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…
Adil Aziz
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…
SBP raises Banks’ Cash Reserve Requirement from 5 percent to 6 percent to contain monetary expansion and moderate domestic demand
SBP has decided to increase the average Cash Reserve Requirement (CRR), to be maintained during a period of two weeks by scheduled banks, from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent. CRR is the amount of money that banks are required to keep…
Governor SBP meets with Governors of Saudi Central Bank and Bank Indonesia
Governor Sate Bank of Pakistan (SBP), Dr. Reza Baqir, met the Governors of Saudi Central Bank (SCB) and Bank Indonesia (BI) today on the side lines of the 15th Islamic Finance Services Board (IFSB) Summit 2021, hosted by the Saudi Central Bank, in Jeddah. In separate meetings with the two Governors, various topics of…
Emirates Group announces half-year performance for 2021-22
The Emirates Group today announced its half-year results for its 2021-22 financial year. Group revenue was AED 24.7 billion (US$ 6.7 billion) for the first six months of 2021-22, up 81% from AED 13.7 billion (US$ 3.7 billion) during the same period last year. This strong revenue recovery was underpinned by the easing of travel…
Mobilink Microfinance Bank Bags Gender Diversity at Workplace Award- Banks by CFA Society Pakistan
Pakistan’s largest digital bank, Mobilink Microfinance Bank (MMBL) has won the prestigious Gender Diversity at Workplace Award (Banks) at the 18th Annual Excellence Awards Ceremony, by CFA Society Pakistan. Shaukat Tarin, Honorable Adviser to Prime Minister on Finance and Revenue graced the event as the chief guest and presented the award to Ghazanfar Azzam, President…
Mehfooz