Pakistan News

    Dubai Islamic Bank Pakistan Profit Rate Percentage

  • 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...

  • Islamic loan books shift towards profit-sharing in Pakistan, Indonesia

    DUBAI: The make-up of Islamic banks’ loan books is changing in Pakistan and Indonesia with the growing use of profit-sharing contracts that could help Islamic finance win more customers in the two largest Muslim-majority countries...

    Over the past year Pakistan and Indonesia have stepped up efforts to develop their Islamic finance sectors, with regulators and religious scholars addressing criticism that the industry often merely...

  • Council of Islamic Ideology terms certain sections of NAB law 'un-Islamic'

    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...

  • Islamic banks’ pre-tax profit soars 25pc

    KARACHI: Profits of Islamic banks increased by 25 per cent during first six months of calendar year 2018, according to State Bank’s Islamic Banking Bulletin June 2018 issued on Monday...

    Profit before tax of Islamic banks stood at Rs15 billion by June, 2018 compared to Rs12bn in the same quarter last year...

  • Need for Islamic Interbank Offered Rate

    BOTH conventional and Islamic banks use the Karachi Interbank Offered Rate to price their products and services...

    Since Kibor is essentially an interest-based benchmark, it attracts a great deal of criticism about its compatibility with Islamic economic thought, which is primarily based on a profit-and-loss sharing system...

  • World Bank projects Pakistan’s GDP growth rate at 5.5pc for 2017-18

    KARACHI: The World Bank projects that Pakistan’s GDP growth rate will be 5...

    In its Pakistan Development Update, a biannual publication shedding light on the state of the economy and its future prospects, the global lender said the economic growth rate projection assumes that oil prices would increase slightly and that “political and security risks will be managed”...

  • State Bank widens Islamic banks' benchmark requirements

    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...

  • Jamaat wants Bank of Khyber to adopt Islamic banking

    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...

  • National Bank profit dips 15pc

    KARACHI: National Bank of Pakistan (NBP) posted a profit of Rs8...

    “Profitability of the bank remained under pressure during the period on account of lower interest rates and maturity of high-yielding Pakistan Investment Bonds,” said a press release issued by the bank on Thursday...

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