KARACHI: The Pakistan Stock Exchange (PSX) has introduced strict Standard Operating Procedures (SOPs) for entry into its premises to curb the potential spread of the coronavirus pandemic.
(more…)Author: Faisal Shahnawaz
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Telecard Limited becomes Shariah compliant company
KARACHI: Al-Hilal Shariah Advisors (Pvt.) Limited has approved Telecard Limited for qualifying Shariah compliant company, a notification said on Friday.
It said that Al-Hilal Shariah Advisors (Pvt.) Limited had conducted Shariah Compliance Screening of Telecard Limited based on the financial statements of March 31, 2021.
“We have thoroughly analyzed the financial statement on the basis of various Shariah screening criteria issued by our Shariah Supervisory Council.”
In light of the information provided and our evaluation, we found that the company has passed the 4 out of 5 shariah screening filter while 1 filter i.e. Illiquid Assets to Total Assets ratio is slightly below the desired threshold level, it said.
The Shariah Supervisory Council of Al Hilal Shariah Advisors concluded that the issue considerable illiquid assets remain a problem for services sector companies, since they do not have considerable illiquid assets because of their nature of business and Asset light model and this becomes a hurdle for Shariah compliance clearance for such companies.
In this regard, the Shariah Supervisory Council of Al Hilal Shariah Advisors recommends that the illiquid Assets to Total Assets ratio may not be considered while evaluating shariah compliance for such service providing companies given that the company financials meet the other desired criteria.
As per the above statement, the Shariah Board has approved the company to be Shariah Compliant.
Hence it is resolved that it is permissible to invest in shares of Telecard Limited.
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Tax rates on usage of telephone and internet
The Federal Board of Revenue (FBR) collects withholding income tax on telephone and internet usage under Section 236 of Income Tax Ordinance, 2001.
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KIBOR rates on July 29, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued following Karachi Interbank Offered Rates (KIBOR) on July 29, 2021.
Tenor BID OFFER 1 – Week 6.91 7.41 2 – Week 6.96 7.46 1 – Month 7.01 7.51 3 – Month 7.14 7.39 6 – Month 7.35 7.60 9 – Month 7.46 7.96 1 – Year 7.54 8.04 -
SBP issues customers exchange rates for July 29
KARACHI: The State Bank of Pakistan (SBP) on Thursday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data compiled and disseminated for information only.
These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 44.0481 44.1423 AUD 119.3867 119.6360 CAD 129.4700 129.7462 CHF 177.8768 178.2481 CNY 25.0127 25.0624 EUR 191.7175 192.1402 GBP 225.2407 225.7249 JPY 1.4726 1.4759 SAR 43.1108 43.2024 USD 161.6499 162.0132 -
Honda Cars posts Rs928 million quarterly profit after tax
In a remarkable financial turnaround, Honda Atlas Cars (Pakistan) Limited has announced a profit after tax of Rs928 million for the quarter ended June 30, 2021.
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Industries flay raise in minimum wage by Sindh
In a significant development, the Sindh Government’s decision to unilaterally increase the minimum wage from Rs17,500 to Rs25,000 has stirred discontent and alarm within the industrial sector, particularly in Karachi.
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KIBOR rates on July 27, 2021
The Karachi Interbank Offered Rate (KIBOR) held relatively steady across various tenors on July 28, 2024, reflecting cautious sentiment in the financial markets amid macroeconomic uncertainty and expectations surrounding future monetary policy decisions.
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Tax exemption allowed on import of 30 million face masks
In a proactive move to support the ongoing efforts in the fight against the COVID-19 pandemic, the Federal Board of Revenue (FBR) has granted a significant tax exemption on the import of 30 million face masks.
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Dollar advances by 57 paisas in interbank
KARACHI: The Pak Rupee fell by 57 paisas against the dollar on Wednesday as demand for the foreign currency remained higher during the day.
The rupee ended at Rs161.90 to the dollar from the previous day’s closing of Rs161.33 in the interbank foreign exchange market.
Currency experts said that the market witnessed higher demand for dollars due to rise in international oil prices.
The local unit has remained under pressure since the start of the current fiscal year due to higher fiscal deficit posted for the month of June 2021.