Pakistan News

    Islamic Bank Home Loan In Pakistan

  • 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...

  • 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...

  • 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...

  • World Bank asked to rectify error about loan payable by Pakistan

    ISLAMABAD: Insisting that its external repayment obligations stand at $18 billion for the current year, Pakistan has asked the World Bank (WB) to rectify its ‘error’ that put external obligations at $31bn...

    “The matter has been taken up with the World Bank to rectify the error,” said the finance ministry on Sunday after a meeting presided over by Finance Minister Ishaq Dar...

  • World Bank approves $825m loan for Pakistan infrastructure

    The World Bank has granted Pakistan a $825 million loan to upgrade the energy and public finance sectors in a country which has long struggled with chronic power shortages and poor fiscal management...

    Just over half the loan, $425 million, would be used to modernise the national grid, the World Bank said on Wednesday...

  • Pakistan, World Bank sign loan agreement worth $918 million

    Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh on Tuesday witnessed the signing of three loan agreements worth a total of $918 million with the World Bank...

    Country Director World Bank Patchamuthu Illangovan signed the agreements on behalf of the World Bank while Economic Affairs Division Secretary Noor Ahmed signed the financing agreements on behalf of the Government of Pakistan...

  • UAE’s Ajman Bank says it arranged $275m loan for Pakistan

    DUBAI: UAE-based Ajman Bank arranged a syndicated financing of $275 million for the government of Pakistan in May, the bank said on Monday...

    A number of banks participated in the one-year Islamic loan, which has a Murabaha structure and was solely arranged by Ajman Bank, it said in a statement...

  • World Bank may loan $200m to lessen virus impact on Pakistan’s education

    ISLAMABAD: The World Bank has initiated preparation of a programme to strengthen federal and provincial governments’ institutions, policies and coordination for reducing the impact of external shocks on the education system, and increasing access to quality education in disadvantaged districts of the country, according to reliable sources...

    It is likely that the bank will provide financing of $200 million for the programme...

  • KP govt to get $200m World Bank loan for revenue mobilisation

    PESHAWAR: The World Bank would provide $200 million to Khyber Pakhtunkhwa government to improve revenue mobilisation of the cash-starved province, according to sources...

    Sources said that the proposal was currently awaiting approval of Planning Commission, however, modalities for the loan, which would be spread over five years, were yet to be worked out...

  • World Bank approves $86m loan for improvement of city areas

    ISLAMABAD: The World Bank has approved a soft loan of $86 million for ‘Karachi neighbourhood improvement’ project which will benefit almost one million residents, business owners and commuters by improving living conditions in the Saddar, Korangi and Malir areas of the city...

    This was announced by the World Bank mission in Islamabad on Friday...

  • World Bank approves $188m loan for Guddu Barrage strengthening

    ISLAMABAD: The World Bank approved on Friday a $188 million loan for consolidation of Guddu Barrage, the most strategic component of the Indus Basin irrigation system...

    International Develop­ment Association, the low-interest arm of World Bank, approved the funding to increase the barrage’s lease of life by another 50 years, besides strengthening the Sindh Irrigation Depart­ment’s capacity to operate and manage barrages...

  • World Bank loan to help Sindh improve disaster risk management

    ISLAMABAD: The Sindh government will launch a project during the next financial year with a World Bank loan of $100 million to improve resilience against natural disasters in the province, official sources told Dawn...

    Negotiations between the World Bank and the Sindh government have established floods and droughts as the highest priority areas owing to high frequency and impact...

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