US, China, and UAE top countries for Pakistani products to exports
The United States (US) remained the top export destination of Pakistani products during the fiscal year 2023-24, followed by China and the United Arab Emirates (UAE).
Adil Aziz
PSX transitions to One-Share Lot system
The Pakistan Stock Exchange (PSX) has successfully transitioned to a One-Share Lot system for investor transactions on the regular market, aligning with international best practices for stock market investments.
Mehfooz
Stakeholders urged to collaborate for enhancing digital supply chain finance
Top representatives from the banking and fintech sectors along with state regulators gathered to discuss ways and suggest implementable solutions to digital based financing for supply chains for small and medium enterprises and the agriculture sectors at the 5th DigiBAP Summit 2024 on Monday at a local hotel. The summit featured panel discussions and presentations by leading bank presidents and CEOs as well as senior executives on issues such as Financing the Future, Digital SME Lending, Strategies for Digital Supply Chain Financing, and Future of Digital Lending.
Editor
Abu Dhabi Ports to invest $250M in Karachi Port in 10 years
Chief Executive Officer of Abu Dhabi Ports Pakistan Khurram Aziz Khan called on Prime Minister Shehbaz Sharif and informed that the company would invest $250 million in Karachi Port during the next 10 years.
SECP notifies adoption of fresh AAOIFI Shariah, Governance, and Ethics Standards
The fresh Shariah Standards, namely 21, 27, 30, 44, 45, 46, and 53, have been notified through SRO 729 (I)/2024 for implementation by the Islamic financial institutions under SECP’s regulatory domain. The SECP is gradually adopting AAOIFI’s Standards as a benchmark for Islamic financial services, aiming to ensure harmonization and standardization in business practices within the local business context.
Pakistan’s digital transactions in retail payments significantly rises
Digital transactions were 83% of total retail payments for the quarter, processed by Banks and Electronic Money Institutions (EMIs) whereas 17% of transactions were conducted Over-the Counter (OTC) at bank branches. Collectively, Banks and EMIs processed 844 million retail payments amounting to PKR 128,470 billion during the quarter. This included 47% funds transfer transactions, 33% cash withdrawals, 11% POS and e-commerce purchases, 6% bill payments and mobile top-ups, and the remaining transactions comprised deposits, tax payments, invoice-based payments, and donations.
Insurance Companies, CDC ink MoU to establish Pakistan’s first Auto Insurance Repository
Under the regulatory guidance of the Securities and Exchange Commission of Pakistan (SECP), nine insurance companies have signed an MoU with the Central Depository Company of Pakistan (CDC) for the establishment of Pakistan’s first centralized auto insurance repository. The CDC will provide the technological support for the creation of an automated repository.
Pak-Qatar Family Takaful launched Mahana Bachat & Takaful Flexi Plan
Pak-Qatar Family Takaful Limited (PQFTL) has launched a one-of-a-kind Shariah-compliant investment plan called Mahana Bachat & Takaful Flexi Plan (MBTP). MBTP offers members 100% Shariah-compliant returns with a minimum contribution amount of PKR 50,000. Participants can increase their returns through regular monthly top-up contributions as low as PKR 1,000.
Pakistani companies exhibit textile products at New York’s international show
Over 600 exhibitors from around the world, including Pakistan, are showcasing their textile products at TEXWORLD-2024 which began in New York on Tuesday( June 16).
Automobile sales in Pakistan rise 137.91% in June 2024
Sale of cars in the country witness an increase of 137.91 percent in June 2024, data released by the Pakistan Automobile Manufacturing Association (PAMA).