SBP & PM’s Youth Programme deliberated to enhance youth Business Loan Scheme
State Bank of Pakistan, Chairman of the Prime Minister’s Youth Programme, Rana Mashhood Ahmed Khan, Banks and other Microfinancing Institutes (MFIs), discussions centered around fortifying the framework of the Tier 1 of Prime Minister’s Youth Business Loan Scheme.
Mehfooz
National Saving’s increase profit rates on various saving certificates
The Central Directorate of National Savings (CDNS) has increased the rates of return for its National Savings Certificates, marking amendments across different instruments from March 19th, 2024. The new increases were also applied to Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhadas Family Welfare Account (SFWA), with each now yielding 15.60 %.
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
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.
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.
Editor
SECP issues advertisements, call centre management guidelines for digital lenders
The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines to NBFCs involved in digital lending to ensure best practices in advertisements and call centre management. The guidelines were designed to prioritize borrower protection and to prevent deceptive marketing and unethical call centre practices.
PSX lists Mahaana Islamic index exchange traded fund
Pakistan Stock Exchange has listed the Mahaana Islamic Index Exchange Traded Fund (MIIETF) managed by Mahaana Wealth Limited (MWL). The commencement of trading of units of MIIETF has taken place with effect from March 11, 2024. The ETF aims to track the performance of Mahaana Islamic Index (MII30) whereby the Index shall be periodically rebalanced and reconstituted in order to provide long term appreciation and dividend yield to investors. The Index is designed to measure the performance of top 30 Shariah compliant companies selected from KMI All share index constituents based on the free float market capitalization, having at least average daily value traded of PKR. 10 million in last 12 months.
Mobilink Bank and BizB partner to drive financial inclusion, empowering women micro-entrepreneurs
Mobilink Bank partnered with BizB, a leading marketplace in Pakistan, welcoming the company as a ‘Brand Ambassador Organization,’ to drive financial inclusion and bolster women micro-entrepreneurs nationwide.
SECP notifies amendments to Corporate Restructuring Companies Rules, 2019
The Securities and Exchange Commission of Pakistan (SECP), under the auspices of the federal government, has notified amendments to the Corporate Restructuring Companies Rules, 2019. The amendments made in light of promulgation of the Corporate Restructuring Companies Act, 2021, are aimed at fostering conducive environment for Corporate Restructuring Companies (CRCs). Corporate Restructuring companies specialize in acquiring nonperforming assets (NPA) from distressed financial institutions, leveraging their expertise to efficiently manage and recover these NPA assets.
Governor SBP inaugurates SAARCFINANCE Seminar on Transformative Potential of Big Data
in Economic Policy
Governor State Bank of Pakistan (SBP) Mr. Jameel Ahmad delivered the inaugural speech at the SAARCFINANCE Seminar on the ‘Potential Role of Big Data in Economic Policy.’ The event, held in Islamabad, brought together distinguished delegates, subject matter experts, and esteemed speakers from the SAARC region to discuss the impact and implications of Big Data in shaping economic policies.