This step reflects the bank’s vision to provide innovative and diverse banking products that meet the needs of various customer segments and enhance the bank’s position in the banking services market. Cairo, 6 September, 2023: aiBANK, a leading provider of integrated retail, corporate, and Islamic banking solutions in Egypt, announced the launch of the upfront-interest…
Karachi, September 12, 2023 – State Life Insurance Corporation of Pakistan (SLIC) and JS Bank Limited have signed a Memorandum of Understanding (MoU) to provide seamless financial and insurance services to their customers and employees. Through this agreement, JS Bank will provide innovative transaction banking solutions including cash management and employee banking services to SLIC,…
Highlights: · Profit before tax of PKR 38.1 billion, up 73 per cent year on year · Highest ever revenue of PKR 46.6 billion, growth of 70 per cent year on year · Healthy increase in total assets of 7 per cent · Strong growth in current deposits of PKR 83.7 billion; up 25 per cent from the start…
Karachi, August 23, 2023: JS Bank unveiled its financial performance for the first half of 2023, underscoring a trajectory of growth across multiple financial indicators. During the first half of the year, the Bank recorded a significant increase of 231 percent in profit before tax and 254 percent in profit after tax, compared to the…
KARACHI, September 12, 2023: Pakistan’s leading bank-United Bank (UBL) has announced to sale of United National Bank Limited UK (UNBL UK) to Bestway Group, and the establishment of an Exchange Company. According to a notice to the Pakistan Stock Exchange (PSX), the management has informed that UBL board approved the sale of its 55% stake…
Exchange Companies’ (B-Category) license to cancel KARACHI, September 6, 2023: The State Bank of Pakistan has decided to introduce structural reforms in the Exchange Companies’ sector. As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly owned Exchange Companies to cater to the legitimate foreign exchange needs of general…
KARACHI, September 18, 2023: The SBP Banking Services Corporation (SBP BSC) has launched the Agriculture Finance Literacy Program (AFLP) through a series of five workshops conducted nationwide. This flagship initiative, as recommended by the Agricultural Credit Advisory Committee, seeks to raise awareness among the farming community regarding available financial schemes and government-driven initiatives. AFLP stands…
KARACHI, September 18, 2023: Pakistan’s textile exports recorded a decline of 8 percent YoY in Aug’23 to clock in at $1.4 billion as against $1.6 billion in same period of last fiscal year. The decline is mainly attributable to muted export orders amid global economic recession, as well as a challenging domestic environment. Segment wise,…
KARACHI, September 18, 2023: Pakistan Stock Exchange (PSX) witnessed a slight uptick on the first day of the week, closing the benchmark KSE-100 index at 45,803 points, signifying a 0.11 percent increase, equivalent to a gain of 49 points. Throughout the trading session, the market index remained relatively stable, with investors displaying limited enthusiasm. Banks, E&P,…
Karachi, September 18, 2023: The Khushhali Microfinance Bank Limited and HBL Konnect have signed an agreement, enabling payments for Khushhali Bank customers through HBL Konnect branchless banking and agents network across Pakistan. The agreement marks a significant step taken by KMBL to incorporate partners from the digital payments industry to transform its infrastructure, thereby facilitating…
KARACHI: Sep 02: The caretaker federal and provincial governments are committed to promoting the IT sector across the country to support the vision of the Special Facilitation Investment Council (SFIC) for strengthening the economy. This was stated by Younus Dahga, Minister for Finance, Planning, Development and Revenue — Government of Sindh while talking exclusively to…
KARACHI: The State Bank of Pakistan (SBP) has announced that Raast services will remain unavailable for two days. According to SBP, Raast services will not be available from 09:00 AM on 3rd September, till 12:00 AM on 4th September 2023, due to a pre-planned major system upgradation. It may be mentioned here that Raast services…
Karachi, April 21, 2020: Ciena Group of USA has expressed its interest in reviving Tuwairqi Steel Mills Limited (TSML), a cutting-edge $ 340 million 1.28 MTPY Direct Reduction of Iron (DRI) plant which has been lying idle since 2013. After coming into production in January 2013, TSML’s DRI plant had to be shut-down in September…
Karachi, July 08, 2020: A consultative workshop on the draft of Sindh Climate Change Policy” organized by U.S Pakistan Center for Advanced Studies in Water, (USPCASW) Mehran University of Engineering & Technology (MUET) in collaboration with Environment, Climate Change & Coastal Development Department, Govt. of Sindh held here in MUET on Tuesday. The introductory remarks…
By Muhammad Abdullah Karachi, April 22, 2019: Pakistan’s exports of IT and IT-enabled services surged to $808 million by the end of third quarter 2018-19, showing a stagnant growth compared with the corresponding period of the previous year. According to the State Bank of Pakistan (SBP), exports of IT and IT-enabled services increased to $808…
Karachi, July 01, 2020: The pandemic has triggered the deepest global recession in decades. We have witnessed slowdown in Pakistan’s economy and downside risk to growth has increased. However, the fiscal and monetary authorities have responded with unprecedented economic policies including fiscal stimulus, monetary easing and debt moratorium. The recent reduction of Policy Rate to…
Karachi, January 25, 2020: The CA Women Committee of the Institute of Chartered Accountants of Pakistan (ICAP) organized the launching ceremony of CA Women on Board Directory at Pakistan Stock Exchange on January 24, 2020. The Directory is a compilation of details of over 350 CA Women who are eligible for appointment as independent directors…
