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. This collaboration marks Meezan Bank as the first Pakistani bank to partner with ITFC […]
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 central bank and introduce the legal use of digital currencies in Pakistan. The proposed changes, if approved […]
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 […]
KARACHI – Allied Bank Limited (ABL) has reinforced its position as a leader in digitally integrated banking solutions in Pakistan, demonstrating robust financial growth and ongoing commitment to innovation and community support. The bank announced notable achievements for the nine-month period ending September 30, 2024, with substantial improvements in assets, equity, and profit. ABL’s assets […]
Lahore: The Board of Directors of The Bank of Punjab (BOP) convened on Wednesday to review and approve the Bank’s unaudited financial results for the first nine months ending September 30, 2024. The Board expressed satisfaction with the Bank’s strong performance and commended the management for delivering notable growth across all key financial metrics. BOP […]
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 […]