OICCI members spend Rs14.5 bn on CSR in 2020-21
The members of Overseas Investors Chamber of Commerce and Industry (OICCI) once again reaffirmed their commitment to uplift Pakistani society from all aspects and invested Rs 14.5 billion in different CSR and sustainable projects during 2020-21. The OICCI statement issued here on Thursday said about 100 of the leading foreign investors and members of OICCI…
Adil Aziz
U Bank Partners with NBP to Promote Financial Inclusion in Pakistan
U Bank has joined hands with the National Bank of Pakistan (NBP) for the promotion of financial inclusion in the country. Kabeer Naqvi, President and CEO, U Microfinance Bank Limited (U Bank), and President and CEO, National Bank of Pakistan (NBP), Arif Usmani signed an MOU of strategic partnership between the two organizations. This collaboration…
State Bank of Pakistan Receives Overwhelming Response for Digital Bank Licenses
State Bank of Pakistan (SBP) has concluded the process of receiving applications for digital banks licenses as per its announced deadline of March 31, 2022. The application process registered an overwhelming response whereby SBP received twenty (20) applications from a diverse range of applicants, including domestic commercial banks, microfinance banks, electronic money institutions and FinTech…
ADB, LDC sign $100 million loan to support smallholder farmer livelihoods, climate resilience
The Asian Development Bank (ADB) and Louis Dreyfus Company B.V. (LDC) Thursday signed a loan of up to $100 million to help smallholder farmers recover from the economic challenges caused by the coronavirus disease (COVID-19) pandemic and improve their resilience to climate change impacts. The loan will support LDC’s operations in India, Indonesia, Pakistan, Thailand,…
Pakistan’s economic growth to moderate to 4% in FY22: ADB
After a strong economic rebound in fiscal year (FY) 2021, Pakistan’s economic growth is expected to moderate to 4% in FY2022 due to tighter fiscal and monetary policies before picking up again in FY2023, the Asian Development Bank (ADB) said in a report on Wednesday. According to the Asian Development Outlook (ADO) 2022, ADB’s annual…
Meezan Bank, SNGPL join hands for digitalization of consumer bill collection in Punjab, KPK, AJK
Meezan Bank, Pakistan’s leading Islamic bank has recently signed an agreement with Sui Northern Gas Pipelines Limited (SNGPL), the largest integrated gas company in North Central Pakistan, to enable digitalization of consumer bill collection via the Bank’s state-of-the-art Transaction Banking Solution (eBiz+). The agreement was signed by Irfan Siddiqui – Founding President & CEO, Meezan…
SECP issues guidelines to facilitate conduct of general meetings
The Securities and Exchange Commission of Pakistan has issued two set of guidelines to facilitate and standardize the role of officers of listed companies and use of technology during general meetings. These guidelines will address impediments faced by listed companies, their shareholders and stakeholders. Guidelines issued on the role of officers of listed companies regarding…
Sahulat Account simplifies access of investors to stock market
All licensed Securities Brokers are offering the Sahulat Account facility and account could be opened online as well Expanding its outreach, the Pakistan Stock Exchange (PSX) has facilitated the Investors to invest on exchange through the highly simplified Sahulat Account, which provides exceptional ease of account opening for investors. The investors can open a Sahulat…
USA, China, UK remain top 3 destinations of Pakistani exports during 8 months
Pakistan exported product worth $7.724 billion to these countries during the first eight months of the current fiscal year, State Bank of Pakistan (SBP) reported The United States remained the top export destinations of Pakistani products during the first eight months of financial year (2021-22), followed by China and United Kingdom (UK). Total exports to…
Pakistan to import 32.7 MBL oil under SFD programme
Pakistan will import around 32.7 Million Barrels (MBL) of crude oil, during the year 2022, under an agreement signed with the Saudi Fund for Development (SFD) to meet its needs of petroleum products on deferred payment. “The Pak-Arab Refinery Company Limited (PARCO) and National Refinery Limited (NRL) are planning to import 16.89 and 15.81 million…