Islamabad, December 26, 2024 – In a decisive move towards financial stability and growth, the shareholders of Bank Makramah Limited (BML) have overwhelmingly approved the Scheme of Arrangement for restructuring the bank during an Extraordinary General Meeting (EGM) held yesterday. The scheme, filed with the Islamabad High Court under Sections 279 to 283 and 285(8) […]
December 27, 2024 Alif announced it had raised a $20 mln debt investment from Accial Capital, a US-based impact private credit fund manager. The deal was facilitated with advisory support from Nairang Capital and TMT Global Advisors. The funds will be allocated to enhance Alif’s Nasiya service’s capabilities, strengthen its market position, and promote financial inclusion in […]
The State Bank of Pakistan (SBP) has introduced enhanced collateral and eligibility criteria for improved monetary policy lending operations effective July 2025. In order to further strengthen risk mitigation measures for SBP’s Monetary Policy Lending Operations and Mudarabah Based Financing Facilities (OMOs and Standing Ceiling Facility), the following instructions are being issued: A. Collateral Requirements: Sr. […]
Mountain View, California, December 27, 2024 — inDrive, the global ride-hailing unicorn, has announced a strategic investment in Pakistan’s emerging grocery delivery platform, Krave Mart. The investment is part of inDrive’s broader effort to explore opportunities in emerging markets through its dedicated venture capital arm. The VC division, launched last year, is set to deploy […]
SAN FRANCISCO — Elon Musk’s artificial intelligence company, xAI, has secured $6 billion in a Series C financing round, bringing its total funding to $12 billion. This announcement follows a $6 billion raise earlier in May, as reported by TechCrunch on Wednesday. The latest round saw participation from prominent investors including Andreessen Horowitz, BlackRock, Fidelity, Lightspeed, MGX, Morgan Stanley, OIA, […]
Karachi, Pakistan – Careem, the region’s leading ride-hailing platform, has announced a strategic partnership with Pakistan State Oil (PSO) to offer Careem Captains exclusive benefits aimed at simplifying and enhancing their driving experience. Under this collaboration, Careem Captains will gain access to discounted high-quality engine oils from PSO, along with a complimentary top wash service […]
ISLAMABAD – Alibaba.com, a global leader in business-to-business (B2B) e-commerce, has launched its Trade Assurance service in Pakistan, aimed at empowering small and medium-sized enterprises (SMEs) to trade with greater confidence. This makes Pakistan one of the select markets globally where the platform has introduced this valuable service for suppliers. The announcement was made at […]
Karachi, Pakistan – December 24, 2024 – The Pakistan Banks’ Association (PBA), in collaboration with Ipsos and Reenergia, has officially signed an agreement to create the SME Environment & Performance Index (SEPI), marking a pivotal moment in the development of Pakistan’s SME sector. The signing ceremony, held at the Islamic Chamber of Commerce & Development […]
Date: December 23, 2024 Muscat, Oman – In a remarkable initiative aimed at fostering community engagement and promoting financial literacy, the National Bank of Pakistan (NBP) and Al Jadeed Exchange have announced the launch of a cricket tournament scheduled for January 2025. The announcement was made during a prestigious dinner event held in Muscat, Oman, attended by esteemed dignitaries, […]
Islamabad, Pakistan – Pakistan Telecommunication Company Limited (PTCL), the nation’s leading ICT services provider, has announced a strategic partnership with GBM Pakistan and IBM to modernize its IT infrastructure. The collaboration aims to enhance PTCL’s operational efficiency, laying the foundation for cutting-edge innovations and a comprehensive upgrade of its enterprise systems. As part of the […]