Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.
KARACHI: The Forex Association of Pakistan (FAP) issued following buying and selling of UK Pound in Pak Rupee (PKR) on close of trading on Saturday July 10, 2021:
The buying and selling of 1 UK Pound is Rs219 and Rs221.
KARACHI: The Forex Association of Pakistan (FAP) issued following buying and selling of US Dollar Pak Rupee on close of trading on Saturday July 10, 2021:
The buying and selling of 1 US Dollar is Rs159.40 and Rs159.70.
KARACHI: The Forex Association of Pakistan (FAP) issued following buying and selling of UK Pound in Pak Rupee (PKR) on close of trading on Friday July 09, 2021:
The buying and selling of 1 UK Pound is Rs218 and Rs220.
KARACHI: The assets of Shariah compliant banks in Pakistan have increased by 30.6 per cent to Rs4.39 trillion by end of quarter January – March 2021 as compared with Rs3.36 trillion in the same quarter of the last year, State Bank of Pakistan (SBP) said on Friday.
(more…)KARACHI: State Bank of Pakistan (SBP) on Friday issued following Karachi Interbank Offered Rates (KIBOR) on July 09, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.90 | 7.40 |
| 2 – Week | 6.95 | 7.45 |
| 1 – Month | 7.02 | 7.52 |
| 3 – Month | 7.20 | 7.45 |
| 6 – Month | 7.41 | 7.66 |
| 9 – Month | 7.50 | 8.00 |
| 1 – Year | 7.57 | 8.07 |
ISLAMABAD: President Dr Arif Alvi on Friday rejected the representation of MCB Bank challenging the order of Banking Mohtasib to credit the lost money to its account holder, who had fallen victim to internet banking fraud.
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KARACHI: The Pak Rupee made a gain of 16 paisas against the dollar on Friday as inflows helped to meet demand for import payments.
The rupee closed at Rs159.17 to the dollar from the previous day’s closing of Rs159.33 in the interbank foreign exchange market.
Currency experts said that a substantial increase in foreign exchange reserves reported by the State Bank of Pakistan (SBP) a day earlier helped the local currency to make gain during the day.
A day earlier the SBP reported that the foreign exchange reserves of the country increased to $24.415 billion by the week ended July 02, 2021. The foreign exchange reserves increased due to inflows of $1 billion as loan disbursement from China and $440 million from the World Bank.
KARACHI: The State Bank of Pakistan (SBP) on Friday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.
The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.
They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.
| CURRENCY | BUYING | SELLING |
| AED | 43.3442 | 43.4384 |
| AUD | 118.1171 | 118.3681 |
| CAD | 126.9385 | 127.2075 |
| CHF | 173.6407 | 174.0180 |
| CNY | 24.5565 | 24.6066 |
| EUR | 188.2594 | 188.6806 |
| GBP | 219.0967 | 219.5843 |
| JPY | 1.4458 | 1.4490 |
| SAR | 42.4169 | 42.5099 |
| USD | 159.0709 | 159.4342 |
KARACHI: State Bank of Pakistan (SBP) on Thursday issued following Karachi Interbank Offered Rates (KIBOR) on July 08, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.93 | 7.43 |
| 2 – Week | 6.97 | 7.47 |
| 1 – Month | 7.02 | 7.52 |
| 3 – Month | 7.20 | 7.45 |
| 6 – Month | 7.41 | 7.66 |
| 9 – Month | 7.51 | 8.01 |
| 1 – Year | 7.57 | 8.07 |
KARACHI: Meezan Bank and National Clearing Company of Pakistan Limited (NCCPL) have agreed to develop new Shariah-compliant products for the country’s capital market.
Through this collaboration, Meezan Bank will extend its support in introducing Murabaha Share Financing System (‘MSF’), a new Shariah-compliant product, implemented by NCCPL, will help in extending Shariah-compliant stock financing facilities to stock brokers and their customers.
The Memorandum of Understanding (MoU) was signed by Ariful Islam, Deputy CEO – Meezan Bank and Muhammad Lukman, CEO – NCCPL at a ceremony held at Meezan Bank Head Office, Karachi. Also present at the occasion were Mohammad Asif, GM – Head of Operations and Sajid Sikander – Manager Product Development from NCCPL; and Muhammad Raza – Group Head Customer Support, Ayub Baig – Manager Capital Markets and Hasan Faraz – Manager Product Development from Meezan Bank.
Under this agreement, both organizations will work to enhance the proportion of Islamic products in Pakistan’s capital markets and develop new Shariah-compliant financial instruments. Meezan Bank is also the first bank in the country to be inducted in MSF System, a Shariah-compliant product of NCCPL, as a Non Broker Clearing Member for the purpose of extending Shariah-compliant financing to the Stock Brokers and their customers in Pakistan.
Commenting on this occasion, Ariful Islam – Deputy CEO of Meezan Bank, said: “Islamic capital markets form an integral part of the country’s Islamic financial system and offer great potential for product innovation to suit the needs of the customers. Through this collaboration, Meezan Bank aims to overcome the challenges associated with new product development for this sector, while also encouraging growth in both the markets as well as economic investment.”
“This collaboration will pave way for introducing new and innovative Shariah-compliant products in capital markets,” said Mr. Muhammad Lukman, CEO – NCCPL on the occasion.