Banking & FinanceStay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder..http://www.brecorder.com/pakistan/banking-a-finance.htmlThu, 24 Apr 2014 08:23:06 +0000SRA Framework 2.0en-gbInauguration of 3rd Islamic Finance Conference on April 24http://www.brecorder.com/pakistan/banking-a-finance/168778-inauguration-of-3rd-islamic-finance-conference-on-april-24.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/168778-inauguration-of-3rd-islamic-finance-conference-on-april-24.htmlimageKARACHI: Governor State Bank of Pakistan Ashraf Wathra will inaugurate the 3rd Islamic Finance Conference and Exhibition (IFEC) on April 24 at a hotel here.

CEOs and Presidents of different Islamic Banks will chair different sessions, said a statement on Wednesday.

Prominent speakers at the event will highlight the prevailing boom and expansion of Islamic Banking globally and locally and its emerging potential and scope going forward.

Chairing different sessions on various subjects, they will raise the issues and challenges of Islamic banking in the current scenario and suggest different solutions and ideas to address them in the local market.

The conference will be addressed by leading CEOs and Presidents of different banks including Siraj Uddin Aziz of Habib Metropolitan Bank, Hussain Lawai of Summit Bank, Irfan Siddique of Meezan Bank, Hasan Bilgrami of Bank Islami, Shafqaat Ahmed of Bank Albaraka.

President Karachi Chamber of Commerce and Industries Amer Zaki, Director Islamic Banking SBP Saleem ullah Khan, Chairman Banking Committee Dr.Ikhtiar Baig, Chairman Shan foundation, Adviser KCCI Atiq-ur-Rahman, Rizwan Atta.

Prominent Sharia scholars such as Mufti Rafi Usmani and Mufti Muneeb-ur-Rahman will also spoke to the participants.

Presidents of different chambers and trade bodies along with a large number of bankers will also attend the event.

The event is being held successfully for the third time and it has become a well-known program in creating awareness among the public and assembling industry stakeholders at one platform for setting up future line-of-action an expo will also be held on Islamic financial products, & services for promotion and awareness.

The event is supported by various research, educational, and training institutions for general public and two awareness sessions will be held on April 25.

Copyright APP (Associated Press of Pakistan), 2014
]]>
parvezjabri@yahoo.com (Parvez Jabri)Banking & FinanceWed, 23 Apr 2014 09:11:18 +0000
Rs25000/- prize bond draw on May 02http://www.brecorder.com/pakistan/banking-a-finance/168606-rs25000-prize-bond-draw-on-may-02.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/168606-rs25000-prize-bond-draw-on-may-02.htmlimageFAISALABAD: The ninth balloting of prize bonds worth Rs25000/- each will be held at Muzaffarabad on May 2.

According to a spokesman of the National Savings, first position holder will be awarded a prize of Rs50 million while three prizes of Rs15 million each have been reserved for 2nd position holders.

Third prize worth Rs312000/- will be awarded to each of 1696 winners, he added.

Copyright APP (Associated Press of Pakistan), 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri)Banking & FinanceTue, 22 Apr 2014 09:17:39 +0000
3rd International Finance moot, exhibition on April 24-25http://www.brecorder.com/pakistan/banking-a-finance/168392-3rd-international-finance-moot-exhibitioon-on-april-24-25.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/168392-3rd-international-finance-moot-exhibitioon-on-april-24-25.htmlimageKARACHI: The 3rd International Finance Conference and Exhibition (IFEC) is scheduled to be held on April 24-25 in at a hotel here.

Deputy Governor State Bank of Pakistan (SBP) Saeed Ahmed will be chief guest of the event while CEOs and Presidents of different Islamic Banks will chair different sessions, said a statement on Monday.

Prominent speakers at the event will highlight the prevailing boom and expansion of Islamic Banking globally and locally and its emerging potential and scope going forward.

They are expected to raise the issues and challenges of Islamic banking in the current scenario and suggest different solutions and ideas to address them in the local market.

