Pakistan News

    First Microfinance Bank In Pakistan

  • Tameer rebrands itself as Telenor Microfinance Bank

    KARACHI: Tameer Microfinance Bank has been rebranded as Telenor Microfinance Bank almost a year after its 100 per cent acquisition by the Telenor Group, a press release said...

    The bank, established in 2005, is best known for its joint venture with Telenor Pakistan for the launch of Pakistan’s first and now the largest branchless banking service Easypaisa, in 2009...

  • Pakistan Microfinance Investment Company launched

    ISLAMABAD: The Pakistan Microfinance Investment Company (PMIC), a private-sector firm which aims to use public funding to invest commercially in people and businesses on lower incomes, was launched on Thursday by Finance Minister Ishaq Dar...

    The PMIC has been created by the Pakistan Poverty Alleviation Fund (PPAF) and Karandaaz Pakistan — funded by UK’s Department for International Development (DFID) — and the KfW, a German...

  • Misery and microfinance

    JUST as 2016 was taking its first nascent breaths, news was released about the imminent establishment of the Pakistan Microfinance Investment Company...

    According to newspaper reports, this new institution would be set up in partnership with the UK Depart­ment of International Development, the German Development Bank and the Pakistan Poverty Alleviation Fund...

  • Microfinance: cutting costs

    A microfinance ecosystem is evolving in Pakistan...

    “The study of microfinance data in the country shows that despite a greater quantum of lending by banks, non-banking financial institutions served the purpose of such lending more effectively because of better outreach, gender sensitivity and support structures put in place at the community level for better utilisation of acquired funds,” a member of the government economic advisory...

  • Microfinance promise

    MICROFINANCE during the last century was seen as a panacea for poverty alleviation, but since then there has been greater understanding of it as one among a variety of tools to facilitate development and positively impact the lives of the poor...

    When compared to other South Asian countries access to finance in Pakistan is very low and close to Sub-Saharan Africa...

  • Microfinance: outreach and service quality

    THE MICROFINANCE sector is making its mark, but with penetration rate still low and distribution of micro credit uneven...

    5m, according to the latest stats of the Pakistan Microcredit Network (PMN), a platform of microfinance providers...

  • Microfinance investment company

    ISLAMABAD: Finance Minister Ishaq Dar chaired a meeting on Monday at the Finance Division to review proposals for establishment of Pakistan Microfinance Investment Company...

    He said that according to estimates, Pakistan’s microfinancing needs will grow manifold by 2018 from the current Rs18 billion...

  • 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...

  • Bank of China to open first branch in Pakistan

    Bank of China (BoC) will be setting up its first branch in Pakistan as it has received its banking license from the State Bank of Pakistan (SBP)...

    Finance Minister Ishaq Dar met with Bank of China Chairman Tian Guo Li in Beijing, where the latter was invited to visit Pakistan to inaugurate bank's first branch in Pakistan, expected to be set up in Karachi...

  • Pakistan first country to benefit from high-quality solar maps: World Bank

    Pakistan has become the first country to benefit from duly validated, high-quality solar maps under a global initiative, allowing it to tap into its renewable energy resources more effectively, the World Bank said in a press release on Tuesday...

    The new solar maps for Pakistan were unveiled today at a workshop hosted by the Alternative Energy Development Board (AEDB) and the World Bank in Islamabad...

  • 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...

  • 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...

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