Islamabad: October 31, 2024 – The State Bank of Pakistan (SBP) has officially adopted new Shariah standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), aimed at strengthening the Shariah compliance framework in Pakistan’s Islamic banking sector. According to an SBP circular released on Tuesday, this move will further harmonize Shariah […]
Standard Chartered Bank Pakistan Limited (SCBPL) has reported a robust financial performance for the first nine months of calendar year 2024, with a 20 percent year-on-year growth in profit-before-tax, reaching Rs. 75.5 billion. The profit-after-tax climbed to Rs. 32.5 billion, marking a 3.52 percent increase over the same period in 2023. The Bank’s total revenue […]
Askari Bank Limited (PSX: AKBL) posted a profit-after-tax (PAT) of Rs. 5.9 billion for the third quarter of the calendar year 2024 (3QCY24), reflecting a 4.4 percent increase over the same period last year. The earnings per share (EPS) for the quarter was recorded at Rs. 4.13. For the nine-month period ending September 30, 2024 […]
Karachi, Pakistan – Bank Alfalah, a leading commercial bank in Pakistan and the reigning “Best Bank for Digital Banking,” has announced the launch of its upgraded mobile banking application, Alfa, alongside Pakistan’s first fully digital Cheque Deposit Kiosk (CDK). The Alfa app marks a leap from traditional banking to a comprehensive digital lifestyle platform, aimed […]
In a major step toward empowering Pakistan’s agricultural sector, Mobilink Microfinance Bank (MMBL) has announced a strategic partnership with GROWTECH Services, aimed at providing critical digital banking services and financial solutions to over 190,000 farmers nationwide. This partnership underscores MMBL’s commitment to enhancing financial inclusion for the agricultural community, a key pillar of Pakistan’s economy. […]
Riyadh, Saudi Arabia – Wa’ed Ventures, the $500 million venture capital arm of Aramco, has announced a $100 million commitment to early-stage artificial intelligence (AI) investments, reinforcing Saudi Arabia’s ambition to establish itself as a global leader in AI. This significant move aligns with the Kingdom’s broader vision to position AI as a key economic driver, with […]
Golootlo, Pakistan’s largest Savings Platform, has formed a strategic partnership with Alliance Network, a global market leader of payment solutions and technology. This collaboration aims to introduce SoftPOS technology into Golootlo’s Merchant App, revolutionizing the way merchants accept payments and manage their operations. The signing ceremony for this landmark agreement took place on October 14, […]
Washington, DC – On the final day of his visit to Washington, DC, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, wrapped up a series of strategic meetings with global financial leaders and institutions during the Annual Meetings of the World Bank Group and IMF. The Minister engaged in high-level discussions to bolster Pakistan’s financial […]
Karachi, October 28, 2024 – JS Bank has announced strong financial results for the nine months ending September 30, 2024, with impressive growth across key performance metrics. The bank posted a standalone profit before tax of PKR 6.21 billion, a notable 33% increase from the same period last year. Profit after tax reached PKR 3.10 […]
Karachi, Pakistan – LOLC Microfinance Bank (LOLC MFB) is excited to unveil an industry-first financial product in Pakistan—the Gold Loan with 0% Markup. This innovative offering is aimed at expanding financial access for individuals and businesses, especially those previously hesitant to engage with microfinance banks. “While other microfinance banks are exploring gold loans, we wanted […]