Meezan Bank launches online payment gateway
Meezan Bank, Pakistan’s leading Islamic bank has launched Point of Sale (POS) payment and online payment gateway services to enhance its digital retail offering and fast-track the country’s digital ecosystem. The Bank will act as a link between merchants, issuers and payment networks by offering them state-of-the-art POS Machines and making cashless transactions available over…
Adil Aziz
RDA inflows reach $5 billion mark in 24 months
Inflow of remittances under Roshan Digital Account (RDA) rose to US $4.981 billion by the end of August 2022 as compared to US $4.794 billion till end of July. The data showed that the inflows of remittances during the month of August were recorded at $187 million as compared to $188 million in July and…
SBP signs MoU with Zameen.com to utilize on real Estate sector
State Bank of Pakistan (SBP) has signed a memorandum of understanding (MoU) with Zameen.com according to which the latter will provide data on the prices and rental costs of residential and commercial properties in the country’s metropolitan areas. This data will subsequently be used by SBP to analyze house prices, develop related indices and use…
Pakistan needs enhanced financing for natural disasters: ADB
Pakistan urgently needs to enhance the current disaster risk finance approach as risk retention mechanisms are insufficient to cover the losses associated with even the most frequent of flood and earthquake events, Asian Development Bank. The report titled “Narrowing the Disaster Risk Protection Gap in Central Asia” said the private insurance solutions for the natural…
Salaam Takaful Limited Signs UNEP-FI Principles for Sustainable Insurance
Salaam Takaful Limited, being the largest dedicated general takaful operator and first Islamic insurtech in Pakistan, is committed to serve not only its policyholders but also the world they operate in. That is the reason they have been one of the most vocal supporters of ESG and its true practitioners in the country. Its most…
MMBL wins ‘Most Innovative Microfinance Bank’ at the Global Business Outlook Awards 2022
Extending a winning legacy that spans over a decade, Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has been awarded the title of “Most Innovative Microfinance Bank – Pakistan 2022” by the prestigious Global Business Outlook (GBO) Awards 2022. The award highlights MMBL’s continuous efforts to enhance access to innovative digital and financial solutions…
Faysal Bank registers 32.5% growth in profit before tax for the half year ended June 30, 2022
The Board of Directors of Faysal Bank Limited, in their meeting held on August 25, 2022, approved the financial statements of the Bank for the half year ended June 30, 2022. The Board declared 5% interim cash dividend to the shareholders. Profit before tax for the half year ended June 30, 2022 registered an impressive…
Complaints against banks for not accepting Donations for Floods are misleading
It has been noticed that a few complaints have been circulating on social media platforms regarding non-acceptance of donations from general public in “CM Flood Relief Fund” of KP and Punjab. In this context, upon enquiry of SBP, concerned banks have informed that such complaints are baseless as they are accepting donations in the “CM…
IMF approves release of $1.1 billion for Pakistan
The Executive Board of the International Monetary Fund (IMF) completed on Monday the combined seventh and eighth reviews of the Extended Arrangement under the Extended Fund Facility (EFF) for Pakistan. The Board’s decision allows for an immediate disbursement of SDR 894 million (about US$1.1 billion), bringing total purchases for budget support under the arrangement to…
SBP sets agriculture credit disbursement target of Rs1.8 trillion for FY23
State Bank of Pakistan (SBP) has assigned annual agriculture credit disbursement target of Rs1,800 billion to the financial institutions for FY23 to cater to the agriculture credit demand in the country. Moreover, in line with the national food security requirements and need for mechanization of farms to enhance agriculture productivity, specific targets of Rs140 billion…