Meezan Bank leads Rs. 1 billion syndicated Islamic finance Facility for 7 MW solar power project
Meezan Bank, Pakistan’s leading Islamic bank and Burj Solar Energy Private Limited (BSEPL) has announced the financial close of Rs. 1 billion syndicated Islamic finance facility for BSEPL’s portfolio of renewable distributed power generation in Pakistan. The first tranche of Rs. 580 million will be used to finance the construction of 7 MW solar power…
Adil Aziz
Staff shortage bars National Savings from facilitating pensioners
Staff shortage and inadequate number of branches have made it impossible for the National Savings to facilitate pensioners and investors at various branches across the country. An administrative and management crisis surfaced when the Finance Ministry transferred the system of saving banks and pensions from the Pakistan Post to the National Savings as the latter…
NBP inaugurated the first Islamic Window ‘Aitemaad’
Pakistan’s largest public sector commercial bank, National Bank of Pakistan (NBP) inaugurated the first Islamic Window of NBP Aitemaad in the Main Branch of NBP in Karachi. The National Bank of Pakistan is Pakistan’s one of the largest commercial bank with over 1500 branches, and its Islamic Banking arm that provide Shariah compliant financial services…
Monetary Policy Statement
At its last meeting on 8th March 2022, the Monetary Policy Committee (MPC) noted in its statement the significant uncertainty around the outlook for international commodity prices and global financial conditions, which had been exacerbated by the Russia-Ukraine conflict. Given the unfolding situation, the MPC had highlighted that it “was prepared to meet earlier than…
Indicators show economy performing well despite challenges
Economic experts believe that political stability was imperative to continue the trend As demonstrated by various indicators, the county’s economy has been performing well so far despite global economic shocks caused due to Covid-19 pandemic and disruption in supply chain, hence necessitating the need for stability at political front to continue the trend. The economic…
U Bank Partners with NBP to Promote Financial Inclusion in Pakistan
U Bank has joined hands with the National Bank of Pakistan (NBP) for the promotion of financial inclusion in the country. Kabeer Naqvi, President and CEO, U Microfinance Bank Limited (U Bank), and President and CEO, National Bank of Pakistan (NBP), Arif Usmani signed an MOU of strategic partnership between the two organizations. This collaboration…
State Bank of Pakistan Receives Overwhelming Response for Digital Bank Licenses
State Bank of Pakistan (SBP) has concluded the process of receiving applications for digital banks licenses as per its announced deadline of March 31, 2022. The application process registered an overwhelming response whereby SBP received twenty (20) applications from a diverse range of applicants, including domestic commercial banks, microfinance banks, electronic money institutions and FinTech…
SECP issues guidelines to facilitate conduct of general meetings
The Securities and Exchange Commission of Pakistan has issued two set of guidelines to facilitate and standardize the role of officers of listed companies and use of technology during general meetings. These guidelines will address impediments faced by listed companies, their shareholders and stakeholders. Guidelines issued on the role of officers of listed companies regarding…
Sahulat Account simplifies access of investors to stock market
All licensed Securities Brokers are offering the Sahulat Account facility and account could be opened online as well Expanding its outreach, the Pakistan Stock Exchange (PSX) has facilitated the Investors to invest on exchange through the highly simplified Sahulat Account, which provides exceptional ease of account opening for investors. The investors can open a Sahulat…
CDNS to provide Islamic investment opportunities, through Islamic finance
The Central Directorate of National Savings (CDNS) has decided to start Islamic finance and will start implementing its procedural work from next month to provide the facility of Islamic finance in the institution. In this regard, under Islamic Sharia Compliance, Prize Bonds and Savings Certificates will be issued for investment in accordance with Sharia Principles,…