Dec 5

PQFTL, U Bank sign BancaTakaful agreement

KARACHI: Pak-Qatar Family Takaful Limited (PQFTL) and U Microfinance Bank (U Bank), Pakistan’s fastest-growing microfinance bank, have strategically signed a landmark BancaTakaful agreement, according to a statement issued on Monday. Under this collaboration, family Takaful products will be offered through U Bank’s distribution network, which is amongst the largest microfinance banking branch network in Pakistan. […]

by Hamza Shahnawaz

Rupee declines 22 paisas to dollar amid payment demand

Dec 5

Money & Banking

Rupee declines 22 paisas to dollar amid payment demand

KARACHI: Pakistani Rupee (PKR) recorded a decline of 22 paisas against the US dollar on Monday owing to rising foreign currency demand for import and corporate payment. The exchange rate ended at PKR 223.91 to the dollar from last Friday’s closing of PKR 223.69 in the interbank foreign exchange market. READ MORE: PKR ends stable […]

by Hamza Shahnawaz

SBP announces final deadline for exchanging old banknotes

Dec 5

Money & Banking

SBP announces final deadline for exchanging old banknotes

KARACHI: State Bank of Pakistan (SBP) on Monday said the final deadline to exchange old designed banknotes is December 31, 2022 and it will not be extended further. The Federal Government vide Gazette Notification F.No.2(1)IF-III/2010 dated December 23, 2021, had extended the last date for exchange of old design large size banknotes of Rs 10, […]

by Hamza Shahnawaz

Commercial banks urged to withdraw appeals in Riba case

Dec 5

Money & Banking, National, Top stories

Commercial banks urged to withdraw appeals in Riba case

ISLAMABAD: A leading scholar of the country on Sunday urged commercial banks to withdraw their appeals against the order of Federal Shariat Court (FSC). The FSC judgment declared that Riba (usury) is Haram and prevailing banking system with interest system should be abolished forthwith. READ MORE: State Bank, NBP to withdraw petitions in Riba case: […]

by Mrs. Anjum Shahnawaz

Pakistani rupee may devalue to PKR 270 against dollar by year end: report

Dec 3

Money & Banking, Top stories

Pakistani rupee may devalue to PKR 270 against dollar by year end: report

KARACHI: Pakistani rupee likely devalue to PKR 270 against the dollar by end of the current fiscal year or June 30, 2023, a report said on Saturday. The report released by Topline Securities, predicted that rupee to reach PKR 270 by Jun 2023 with FY23 average of Rs241. READ MORE: PKR ends stable to dollar […]

by Faisal Shahnawaz

Banks must ensure financial innovation customer centric: SBP governor

Dec 2

Money & Banking

Banks must ensure financial innovation customer centric: SBP governor

KARACHI: Banks must ensure that financial innovation is customer centric, which results in faster, safer and cheaper access to financial services, this was stated by Jameel Ahmed, Governor, State Bank of Pakistan (SBP) on Friday. The SBP governor was addressing at a conference on on “Role of the Banking Sector in Business and Economic Growth […]

by Faisal Shahnawaz

PKR ends stable to dollar on $3 billion Saudi rollover

Dec 2

Money & Banking

PKR ends stable to dollar on $3 billion Saudi rollover

KARACHI: Pakistani Rupee (PKR) ended stable against the dollar on Friday owing to Saudi rollover of $3 billion. The exchange rate ended at PKR 223.69 to the dollar, same previous day level, in the interbank foreign exchange market. Currency experts said that the market had witnessed high dollar demand owing to import and corporate payments. […]

by Faisal Shahnawaz

ASA Microfinance Bank partners with Systems Limited NdcTech

Dec 2

Money & Banking

ASA Microfinance Bank partners with Systems Limited NdcTech

KARACHI: ASA Microfinance Bank (Pakistan) Ltd has entered into a partnership with Systems Limited and NdcTech to implement Temenos next-generation Core Banking system. ASA Microfinance Bank, a wholly-owned subsidiary of ASA International Group plc, one of the world’s largest global microfinance institutions providing micro loans to emerging entrepreneurs across Asia and Africa. NdcTech, a longstanding […]

by Faisal Shahnawaz

Faysal Bank, Bank of Khyber partner to offer digital payment services

Dec 2

Money & Banking

Faysal Bank, Bank of Khyber partner to offer digital payment services

Faysal Bank Limited (FBL) and Bank of Khyber have partnered to launch a suite of digital financial services featuring virtual and debit card services along with added digital payment solutions. Faysal Bank through its Fintech Express Program is driven by creating partnerships with Banks and Fintech to further encourage State Bank of Pakistan’s (SBP) financial […]

by Hamza Shahnawaz

SBP denies restricting import payment for petroleum products

Dec 1

Energy, Money & Banking, National, Top stories

SBP denies restricting import payment for petroleum products

KARACHI: State Bank of Pakistan (SBP) on Thursday strongly rejected reports of restricting oil and petroleum products import payment. The central bank clarified that some reports suggested regarding restriction on import of oil and petroleum products by the SBP. READ MORE: Last date extended up to Dec 31 for exchanging old designed banknotes “It is […]

by Hamza Shahnawaz