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  • Nisab of Zakat fixed at Rs88,927

    Nisab of Zakat fixed at Rs88,927

    KARACHI: The federal government on Wednesday announced an amount of Rs88,927 as deduction of Zakat from bank accounts and deposits on the first day of the holy month of Ramzan.

    According to a notification issued by the Cabinet Secretariat the administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1442-43 AH at Rs88,927.

    No deduction of Zakat at source shall be made, in case the amount standing to the credit of an account in respect of the assets mentioned in column 2 of Serial No. 1 of the first schedule of Zakat and Ushr Ordinance, 1980, is less than Rs88,927 on the first day of Ramzan ul Mubarak 1443 AH.

    First day of Ramzan has already been notified as the deduction date likely to fall on April 3 or 4, 2022 (subject to appearance of the moon) for deduction of Zakat from saving bank accounts, profit and loss sharing accounts and other similar accounts having credit balance of Rs88,927.

    All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.

    READ MORE: Nisab of Zakat fixed at Rs80,933

  • Date extended for encashment of bearer prize bonds

    Date extended for encashment of bearer prize bonds

    KARACHI: The federal government has extended the last date for converting or exchanging the bearer prize bonds up to June 30, 2022.

    The last date for encashment of the bearer prize bonds was March 31, 2022, the State Bank of Pakistan (SBP) said on Wednesday.

    Through a circular, the SBP announced the extension in last date for Encashment/Conversion/Redemption of Rs.40,000/-, Rs.25,000/-, Rs.15,000/- and Rs.7500/- Denomination National Prize Bonds Withdrawn from Circulation.

    Earlier, the last date for exchanging the bearer prize bonds was March 31, 2022.

    READ MORE: SBP directs banks to accept bearer prize bonds

    The SBP instructed the banks to accept requests for encashment / conversion / redemption of cited denominations from general public till June 30, 2022.

    “Further, the banks shall submit branch / region wise consolidated data of cited denomination national prize bonds held by them on last date i.e.June 30, 2022 latest by July 04, 2022, as per the instructions stipulated in aforementioned CMD Circulars.

    READ MORE: Prize bond (bearer) holders given 3 months to document

    The finance ministry launched the withdrawal of the unregistered prize bonds in a phased manner. The federal government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

    Since June 2019 the government repeatedly extended the date for exchanging the bearer bonds. Previously, the last date for exchanging the unregistered bonds was December 31, 2021.

    READ MORE: History of Prize Bonds in Pakistan

    The government is aiming to document the bearer bonds so the exchanging the unregistered bond with cash has been prohibited. The ministry of finance issued various procedure to convert the bond without exchanging with the cash.

    The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation (BSC), and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.

    READ MORE: Income tax on prize bonds, lottery winning

    The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.

    The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP BSC as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.

  • Customers’ exchange rates on March 30, 2022

    Customers’ exchange rates on March 30, 2022

    KARACHI, March 30, 2022 – The State Bank of Pakistan (SBP) has published the exchange rates for customers on Wednesday, March 30, 2022.

    (more…)
  • Last date March 31 for exchanging bearer prize bonds

    Last date March 31 for exchanging bearer prize bonds

    KARACHI: The holders of bearer prize bonds can exchange or convert the securities with documented ways by March 31, 2022.

    Through a circular issued by the State Bank of Pakistan (SBP) on December 21, 2021 the date for exchanging the bearer prize bonds with denominations of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 was extended up to March 31, 2022.

    READ MORE: SBP directs banks to accept bearer prize bonds

    Earlier, the last date for exchanging the bearer prize bonds was December 31, 2021.

    The SBP instructed the banks to accept requests for encashment / conversion / redemption of cited denominations from general public till March 31, 2022.

    “Further, the banks shall submit branch / region wise consolidated data of cited denomination national prize bonds held by them on last date i.e. March 31, 2022 latest by April 1, 2022, as per the instructions stipulated in aforementioned CMD Circulars.

    READ MORE: Prize bond (bearer) holders given 3 months to document

    The finance ministry launched the withdrawal of the unregistered prize bonds in a phased manner. The federal government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

    Since June 2019 the government repeatedly extended the date for exchanging the bearer bonds. Previously, the last date for exchanging the unregistered bonds was December 31, 2021.

    READ MORE: History of Prize Bonds in Pakistan

    The government is aiming to document the bearer bonds so the exchanging the unregistered bond with cash has been prohibited. The ministry of finance issued various procedure to convert the bond without exchanging with the cash.

    The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation (BSC), and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.

    READ MORE: Income tax on prize bonds, lottery winning

    The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.

    The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP BSC as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.

  • SBP governor visits Central Depository Company

    SBP governor visits Central Depository Company

    KARACHI: Governor State Bank of Pakistan (SBP) Dr. Reza Baqir visited Central Depository Company (CDC) House to mark the successful operationalization of important projects for Pakistan Capital Market, namely Roshan Equity and RAAST for Dividend payments.

    The projects have been implemented in the recent past by the State Bank in collaboration with the Capital Market and commercial banks, according to a statement issued on Tuesday.