CEOs and Presidents of different banks including Siraj Uddin Aziz of Habib Metropolitan Bank, Hussain Lawai of Summit Bank, Irfan Siddique of Meezan Bank, Hasan Bilgrami of Bank Islami, Shafqaat Ahmed of Bank Albaraka, President Karachi Chamber of Commerce & Industries Amer Zaki, Director Islamic Banking SBP Saleem ullah Khan, Chairman banking committee Dr, Ikhtiar Baig, chairman Shan foundation Sindar Sultan and Adviser KCCI Atiq ur Rahman are expected to address the event.


Copyright APP (Associated Press of Pakistan), 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri)Banking & FinanceMon, 21 Apr 2014 09:20:53 +0000
SBP to host D-8 Central Banks meetinghttp://www.brecorder.com/pakistan/banking-a-finance/168263-sbp-to-host-d-8-central-banks-meeting.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/168263-sbp-to-host-d-8-central-banks-meeting.htmlimageKARACHI: State Bank of Pakistan (SBP) is hosting the Developing Eight (D-8) Countries' Central Banks Experts Meeting on promoting financial inclusion and Islamic Banking on April 21 at National Institute of Banking and Finance (NIBAF), Islamabad.

The meeting will be inaugurated by Ashraf Mahmood Wathra Acting Governor, SBP, a statement issued here on Sunday.

D-8 is an organization for cooperation among 8 developing countries namely; Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

The objectives of D-8 Organization for Economic Cooperation are to improve all member states position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living. In this backdrop, this event is continuation of efforts for achieving these goals.

The focus of the meeting will be Financial Inclusion, Branchless Banking and Islamic Finance.

Experts from D-8 central banks, members of private sector industry and other officials will attend the meeting. The experts will share experience of member countries and deliberate on further cooperation in promoting Financial Inclusion, Branchless Banking and Islamic Finance in D-8 countries.

Copyright APP (Associated Press of Pakistan), 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin)Banking & FinanceSun, 20 Apr 2014 15:43:40 +0000
SBP mops up Rs 35,000mn in OMOhttp://www.brecorder.com/pakistan/banking-a-finance/167884-sbp-mops-up-rs-35000mn-in-omo.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/167884-sbp-mops-up-rs-35000mn-in-omo.htmlimageKARACHI: State Bank of Pakistan (SBP) on Thursday mopped up Rs 35,000 million under its 7-days repo sale through its open market operation (OMO) in Government of Pakistan Market Treasury Bills.

The bids offered were of the same amount, said a SBP release here.

Copyright APP (Associated Press of Pakistan), 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin)Banking & FinanceThu, 17 Apr 2014 13:06:41 +0000
SBP injects Rs308,750mn thru OMOhttp://www.brecorder.com/pakistan/banking-a-finance/167208-sbp-injects-rs308750mn-thru-omo.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/167208-sbp-injects-rs308750mn-thru-omo.htmlimageKARACHI: State Bank of Pakistan on Friday injected Rs. 308,750 million for seven days into the market through its open market operation.

The bids received amounted Rs. 314,950 million.

The rate of return is 10.15 percent, said an SBP press release here.

Copyright APP (Associated Press of Pakistan), 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)Banking & FinanceFri, 11 Apr 2014 16:05:07 +0000
Pak forex figure $ 9.71305bnhttp://www.brecorder.com/pakistan/banking-a-finance/167004-pak-forex-figure-$-971305bn.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/167004-pak-forex-figure-$-971305bn.htmlimageKARACHI: The total liquid foreign reserves of the country stand at dollars 9.71305 billion, said State Bank of Pakistan (SBP).

According to SBP's weekly statement here on Thursday, the foreign reserves held by State Bank on April 4, amounted $ 4.94302 billion and the net foreign reserves held by banks figured $ 4.77003 billion.

During the week, SBP's liquid foreign reserves decreased by $ 229 million to $ 4,943 million compared to $ 5,172 million in the previous week. The decrease in the Central Bank reserves is due to external debt servicing of $ 142 million including $ 109 million payment to International Monetary Fund ( IMF) on account of SBA and other official payments.

Over the same period, there was no major inflow from multilateral and bilateral sources, SBP declared.

Copyright APP (Associated Press of Pakistan), 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin)Banking & FinanceThu, 10 Apr 2014 14:06:29 +0000
Islamic finance a better alternative: DG SBPhttp://www.brecorder.com/pakistan/banking-a-finance/166037-islamic-finance-a-better-alternative-dg-sbp.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/166037-islamic-finance-a-better-alternative-dg-sbp.htmlimageKARACHI: Deputy Governor (DG) of State Bank of Pakistan (SBP) Saeed Ahmad has said that Islamic finance is all set to become a better alternative to the conventional banking.

