KARACHI: The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for customers on July 05, 2022. These rates, based on the weighted average rates of commercial banks, play a significant role in guiding transactions involving foreign currencies and are essential for individuals and businesses engaged in international trade.
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SBP adopts Sharia standards of accounting, auditing
KARACHI: State Bank of Pakistan (SBP) on Monday said it has adopted Sharia standards of accounting and auditing for Islamic banks in the country.
In a statement, the central bank said strengthening Shariah compliance of Islamic banking industry in line with the best international practices is one of the key pillars of SBP’s 3rd Strategic Plan for Islamic Banking Industry 2021-25.
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Under the plan, SBP has been adopting Shariah standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in a systematic and gradual manner.
The standardization and harmonization in Shariah practices and procedures are helping in elevating the local Islamic banking industry at par with the international best practices.
After a comprehensive process of evaluation and deliberations with the internal and external stakeholders, keeping in view our local environment, today the State Bank of Pakistan (SBP) has adopted four more AAOIFI Shariah standards on: i) Salam and Parallel Salam, ii) Istisna’a and Parallel Istisna’a, iii) Combination of Contracts and iv) Irrigation Partnership (Musaqat), with certain clarifications and amendments.
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Salam is a mode of finance frequently used in agriculture while Istisna’a is a mode generally used by Islamic banking institutions to provide financing where manufacturing/assembling/processing is involved. Irrigation partnership (Musaqat) standard can be used in agriculture sector, especially for orchard financing while standard on combination of contract provides guidance to Islamic banking institutions when making use of multiple contracts in their various arrangements to meet the needs of the customers. It may be noted that earlier SBP has already issued detailed general guidelines on Islamic financing for agriculture sector.
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With adoption of these four standards, the total number of AAOIFI Shariah standards adopted by SBP has reached twenty while work on remaining standards is underway. Besides, there are few AAOIFI standards which have already been adopted by SBP as part of its various regulations, instructions and guidelines issued from time to time.
AAOIFI is a leading international organization primarily responsible for development and issuance of standards for the global Islamic finance industry. SBP has remained a key member of AAOIFI’s Board of Trustees.
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SBP issues KIBOR rates – July 04, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on July 04, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.41 13.91 2 – Week 13.60 14.10 1 – Month 13.80 14.30 3 – Month 15.07 15.32 6 – Month 15.23 15.48 9 – Month 15.27 15.77 1 – Year 15.34 15.84 -
Bank holidays announced for Eid ul Adha 2022
KARACHI: The State Bank of Pakistan (SBP) on Monday announced bank holidays on the occasion of Eid ul Adha 2022.
In a circular issued to president and chief executives of all banks, development financial institutions and microfinance banks, the central bank said the SBP will remain closed from 8th to 12th July, 2022 (Friday to Tuesday) being public holidays on the occasion of Eid-ul-Adha.
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SBP’s customer forex rates – July 04, 2022
KARACHI: The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on July 04, 2022.
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SBP issues KIBOR rates – June 30, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on June 30, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.30 13.80 2 – Week 13.53 14.03 1 – Month 13.66 14.16 3 – Month 14.91 15.16 6 – Month 15.10 15.35 9 – Month 15.15 15.65 1 – Year 15.23 15.73 -
SBP’s customer forex rates – June 30, 2022
KARACHI: The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on June 30, 2022.
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Pakistan’s central bank launches digital financial literacy for farmers
KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it launched a series of videos about agriculture financing products for farmers.
The central bank in a statement said it had launched a series of videos in national and regional languages about agriculture financing products and procedures to create awareness among the farming communities across the country, especially in the underserved areas.
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These videos will be disseminated through social media and digital platforms of SBP and all agriculture lending banks.
Lack of awareness among farmers about agriculture financing products and services remains one of the challenges for banks to access rural markets and extend outreach of formal financial services to the farming communities.
Capacity building & awareness creation is, therefore, an important area of focus amongst SBP’s various initiatives for promotion and development of agriculture financing in the country.
READ MORE: Pakistan banks to remain closed on July 01, 2022
SBP has been organizing various awareness and capacity building programs for farmers; however, farming communities still lack awareness at the grassroots level to avail and optimally utilize formal financial services.
In order to address this lack of awareness and to broaden the scope of SBP’s campaigns, the potential of digital media is being explored.
Rapid penetration of internet and increased usage of smartphones across the country has presented an opportunity to harness digital platforms for disseminating information instead of relying on conventional awareness sessions, which have limited outreach.
The use of digital medium is not only helpful in spreading the message to a wider audience in a timely and cost effective way, but also enables such messages to have higher rate of comprehension and retention.
The first video in this series covers the overall agriculture financing landscape of the country, SBP’s initiatives and GoP’s schemes, all from a farmer’s perspective.
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Keeping in view the need for enhancing accessibility of credit in the diverse underserved areas, this video has also been translated into three regional languages apart from Urdu, i.e. Sindhi, Balochi and Pashto.
The next two videos in the series focus on crop and non-crop sector, including information regarding agriculture loan products, and diving deeper into the procedures and documentation required for both segments.
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It is expected that these videos will help the farming community to overcome their reluctance in availing credit from banks.
Moreover, to augment SBP’s initiative and achieve greater reach, agriculture lending banks will also share these videos on their respective social and digital media channels which will encourage banks to develop similar informative videos on product and financing opportunities to agro-based businesses as well.
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SBP issues KIBOR rates – June 29, 2022
The State Bank of Pakistan (SBP) has recently made a significant announcement regarding the Karachi Interbank Offered Rates (KIBOR) for various tenors, marking a pivotal moment for financial institutions across Pakistan.
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Pakistan banks to remain closed on July 01, 2022
KARACHI: Pakistan banks will observe holiday on July 01, 2022 for financial close, a statement said on Wednesday.
The State Bank of Pakistan (SBP) issued a circular in this regard addressing the president and chief executives of all banks, development financial institutions and microfinance banks.
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The central bank said it will remain closed for public dealing on Friday, July 1, 2022 which shall be observed as Bank Holiday enabling the Bank to close its accounts.
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All banks / Development Financial Institutions (FDIs) / Microfinance Banks (MFBs) shall, therefore, remain closed for public dealing on the aforementioned date.
However, employees of the banks / DFIs / MFBs will attend the office as usual.
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