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  • Bank Alfalah declared best bank for 2017

    KARACHI: Bank Alfalah received the Best Bank Award for 2017 for demonstrating “the most significant contribution to national development and the most effective management of its resources, including its employees, clients, franchise community and financials”...

    It received the honour at the second Pakistan Banking Awards, which were jointly organised by the Institute of Bankers, A...

  • Meezan Bank gets Best Banking Award for 2018

    KARACHI: Meezan Bank Limited on Friday won the 3rd Pakistan Banking Awards in the category of the Best Bank for 2018, while Habib Bank Ltd and Bank Alfalah fetched two awards in two different categories...

    Adviser to the Prime Minister on Institutional Reforms and Austerity and former governor of the State Bank of Pakistan (SBP) Dr Ishrat Husain chaired the seven-member jury that based its decision on evaluation and performance of the...

  • Bahrain's Bank Alkhair gets nod to sell stake in Pakistan's Burj Bank

    Bahrain-based Bank Alkhair said on Wednesday it had received approval from the State Bank of Pakistan to sell its stake in Pakistan's Burj Bank to a subsidiary of Bahrain's Al Baraka Banking Group...

    Al Baraka, one of the Gulf's top Islamic banks, had said in September that its Pakistani unit, Al Baraka Pakistan, would merge with Burj Bank to create an institution with assets totalling more than $1...

  • India central bank says linking national ID number to bank accounts mandatory

    MUMBAI: India’s central bank on Saturday dismissed media reports that it was not necessary to link national identity card numbers, known as Aadhar numbers, to bank accounts...

    “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017,” it said in a statement...

  • Summit Bank eyes Burj Bank for Islamic banking entry

    KARACHI: Summit Bank has received approval from the State Bank of Pakistan (SBP) to conduct due diligence on Burj Bank, it said in a stock exchange filing, in the latest bid for the unlisted lender, which is seeking to boost capital through a stake sale...

    The acquisition of a majority shareholding in Burj Bank would fit the long term strategy of Summit Bank, which is planning to convert its operations to conform to Islamic principles...

  • Withholding tax slows down bank deposit growth: State Bank

    KARACHI: Withholding tax (WHT) on financial transactions is acting against the goal of achieving financial depth, a State Bank of Pakistan’s (SBP) report said on Friday, highlighting that for the first time since 2009-10 the monetary expansion came more from currency in circulation than the bank deposit growth...

    The campaign could not sustain despite the fact that the business community, particularly retailers and medium-sized...

  • 100m Pakistanis without a bank account, says World Bank

    ISLAMABAD: Pakistan is home to 100 million adults without a bank account, with 13 per cent adults citing religious concerns as a reason for not having account at a financial institution, a World Bank report on the use of financial services revealed...

    The ‘Global Findex Database’ said high costs turned out to be at least as important as religious concerns in each of the economies — cited by 21pc in Pakistan and 19pc in Turkey...

  • ‘Pakistan best place for investment’

    KARACHI: President Mamnoon Hussain has said that Pakistan today is more secure and peaceful and is the best country in the region for investment and entrepreneurs ought to take full advantage of the situation...

    Inaugurating the four-day Pakistan International Trade Fair at Karachi Expo Centre (PITF) on Thursday, Mr Mamnoon said that the participation of 20 countries in the fair is manifestation of the confidence of global community...

  • Pakistan bowling attack among world’s best, says Sarfraz

    SHARJAH: Skipper Sarfraz Ahmed on Friday said Pakistan had one of the best bowling attacks in the world and that had played a key role in his side surging to a 4-0 lead in the ODI series against Sri Lanka with just one match remaining...

    Pakistan’s seven-wicket win in Sharjah on Friday continued their run of success in ODIs that had begun with the ICC Champions Trophy which they had won handsomely...

  • Pakistan’s best chance to go for clean sweep over WI: Mohsin

    KARACHI: Former opener, chief selector and coach Mohsin Khan on Wednesday lauded Pakistan’s fine victory over the West Indies in the first Test at Kingston and said Pakistan must seize this opportunity to inflict a clean sweep against the West Indies and create history...

    “Our bowlers and batsmen both performed well to beat the West Indies and go one up in the series, but they must realise that this is the best opportunity to go for a...

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