This he said while addressing on completion of ten successful years of "Raast Islamic Banking" programme of Bank of Khyber, said a press release issued here on Saturday.

Congratulating Bank of Khyber Management, Board of Directors, and "Raast Islamic Banking" team, Saeed hoped that with continued demand on an accelerated basis for the Islamic banking in the country, Bank of Khyber would participate in the sector and reap benefits for all stakeholders including its shareholders.

The Deputy Governor said that Islamic finance is one of the fastest growing segments of the global as well as domestic financial sector. "Given its global outreach, growing recognition as a prudent and stable system and ability to provide financial solutions for all business needs, Islamic finance is all set to establish itself as a better alternative to the conventional financial system having capacity to ensure financial stability and inclusive economic growth".

He told the audience that last year SBP allowed 3 more conventional banks to initiate Islamic banking operations whereas 2 conventional banks had recently announced conversion into full-fledged Islamic banks over the next 2-3 years. "These highly positive market sentiments give me optimism that the industry would easily surpass the strategic plan target of 20 percent by 2020," he added.

He said that the SBP has been at the forefront of all the key initiatives to develop and support the industry, both regulatory and promotional.

The Deputy Governor informed the audience about the five-year Strategic Plan for Islamic banking industry, a comprehensive Shariah Governance Framework, increased frequency of its Islamic banking certificate course offered by NIBAF and other initiatives taken by the central bank for the promotion of Islamic banking.

He highlighted the strong commitment demonstrated by the present government in promotion of Islamic banking and finance in the country in this regard the government had constituted a steering committee last year for the promotion of Islamic banking.

Copyright APP (Associated Press of Pakistan), 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin)Banking & FinanceSat, 05 Apr 2014 15:50:08 +0000
No need to change FBR's existing tax collection system: RCCI Presidenthttp://www.brecorder.com/pakistan/banking-a-finance/165986-no-need-to-change-fbrs-existing-tax-collection-system-rcci-president.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/165986-no-need-to-change-fbrs-existing-tax-collection-system-rcci-president.htmlimageRAWALPINDI: President Rawalpindi Chamber of Commerce and Industry (RCCI) Dr. Shimail Daud said investors made billions of rupees investment in various sectors under the existing system of Federal Board of Revenue (FBR) and there is no need to change it.

He said FBR's present system is not only modern but also being practiced in developed countries for giving boost to economic activities, adding "it was introduced in consultation with World Bank and Department for International Development "a British department after fulfilling all needs of the present time."

Commenting on some reports about planning to revive the old tax collection system, he said if the FBR is facing any difficulty in streamlining some matters, it should improve its efficiency to overcome it instead of wrapping up the contemporary plan.

He suggested that the board should consult RCCI and other stakeholders over it if the is planning to bring any change in the revenue generation of collection plan.

Highlighting the importance of increased tax-base, he said, FBR should declare having National Tax Number (NTN) and RCCI membership mandatory for all entrepreneurs operating in Rawalpindi.

The given suggestions, he said, should be got approved from the Parliament and implemented as an Act, ultimately getting rid of tax-evasion.

Copyright APP (Associated Press of Pakistan), 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri)Banking & FinanceSat, 05 Apr 2014 06:54:50 +0000
SBP injects Rs308 billion in open markethttp://www.brecorder.com/pakistan/banking-a-finance/165918-sbp-injects-rs308-billion-in-open-market.htmlhttp://www.brecorder.com/pakistan/banking-a-finance/165918-sbp-injects-rs308-billion-in-open-market.html

imageKARACHI: State Bank of Pakistan (SBP) on Friday injected Rs. 308.150 billion into open money market for seven days during its open market operation.

According to SBP statement here, out of 25 quotes offered for 7-days tenor which amounted Rs. 360,300 million, 14 quotes worth Rs. 308,150 million were accepted.

The rate of return is 10.5 percent.

Copyright APP (Associated Press of Pakistan), 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)Banking & FinanceFri, 04 Apr 2014 15:43:29 +0000