SECP raising awareness about the Islamic capital market
The Securities and Exchange Commission of Pakistan, in partnership with the Pakistan Stock Exchange and the IBA Centre for Excellence in Islamic Finance (IBA-CEIF), held sessions to raise awareness about the Islamic capital market.
Editor
Remitlink23 Conference held for Pakistani expatriates in Dubai
The flow of remittances from the Pakistani community in Dubai could increase manifolds through banking channels with the support of financial institutions, the dedicated government scheme, and community developers. Innovative service, incentives, and community building could encourage Pakistani workers in the UAE and Gulf region to utilize banking channels to support their country’s economy in challenging times.
Adil Aziz
Conventional banking being shifted to Islamic mode: State Bank
Additional Director State Bank of Pakistan (SBP). Dr Mohammad Salim has said that under a ruling of the Federal Shariat Court, conventional banking in the country was being shifted into Islamic banking system to get the people rid of interest-based banking.
Governor SBP meets up with global banks delegation and discusses Pakistan’s economy
Governor State Bank of Pakistan (SBP), Mr. Jameel Ahmad, met key international investors during events organized by global banks, including Barclays, JP Morgan, Standard Bank, and Jefferies on the sidelines of the IMF-World Bank meetings in Marrakech, Morocco. Governor SBP briefed the investors about the recent macroeconomic developments, policy responses to current challenges, and the outlook of Pakistan’s economy, and also answered their questions.
Blue and Green color Banknotes of Rs.75 are Legal tender, clarifies SBP
State Bank of Pakistan would like to clarify that under Section 25 of the State Bank of Pakistan Act, 1956, all banknotes including commemorative notes issued by SBP are legal tender everywhere in Pakistan for the amount expressed therein and carry the guarantee of the Federal Government.
State Bank Suspends the Authorization of Exchange Companies of ‘B’ Category
State Bank of Pakistan has suspended, with immediate effect, the authorization of the following Exchange Companies –B Category till further orders due to serious violations of the State Bank’s regulations and instructions: M/s International Exchange Company –B (Pvt) Limited, M/s World Wide Exchange Company –B (Pvt) Limited, M/s World Exchange Company –B (Pvt) Limited, M/s…
Rupee gains 99 Paisa against Dollar
Pakistani Rupee on Wednesday witnessed the 25th consecutive recovery session as it gained 99 Paisa against the US dollar in the Interbank trading and closed at Rs.279.51 against the previous day’s closing of Rs.280.50. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market…
CDNS secures Rs 20 Billion in Islamic finance for first quarter of 2023-24
The Central Directorate of National Saving has secured Rs 20 billion in the Islamic Finance in the first quarter of the current Fiscal Year from July 1st to September 30th 2023-24. The Central Directorate of National Saving has set a target of Rs 75 billion in Islamic fiscal year 2023-24 to promote the Islamic financial…
Workers’ remittances recorded an inflow of US$2.2 billion during Sep 23
In terms of growth, during Sep 2023, remittances increased by 5.3 percent on M/M. Workers’ remittances inflow of US$ 6.3 billion has been recorded during Q1 FY-24. Remittances inflows during Sep 2023 were mainly sourced from Saudi Arabia ($538.2 million), United Arab Emirates ($400 million), United Kingdom ($311.1 million) and United States of America ($263.4…
Mobilink Bank Receives CFA Society Award for Best Digital Banking Services
Mobilink Bank’s outstanding accomplishments have garnered recognition at the prestigious 20th Annual Excellence Awards, hosted by the CFA Society Pakistan. The Bank was honored with the coveted title of “Best Digital Banking Services Award of the Year 2022” within the Microfinance Bank Category, solidifying its position as a trailblazer in the digital banking arena. Furthermore,…