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...
The Council of Islamic Ideology (CII) on Thursday termed some sections of the National Accountability Ordinance, 1999, as going against the Shariah...
Addressing a press conference on Thursday, chairman of the CII, Dr Qibla Ayaz, said the council held a two-day-long meeting during which it concluded that sections 14-D, 15-A and 26 of the NAO were un-Islamic...
Hyperloop One on Tuesday signed an agreement with Dubai’s Roads and Transport Authority (RTA) to explore high-speed routes in United Arab Emirates, reported Digital Trends...
The RTA runs all the public transport in Dubai and connects with the infrastructure of UAE and the Gulf region beyond...
ISLAMIC banking has continued its upward march in the country, with the industry’s assets growing 28pc year-over-year and crossing the Rs1...
12tr, according to central bank data...
The State Bank of Pakistan (SBP) has amended its regulations to exempt Islamic banks from using interest-based benchmarks for some of their financing products, the latest government step aimed at boosting Islamic finance...
Despite a direct ban on charging interest, interest-based benchmarks are used as a pricing reference by a majority of Islamic banks, due in part to the absence of stable and widely-published alternatives...
PESHAWAR: Jamaat-i-Islami has said that Khyber Pakhtunkhwa government should convert conventional branches of Bank of Khyber into Islamic banking and introduce Arabic as compulsory subject in curriculum to pave way for Islamisation in the province...
“JI had signed an agreement with Pakistan Tehreek-i-Insaf before joining the coalition setup in 2013 under which the new government would abolish secular values and promote Islamisation...
DUBAI: HSBC Bank Oman has agreed to sell its banking business in Pakistan to Meezan Bank , a sharia-compliant Pakistani lender, it said on Sunday...
The deal, which is subject to regulatory and other approvals, is expected to be completed during the second half of 2015, the bank said in a statement...
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...
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...
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...
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...
A Chinese online bank backed by smartphones and home appliances maker Xiaomi Inc [XTC...
New Hope Group Co Ltd said in a statement on Tuesday shareholders and regulators had approved the name Sichuan XW Bank for the lender...
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...
KARACHI: Bank Alfalah received the Best Bank Award for 2019 at the 4th Pakistan Banking Awards ceremony held here on Friday...
Bank Alfalah also won the Best Consumer Franchise Award for 2019...
ISLAMABAD: The adviser to prime minister on foreign affairs, Sartaj Aziz, said that rise of Islamic State (IS) group in Afghanistan is a point of concern for Pakistan...
Talking to media after an event in Islamabad on Wednesday, Aziz said certain elements trying to associate with IS were arrested from Sialkot, however, "it is the rise of IS in Afghanistan which is the cause of concern for Pakistan"...