KARACHI: In a major legal and financial breakthrough, Bank Makramah Limited (BML) has secured court approval for a settlement application, paving the way for the recovery of approximately Rs10 billion in non-performing loans (NPLs) from the Omni Group and its affiliated entities. The listed bank announced the development in a notice to the Pakistan Stock […]
Islamabad, Pakistan – HBL Microfinance Bank (HBL MfB) has announced the appointment of Maya Inayat Ismail as the new Chairperson of its Board of Directors, succeeding Rayomond H. Kotwal. Maya Inayat Ismail played a key role in the establishment of HBL MfB’s predecessor organization, the First MicroFinance Bank (FMFB), Pakistan’s first microfinance institution. She has […]
Karachi – Pakistan, 17-01-2025 – In a landmark development for the financial services sector, ABHI & TPL have officially completed the acquisition of FINCA Microfinance Bank Limited. The final signing ceremony took place in the presence of prominent leaders from both organisations and key stakeholders, including Omair Ansari, CEO of ABHI, Ali Jameel, CEO of TPL Corp Limited, and Jeffery Smith, Vice President […]
Karachi, January 28, 2025 – Telenor Microfinance Bank has officially transitioned into a “Digital Retail Bank,” rebranding itself as Easypaisa Bank Limited (formerly Telenor Microfinance Bank Limited). The bank will now operate under the Banking Companies Ordinance (BCO), 1962, and will adopt the brand name easypaisa digital bank, effective immediately. The company made the announcement […]
KARACHI, January 27, 2025: The State Bank of Pakistan (SBP) has announced a 100 basis points reduction in the policy rate, bringing it down to 12%, effective January 28, 2025. The decision was unveiled by SBP Governor Jameel Ahmed during a press conference following the Monetary Policy Committee (MPC) meeting. This marks the sixth consecutive […]
Karachi: Faysal Bank Limited, one of Pakistan’s leading Islamic banks, has partnered with the global tech firm wAI Industries to launch the country’s first AI-powered virtual assistants, powered by wAI’s innovative solution, ‘Alara’. The groundbreaking ‘Agentic Reasoning Platform’ by Alara is designed to enhance customer experience through advanced AI capabilities. The platform offers features such […]
Karachi, January 22, 2025: The State Bank of Pakistan (SBP) has issued revised instructions to facilitate the implementation of the International Financial Reporting Standard 9 (IFRS 9) across financial institutions, including banks, Development Finance Institutions (DFIs), and Microfinance Banks (MFBs). The updated directives, announced in a circular dated January 22, 2025, include key amendments to […]
Karachi, January 24, 2025 – The Board of Directors of Askari Bank Limited (PSX: AKBL) has announced the appointment of Zia Ijaz as the President and Chief Executive Officer of the bank for a three-year term. This decision is subject to the clearance of his Fit and Proper Test (FPT) by the State Bank of […]
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 […]
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 […]