Banking
Pakistan Moves Towards a Digital Economy with SBP’s Q1 FY25 Payment Systems Review
KARACHI, December 20 2024: The State Bank of Pakistan (SBP) has unveiled its first Quarterly Payment Systems Review for FY25, spotlighting the nation’s progress in adopting digital payments and building a cashless economy. The report, covering July to September 2024, underscores a remarkable surge in digital transactions, infrastructure development, and a declining reliance on cash-based…
Prime Minister Forms Committee to Address Advance to Deposit Ratio (ADR)
KARACHI, December 09 2024: In response to ongoing concerns within the banking sector, the Prime Minister has established a committee tasked with resolving issues related to the Advance to Deposit Ratio (ADR). The committee’s goal is to ensure the effective management of ADR through a review of fiscal and regulatory measures, which will help stabilize…
Pakistani Banks Urged to Step Up for Consumer Empowerment
KARACHI, December 7, 2024: A recently released report by Fair Finance Asia (FFA) sheds light on the performance of financial institutions across five Asian nations, including Pakistan, in empowering consumers as key contributors to sustainability. The scorecard, titled Empowering Consumers as Drivers of Sustainability in Asia’s Financial Sector, evaluates 15 banks on four critical dimensions:…
Profit Boost for Conventional Banks & New Challenges for Islamic Banks
KARACHI, December 6, 2024: As the banking sector gears up for 2025, shifting dynamics are set to redefine the outlook for both conventional and Islamic banks. A key development is the State Bank of Pakistan’s (SBP) updated profit calculation framework for savings accounts, which will come into effect on January 1, 2025. This change is…
Bank Alfalah Triumphs at Pakistan Banking Awards 2024
KARACHI, December 02 2024: Bank Alfalah has once again cemented its position as a leader in the banking sector, earning two prestigious accolades at the Pakistan Banking Awards 2024. The bank was awarded the ‘Best Bank for Digital Excellence’ for the third consecutive year and the ‘Best Bank for Customer Engagement’ for the sixth time…