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KARACHI: Speakers at the 1st Islamic Finance Expo and Conference have asked Islamic banks to distribute the profit among shareholders and depositors alike and on the basis of Islamic principle of justice. They said that depositors hand over their savings to Islamic banks and it is their duty to also give a fair return to depositors on their saving and fo not just ensure the interest of shareholders of the bank. They advised Islamic banks to simplify housing loans to attract people who want to buy houses on the basis of Shariah financing. They also warned the banks to avoid using ?haram funds? (forbidden money) for Islamic banking transactions. Forbidden funds cannot be converted into halal (permissible) funds through Islamic banking, he observed. The conference was jointly organized by Publicity Channel, State Bank of Pakistan (SBP) and Ernst & Young at Karachi Expo Centre Saturday. Islamic banking expert and Shariah advisor Mufti Rafi Usmaninoted ...

KARACHI: Islamic banking has recorded a robust growth in the country in the last few years and can further expand tremendously with the help of effective legislation and introduction of more products. These were the views of speakers and Shariah advisors of Islamic banking at the 1st Islamic Finance Expo & Conference 2012, being held at Karachi Expo Centre with the support of State Bank of Pakistan. They said that total assets of Islamic banking in Pakistan ...
KARACHI: The Karachi Stock Exchange (KSE) will discontinue manual processing of cash deposits and release in near future and will implement cash management system (CMS) to manage all auto-deposit and auto-release of cash margins. This system will also manage market-to-market differences and other changes related to KSE clearing houses. KSE has advised its members to get CMS facilities at the earliest to their own benefit. The new system will ensure that all cash releases must be routed ...
LAHORE: The Punjab National Accountability Bureau (NAB) Thursday distributed Rs 32.2 million among 250 victims of Tasawar Hussain Gillani involved in `Double Shah' scam. NAB Director General Khurshid Anwar Bhindar distributed cheques in a ceremony held here. He said, accused Tasawar Hussain Gillani initially worked as a partner of Double Shah, but subsequently he formed a seperate group and looted Rs 1932.74 million directly from people through agents. "NAB Punjab after taking the cognizance of Double Shah ...
KARACHI: The State Bank of Pakistan (SBP) has decided to implement International Bank Account Number (IBAN) standard in the country with a view to bringing about account code standardization and efficiency in processing of payments for domestic as well as cross border transactions. The IBAN guidelines issued by SBP Tuesday contain details for IBAN generation, validation and implementation timelines. These guidelines have been developed in consultation with Pakistan Banks' Association (PBA) nominated committee on IBAN. All participants ...
KARACHI: The rate for 4th profit coupon for 3-year government Ijara Sukuk (GIS-5) will be 11.9405 percent. According to State Bank of Pakistan (SBP) here Monday, the auction for GIS-5 was held on November 8, 2010 and its coupon payment will due on November 15, 2012. Copyright APP (Associated Press of Pakistan), 2012 ...
DASKA: The Punjab government is spending Rs 36 billion to upgrade the agriculture sector. Sources in the Agriculture Department told APP here Saturday that under the programme drip and sprinkle irrigation would be used in 120,000 acres of land. In addition, 9,000 watercourses will be improved across Punjab and 3,000 laser levelers provided on subsidy. Under a pilot project, watercourses will be built at the cost of Rs 294 million, sources said. The government has taken the step for ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln