In a notable development, Habib Bank Limited (HBL) and The Bank of Punjab (BoP) have announced new monthly charges on high-value accounts, effective December 20, 2024. The revisions are part of the updated Schedule of Charges for July-December 2024. HBL’s New Fee Structure HBL has introduced a 6 percent monthly fee on checking accounts with […]
The State Bank of Pakistan (SBP) has suspended the authorization of Islamabad Exchange Company (Pvt.) Limited with immediate effect due to violations of SBP’s rules and regulations. In a statement issued by the central bank, it was confirmed that the company, including its head office and all authorized branches, has been barred from conducting any […]
Karachi, Pakistan — National Bank of Pakistan (NBP) has taken a pioneering step as the first conventional bank to introduce a co-badged debit card, blending the features and benefits of both PayPak and Mastercard networks. The official signing ceremony for the NBP PayPak Mastercard Debit Card Project was held recently, presided over by Mr. Rehmat […]
Islamabad: November 15, 2024 Bank Alfalah Limited (BAFL) has received in-principle approval from the State Bank of Pakistan (SBP) and the Bangladesh Bank to allow Hatton National Bank PLC (HNB) of Sri Lanka to conduct due diligence on its operations in Bangladesh. This update was announced by BAFL in a notice to the Pakistan Stock […]
Dubai, UAE – Popcorn AI, a leading innovator in conversational commerce, has raised $500,000 in a pre-seed funding round led by Spring Studios fund, with backing from Salica Investments, Al Waha Fund of Funds, and prominent angel investors from Saudi Arabia. This funding round marks a pivotal milestone in Popcorn AI’s journey to reshape how businesses connect, engage, and […]
In a recent development, Bank Alfalah Limited (BAFL), one of Pakistan’s leading commercial banks, has officially withdrawn its public announcement of intention (PAI) to acquire a majority stake in Samba Bank Limited. The decision follows the Saudi National Bank’s (SNB) termination of its plans to divest its approximately 84.51% stake in Samba Pakistan. BAFL had […]
Karachi, Pakistan, November 13, 2024 – Meezan Bank, Pakistan’s leading Islamic bank, has entered into a strategic alliance with CashNow, Pakistan’s pioneering supply chain finance platform, to revolutionize Shariah-compliant supply chain finance. A Memorandum of Understanding (MoU) was signed at Meezan Bank’s Head Office in the presence of senior management from both organizations. This partnership, the first […]
Islamabad, Pakistan – Faysal Funds, Pakistan’s first fully Shariah-compliant asset management company, took a significant step in supporting the nation’s startup ecosystem by participating in the Pakistan Startup Summit, an event powered by the Securities and Exchange Commission of Pakistan (SECP). The summit provided a dynamic platform for entrepreneurs to connect with industry leaders and […]
Pakistan’s burgeoning startup ecosystem is showing signs of recovery, attracting $32 million in investment from a range of sources during the first four months of the current financial year. According to Invest2Innovate, local startups secured $15 million in Q1 and another $17 million in October, marking a significant uptick in investor confidence. Three high-profile deals […]
Karachi, Pakistan – Saleem Ullah, Deputy Governor of the State Bank of Pakistan (SBP), emphasized the need for Pakistan to fully adopt a comprehensive Islamic financial system beyond conventional banking alternatives. Speaking at the 8th International Conference on Islamic Banking and Finance (ICIBF 2024) hosted by the Institute of Business Management (IoBM) on Tuesday, he […]