Karachi: Tuesday, November 12, 2024 – Saudi National Bank (SNB) has decided against selling its majority stake in Samba Bank Limited (PSX: SBL), as disclosed in a notification to the Pakistan Stock Exchange (PSX) on Tuesday. The announcement stated, “We have been notified that after the completion of due diligence and exploration for the sale…
PESHAWAR: Bank of Khyber (BoK) held its 195th Board of Directors meeting on October 29, 2024, at the Bank’s Head Office in Peshawar, where members reviewed and approved the financial results for the nine-month period ending September 30, 2024. The meeting was presided over by Ikramullah Khan, Additional Chief Secretary of the Government of Khyber…
InfraZamin Pakistan Hosts Seminar on Green Financing and Bonds in Collaboration with SBP, PBA, and PIDG Islamabad, Pakistan – In a key step toward fostering sustainable finance, InfraZamin Pakistan, Pakistan’s leading credit enhancement guarantor, held a high-profile seminar in collaboration with the State Bank of Pakistan (SBP), Pakistan Banks’ Association (PBA), and the Private Infrastructure…
Amsterdam, Dubai, Islamabad, 07 November 2024 – VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, today announced a strategic collaboration between Jazz, VEON’s digital operator in Pakistan, and Standard Chartered Bank (SCB). Through Jazz’s enterprise solutions arm, Garaj, the partnership aims to establish a regional availability zone for SCB, reinforcing the bank’s…
Karachi: BankIslami, one of Pakistan’s leading Islamic financial institutions, has announced a groundbreaking campaign to promote its riba-free (interest-free) banking services, targeting individuals from all backgrounds and faiths. This initiative underscores BankIslami’s dedication to providing ethical and inclusive banking options, accessible to everyone regardless of religious affiliation. The move aligns with the bank’s mission of…
In a significant development in Pakistan’s banking sector, the Board of Directors of Silkbank Limited (PSX: SILK) has granted in-principle approval for a potential merger with United Bank Limited (PSX: UBL). The decision was made during a board meeting held on November 6, 2024. The merger, which would be structured as a scheme of arrangement,…
Meezan Bank Partners with ITFC to Launch New Islamic Trade Facility for Pakistani Exporters Karachi, Pakistan — Meezan Bank, Pakistan’s largest Islamic bank, has signed a strategic partnership with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, to introduce the ITFC Letter of Credit (LC) Confirmation product….
Federal Government Proposes SBP Act Amendments to Allow Dual Nationals in Top Roles and Legalise Digital Currency ISLAMABAD — In a significant policy shift, the federal government has proposed a series of amendments to the State Bank of Pakistan (SBP) Act, which could pave the way for dual nationals to hold key positions within the…
Islamabad: In a major policy shift, the federal government has proposed amending the State Bank of Pakistan (SBP) Act to pave the way for legalizing digital currencies, including cryptocurrencies. The proposed changes, if approved, would recognize digital currencies as legal tender in Pakistan, with flagship cryptocurrencies like Bitcoin potentially gaining legal status. The proposed amendments…
KARACHI: United Bank Limited (UBL), one of Pakistan’s largest commercial banks, has formally submitted an offer to amalgamate Silkbank Limited, proposing to merge Silkbank’s operations into UBL. The development was disclosed in a notice sent to the Pakistan Stock Exchange (PSX) on Friday. In its statement, UBL shared, “Further to our disclosure dated 28 April…
