SBP Issued Instructions for Enabling ‘RAAST’ Person to Merchant Service
State Bank of Pakistan has issued instructions to its Regulated Entities for enabling RAAST Person to-Merchant (P2M) payment service for their customers. The Raast P2M system will enable merchants to accept payments through different modes including Unified Quick Response (QR) Codes, Raast Alias (such as mobile phones), bank accounts (IBAN), and Request to Pay (RTP).
Editor
SECP & AAOIFI to establish an Islamic finance research & development Centre
The Securities and Exchange Commission of Pakistan and
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have joined hands to establish a Joint Research and Development Centre (JRDC) to foster growth in Islamic
finance.
State Bank injects Rs.454.6 billion into market
SBP injected Rs. 454.6 billion in the market through reverse repo purchase and Shariah Compliant Modarabah Open Market Operation (OMO) cumulatively.
ABHI to empower wage financial needs to Unilever employees
In a significant move towards empowering employees financially, ABHI, an embedded finance platform, has partnered with Unilever Pakistan, a global FMCG company with a presence in 190 countries, to offer AbhiSalary – an Earned Wage Access (EWA) solution. This collaboration aims to empower Unilever Pakistan’s workforce by providing them with immediate access to a portion of their earned wages.
Mehfooz
Bitcoin hits US$40,000 level for the first time this year
BITCOIN hit US$40,085 on Tomorrow Sunday(Dec 03), its highest in almost a year and a half, fuelled by bets that US regulators will soon approve stock-market traded bitcoin funds. Bitcoin was up 1.55 per cent at 2234 GMT, adding US$611 to its previous close.
Adil Aziz
In Second quarter of 2023-24 the National Savings issue Rs.40 Billion Islamic Bonds
The Central Directorate of National Savings has secured Rs.40 billion in Islamic finance bonds in the second quarter of the Current Fiscal Year 2023-24.
PMEX holds first Invest Expo 2023
The Pakistan Mercantile Exchange organised Invest Expo, featuring exhibitions by leading entities in the financial sector, including stock brokers, commodities brokers, mutual funds, insurance, and microfinance companies.
Pakistan’s First AAA Rated gender bond launch by the InfraZamin
InfraZamin Pakistan, a licensed NBFI and credit guarantee provider, in partnership with Kashf Foundation, a not for profit and licensed microfinance institution, are proud to announce the closing of South Asia’s and Pakistan’s inaugural ‘Gender Bond’ thereby revolutionizing financial empowerment and inclusion for women. The Bond, which holds a prestigious long-term AAA rating by PACRA, marks a significant leap in Pakistan’s capital market, establishing our commitment to market development and economic opportunities for women.
IHC granting to banks stay order on windfall tax till next week
The Islamabad High Court refrained the government from collecting windfall tax from banks till the next hearing.
President Arif Alvi directs Bank to refund Rs 344,600 to fraud victim
President Dr Arif Alvi has upheld the orders of Banking Mohtasib directing Allied Bank Ltd to pay Rs 344,600 to a customer as the amount was fraudulently transferred from his account and the bank had committed maladministration by opening the fund transfer facility without his consent which caused financial loss to the customer.