HBL reinforces commitment to Sustainability with 2023 Impact Report

HBL reinforces commitment to Sustainability with 2023 Impact Report

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…

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SBP reduces Key Interest Rate by 100bps, takes it to 12%

SBP Issues Guidelines for Pool Management for Islamic Banking Institutions

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…

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Dubai Islamic Bank Pakistan Partners with haball for digitalization of supply Chain financing in Pakistan

Dubai Islamic Bank Pakistan Partners with haball for digitalization of supply Chain financing in Pakistan

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…

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PTCL Group Injects PKR 4 Billion into U Bank to Propel Islamic Banking and Digital Innovation

PTCL Group Injects PKR 4 Billion into U Bank to Propel Islamic Banking and Digital Innovation

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…

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Newly Appointed Pakistan Ambassador To Oman Visits NBP & AJX Cricket Event in Muscat, Organized By LEJION MEDIA

Newly Appointed Pakistan Ambassador To Oman Visits NBP & AJX Cricket Event in Muscat, Organized By LEJION MEDIA

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…

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SBP Clears Appointment of Nauman Chughtai As MCB CEO

SBP Clears Appointment of Nauman Chughtai As MCB CEO

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,…

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UBL Becomes First Pakistani Bank to Surpass Rs500 Billion in Market Capitalization

UBL Converts All Conventional Branches in KP, Balochistan to Islamic Banking

January 15, 2025 United Bank Limited (PSX: UBL) has announced the successful conversion of all its branches in Khyber Pakhtunkhwa (KP) and Balochistan to Islamic banking, aligning with Pakistan’s recent legislative shift toward a fully Shariah-compliant financial system. This move follows the passage of a law in December 2024 by the National Assembly mandating the…

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SBP to Announce Monetary Policy on January 27; Brokerage House Expect 100bps Rate Cut

SBP to Announce Monetary Policy on January 27; Brokerage House Expect 100bps Rate Cut

The State Bank of Pakistan (SBP) is set to unveil its monetary policy on January 27, with a significant majority of analysts anticipating a rate cut. According to a survey conducted by Topline Securities, 61% of participants predict a 100bps reduction in the policy rate. Survey Results on Rate Expectations Topline’s poll revealed diverse expectations…

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Pakistan to Launch Panda Bonds in Chinese Market This Year, says Aurangzeb

Pakistan to Launch Panda Bonds in Chinese Market This Year, says Aurangzeb

Hong Kong, January 13, 2025 – Pakistan plans to issue yuan-denominated bonds, known as Panda bonds, aiming to raise $200–250 million from Chinese investors within the next six to nine months. The announcement was made by Federal Minister for Finance and Revenue Muhammad Aurangzeb during the Asian Financial Forum in Hong Kong. This marks Pakistan’s…

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SBP Likely to Cut Key Interest Rate 6th Consecutive Time This Month

SBP Likely to Cut Key Interest Rate 6th Consecutive Time This Month

Karachi, January 2025 – The State Bank of Pakistan (SBP) is expected to announce a 100 basis points (bps) cut in the monetary policy rate during its upcoming meeting, following five consecutive reductions in 2024. The anticipated adjustment would bring the policy rate down to 12%, as per a report by Arif Habib Limited. The…

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