Pakistan News

    Islamic Banking And Finance In Pakistan Tresemme

  • ‘Islamic banking, finance outlook bright in Asia’

    ISLAMABAD: The Asian Development Bank says the outlook for Islamic banking and finance in Asia is bright, given that the region is home to more than sixty per cent of the world’s Muslim population, as well as Asia’s growing middle class, and has strong economic and financial fundamentals...

    In addition, a combination of strong political support, a large investor base, and generous tax incentives are enticements to further Islamic...

  • Pakistan approves sharia advisory board for Islamic finance

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has approved a four-member sharia advisory board to oversee Islamic financial products in the country, as the regulator looks to address credibility concerns which still haunt the industry...

    The board, which comprises three religious scholars and a technical member, would advise SECP on a range of issues including the operation, auditing and reporting of Islamic mutual...

  • Income defined in Non-Banking Finance Comp­an­ies law

    ISLAMABAD: The Secu­ri­ties and Exchange Com­mission of Pakistan (SECP) has amen­ded the Non-Banking Finance Comp­an­ies and Notified Entit­ies Regulations 2008, adding the meaning of income in the law...

    The amendment includes insertion of a new clause defining the ‘Element of Income’ — the difference between net asset value on the issuance date and the net asset value at the beginning of relevant accounting period — a definition of...

  • Finance minister stresses need for liquidity in banking sector

    KARACHI: Federal Minister for Finance, Revenue and Economic Affairs Asad Umar has said there is an urgent need to enhance banks’ deposits to boost their lending capacity to the private sector for achieving higher economic growth rate...

    Speaking at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday, the minister stressed upon the banking sector to to increase its cash-to-deposit ratio to enhance liquidity...

  • MCB Bank’s foray into Islamic banking

    ISLAMIC banking has continued its upward march in the country, with the industry’s assets growing 28pc year-over-year and crossing the Rs1...

    Twenty-three Islamic banking (IB) branches were opened in the January-March quarter alone, taking their total number to 1,597...

  • Outreach of Islamic banking sector

    Islamic banking now has a 13pc share in our overall banking industry...

    But its ability to serve agriculture, small and medium enterprises, poor households and low-cost housing sectors remains low for want of a more diversified range of Shariah complaint products...

  • Islamic banking to get 20pc market share

    KARACHI: Islamic banking has been growing fast to capture 20 per cent share in the overall banking industry by 2020 while its cumulative average growth rate of deposits is over 50pc...

    Presently, five full-fledged Islamic banks, one Islamic banking subsidiary and 17 conventional banks with dedicated Islamic banking windows are operating with over 1,700 branches spread all over the country...

  • 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...

  • Mamnoon calls for promotion of Islamic banking

    ISLAMABAD: Emphas­ising the need for waging war against corruption, President Mamnoon Hussain called upon banking experts and ulema to find a workable strategy for promoting Islamic banking in the country...

    “Being Muslim citizens of this country, it is obligatory on us to work for implementing the Islamic financial system,” the president said while addressing a seminar on ‘Islamic banking and finance: prospects and challenges’ at the...

  • 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...

  • IMF calls for framework to streamline Islamic banking

    WASHINGTON: The Inter­national Monetary Fund (IMF) on Tuesday called for establishing a policy framework and environment that promote financial stability and sound development of Islamic banking...

    The guidelines, released by the IMF headquarters in Washington, noted that it was particularly to develop such a framework in the countries where Islamic banking has become systemically important...

  • Islamic banking assets soar to Rs1.6tr

    ISLAMABAD: Assets of the Islamic banking industry grew 91 per cent to Rs1...

    7 per cent of the total banking sector, the Islamic banking assets in the non-bank financial institutions (NBFIs) witnessed even stronger growth during the last fours years...

  • ‘Govt committed to promoting Islamic banking’

    ISLAMABAD: Caretaker Finance Minister Dr Sham­shad Akhtar on Monday said the government was committed to promoting both industry as well as the regulators of Islamic banking...

    “When I was governor of State Bank of Pakistan (SBP) few years back, we were promoting the Islamic finance industry in very aggressive manner, and the subsequent governments were also engaged in promoting the industry,” the minister said while responding to a...

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