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.
Editor
Pakistan retains position in FTSE secondary emerging market
Financial Times Stock Exchange (FTSE) Russell, a leading global index provider has kept Pakistan’s status as a secondary emerging market.
Adil Aziz
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.
Qatar Fund keen to increase footprint in Pakistan’s power, housing sectors
Chief Executive Officer, Qatar Fund for Development (QFFD), Khalifa bin Jassem Al-Kuwari showed his interest in increasing the footprint of the fund in Pakistan’s power generation and housing sectors.
Easypaisa, Unilever’s Knorr join hands to transform digital payments landscape
Easypaisa, Pakistan’s leading digital financial services platform, and Knorr, Unilever’s biggest food brand, have joined forces to revolutionize the digital payments landscape in the country.
SECP holds industry meeting-cum-webinar on RBC regime for insurance sector
The Securities and Exchange Commission of Pakistan (SECP) held a session for the insurance industry participants to provide an overview of the Risk-Based Capital (RBC) regime and a walk-through of the recently disseminated RBC templates.
MehfoozPak- Belarus bilateral trade reaches $60 million: Ambassador METELITSA
The trade turnover between Belarus and Pakistan ranges from $30 to $115 million annually, approximately $60 million on average, according to Andrei METELITSA, Ambassador of Belarus to Pakistan.
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.