Pakistan is on the cusp of a historic shift in its financial landscape as the newly-passed 26th Constitutional Amendment Bill, 2024, sets January 1, 2028, as the deadline to eliminate Riba (interest-based banking) from the country’s economic system.
ISLAMABAD: President Dr. Arif Alvi has rejected an appeal filed by Soneri Bank Limited against an order made by Banking Mohtasib. The President ordered the bank to pay the amount to complainant in fraud case, a statement said on Saturday. According to the details, President Dr. Arif Alvi has rejected the representation, filed by the […]
KARACHI: The assets of banking system increased by 7.8 percent during first half (January – June) 2020 despite challenging economic conditions prevailing during the period due to COVID-19 outbreak, State Bank of Pakistan (SBP) said on Wednesday. The SBP issued Mid-Year Performance Review (MPR) of the Banking Sector for the year 2020. The review comprehensively […]
ISLAMABAD: Banks shall pay 37.5 percent income tax on profit from investment in government securities, according to proposals made through Finance Bill, 2019. The Federal Board of Revenue (FBR) in explanation to the Finance Bill, 2019 said that banks are earning substantial profits on account of incremental exposure to government securities. Therefore profit from such […]
KARACHI: The profits of banking sector have declined by 7 percent to Rs149 billion in 2018 as compared with around Rs160 billion in the preceding year, according to analysis of Topline Research issued on Tuesday. The analysts said that for 2018, despite 10 percent YoY increase in Net Interest Income (NII), profits were down 7 […]
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed with a gain of 169 points on Thursday, largely driven by increased activity in the exploration and production (E&P) sector.