Be cautious of illegal investment schemes through fractionalization of Real Assets
To protect the general public from unlawful/illegal activities being carried out by various companies, the Securities and Exchange Commission of Pakistan (SECP), frequently issues public warnings advising the general public to refrain from investing in any fraudulent investment schemes. SECP has noticed that below listed companies through their online platforms/websites are involved in illegal schemes…
Adil Aziz
Overseas Workers’ Remittances in November 2021
• With $2.4 billion of inflows during November 2021, workers’ remittances continued their strong streak of remaining above $2 billion since June 2020. • In terms of growth, on y/y basis, remittances increased by 0.6 percent in November 2021, while they declined by 6.6 percent on m/m basis. • Cumulatively, at $12.9 billion, remittances grew…
Governor SBP Dr. Reza Baqir appointed as Chairman of the Council of Islamic Financial Services Board
The Governor State Bank of Pakistan, Dr. Reza Baqir has been appointed as the Chairman of the Council of Islamic Financial Services Board (IFSB), Malaysia for the year 2022. His appointment was approved by the IFSB Council in its 39th meeting held on 9th December 2021 in Abu Dhabi, United Arab Emirates (UAE). He had…
10th Annual Islamic Finance Expo & Conference (IFEC-2021)
The 10th Annual Islamic Finance Expo & Conference (IFEC-2021) will be held on 30th of November 2021 at Marriott Hotel, Karachi, under the theme of “New Normal, Digital Transformation and Islamic Economy – (IFEC is A Vision of Riasat-e-Madina”). This event will be a key initiative in creating the mass awareness of Islamic Finance industry…
Clarifications: Monetary Policy Decisions
Over the past few weeks, certain sections of the media including op-eds have expressed concerns over the actions of the State Bank of Pakistan, particularly with regard to monetary policy decisions and the role of the Covid-related monetary accommodation in fueling the currently elevated inflation outturns. The SBP would like to address these concerns and…
Finance Adviser lunches Pakistan’s first PCM for capital market
As a landmark achievement in Pakistan’s capital market landscape, the first Professional Clearing Member (PCM) has been formally inaugurated by the Adviser to the PM on Finance & Revenue, Mr. Shaukat Tarin on Nov 26, 2021 at CDC House, Karachi. Speaking at the occasion, Mr. Shaukat Tarin said, “It is the top priority of our…
PM inaugurates Sohni Dharti Remittance Program – an initiative to promote remittances through formal channels
The Honourable Prime Minister of Pakistan, Mr. Imran Khan, inaugurated the Sohni Dharti Remittance Program (SDRP) offered jointly by the State Bank of Pakistan, Ministry of Finance and financial institutions today at the Prime Minister House in Islamabad. SDRP is an innovative program designed to incentivize Pakistani workers abroad to send remittances to Pakistan through…
SBP Strengthens Corporate Governance Regulatory Framework for Banks and DFIs
The State Bank of Pakistan (SBP) today issued the revised ‘Corporate Governance Regulatory Framework’ with the objective to further strengthen the corporate governance regime of banks and DFIs and to align the same with international standards and best practices. The framework, which has been developed in consultation with key stakeholders, covers Fit & Proper Test…
SECP registers first Life Insurer as Pension Fund Manager
In another first at the Securities and Exchange Commission of Pakistan (SECP), a life insurance company namely the Postal Life Insurance Company Limited, has been granted permission to manage private pension funds under the Voluntary Pension System (VPS). Private pension funds under the VPS are regulated by the SECP in terms of VPS Rules, 2005,…
Systems Limited announced today that its subsidiary E-Processing Systems B.V. has received an investment from the Bill & Melinda Gates Foundation
E-Processing Systems owns and operates OneLoad, Pakistan’s leading microretailer digitization and payment platform used by over 50,000 small shops across Pakistan. OneLoad is one of the largest mass market financial access platforms in the country, enabling its retailers to deliver telecom, digital payments and banking services to over 7 million unbanked customers each month. The…