PSX witnesses bullish trend, gains 124 points
The 100-index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Monday, gaining 124.32 points, a positive change of 0.30 percent, closing at 41,264.66 against 41,140.34 points on the last working day. A total of 97,476,761 shares were traded during the day as compared to 177,761,063 shares the previous day, whereas the price of…
Adil Aziz
ADB approves $1.5 Billion for Pakistan’s social protection, food security
The Asian Development Bank (ADB) on Friday approved $1.5 billion in financing to help the Government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions. The loan that is expected to release by next week, is provided under ADB’s Building Resilience with…
President for embracing digital technology for fast-track economic development
President Dr Arif Alvi on Friday called for adopting digital technology, information technology tools and innovations perpetually being made in all sectors, including the accounting and financial sector for ensuring accelerated economic development. The president expressed these views while addressing the Members’ Convocation of the Institute of Chartered Accountants of Pakistan (ICAP), here at Aiwan-e-Sadr….
SECP emphasizes non-bank financial sector to establish sustainable AML/CFT compliance culture
The Securities and Exchange Commission of Pakistan (SECP) stressed the need to cultivate a sustainable and resilient culture of anti-money laundering and counter-financing of terrorism (AML/CFT) compliance within the non-bank financial sector. SECP Commissioner Sadia Khan, while talking at the training program arranged by the Mutual Funds Association of Pakistan (MUFAP), highlighted the critical role…
Karandaaz, MOPASS join hands to advance financial inclusion
Karandaaz Wednesday signed a Memorandum of Understanding (MoU) with Ministry of Poverty Alleviation and Social Safety (MOPASS) to advance financial inclusion in Pakistan. The MOU signing ceremony took place at MOPASS here and was chaired by Secretary MOPASS, Dr. Muhammad Fakhre Alam Irfan, CEO Karandaaz, Waqas ul Hasan, and Senior Program Officer Gates Foundation, Syed…
MMBL partners with TPS to boost its Business Agility and Digital Readiness
Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has signed a strategic partnership with renowned global banking solution provider, TPS for the induction of its ground-breaking and all-encompassing digital banking suite to boost business agility and digital readiness. Through this partnership, MMBL is dedicated to transforming its digital payments infrastructure while increasing its efforts…
TPL Insurance Limited (WTO) partners with Faysal Bank
As part of their aim to provide innovative products and utilize the digital paradigm to redefine takaful, TPL Insurance Limited – Window Takaful Operations (WTO) is pleased to announce its collaboration with Faysal Bank. This partnership will enable both companies to offer hassle-free Shariah-compliant financial solutions to customers. To mark the occasion, an MoU signing…
Public debt to GDP ratio to fall to 71.7% in FY23: WB
Pakistan’s public and publicly guaranteed debt to GDP ratio is expected to fall gradually in the upcoming years from 78% recorded at the end of Fiscal Year 2021-22 (FY 22) to 71.7% in FY 23 and 71.9% in FY 24. “At the end of FY 22, public and publicly guaranteed debt had increased to Rs…
President directs Silk Bank to refund Rs 200,000 with profit to bank fraud victim
President Dr. Arif Alvi has upheld a decision of the Banking Mohtasib (BM) and directed the Silk Bank Ltd (SBL) to refund the bank account of a fraud victim with Rs 200,000 along with the remaining profit till the date the amount is credited to his bank account. The President said Silk Bank had committed maladministration by…
IMF, WB, IsDB assure Pakistan of their continued support
The International Monetary Fund (IMF), the World Bank(WB) and Islamic Development Bank (IsDB) have assured of their continued support to Pakistan at a time when the country was facing socioeconomic challenges owing to recent floods that have damaged economy badly. The assurances were made during the separate meetings of Federal Minister for Finance and Revenue,…