Pakistan News

    Islamic Investment Bank Limited Pakistan

  • 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...

  • Investment by Islamic banking industry rises by 23pc

    KARACHI: The Islamic Banking Industry (IBI) invested 23 per cent more than the deposit growth during Jan-March 2021 (3QFY21) indicating the presence of large liquidity, the State Bank of Pakistan (SBP) said on Friday...

    In its quarterly Islamic Banking Bulletin, the SBP noted that deposit base of IBI grew by Rs68 billion during 3QFY21 while investments went up by Rs84bn...

  • BCCI proposes limited-over series with Pakistan in India

    The Board of Control for Cricket in India (BCCI) on Tuesday proposed a limited-over series with Pakistan, comprising five one-day and two Twenty20 internationals, but reiterated that the Indian team would not be travelling to Pakistan or UAE for the matches...

    “We are committed to playing Pakistan in December...

  • Sri Lanka agree to play only three limited-over games in Pakistan

    COLOMBO: Sri Lanka will return to Pakistan after a nearly two-year absence for three short-form cricket games later this year, the sports minister said on Thursday...

    “We are not in a position to send the team to Pakistan to play the two Tests, but we will be in Pakistan for about eight days to play the ODIs or the T20 matches,” Harin Fernando told reporters in Colombo...

  • Pakistan to host Sri Lanka for limited over series

    Pakistan will host Sri Lanka for six limited over internationals starting next month, the two cricket boards said on Friday, another step towards reviving international cricket in Pakistan after years of isolation...

    This will be Sri Lanka's second tour of Pakistan since their team bus was attacked during a Test match in Lahore in March 2009...

  • Pakistan LNG Limited replaces its top manager

    Pakistan LNG Limited (PLL) has replaced its top manager with immediate effect, appointing Shahid Yousaf as managing director and chief executive,The state-owned operator announced the decision on Saturday but didn't give a reason for the change...

    Former chief executive Adnan Gilani, a United States-educated former Wall Street executive who had been the main public face of Pakistan’s push into the liquefied natural gas sector, “will...

  • World Bank rates Pakistan among top private investment countries

    ISLAMABAD: Pakistan has been grouped in top five highest private participation investment (PPI) countries owing to a few multi-billion-dollar power projects, with two hydropower plants worth $3...

    A half year update on private participation in infrastructure (PPI) published by the World Bank on Friday says that Indonesia was the destination for the highest amount of PPI investment, while Pakistan and Jordan were new entrants to the...

  • 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...

  • Saudi-led troops in ‘limited Yemen deployment’

    ADEN: The Saudi-led coalition battling Houthi rebels in Yemen sent a ‘limited’ force to the city of Aden on Sunday, Yemeni sources said...

    “A limited coalition force entered Aden and another force is on its way”, a Yemeni government official in Aden said...

  • Senate clears limited liability partnership bill

    ISLAMABAD: The Senate on Wednesday approved the Limited Liability Partnership (LLP) Bill 2017, which is considered an updated and internationally acceptable business vehicle for entrepreneurs with limited capital...

    The proposed law is expected to fill the gaps between business firms such as sole proprietorships or partnerships, the liability of whose partners is unlimited, and the companies governed under the Companies Ordinance of...

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