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…)Tag: SBP
-
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:
Tenor BID OFFER 1 – Week 9.91 10.41 2 – Week 10.10 10.60 1 – Month 10.95 11.45 3 – Month 11.73 11.98 6 – Month 12.26 12.51 9 – Month 12.28 12.78 1 – Year 12.32 12.82 -
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
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
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
-
SBP issues KIBOR rates on March 28, 2022
KARACHI: March 28, 2022 – The State Bank of Pakistan (SBP) on Monday announced the latest Karachi Interbank Offered Rates (KIBOR), a key benchmark used by financial institutions to determine borrowing costs for businesses and consumers.
(more…) -
Customers’ exchange rates on March 28, 2022
KARACHI, March 28, 2022 – The State Bank of Pakistan (SBP) has published the exchange rates for Monday, March 28, 2022. These rates are determined based on the weighted average rates of commercial banks and are provided for informational purposes only, according to the SBP.
(more…) -
IR offices to work till midnight on March 31
ISLAMABAD: The offices of Inland Revenue (IR) will observe extended working hours on last two days of the current month and facilitate tax payment till midnight on March 31, 2022.
According to a notification issued by the Federal Board of Revenue (FBR) on Monday, the offices of Inland Revenue including Large Tax Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) will remain open and observe extended working hours till 8:00 PM on Wednesday March 30, 2022 and till 12:00 midnight on Thursday March 31, 2022 to facilitate the taxpayers in payment of duty and taxes.
READ MORE: Banks to observe extended hours for tax collection
The FBR directed Chief Commissioners Inland Revenue to establish liaison with the State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan (SBP) to ensure transfer of tax collection by these branches to the respective branches of SBP on the same date to account for the same towards the collection for the month of March 2022.
READ MORE: Tax collection from property purchase climbs up 24%
Earlier on March 24, 2022 the SBP issued instructions in this regard.
The SBP in a statement said that in order to facilitate the collection of government receipts/duties / taxes, it has been decided that the field offices of SBP Banking Services Corporation (SBP-BSC) and authorized branches of National Bank of Pakistan (NBP) will observe extended banking hours till 8:00 P.M. and 10:00 P.M. on 30th and 31 March, 2022, respectively.
READ MORE: FBR registration made mandatory for housing projects
Accordingly, NIFT has been advised to arrange a special clearing at 8:00 P.M. on 31st March, 2022 (Thursday) for same day clearing of payment instruments.
All banks are advised to keep their concerned branches open on 31″ March, 2022 (Thursday) till such time that is necessary to facilitate the special clearing for Government transactions by the NIFT.
-
SBP issues KIBOR rates on March 25, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of March 25, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.86 10.36 2 – Week 10.07 10.57 1 – Month 10.82 11.32 3 – Month 11.71 11.96 6 – Month 12.24 12.49 9 – Month 12.27 12.77 1 – Year 12.30 12.80 -
SBP takes regulatory action against exchange company
KARACHI: The State Bank of Pakistan (SBP) has taken regulatory actions against an exchange company and suspended its operations, according to a statement issued on Friday.
The central bank suspended with immediate effect the authorization of an Exchange Company namely M/s. Noble Exchange International (Pvt) Limited till further orders for violation of SBP rules and regulations, according to a statement issued on Friday.
The Exchange Company, its head office, branches, franchises have been debarred from undertaking any kind of business activity during the suspension period.
READ MORE: Banks to observe extended hours for tax collection