KARACHI, April 30, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Saturday, April 30, 2022.
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Banks to remain closed during May 2 – 5, 2022
KARACHI: All banks and financial institute will remain closed during holidays announced by federal government for Eid-ul-Fitr.
A statement of the State Bank of Pakistan (SBP) said that it will remain closed from May 02 to May 05, 2022 (Monday to Thursday) on the occasion of Eid-ul-Fitr.
The SBP also informed about the holidays to the presidents and chief executives of all banks and microfinance banks (MFBs).
READ MORE: SBP directs all banks to open on April 30 before Eid holidays
Meanwhile, the SBP clarified that all banks and their branches shall remain open on Saturday, April 30, 2022 in line with SBP’s instructions embodied in BPRD Circular Letter No. 11 of April 13, 2022.
In the wake of public holidays announced by the Government of Pakistan on the occasion of Eid-ul-Fitr from 2nd to 5th May, 2022, the general public is encouraged to undertake their banking transactions on Saturday, April 30, 2022.
Further, banks have also been advised to ensure 24/7 availability of Alternate Delivery Channels (ADCs) such as ATMs, Mobile Banking and Internet Banking etc. during these Eid holidays.
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SBP issues KIBOR rates – April 29, 2022
KARACHI: The State Bank of Pakistan (SBP) released the latest Karachi Interbank Offered Rates (KIBOR) for April 29, 2022, on Friday.
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SBP’s customer exchange rates – April 29, 2022
KARACHI, April 29, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Friday, April 29, 2022.
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SBP forex reserves shrink to 1.69 months import cover
KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) reduced to provide only 1.69 months covers for import payment.
According to details released by the SBP, the official reserves of the central bank fell by $328 million to $10.558 billion by week ended April 23, 2022 as compared with $10.886 billion a week ago.
READ MORE: Pakistan forex reserves inch up to $17.045 billion
The import bill of Pakistan was $6.425 billion in March 2022. On the basis of import bill in March 2022 the import cover is only for 1.69 months.
The SBP attributed the decline in official foreign exchange reserves to external debt and other payments.
The total foreign exchange reserves of the country declined by $377 million during the week under review.
The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.
Meanwhile, the foreign exchange reserves held by commercial banks fell by $49 million to $6.11 billion by week ended April 23, 2022 as compared with $6.159 billion a week ago.
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Court judgment: Riba is Haram in any form
ISLAMABAD: The Federal Shariat Court has given its judgment declaring Riba as Haram in any form of transaction.
The Full Bench of the Court comprising of Mr. Justice Muhammad Noor Meskanzai, Chief Justice, Mr. Justice Dr. Syed Muhammad Anwer and Mr. Justice Khadim Hussain M. Shaikh, in exercise of power under Article 203-D of the Constitution of Islamic Republic of Pakistan announced on Thursday its reserved judgment on Riba.
READ MORE: FSC reserves judgment in Riba free banking case
The copy of judgment approved for reporting is only available on the official website of the Federal Shariat Court.
The Court accepted the petitions and declared that prohibition of Riba is complete and absolute in all its forms and manifestations according to the Injunctions of Islam in accordance with the Holy Quran and Sunnah.
READ MORE: Riba case adjourned to April 04
Therefore, for all the detailed reasons deliberated in this judgment the charging of any amount in any manner over the principle amount of a loan or debt is Riba which is completely prohibited according to the Holy Quran and Sunnah of the Holy Prophet (SAW).
It is pertinent to mention that Riba case was remanded by Shariat Appellate bench Supreme Court of Pakistan in 2002.
READ MORE: Court hearing on Riba-free banking in Pakistan
The existing Bench of the Federal Shariat Court headed by the Chief Justice Mr. Justice Muhammad Noor Meskanzai took keen and unprecedented interest in this matter.
During the chairmanship of his lordship of the Bench thirty four hearings are conducted. Petitioners, their Counsels, Jurisconsults, Amicus Curiae, Economists, Experts, Scholars, Chartered Accountants, Attorney General and Advocate Generals advanced their arguments and the Court heard them with patience. They also gave suggestions for conversion of the existing banking system into Riba free Islamic Banking System.
READ MORE: PMRC, HBL Islamic Banking raise Rs1bn Sukuk
The State Bank of Pakistan (SBP) defines Riba as:
The word “Riba” means excess, increase or addition, which correctly interpreted according to Shariah terminology, implies any excess compensation without due consideration (consideration does not include time value of money). This definition of Riba is derived from the Quran and is unanimously accepted by all Islamic scholars.
The meaning of Riba has been clarified in the following verses of Quran (Surah Al Baqarah 2:278-9)
“O those who believe; fear Allah and give up what still remains of the Riba if you are believers. But if you do not do so, then be warned of war from Allah and His Messenger. If you repent even now, you have the right of the return of your principal; neither will you do wrong nor will you be wronged.”
“The origination of term interest dates back to 17th century with the emergence of banking system at global level. Interest means giving and/or taking of any excess amount in exchange of a loan or on debt. Hence, it carries the same meaning/value as that of Riba as defined in the previous question. Further, it is narrated that “the loan that draws interest is Riba”.
There is consensus among the Muslim scholars of all the fiqhs that interest is Riba in all its forms and manifestations.
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SBP issues KIBOR rates – April 28, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on April 28, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.24 12.74 2 – Week 12.30 12.80 1 – Month 12.70 13.20 3 – Month 14.52 14.77 6 – Month 14.71 14.96 9 – Month 14.67 15.17 1 – Year 14.65 15.15 -
SBP’s customer exchange rates – April 28, 2022
KARACHI, April 28, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Thursday, April 28, 2022.
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SBP directs all banks to open on April 30 before Eid holidays
KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to remain open on Saturday April 30, 2022 to facilitate customers ahead of Eid holidays.
The central bank clarified that all banks and their branches shall remain open on Saturday, April 30, 2022 in line with SBP’s instructions embodied in BPRD Circular Letter No. 11 of April 13, 2022.
In the wake of public holidays announced by the Government of Pakistan on the occasion of Eid-ul-Fitr from 2nd to 5th May, 2022, the general public is encouraged to undertake their banking transactions on Saturday, April 30, 2022.
Further, banks have also been advised to ensure 24/7 availability of Alternate Delivery Channels (ADCs) such as ATMs, Mobile Banking and Internet Banking etc. during these Eid holidays.
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SBP issues KIBOR rates – April 27, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on April 27, 2022.
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