Islamic Banking network crosses 4000 mark
The outreach of Islamic Banking Institutions (IBI) continues to grow in Pakistan and their branch network crossed 4,000 mark in the fourth quarter of fiscal year 2021-22 with the addition of 103 new branches across the country. According to State Bank of Pakistan’s Islamic Banking Bulletin for the period April- June 2022, the number of…
Adil Aziz
Trade deficit narrows by 21.42% as exports increase to $7.125 billion in Q1
The imports into the country decreased by 12.72 percent during the period under review and slid down from $18.715 billion last year to $16.334 during the current year The trade deficit witnessed a decline of 21.42 percent, with a considerable decline in imports and upward trend in exports during the first quarter (Q1) of the…
Fiscal deficit contained at 0.3% of GDP
The primary balance during July FY 2023 posted a surplus of Rs 142 billion against the deficit of Rs 5 billion in July FY 2022: Finance Ministry The fiscal deficit during the first month of the current fiscal year (FY 2022-23) has been contained at 0.3 percent against the deficit of 0.4 percent recorded during…
Fiscal, monetary policy direction imperative for sustainable economic growth: Dar
Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar on Saturday stressed that fiscal and monetary policy coordination is imperative for sustainable and effective economic growth. Finance Minister Ishaq Dar shared about fiscal measures being undertaken for economic revival of the country. The governor State Bank of Pakistan (SBP) Jameel Ahmad called on Federal…
HBL clarifies news item
• We are aware of the news item published by Bloomberg.• The allegations in the complaints are meritless, and HBL is contesting them fully and vigorously.• The public record is clear that HBL is unwavering in its commitment to combating the financing of terrorism, and—as has been well documented—its extensive global implementation of anti-money laundering…
SBP issues Commemorative Banknote to mark 75 years of Pakistan’s Independence
The State Bank of Pakistan (SBP) has issued a commemorative banknote of Rs75 on the occasion of 75th anniversary of Pakistan’s independence. The design of this commemorative banknote was unveiled on August 14, 2022, during a ceremony at SBP headquarters, Karachi. The commemorative banknote will be available for the general public from SBP BSC offices…
PSX wins best Islamic Stock Exchange award for 2nd Year
The Pakistan Stock Exchange (PSX) has won the Best Islamic Stock Exchange Award 2022, presented by Global Islamic Finance Awards (GIFA), for the second consecutive year. GIFA is an internationally acclaimed platform recognizing excellence in banking and finance in the Islamic world. Since 2011, the Awards have been presented to individuals, institutions and government departments…
Now ABHI lets you pay your utility bills before you get your salary
Have you ever found yourself stuck in a situation where you received your bills before you got your salary or had to bear the late fees because you got your salary after the due date was passed? Then ABHI has brought Pakistanis a unique solution, where they can pay their bill from their earned but…
PSX stays bullish, gains of 366 points
Out of 338 companies, 197 recorded gain, 111 sustained losses and share price of 30 companies remained unchanged The 100-index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Tuesday, gaining 366.69 points, a positive change of 0.89 percent, closing at 41,518.23 against 41,151.54 points on the last working day. A total of…
SAP Driving Digital Transformation for Progress in Pakistan
Saquib Ahmad, Country Managing Director, SAP Pakistan, held a media meet-up at a local hotel to apprise the press of the impact and contribution of SAP’s operations in Pakistan. SAP is deeply-rooted in all segments of business and operations. For Pakistan, it has been instrumental in shaping and expanding the industry to create a global…