The Board of Directors of United Bank Limited (UBL) [PSX: UBL], in its 252nd meeting held on Monday, approved the amalgamation of Silkbank Limited (SBL) with and into UBL through a share swap arrangement. The merger, undertaken in accordance with Section 48 of the Banking Companies Ordinance, 1962, aims to streamline operations and enhance value…
Karachi, November 29, 2024: The 9th Pakistan Banking Awards ceremony, held at a local hotel in Karachi, brought together senior executives and prominent figures from Pakistan’s banking and finance industry. The event was graced by the Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, who served as the Chief Guest. In his address,…
Islamabad – Zarai Taraqiati Bank Limited (ZTBL) has announced a strategic partnership with Wateen to establish a state-of-the-art Security Operations Centre (SOC). This initiative aims to safeguard ZTBL’s critical digital infrastructure and enhance the security of data belonging to over half a million customers. The agreement was signed on Friday by Tahir Yaqoob Bhatti, President…
Karachi: Bank Makramah Limited (BML) has taken a significant step toward fortifying its financial foundation with the Board of Directors approving a comprehensive restructuring scheme. The transformative initiative reflects the sponsors’ firm commitment to the Bank’s long-term growth and sustainability. A key element of the restructuring involves the amalgamation of Global Haly Development Limited (GHDL)…
MCB Islamic Bank Ltd. has been honored with the prestigious title of “Best Emerging Islamic Retail Bank in Pakistan 2024” at the Islamic Retail Banking Awards (IRBA) held in Dubai, UAE. This esteemed recognition underscores the bank’s unwavering commitment to advancing Islamic banking principles and delivering exceptional, customer-centric services. As Pakistan’s only fully Islamic banking…
United Bank Limited (PSX: UBL) has claimed the title of Pakistan’s most valuable bank, surpassing Meezan Bank Limited (PSX: MEBL) in market capitalization. Mohammed Sohail, CEO of Topline Securities, shared the milestone in a recent LinkedIn post, revealing that UBL’s market capitalization has surged to Rs. 426 billion ($1.5 billion). This achievement places UBL as…
KARACHI: Samar Hasnain, Executive Director of the State Bank of Pakistan (SBP), underscored the transformative potential of Islamic economics and finance as a comprehensive framework for ethical, sustainable, and socially responsible economic development. He was speaking at the 13th Islamic Banking & Finance Conference, organized by The Professionals Network, with the theme “From Practice to…
In a significant development, Bank Alfalah Limited (BAFL) has decided to unilaterally withdraw its 5 percent monthly fee on month-end balances exceeding Rs. 5 billion, effective immediately. The decision comes following customer feedback and recent reviews of its fee structure. Previously, BAFL had amended its Schedule of Charges on November 12, 2024, to introduce this…
Karachi: The State Bank of Pakistan (SBP) has introduced a new directive requiring Islamic Banking Institutions (IBIs) to offer a minimum profit rate on PKR saving deposits, effective January 1, 2025. This regulation, designed to ensure fair returns for depositors, mandates IBIs to pay at least 75% of the weighted average gross yield of all…
The State Bank of Pakistan (SBP) has updated the terms and conditions for appointing Shariah scholars in Islamic banks and Islamic banking divisions. This revision aligns with the expanding Islamic banking sector and aims to facilitate the transformation of the conventional banking system into an Islamic banking model by 2028. Key Highlights of the Revised…
