KARACHI, April 13, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Wednesday, April 13, 2022.
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SBP issues bank timings as per six-day working week
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued new banking timings after federal government’s announcement of six days working in a week.
The SBP in a statement said that as per decision of the Federal Government the State Bank of Pakistan (SBP) will observe six days working week with the following office hours during the month of Ramadan-ul-Mubarak, which shall also be followed by all banks, Development Finance Institutions and Microfinance Banks:
READ MORE: SBP issues bank timing during Ramadan 2022
Monday to Thursday and Saturday from 8:00 am to 3:00 pm with prayer break from 1:00 pm to 1:30 pm whereas on Fridays office hours will be from 8.00 am to 1:00 pm without break.
Banks / Microfinance banks are further advised to observe the following minimum business (banking) hours for public dealing:
Monday to Thursday and Saturday from 8:00 am to 1:00 pm without prayer break whereas on Fridays office hours will be from 8.00 am to 12:00 pm without break.
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SBP issues KIBOR rates – April 12, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on April 12, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.22 12.72 2 – Week 12.25 12.75 1 – Month 12.29 12.79 3 – Month 12.37 12.62 6 – Month 12.78 13.03 9 – Month 12.83 13.33 1 – Year 12.88 13.38 Source: State Bank of Pakistan
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FSC reserves judgment in Riba free banking case
ISLAMABAD: The full bench of Federal Shariat Court has reserved judgment in case of Riba free Islamic banking system in Pakistan, according to a statement issued on Tuesday.
The full bench of the Court comprising of Justice Muhammad Noor Meskanzai Chief Justice, Justice Dr. Syed Muhammad Anwar and Justice Khadim Hussain M. Shaikh, in exercise of power under Article 203-D of the Constitution of Islamic Republic of Pakistan continued hearing of the Riba case and reserved for judgment.
READ MORE: Riba case adjourned to April 04
It is pertinent to mention that Riba case was remanded by Shariath Appellate Bench Supreme Court of Pakistan in 2002.
The existing bench of the Federal Shariat Court headed by the chief Justice 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.
READ MORE: Court hearing on Riba-free banking in Pakistan
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.
The State Bank of Pakistan (SBP) defines Riba as:
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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.”
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“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’s customer exchange rates – April 12, 2022
KARACHI, April 12, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Tuesday, April 12, 2022.
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SBP issues KIBOR rates – April 11, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on April 11, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.22 12.72 2 – Week 12.25 12.75 1 – Month 12.28 12.78 3 – Month 12.38 12.63 6 – Month 12.80 13.05 9 – Month 12.84 13.34 1 – Year 12.89 13.39 Source: State Bank of Pakistan
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SBP’s customer exchange rates – April 11, 2022
KARACHI, April 11, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Monday, April 11, 2022.
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SBP issues KIBOR rates – April 08, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on April 08, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.19 12.69 2 – Week 12.22 12.72 1 – Month 12.24 12.74 3 – Month 12.39 12.64 6 – Month 12.93 13.18 9 – Month 12.96 13.46 1 – Year 13.01 13.51 Source: State Bank of Pakistan
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SBP’s customer exchange rates – April 08, 2022
KARACHI, April 08, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Friday, April 08, 2022.
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SBP raises mark-up rate for export financing scheme
KARACHI: The State Bank of Pakistan (SBP) on Thursday increased mark-up rate for refinancing under Export Financing Scheme (EFS).
The SBP increased the rate of mark-up for export financing scheme following sharp jump in key policy rate by 250 basis points to 12.25 per cent.
READ MORE: SBP issues list to impose 100% cash margin on import
“It has been decided to increase the markup rate for financing under Export Finance Scheme (EFS) by 2.5 per cent in line with the increase in policy rate announced in the MPC meeting today (April 07, 2022),” the SBP said.
Accordingly, the markup for Export Finance Scheme (both Part I and Part II) will be 5.5 per cent per annum with effect from April 08, 2022 till further instructions.
Banks’ spread for corporate borrowers and SME borrowers will remain unchanged i.e. 1 per cent & 2 per cent, respectively.
READ MORE: SBP allows commission payment to foreign brokers
This revision in rates will not be applicable on financing under Rupee-based discounting facility of EFS, the SBP added.
Earlier in the day, the Monetary Policy Committee (MPC) of the SBP in its emergent meeting decided to raise the key policy rate to 12.25 per cent from 9.75 per cent.
The MPC noted that the latest developments necessitated a strong and proactive policy response. “Accordingly, the MPC decided at its emergency meeting today, to raise the policy rate by 250 basis points to 12.25 percent.”
READ MORE: SBP increases policy rate sharply by 250bps to 12.25%
This increases forward-looking real interest rates (defined as the policy rate less expected inflation) to mildly positive territory.
The MPC was of the view that this action would help to safeguard external and price stability.
The MPC also noted that SBP is in the process of taking further actions to reduce pressures on inflation and the current account, namely an increase in the interest rate on the export refinance scheme (EFS) and widening the set of import items subject to cash margin requirements.
These items are mostly finished goods including luxury items and exclude raw materials.
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