KARACHI, January 27, 2025: The State Bank of Pakistan (SBP) has announced a 100 basis points reduction in the policy rate, bringing it down to 12%, effective January 28, 2025. The decision was unveiled by SBP Governor Jameel Ahmed during a press conference following the Monetary Policy Committee (MPC) meeting. This marks the sixth consecutive […]
Karachi: Faysal Bank Limited, one of Pakistan’s leading Islamic banks, has partnered with the global tech firm wAI Industries to launch the country’s first AI-powered virtual assistants, powered by wAI’s innovative solution, ‘Alara’. The groundbreaking ‘Agentic Reasoning Platform’ by Alara is designed to enhance customer experience through advanced AI capabilities. The platform offers features such […]
Karachi, January 22, 2025: The State Bank of Pakistan (SBP) has issued revised instructions to facilitate the implementation of the International Financial Reporting Standard 9 (IFRS 9) across financial institutions, including banks, Development Finance Institutions (DFIs), and Microfinance Banks (MFBs). The updated directives, announced in a circular dated January 22, 2025, include key amendments to […]
Karachi, January 24, 2025 – The Board of Directors of Askari Bank Limited (PSX: AKBL) has announced the appointment of Zia Ijaz as the President and Chief Executive Officer of the bank for a three-year term. This decision is subject to the clearance of his Fit and Proper Test (FPT) by the State Bank of […]
KARACHI: HBL, a leading financial institution and a part of the Aga Khan Development Network (AKDN), has reaffirmed its commitment to sustainability and social impact by addressing critical global challenges, including climate change, financial inclusion, and poverty alleviation. The bank’s latest Impact & Sustainability Report 2023 highlights significant strides in these areas, underscoring HBL’s pledge […]
The State Bank of Pakistan (SBP) has recently issued updated guidelines regarding Profit and Loss Distribution and Pool Management for Islamic Banking Institutions (IBIs), along with amendments to the IFRS 9 Application Instructions. The developments were highlighted in a research note by Topline Securities, a leading brokerage house. Key Highlights Impact on Profit and Loss […]
Dubai Islamic Bank (DIB) Pakistan has partnered with Haball to launch a state-of-the-art digital supply chain financing solution designed to empower Small and Medium Enterprises (SMEs) across the Pakistan. This strategic collaboration aims to bridge the financing gap for SMEs, providing them with streamlined access to funds while driving financial inclusion in the country. The […]
Islamabad, Pakistan – Pakistan Telecommunication Company Limited (PTCL) Group, the parent company of U Microfinance Bank (U Bank), has announced a significant equity injection of PKR 4 billion (USD 15 million) into U Bank. This strategic investment aims to accelerate the bank’s growth in Islamic Banking services and drive digital innovation, reinforcing PTCL Group’s unwavering […]
His Excellency Ambassador Mr. Naveed Safdar Bokhari served as the Chief Guest at the award ceremony of a cricket tournament organized for the blue-collar community at Pakistan School Muscat. The event was co-sponsored by the National Bank of Pakistan, United Arab Emirates, and Al Jadeed Exchange, Oman. In his address, the Ambassador commended the organizers […]
The State Bank of Pakistan (SBP) has granted approval for Muhammad Nauman Chughtai to assume the role of President and Chief Executive Officer (CEO) of MCB Bank, following the successful completion of his Fit and Proper Test (FPT). In an official notification to the Pakistan Stock Exchange (PSX) on Wednesday, MCB Bank confirmed the development, […]