masood Khan, for a group of 19 Pakistani business leaders…
Jubilee Life Insurance & Sehat Kahani partnership completed 100,000+ online OPD consultations
Mr. Javed Ahmed, MD and CEO, Jubilee Life Insurance cut a cake as the company celebrated 100,000+ online OPD consultations from general physicians and specialists for patients. This milestone was completed in partnership with Sehat Kahani. Mr. Farhan Akhtar Faridi, Group Head of Retail Operations, Marketing and Administration, Jubilee Life Insurance, Dr. Sara Saeed Khurram,…
Paymob, 1LINK partner to fuel digital payments in Pakistan
Paymob, the leading financial services enabler in the Middle East, North Africa and Pakistan (MENA-P) and Pakistan’s largest interbank network, 1LINK, have announced a partnership agreement to power instant online payouts for merchants registered with Paymob via 1LINK’s payment infrastructure, with Bank Alfalah Ltd. serving as its settlement bank. This partnership represents a unique and…
SBP Governor for evolving effective strategy to avert impacts of climate change
State Bank of Pakistan (SBP) Governor Jameel Ahmad underlined the urgent need for creating required resilience against negative impacts of climate change to protect humans, agriculture and livestock, besides uplifting the regional economies to alleviate vulnerabilities faced by them. Addressing the SAARCFINANCE Symposium here, he said Pakistan was ranked among the top 10 most affected…
Majid Al Futtaim expands retail footprint in Pakistan with twelfth Carrefour store
The ground-breaking has begun for Carrefour’s twelfth store in the country Two new standalone stores in Defence Housing Authority (DHA) will be operational by the end of 2023 Majid Al Futtaim – the leading shopping mall, communities, retail and leisure pioneer across the Middle East and Africa – has further expanded its retail footprint in…
SECP Introduces Regulatory Framework for ‘Online Only’ Brokers
The Securities and Exchange Commission of Pakistan (SECP) has approved the regulatory framework for online only brokers through amendments to the Pakistan Stock Exchange (PSX) Rulebook, paving the way for the launch of Online Only Brokers in Pakistan. Cognizant of growing demand for online investing platforms, the SECP is committed to promoting innovation in the…
ADB’s private sector operations boost support for climate action, food security
The Asian Development Bank’s (ADB) private sector operations in 2022 saw project commitments reach $1.1 billion with the percentage of projects receiving climate finance double the level of 2021, according to ADB’s Private Sector Operations in 2022 – Report on Development Effectiveness. The report, prepared by ADB’s Private Sector Operations Department (PSOD), cites a number…
Faysal Bank Announces Strong Financial Results for First Quarter 2023
Faysal Bank Limited, one of the prominent Islamic banks in Pakistan, has shown exuberant performance in the first quarter of the year, reflecting its strong business fundamentals and prudent risk management. According to the financial report released by the Bank, the Bank’s net profit for the first quarter of 2023 was Rs. 3.2 Bn, which…
Lucky Cement achieves highest-ever profit
Lucky Cement Limited achieved its highest-ever profit after tax of Rs. 48.5 billion, for the nine months period tended March 31, 2023 of which Rs 11.6 billion is attributable to non-controlling interests. This represents an impressive 82.9% increase compared to the same period last year. The resultant earnings per share (EPS) for the period come…