01202017Fri
Last update: Fri, 20 Jan 2017 12pm

Banking & Finance

Pakistan - Banking & Finance

CDNS achieves Rs 104 billion by Dec 21 ISLAMABAD: The Central Directorate of National Savings (CDNS) achieved Rs 104 billion in last months of second quarter of current fiscal year from July 1 to December 21, 2016-17. The target for the year 2016-17 was set at Rs 228 billion as the directorate was able to achieve the target of Rs 218 billion for the previous fiscal year, a senior CDNS official said here on Monday. The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various saving certificates which has been applicable from October 3, 2016 and rates to be revived in coming month of January 2017. The instant revision was made in the backdrop of current market scenario and in accordance with the governments policy to provide market based competitive rate of return to the investors of National Savings, he said. He said as per notification issued by the federal government, ...

Pakistan - Banking & Finance

SBP declares 6th rental coupon rate for 3-year Sukuk KARACHI: State Bank of Pakistan on Friday declared 6th rental coupon rate for three-year Government of Pakistan Ijara Sukuk (GIS).The coupon rate is 3.9792 percent. The sukuk was auctioned on June 20, 2014, said a SBP statement.This profit rate will be applicable to all accepted bids in this auction.The rental rate may be adjusted on the basis of difference between estimated supplementary rental and actual maintenance expenses of the underlying assets as explained in DMMD ...

Pakistan - Banking & Finance

Riba-free banking gains confidence of business community: Akram Ansari HYDERABAD: President Hyderabad Chamber of Small Traders and Small Industry Muhammad Akram Ansari has said that riba-free banking gained confidence of the people and business community as they were doing their business through Islamic Banking.This he said while inaugurating the Islamic Bank Branch of Muslim Commercial Bank here at Latifabad Unit-7 on Thursday.He said that the popularity of Islamic banking can be gauged through the increased network of branches of Islamic Banks where the literate ...

Pakistan - Banking & Finance

Recovery of money through bank account: notices issued SOHAIL SARFRAZISLAMABAD: Lahore High Court (LHC) has issued notices to President of Pakistan, Special Assistant to Prime Minister on Revenue Haroon Akhtar, FBR officials and Government of Punjab in a petition challenging the illegal recovery of money through bank account of a former employee of one of organisations of Punjab government.Sources told Business Recorder that LHC in a constitutional petition against the President of Pakistan, SA to Prime Minister, FBR employees, a private bank and ...

Pakistan - Banking & Finance

SBP announces 3rd rental coupon rate of 3 year GoP Sukuk KARACHI: State Bank of Pakistan Friday announced 3rd Rental Coupon Rate for 3-year Government of Pakistan Ijara Sukuk GIS-16. The Sukuk was auctioned on December 15, 2015, said SBP statement.Third rental coupon rate is 5.4471 percent per annum and the coupon payment date is June 18, 2017.This profit rate will be applicable to all accepted bids in this auction. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

SBP injects Rs81bn into market KARACHI: State Bank of Pakistan Friday injected Rs. 81 billion into money market for seven days through its open market operation.The rate of return accepted is Rs. 5.83 percent per annum, says SBP statement. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pak forex stand at $23.295bn KARACHI: Total liquid foreign exchange reserves of the country stand at dollars 23.295 billion, said State Bank of Pakistan.According to SBP's weekly statement here on Thursday, the foreign reserves held by State Bank on Dec.9, were $ 18,323.2 million and the net foreign reserves with commercial banks amounted $ 4,971.6 million.During the week, country's total reserves decreased by $ 50 million to $ 23,294.8 million on account of external debt financing.Copyright APP (Associated Press of ...