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  • 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 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...

  • Withholding tax slows down bank deposit growth: State Bank

    KARACHI: Withholding tax (WHT) on financial transactions is acting against the goal of achieving financial depth, a State Bank of Pakistan’s (SBP) report said on Friday, highlighting that for the first time since 2009-10 the monetary expansion came more from currency in circulation than the bank deposit growth...

    The campaign could not sustain despite the fact that the business community, particularly retailers and medium-sized...

  • 100m Pakistanis without a bank account, says World Bank

    ISLAMABAD: Pakistan is home to 100 million adults without a bank account, with 13 per cent adults citing religious concerns as a reason for not having account at a financial institution, a World Bank report on the use of financial services revealed...

    The ‘Global Findex Database’ said high costs turned out to be at least as important as religious concerns in each of the economies — cited by 21pc in Pakistan and 19pc in Turkey...

  • Pakistan were mentally stronger in Dubai Test: Sallu

    KARACHI: Former Test cricketer and chief selector Salahuddin Ahmed Sallu on Monday hailed Pakistan’s fighting victory over England in Dubai to go one-up in the three match series...

    “While nothing can be taken away from England for the manner in which they took the fight to Pakistan, especially their lower order players...

  • Pakistan fightback sets up intriguing finish to Dubai Test

    DUBAI: Asad Shafiq and Sarfraz Ahmed hit fighting half-centuries on Monday to thwart Sri Lanka and set up an enthralling finish to the second and final day-night Test in Dubai...

    Asad scored an unbeaten 86 while skipper Sarfraz was 57 not out as they lifted Pakistan from a perilous position at 52-5 to 198-5 at close after being set a daunting target of 317...

  • 146 APS students fly to Dubai for Pakistan Super League

    PESHAWAR: The Peshawar Zalmi Foundation on Thursday flew out 146 students of the Army Public School to the United Arab Emirates for the Pakistan Super League opening ceremony...

    The students boarded a special chartered plane of a private airline from the Bacha Khan International Airport as services of the Pakistan International Airlines (PIA) stand suspended due to a protest by employees against the institution's privatisation...

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