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Banking & Finance

Pakistan - Banking & Finance

Bank Alfalah enters into strategic partnership with ICBC KARACHI: Pakistan's premier banking institution, Bank Alfalah (BAFL), has entered into a strategic partnership with prominent Chinese Bank, Industrial and Commercial Bank of China Limited (ICBC), Karachi Branch, for cooperation in several areas of banking and finance.A statement on Monday said that the Memorandum of Understanding (MoU) highlights conceptual framework and guiding principles for cooperation reached for enhanced financial activities in Pakistan and China and other International locations where each bank may be present.It said that under the agreement, both the banks have agreed to refer trade finance business to each other. Both the banks will open accounts with each other to facilitate settlement payments.ICBC Karachi will open a rupees account with BAFL and BAFL will reciprocate by opening a Chinese Yen Nostro Account with ICBC.The MoU also facilitates for mutual corporate lending and project financing. ICBC will give preference to BAFL in referrals of Chinese corporate clients requiring rupee ...

Pakistan - Banking & Finance

JCR-VIS withdraws entity ratings of Askari Bank KARACHI: JCR-VIS Credit Rating Company Limited has withdrawn the entity ratings of `AA/A-1+' (Double A/A-One Plus) assigned to Askari Bank Limited, with immediate effect, on account of non-renewal of rating contract.The previous rating action was announced on June 29, 2016, said a press release here on Monday.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Islamic banking in Pakistan to get new concessions ISLAMABAD: State Bank of Pakistan (SBP) has exempted Islamic banks from using the benchmarks deployed by conventional banks to work out the pricing of their products and instruments.The announcement said it has been decided that the financing provided on the basis of participatory 'Musharakah' and 'Mudaraba' and 'Wakalah' (agency) modes by the Islamic banking institutions shall be exempted from the requirement of using Karachi inter bank offer rate (Kibor), as the benchmark rate, reported Khaleej ...

Pakistan - Banking & Finance

CDNS collects Rs68bn by Oct 24 ISLAMABAD: The Central Directorate of National Savings (CDNS) collected Rs 67 billion set for the financial year 2016-17 by October 24, this year.The target for the year 2016-17 was set at Rs 228 billion as the Directorate was able to achieve the target of Rs 218 billion for the previous fiscal year, said a senior CDNS official here Friday.The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various ...

Pakistan - Banking & Finance

Rs5bn disbursed under Prime Minister's Interest Free Loan Scheme ISLAMABAD: Chairman Steering Committee of Prime Minister's Interest Free Loan Scheme, Dr. Amjad Saqib has said that so far interest free loans amounting to around Rs 5 billion have been disbursed.Briefing to Chairperson Prime Minister Youth Program Leila Khan, he said the amount was disbursed among the poorest of the poor in 44 economically deprived districts of the country, a statement received here on Thursday said.He also pointed out that 62 percent of the beneficiaries ...

Pakistan - Banking & Finance

Pak forex surge to $24.326bn KARACHI : Total liquid foreign reserves of the country increased to dollars 24.326 billion, said State Bank of Pakistan.According to SBP's weekly statement here on Thursday, the foreign reserves held by State Bank $ 19,320.8 million and the net foreign reserves held by commercial banks $ 5,005.7 million.During the week ending on October 21, 2016, the country's total reserves decreased by $ 135 million to $ 24,327 million.Over this period, SBP made payments of $ ...

Pakistan - Banking & Finance

NBP maintains profit growth after-tax profit up by 11pc YoY ISLAMABAD: The meeting of the Board of Directors (BoD) of National Bank of Pakistan (bank) was informed on Thursday that Bank's after-tax profit for the nine-month period increased by 11% to Rs.13.4 billion compared to Rs. 12.1 billion for the corresponding nine months of 2015.Syed Ibne Hassan Vice President/Spokesman -National Bank of Pakistan (NBP) Corporate Communication and Brand Management Division in a statement issued today said that Meeting of the Board of Directors (BoD) of ...