SECP announces third cohort under its Regulatory Sandbox
The Securities and Exchange Commission of Pakistan (SECP) has announced the launch of third cohort of its Regulatory Sandbox. The deadline for applications submission is May 31, 2022. The Regulatory Sandbox – now successfully entering its third edition – is a tailored regulatory environment that allows entities to conduct limited scale live tests of innovative…
Adil Aziz
MMBL collaborates with IWCCI to promote access to Digital Financial Solutions for Women Micro-entrepreneurs
Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has signed a Memorandum of Understanding (MoU) with the Islamabad Women Chamber of Commerce & Industry (IWCCI) to promote and strengthen access to Digital Financial Solutions (DFS) for women borrowers and micro-entrepreneurs. Promotion of financial inclusion is one of the core pillars at MMBL whereby the…
Faysal Bank & TPL Life Insurance Join Hands to Offer Women Takaful Coverage
With this signing, Faysal Bank Limited & TPL Life Insurance (Window Takaful Operations) have taken a step towards further strengthening their existing partnership and introduced a Women specific Takaful coverage proposition for Faysal Islami Amal Women’s Account holders which is best in class across the industry. Under this plan, women will get coverage for major…
Bank Alfalah and Jubilee Life Insurance Partner to Offer Digital Insurance for Customers
Bank Alfalah, one of Pakistan’s leading financial institutions has joined hands with Jubilee general insurance, the country’s premier insurance solution provider to form a strategic alliance that will enable a digitized pathway for customers to avail insurance through AlfaMall. With customers rapidly moving towards digital platforms, this partnership will facilitate users and their ability to…
Banking Mohtasib Provides Relief of Rs 224.83 million to Banking Customers
The Banking Mohtasib Pakistan has provided monetary relief amounting to Rs 224.83 million to the banking customers by disposing of 6,563 complaints against commercial banks during the first quarter (January to March, 2022) of the current calendar year. The Banking Mohtasib has received 8,845 new complaints, including 4,614 from Prime Minister’s Portal from 1st January…
Pakistan’s Political Volatility Adds to External Financing Risk: Fitch Report
The recent government change in Pakistan has been peaceful, but raises near-term policy uncertainty even as the country faces external and fiscal challenges from rising commodity prices and an increase in global risk aversion, says Fitch Ratings. The authorities’ policy agenda remains central to Pakistan’s ability to refinance its external debt over the medium term,…
PSX Eases Eligibility Requirements for Investors of GEM Board Companies
Pakistan Stock Exchange (PSX), with the approval of the Securities and Exchange Commission of Pakistan, has significantly eased the requirements for eligibility of accredited individual investors investing in companies on the GEM Board. As per the new definition, accredited investors include those individual investors who have assets of atleast Rs 5 million which include but…
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…
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…