07012016Fri
Last update: Fri, 01 Jul 2016 09am

Banking & Finance

Pakistan - Banking & Finance

Islamic Banking posts growth of 27.87pc ISLAMABAD: The asset base of Islamic Banking Industry during the Calander Year 2015, stood at Rs 1.61 trillion compared to Rs 1.3 trillion in 2014, hence registered a growth of 27.87 percent.According to Economic Survey, 2015-16 released by Finance Minister, Ishaq Dar here on Thursday, the deposits of the IBI reached to Rs 1.4 trillion in 2015 as compared to Rs 1.1 trillion during 2014, thus posted a growth of 28.5 percent.Consequently, share of Islamic Banking in terms of asset in overall banking system increased from 6.7 percent in CY10 to 11.4 percent in CY15.While deposits share of Islamic Banking rose from 7.2 percent in CY10 to 13.2 percent in CY15.Net investment of IBI reached to Rs.431.9 billion by end December 2015 from Rs 392.4 billion by end September, 2015, thus posted a growth of 10.1 percent.The growth in investments was mainly contributed by investment in federal government securities as ...

Pakistan - Banking & Finance

Direct taxes registers 14.4pc growth in ten months ISLAMABAD: The direct taxes has registered a growth of 14.4 percent during first ten months of current fiscal year 2015-16.The net collection has gone up from Rs.775.9 billion to Rs.888.0 billion, an Economic Survey for current fiscal year revealed which was announced by Minister for Finance, Senator Ishaq Dar at a press conference here on Thursday.The Survey said bulk of tax revenue under direct tax is realized from income tax, of which major contributors are ...

Pakistan - Banking & Finance

Old banknotes cease to be legal tender from Dec 1 KARACHI: The old design banknotes will cease to be legal tender with effect from December 1, 2016 as per Federal Government's Gazette Notification dated June 4, 2015.According to the State Bank of Pakistan's notification, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 & 1000, while the Rs 5 banknote and the old design Rs 500 banknote have already been demonetized.The SBP issued a new design ...

Pakistan - Banking & Finance

KP Home Deptt utilizes less than 20pc its 2015-16 ADP PESHAWAR: The Home and Tribal Affairs Department Khyber Pakhtunkhwa utilized only Rs 960.95 million out of the total allocated budget of Rs 6.37 billion in the outgoing fiscal of 2015-16 which comes to below 20 percent of utilization.Official document stated that not a single penny was released for 82 construction projects in the Home Department during the current fiscal and the same confined just to paper work. While 24 projects remained uncompleted despite initiation of ...

Pakistan - Banking & Finance

Over Rs4.8trn Federal Budget to be presented on Friday ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar will present the fourth Federal Budget of Pakistan Muslim League-Nawaz government with an outlay of over Rs 4.8 trillion for the fiscal year 2016-17 in the Parliament on June 3 (Friday).Special budget sessions of the National Assembly and Senate have already been summoned by President Mamnoon Hussain.According to official sources, the budget will envisage further improving economic growth, overcoming challenges, particularly the energy crisis, maintaining fiscal discipline and ...

Pakistan - Banking & Finance

Meezan Bank to provide Qarz-e-Hasna to Hamdard University students ISLAMABAD: Hamdard University and Ihsan Trust (IT) of Meezan Bank have signed an MoU for providing Qarz-e-Hasna (Interest Free Loan) to the students of Hamdard University (HU), purely on need-cum-merit basis.The purpose of this MoU is to strengthen each other's capacity and playing their role in providing education to those communities and individuals who have been admitted to Hamdard University on merit and they are unable to afford the tuition fees.This agreement will benefit the ...

Pakistan - Banking & Finance

Rs5mn sales tax recovered from housing societies, restaurants BAHAWALPUR: A total sum of Rs5 million has been recovered on account of sales tax from different housing societies and restaurants in Bahawalpur.This operation of sales tax recovery was supervised by Additional Commissioner Income Tax Zeeshan Nazir Khan.Under the direction of Chairman Punjab Revenue Authority, Raheal Ahmad Siddiqui a vibrant campaign to check the record of various restaurants and housing societies has been launched in Bahawalpur division.In this campaign the relevant documents pertaining to sales ...