Karachi, Pakistan – Samba Bank Limited has announced its decision to convert from a conventional bank to an Islamic banking institution, according to a notice submitted to the Pakistan Stock Exchange (PSX) on Thursday. In a material information disclosure, the bank revealed that its Board of Directors has granted in-principle approval for the conversion plan. […]
Riyadh, Saudi Arabia – March 11, 2025 – UAE-based Lejion Media has successfully led a large-scale Iftar distribution campaign across Saudi Arabia, aimed at supporting blue-collar Pakistani workers during the holy month of Ramadan. The initiative was organized on behalf of the National Bank of Pakistan (NBP) in collaboration with Al Rajhi Bank, Saudi National […]
KARACHI: United Bank Limited (UBL) has successfully completed the amalgamation of Silkbank Limited (SBL) with and into UBL, effective from March 11, 2025. This milestone marks a significant step in UBL’s journey as one of Pakistan’s leading financial institutions. The merger has been formally approved by the State Bank of Pakistan (SBP) through a Sanction […]
March 11, 2025 – Karachi: The State Bank of Pakistan (SBP) has officially sanctioned the amalgamation of Silk Bank Limited (SBL) with United Bank Limited (UBL), as disclosed in a notification to the Pakistan Stock Exchange (PSX) on Tuesday. In a formal announcement dated March 11, 2025, UBL informed the PSX that the SBP issued […]
Funding from the facility will be directed towards the agriculture sector, which contributes 24 per cent to Pakistan’s GDP and employs 37 per cent of its workforce. The facility will mainly support smallholder farmers, including those in dairy and poultry farming, who often lack access to finance. Farmers vulnerable to climate change impacts, will receive […]
KARACHI: BankIslami has inaugurated its first fully women-managed branch in Karachi, marking a significant step toward gender inclusivity in Pakistan’s financial sector. The branch, operated entirely by female employees, is designed to empower women both as professionals and customers. The initiative aligns with BankIslami’s vision of “Saving Humanity from Riba,” reinforcing its commitment to ethical […]
KARACHI: The Board of Directors of National Bank of Pakistan (NBP) convened on February 28, 2025, to approve the audited annual financial statements for the year ended December 31, 2024. The bank reported a pre-tax profit of Rs 56.7 billion, despite incurring an extraordinary cost of Rs 68.0 billion due to compliance with the Supreme […]
KARACHI: March 6, 2025 – The State Bank of Pakistan (SBP) has introduced an updated mechanism for Mudarabah-based Financing Facilities (MFF), including Shariah-compliant Standing Ceiling Facility and Open Market Operations (OMO) injections, for Islamic Banking Institutions (IBIs). According to a notification issued by the central bank, these financing facilities will now be available against Government […]
Karachi – JS Bank Limited has continued its trajectory of sustainable growth and innovation, further cementing its position as one of the fastest-growing banks in Pakistan. For the year 2024, the bank recorded a consolidated Profit Before Tax (PBT) of Rs. 30.7 billion, marking a significant 64% increase compared to Rs. 18.7 billion in 2023. […]
NymCard, a leading Banking-as-a-Service (BaaS) provider, has announced a strategic partnership with Faysal Bank Limited, one of Pakistan’s premier Islamic banks, to revolutionize the fintech landscape in the country. Through this collaboration, NymCard and Faysal Bank will offer a cutting-edge BaaS platform, empowering fintech startups and businesses to seamlessly integrate financial services into their offerings. […]