    READ MORE: CDC successfully processes dividends through RAAST payment gateway

    It is indeed a moment to celebrate for CDC and the entire Capital Market as the successful roll-outs of these key projects of market development have started yielding promising results besides effecting ease of doing business through innovative solutions, digitization and efficiency of processes.

    Speaking at the occasion Governor State Bank Dr. Reza Baqir, said: “This is an occasion of immense and significant achievement as we gather here to celebrate the successful roll-out of important projects of national interest—including Roshan Equity and RAAST—that have been initiated by the State Bank of Pakistan and very well executed by commercial banks and CDC.

    READ MORE: CDC launches fintech initiative for AMCs

    In all these projects, Central Depository of Pakistan has been playing the important roles of facilitator, infrastructure architect and information sharing hub. This is only the beginning of what our vision is for the development of Pakistan’s Capital market. SBP is committed to work with SECP to support Capital market entities in this regard. Now, we have initiated a new project for the Capital Market pertaining to Shared KYC through which investors can open Capital Market Account through their respective Bank’s portal/app. This project will pave the way for wider outreach for our Capital Market.”

    Badiuddin Akber CEO-CDC thanked SBP and SECP for their continued support and patronage in achieving these milestone in its market transformation journey.

    CDC is already processing thousands of transactions related to Roshan Digital Accounts and RAAST for Stock Exchange, for which CDC acts as the information sharing hub between the banks and capital market entities.

    Now, for the “Shared KYC project”, CDC will again act as the Information Sharing bridge for the digital opening of capital market accounts through banking portals for Local Resident Investors with the objective of removing duplication of information capture and KYC processes, he further said.

    At the start of the ceremony, Moin Fudda Chairman Board of Directors-CDC, welcomed Dr. Baqir and other guests to CDC and highlighted the achievements of SBP under the leadership of Dr. Baqir.

    Furrukh Khan MD-PSX also addressed the ceremony and stressed on the important role of SBP in the development of Pakistan Stock Market.

    Musrat Jabeen Executive Director-SECP focused on the significance of collaboration between SBP and SECP.

    Prominent personalities from the banking sector and Pakistan Capital Market also attended the event.

  • Five-year old enterprise to be treated as start-up

    Five-year old enterprise to be treated as start-up

    KARACHI: The State Bank of Pakistan (SBP) has revised its regulatory framework concerning small and medium enterprises (SMEs), including a significant redefinition of what constitutes a start-up.

    (more…)
  • SBP issues KIBOR rates on March 29, 2022

    SBP issues KIBOR rates on March 29, 2022

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of March 29, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.9110.41
    2 – Week10.1010.60
    1 – Month10.9511.45
    3 – Month11.7311.98
    6 – Month12.2612.51
    9 – Month12.2812.78
    1 – Year12.3212.82
    SBP issues KIBOR rates on March 28, 2022
  • Customers’ exchange rates on March 29, 2022

    Customers’ exchange rates on March 29, 2022

    KARACHI, March 29, 2022 – The State Bank of Pakistan (SBP) has provided customers with the exchange rates for Tuesday, March 29, 2022.

    (more…)
  • Riba case adjourned to April 04

    Riba case adjourned to April 04

    KARACHI: The full bench of Federal Shariat Court continued hearing of Riba case in the bench registry at Karachi on March 25 and 26, 2022.

    The full bench comprises of Chief Justice Muhammad Noor Meskanzai, Honourable Justice Dr. Syed Muhammad Anwer and Honourable Justice Khadim Hussain M. Shakih.

    READ MORE: Court hearing on Riba-free banking in Pakistan

    Ahmed Ali from Meezan Bank appeared before the Court and gave a detailed presentation on Islamic banking system and replacement of conventional banking with the Islamic Banking System.

    Maulana Isamtullah as amicus curiae advanced his arguments on banking interest.

    READ MORE: PMRC, HBL Islamic Banking raise Rs1bn Sukuk

    Mufti Ihsan Waqar, Chairman, Shariah Advisory Board of National Bank of Pakistan filed his written submissions about Riba and Islamic Banking system. Learned Additional Advocate General, Sindh appeared before the court and submitted his opinion on Riba.

    The matter was subsequently adjourned and will now be heard on 4th April 2022 at the principal seat of the Federal Shariat Court at Islamabad.

    READ MORE: SBP issues five-year strategic plan for growth of Islamic banking

    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)

    READ MORE: SBP launches report on SDGs from banking perspective

    “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.

  • Bank holiday declared for Zakat deduction

    Bank holiday declared for Zakat deduction

    KARACHI: The State Bank of Pakistan (SBP) on Monday declared bank holiday on Monday April 04, 2022 for deduction of Zakat.

    In a statement, the central bank said it will remain closed for public dealing on Monday, April 4, 2022, which shall be observed as “Bank Holiday” for the purpose of deduction of Zakat.

    READ MORE: Banks to observe extended hours for tax collection

    All banks / development financial institutions (DFIs) / Microfinance Banks (MFBs) shall, therefore, remain closed for public dealing on the afore-mentioned date.

    However, all employees of the banks / DFIs / MFBs will attend the office on Bank Holiday treating it as a normal working day (except for public dealing).

    READ MORE: SBP takes regulatory action against exchange company