In a significant development, Bank Alfalah Limited (BAFL) has decided to unilaterally withdraw its 5 percent monthly fee on month-end balances exceeding Rs. 5 billion, effective immediately. The decision comes following customer feedback and recent reviews of its fee structure. Previously, BAFL had amended its Schedule of Charges on November 12, 2024, to introduce this […]
Karachi: The State Bank of Pakistan (SBP) has introduced a new directive requiring Islamic Banking Institutions (IBIs) to offer a minimum profit rate on PKR saving deposits, effective January 1, 2025. This regulation, designed to ensure fair returns for depositors, mandates IBIs to pay at least 75% of the weighted average gross yield of all […]
In the early 2000s, the tech industry often repeated the phrase, “Every company will be a tech company.” This prediction largely materialized as businesses across sectors adopted technology to stay relevant in a rapidly digitizing world. Now, as we navigate the complexities of a more interconnected digital economy, a new mantra is taking hold: “Every […]
Islamabad, Pakistan – OPay International PTE. LTD. (OPay), a leading global fintech platform, has successfully acquired Finja Private Limited, a licensed Electronic Money Institution (EMI) in Pakistan, from its parent company, Finja, Inc. (Delaware). This landmark acquisition signals OPay’s entry into the dynamic Pakistani fintech market, reflecting its commitment to driving financial inclusion and innovation […]
NetSol Technologies Limited has announced plans to buy back 10 million ordinary shares, the company revealed in a notice to the Pakistan Stock Exchange (PSX) on Monday. The decision was approved during a Board of Directors (BoD) meeting held on November 25, 2024, and will be subject to shareholder approval via a special resolution. The […]
The State Bank of Pakistan (SBP) has updated the terms and conditions for appointing Shariah scholars in Islamic banks and Islamic banking divisions. This revision aligns with the expanding Islamic banking sector and aims to facilitate the transformation of the conventional banking system into an Islamic banking model by 2028. Key Highlights of the Revised […]
Hafizabad, Pakistan – The State Bank of Pakistan (SBP) has sealed the Hafizabad branch of the National Bank of Pakistan (NBP) after uncovering counterfeit currency notes worth Rs. 2 million. The discovery has prompted immediate action, highlighting critical gaps in banking oversight. In addition to the branch closure, the SBP has imposed a substantial fine […]
Lahore: In a groundbreaking initiative to combat the harmful effects of smog, the Bank of Punjab (BoP) has announced the installation of air purifiers across its branches in 18 smog-affected districts of Punjab. This proactive measure aims to ensure a healthier and safer environment for employees and customers alike, as part of the Government of […]
The UAE government has unveiled a cutting-edge “Know Your Customer” (KYC) digital platform, a transformative initiative aimed at boosting transparency in the banking sector, streamlining identity verification processes, and combating financial crime. Launched under Federal Decree-Law No. 30 of 2024, the platform marks a significant milestone in the Emirates’ efforts to modernize its financial infrastructure and position itself […]
LAHORE: The Punjab government is gearing up to integrate its Electronic Invoice Monitoring System (e-IMS) with the Federal Board of Revenue’s (FBR) Point of Sale (POS) system, a move aimed at streamlining tax processes and reducing redundancies. According to officials from the Punjab Revenue Authority (PRA), necessary arrangements for the integration are underway. The integration […]