Pakistan News

    Qaumi Bachata Bank Of Pakistan Exchange

  • PSP, MQM-P and Mohajir Qaumi Movement on same page against Altaf Hussain

    The Pak Sarzameen Party (PSP) and Mohajir Qaumi Movement on Monday accepted Muttahida Qaumi Movement-Pakistan's (MQM-P) invitation for a multi-party conference to be held on August 22 — which MQM has termed its 'Day of Deliverance'...

    PSP leader Anees Advocate, while addressing a joint press conference at the party's headquarters in Karachi, said that PSP will join MQM-P in trying to find solutions to Karachi's problems, as well as...

  • Qaumi Zaban’s Jamiluddin Aali edition published

    KARACHI: Urdu literary magazine Qaumi Zaban’s edition dedicated to the late poet and scholar Jamiluddin Aali was launched at the Anjuman Taraqqi-i-Urdu office on Saturday...

    Editor of Qaumi Zaban Dr Mumtaz Ahmed Khan said problems were faced during the publication of such a hefty edition...

  • More party members quit Jeay Sindh Qaumi Mahaz

    Amidst an ongoing crackdown against various factions of the separatist Jeay Sindh Qaumi Mahaz (JSQM), more members announced their decision to quit the party during a press conference in Tando Mohammad Khan on Thursday...

    The workers announced they were moving away from nationalistic politics and would join mainstream parties to work for 'pro-Pakistan politics'...

  • Pakistan, Switzerland to sign agreement for bank account information exchange: Dar

    Finance Minister Ishaq Dar on Wednesday told the National Assembly that Pakistan will sign an agreement with Switzerland on exchange of information regarding bank accounts on March 21...

    "The Swiss government offered to sign such an agreement with Pakistan in the third quarter of the current month that will enable us to exchange information on tax-evaded money," Dar said in a policy statement...

  • Editorial: State Bank needs to be upfront about exchange rate depreciation

    ON Friday morning, the interbank market for foreign currency had a rude awakening as the rupee plunged against the dollar, and, just like last July, no attempts were made by the State Bank to shore up its value...

    “This movement in the exchange rate is based on demand and supply of foreign exchange in the interbank market,” the central bank said in a press release issued only a couple of hours later, adding, “[t]he exchange rate will...

  • 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...

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