07272016Wed
Last update: Wed, 27 Jul 2016 06am

Banking & Finance

Pakistan - Banking & Finance

HBL to open first Pakistani bank branch in China by year end ISLAMABAD: Habib Bank Limited (HBL) would open its first branch in Uramqi (China), the largest city of province Xinjiang to facilitate business community and further give impetus to China-Pakistan Economic Corridor (CPEC) projects.Addressing a joint press conference along with HBL Chairman Sultan Ali Allana here on Monday, Minister for Commerce Engineer Khurram Dastgir Khan said that this would be the first Pakistan bank which would open its first branch in Chinese city of Uramqi before the end of this year."This will not only facilitate business community and traders but also give an impetus to $46 billion CPEC projects further boosting economy of Pakistan", he remarked.The Commerce Minister said that earlier opening up of bank branches in China was very difficult but due to the efforts and good relationships between China and Pakistan, the Chinese government has relaxed the rules paving the way for opening of its branch in China.He said ...

Pakistan - Banking & Finance

NBP sets up 110 branches of Islamic banking in one and half year PESHAWAR: National Bank of Pakistan (NBP) is working on promotion of Sharia based banking and with a period of one and a half year has set up about 110 branches of Islamic banking in the country. This was said by Saima Rahim, Regional Head Islamic Banking NBP while speaking to newsmen at an Iftar Dinner hosted by NBP on Saturday. Provincial Minister for Excise and Taxation, Mian Jamshed Kakakhel was chief guest and President NBP, ...

Pakistan - Banking & Finance

Entity ratings of Zarai Taraqiati Bank reaffirmed KARACHI: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Zarai Taraqiati Bank Limited (ZTBL) at `AAA/A-1+' (Triple A/A-One Plus).JCR-VIS has also reaffirmed ratings of `AAA/A-1+'(Triple A/A-One Plus) assigned to governemnt Guaranteed Obligations of ZTBL. Outlook on the ratings is `Stable'. The previous rating action was announced on June 19,2015, a statement of JCR-VIS said here on Thursday.The ratings assigned to ZTBL take into account the implicit support of Governemnt of Pakistan (GoP) ...

Pakistan - Banking & Finance

Pak Post collected Rs187,083.68mn through saving bank in 2014-15 ISLAMABAD: Pakistan Post has collected Rs. 187.083.68 million through its different schemes offered for general public under Saving Bank.The department has collected Rs. 157.699.11 million through saving accounts services while Rs. 29.384.505 million under saving certificates, official sources told APP.They said Pak Post is offering services of Saving Bank Ordinary Accounts, Special Savings Accounts, Defence Savings Certificates, Special Saving Certificates and Regular Income Certificates.They informed that Rs. 8,647.899 million were collected under Saving Bank Ordinary ...

Pakistan - Banking & Finance

Saudi Arabia; largest source of remittances with over $4.83bn ISLAMABAD: The country has received valuable remittances amounting to over $4.83 billion during July-April 2015-16 through workforce in Saudi Arabia, the country which is contributing a major share of remittances.According to an official of Ministry of Overseas Pakistanis and Human Resource Development, the country received the inflows worth $3.54 billion from the United Arab Emirates (UAE), registering a largest increase from any major remittance-sending country during the last nine months.Remittances from the Gulf Cooperation Council ...

Pakistan - Banking & Finance

NIT announces interim result for fiscal year 2016c KARACHI: The National Investment Trust (NIT) has declared interim distribution for all funds under its management for the year ending June 30, 2016. A statement here on Wednesday said that the announcements were made after its Board of Directors approved the interim distribution for all Funds under its management. It was further stated that NIT is presently managing nine Funds with assets under management of around Rs. 90 billion as on June 14, 2016.NI(U)T Fund:The ...

Pakistan - Banking & Finance

Cabinet approves budget LAHORE: The Punjab cabinet approved the provincial budget for fiscal year 2016-17 on Monday.The cabinet meeting was held at 90 Shahra-e-Quaid-i-Azam here, chaired by Punjab Chief Minister Muhammad Shehbaz Sharif while provincial ministers including Ayesha Ghaus Pasha, Rana Sanaullah, Zaeem Qadri, Rana Mashood, Zakia Shahnawaz and Hameeda Waheed-ud-Din attended it.Special prayer for early recovery of Prime Minister Muhammad Nawaz Sharif was offered in the meeting.Copyright APP (Associated Press of Pakistan), 2016 ...