KARACHI: Apna Microfinance Bank Limited has announced the appointment of Nazish Ali as its Acting President and CEO, following clearance from the State Bank of Pakistan (SBP). In a statement issued to the Pakistan Stock Exchange (PSX) on Monday, the bank confirmed that Nazish Ali assumed the role effective November 30, 2024, after receiving the […]
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 […]
1LINK (Pvt) Limited, Pakistan’s premier payment gateway, has officially onboarded OneNetwork as a biller on its cutting-edge 1BILL platform. This strategic partnership aims to streamline the collection of MTAG toll payments, ensuring convenience and efficiency for users across the country. The signing ceremony was attended by senior leadership from both organizations, including Brig. Asif Siddique, […]
Islamabad: The Federal Board of Revenue (FBR) has been identified as a major roadblock to the implementation of QR code-based payment systems in Pakistan, the Senate Standing Committee on Finance was informed on Wednesday. According to an industry expert, Pakistan lags significantly behind other countries in adopting QR code technology, primarily due to merchants’ reluctance […]
The State Bank of Pakistan (SBP) is streamlining the merchant account opening process to encourage digital payments and ease onboarding procedures for merchants, Deputy Governor Dr. Inayat Hussain informed the Senate Standing Committee on Finance on Wednesday. To make the process more accessible, SBP is reducing the account-opening forms from the current 16 pages to […]
Visa (NYSE:V), a world leader in digital payments, today announced a partnership with Meezan Bank, the country’s leading Islamic bank, to unveil a unique proposition designed to empower the digitization journey of Pakistan’s student population. Eligible university students aged 18 to 24 years will be able to gain access to secure, convenient, and rewarding financial […]