Despite policy rate volatility and economic challenges, Pakistan’s banking sector concluded 2024 with impressive profitability and asset growth. Overall bank profits crossed Rs. 600 billion, while tax contributions exceeded Rs. 650 billion, reflecting the sector’s robust fiscal impact. Throughout the year, higher deposit rates attracted extraordinary inflows of funds, albeit triggering increased tax liabilities due […]
Karachi, Pakistan — In a major development for Pakistan’s financial sector, Bank Alfalah, one of the country’s leading commercial banks, has announced a strategic collaboration with Swift to introduce Payment Pre-validation, a groundbreaking solution aimed at improving the speed, accuracy, and security of cross-border payments. Through this partnership, Bank Alfalah—via the national payment switch 1LINK—will enable […]
KARACHI – Hatton National Bank (HNB) of Sri Lanka has officially withdrawn from its proposed acquisition of Bank Alfalah’s operations in Bangladesh, according to a notification shared by Bank Alfalah Limited (BAFL) with the Pakistan Stock Exchange (PSX). HNB had initially submitted a non-binding offer last year to acquire the Bangladesh-based operations of BAFL. The […]
KARACHI: United Bank Limited (PSX: UBL) has witnessed a remarkable surge in market capitalization, reaching a record Rs. 600 billion (approximately US$ 2.1 billion), up from just Rs. 100 billion two years ago. The milestone was highlighted by Topline Securities CEO Mohammed Sohail, who noted that UBL has now surpassed the combined market value of two […]
Karachi, Pakistan – Bank Alfalah, one of Pakistan’s leading commercial banks, has launched AlfaMall on WhatsApp, offering a seamless shopping experience within the popular messaging platform. This innovative integration marks a significant step forward in digital banking and e-commerce, catering to the growing demand for mobile-first, hassle-free transactions. A New Era of Shopping Convenience With the […]
Karachi, Pakistan – March 26, 2025: In a pioneering move for Pakistan’s banking industry, BankIslami has launched the country’s first cheque encashment service via Cash & Cheque Deposit Machines (CCDMs), powered by TouchPoint’s advanced digital platform, QMatch. This solution allows customers to encash their cheques instantly, eliminating the need for branch visits, reducing waiting time, […]
Karachi, Pakistan – United Bank Limited (PSX: UBL) has successfully credited new shares to the respective Central Depository Company (CDC) accounts of former Silk Bank Limited (PSX: SBL) shareholders. This follows the sanctioned amalgamation of Silk Bank into UBL, effective from the beginning of business on March 11, 2025. The merger was approved by the […]
March 25, 2025 Dubai – UAE: Alhuda Center of Islamic Banking and Economics (CIBE), a globally recognized leader in promoting Islamic banking and finance, has signed a landmark agreement with Autosoft Dynamics, a renowned banking software solutions provider, to introduce cutting-edge core banking system along with end-to-end Shariha Compliance Islamic Suite (Consumer & Commercial) for […]
Lahore: March 25, 2025 – MCB Bank Limited has announced a strategic partnership with Fauree Tech Pvt. Ltd., a fintech company specializing in digital supply chain finance solutions. This collaboration will expand MCB Bank’s portfolio of digital financing products, aimed at facilitating access to finance for small and medium-sized enterprises (SMEs) across Pakistan. The partnership was […]
ISLAMABAD: Sultan Ali Allana, a prominent banker and philanthropist, has been awarded the prestigious Nishan-e-Khidmat, one of Pakistan’s highest civilian honors, in recognition of his outstanding contributions to public service. The award was conferred during a special investiture ceremony held on Pakistan Day, following its approval by President Asif Ali Zardari on August 14, 2024, […]