09262016Mon
Last update: Mon, 26 Sep 2016 05pm

Banking & Finance

Pakistan - Banking & Finance

All branches of commercial banks, MFBs to remain open on Sept 10: SBP ISLAMABAD: The State Bank of Pakistan (SBP) has advised that all branches of commercial banks and Micro Finance Banks (MFBs) will remain open on Saturday, September 10, 2016 from 9:00 AM to 5:30 PM in order to cater the banking needs of general public.The Banks and MFBs are accordingly advised to ensure that their branches should strictly observe the aforesaid timings, said a press release. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

NBP sets-up ATM at highest point Khunjerab ISLAMABAD: National Bank of Pakistan (NBP) has set-up its Automated Teller Machine (ATM) at Pakistan-China border in Khunjerab which is expected to be inaugurated soon.The ATM is setup at 4,693 meters or 15,397 feet above sea level.As per details, NBP hopes that the ATM would serve the growing needs of tourists that go to north most corner of the country.Pakistan, this year, witnessed record tourists visiting Northern Areas including the Khunjerab pass at the border ...

Pakistan - Banking & Finance

Demonetization of all old design banknotes KARACHI: As per the Federal Government's gazette notification of June 4, 2015, the old design banknotes will cease to be legal tender with effect from December 1, 2016.Therefore, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1000, said a SBP statement here on Monday.The Rs 5 banknote and the old design Rs 500 banknote have already been demonetized. It is worth mentioning that the ...

Pakistan - Banking & Finance

Govt taking steps for promotion of Islamic banking: Dar KARACHI: Federal Finance Minister Senator Muhammad Ishaq Dar on Monday said the government was taking serious steps for promotion of Islamic banking in the country and urged the opposition parties to support such efforts.Prime Minister Muhammad Nawaz Sharif wanted to boost Islamic banking in the country, he said speaking at a conference hosted by the World Islamic Finance Forum here.Ishaq Dar said after taking the responsibility as the finance minister, he had directed State Bank ...

Pakistan - Banking & Finance

Bahrain's Al Baraka to merge unit with Pakistan's Burj Bank DUBAI: Bahrain-based Al Baraka Banking Group, one of the Gulf's top Islamic banks, said its Pakistani unit would merge with Pakistan's Burj Bank to create an institution with assets totalling more than $1.1 billion. The merger, which was approved by shareholders of the two banks last month and still needs regulatory approvals, would see Burj Bank holders receive one Al Baraka Bank (Pakistan) share for every 1.7 shares in Burj, the Bahraini bank said on ...

Pakistan - Banking & Finance

NBP to set a new world record One of the largest banks operating in Pakistan, the National Bank of Pakistan (NBP) is all set to book itself in the record books, after it opens the World’s Highest Automated Teller Machine (ATM) this week. The NBP has setup its ATM at Pakistan-China border in Khunjerab, the ATM sits 4,693 meters or 15,397 feet above sea level, which makes it the world’s highest ATM installed, reported the local media.NBP has been active in diversifying ...

Pakistan - Banking & Finance

Need for Islamic Mode of Banking stressed LAHORE: State Bank of Pakistan (SBP) Deputy Governor Saeed Ahmed said on Sunday that there is a dire need to create awareness to promote Islamic Mode of Banking that is fast gaining grounds around the globe.Talking to LCCI Senior Vice President Almas Hyder here, he said that bankers should launch new schemes to attract people towards Islamic Banking, asserting that though Islamic Mode of banking looks like conventional banking but there is a lot of ...