01172017Tue
Last update: Tue, 17 Jan 2017 11am

Banking & Finance

Pakistan - Banking & Finance

SECP Chairman inaugurates Islamic Financing Facility Centre in Rawalpindi ISLAMABAD: The Chairman Securities and Exchange Commission of Pakistan (SECP), Zafar Hijazi, Thursday inaugurated an Islamic financing facility centre in Rawalpindi. The center would help the common people to avail themselves of affordable financing on Islamic sharia principles to buy motorcycles and other products in due course of time.  The centre will be operated initially by four modarabas, i.e., Allied Rental Modaraba, First Habib Modaraba, Orix Modaraba and Trust Modaraba.  They will provide micro-financing to the customers at cheaper rate ranging between 20 to 25%, as against the prevalent market rates of 40 to 45%. Speaking on the occasion, Zafar Hijazi said that a nationwide survey was conducted by the SECP, and it was found that illegal and unlicensed informal lending practices were being undertaken throughout the country at exorbitant rates by certain practitioners. Also such activity was not being recorded or reported to any regulator or agency, he added. He said that no entity can undertake the business of micro- financing without getting license from the SECP.  Realizing the situation and to discourage ...

Pakistan - Banking & Finance

NBP makes international record by installing World ISLAMABAD: National Bank of Pakistan (NBP) has recently installed the World's highest Auto Teller Machine (ATM) at Khunjrab Pass, near the Pak-China border at the altitude of 15,397 feet above sea level.  According to a press release issued here Thursday, the highest ATM was launched jointly by President and CEO Syed Iqbal Ashraf and Lt. General Malik Zafar Iqbal.  Chief Minister Gilgit-Baltistan Hafizur Rehman, Force Commander Gilgit- Baltistan Saqib Mahmud Malik and other officials of the bank and Civil Military officials were also ...

Pakistan - Banking & Finance

Date for filing income tax returns extended till Dec 15 ISLAMABAD: Minister for Finance, Revenues and Economic Affairs, Mohammad Ishaq Dar Wednesday announced extension in due date for filing of income tax returns/ statements by salaried persons, individual, association of persons and companies till December 15.      The minister extended the date in view of the spirit of taxpayers' facilitation and on the demand of various chambers of commerce and industry, tax bar associations and a number of trade bodies, a statement issued here said. Copyright APP (Associated Press of Pakistan), 2016   ...

Pakistan - Banking & Finance

NBP, JS Bank Limited sign cash management agreement ISLAMABAD: National Bank of Pakistan (NBP) would facilitate customers of JS Bank at designated NBP branches across Pakistan to further facilitate the customers, under a Cash Management Agreement with JS Bank Limited that was recently signed between the two banks.According to a press release issued here Friday, the NBP has over 1,400 branches nationwide with unmatched geographic coverage in the country whereas JS Bank is a strong and growing bank with 277 branches in 138 ...

Pakistan - Banking & Finance

SBP report laid before Senate RECORDER REPORTISLAMABAD: The government on Thursday laid Annual Report 2015-16 (State of the Economy) of Central Board of Directors of State Bank of Pakistan before the Senate, as required under section 9A (f) of SBP Act, 1956. The report was laid before the House by Minister for Law and Justice Zahid Hamid on behalf of Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatisation Senator Muhammad Ishaq Dar.Copyright Business Recorder, 2016 ...

Pakistan - Banking & Finance

NTN requirement: banks asked not to refuse services to sole proprietors RIZWAN BHATTIKARACHI: The State Bank of Pakistan (SBP) amending Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations has directed banks not to refuse for banking services due to NTN requirement. The SBP has received certain complaints that several banks are not opening bank account due to unavailability of National Tax Number (NTN), which is mainly issued by the Federal Board of Revenue (FBR).Sales tax registration or NTN are included in the list of ...

Pakistan - Banking & Finance

ZTBL to set up 10 more branches in country LAHORE: The Zarai Taraqiati Bank Limited (ZTBL) will expand its branch network by opening 10 new branches in the country in the current year.This was said by ZTBL President Sayyed Talat Mehmood while addressing an award distribution ceremony of ZTBL officials at a local club on Monday.He added a total number of branches of the bank now had become 460 in the country.He said the bank's deposits had been increased up to Rs 155 billion ...