Deputy Governor at SBP Urges Holistic Approach to Islamic Finance at ICIBF 2024 – Fintech News Pakistan

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…

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TPL Corp and Abhi Get SBP Approval to Jointly Acquire FINCA Microfinance Bank – Fintech News Pakistan

TPL Corp and Abhi Secure Final SBP Approval for Acquisition of 94.8% Stake in FINCA Microfinance Bank Karachi: TPL Corp Limited (PSX: TPL) and Abhi Private Limited have received final approval from the State Bank of Pakistan (SBP) to acquire a 94.8% stake in FINCA Microfinance Bank Limited. This approval comes as the companies proceed…

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InfraZamin Pakistan’s Seminar Advocates Green Bonds for Sustainable Finance – Fintech News Pakistan

InfraZamin Pakistan Hosts Seminar on Green Financing and Bonds in Collaboration with SBP, PBA, and PIDG Islamabad, Pakistan – In a key step toward fostering sustainable finance, InfraZamin Pakistan, Pakistan’s leading credit enhancement guarantor, held a high-profile seminar in collaboration with the State Bank of Pakistan (SBP), Pakistan Banks’ Association (PBA), and the Private Infrastructure…

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SBP Grants In-Principle Approvals to Toko Lab and Accept Technologies – Fintech News Pakistan

SBP Grants In-Principle Approvals to Toko Lab and Accept Technologies; EMI Sector Reports Robust Growth in 2024 Karachi, November 6, 2024 – The State Bank of Pakistan (SBP) has granted in-principle approvals to Toko Lab Private Limited and Accept Technologies Private Limited (operating as PayMob) to operate as an Electronic Money Institution (EMI) and Payment…

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Govt Proposes Changes to SBP Act – Fintech News Pakistan

Federal Government Proposes SBP Act Amendments to Allow Dual Nationals in Top Roles and Legalise Digital Currency ISLAMABAD — In a significant policy shift, the federal government has proposed a series of amendments to the State Bank of Pakistan (SBP) Act, which could pave the way for dual nationals to hold key positions within the…

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Pakistan Set to Legalize Digital Currencies with Proposed Amendments to SBP Act – Fintech News Pakistan

Islamabad: In a major policy shift, the federal government has proposed amending the State Bank of Pakistan (SBP) Act to pave the way for legalizing digital currencies, including cryptocurrencies. The proposed changes, if approved, would recognize digital currencies as legal tender in Pakistan, with flagship cryptocurrencies like Bitcoin potentially gaining legal status. The proposed amendments…

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Hubpay Pakistan Receives Approval for Pilot Operations as Electronic Money Institution (EMI) from SBP – Fintech News Pakistan

October 28, 2024 – The State Bank of Pakistan (SBP) has granted Hubpay (Private) Limited approval to initiate pilot operations as an Electronic Money Institution (EMI) in Pakistan. This milestone marks a key step in Hubpay Pakistan’s plans to provide secure and accessible digital financial services, tailored for individuals and businesses in the country. Hubpay…

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ABL Posts Rs. 35.69 Billion Profit (After Tax) in First 9 Months-2024 – Fintech News Pakistan

KARACHI – Allied Bank Limited (ABL) has reinforced its position as a leader in digitally integrated banking solutions in Pakistan, demonstrating robust financial growth and ongoing commitment to innovation and community support. The bank announced notable achievements for the nine-month period ending September 30, 2024, with substantial improvements in assets, equity, and profit. ABL’s assets…

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K-Electric Partners with SBP to Enable Seamless Bill Payments via Raast – Fintech News Pakistan

SBP and K-Electric Partner to Launch Raast Integration for Instant Digital Bill Payments In a major step toward accelerating payment digitization, the State Bank of Pakistan (SBP) and K-Electric (KE), Pakistan’s leading private power utility, have announced a partnership to initiate a Proof of Concept (PoC) under Raast’s Payment Initiation Service Provider (PISP) model. This…

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SBP Adopts AAOIFI Shariah Standards to Enhance Islamic Banking Compliance in Pakistan – Fintech News Pakistan

SBP Adopts AAOIFI Shariah Standards to Enhance Islamic Banking Compliance in Pakistan Islamabad: October 31, 2024 – The State Bank of Pakistan (SBP) has officially adopted new Shariah standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), aimed at strengthening the Shariah compliance framework in Pakistan’s Islamic banking sector. According to…

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