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Islamic finance a better alternative: DG SBP KARACHI: Deputy Governor (DG) of State Bank of Pakistan (SBP) Saeed Ahmad has said that Islamic finance is all set to become a better alternative to the conventional banking.This he said while addressing on completion of ten successful years of "Raast Islamic Banking" programme of Bank of Khyber, said a press release issued here on Saturday.Congratulating Bank of Khyber Management, Board of Directors, and "Raast Islamic Banking" team, Saeed hoped that with continued demand on an accelerated basis for the Islamic banking in the country, Bank of Khyber would participate in the sector and reap benefits for all stakeholders including its shareholders.The Deputy Governor said that Islamic finance is one of the fastest growing segments of the global as well as domestic financial sector. "Given its global outreach, growing recognition as a prudent and stable system and ability to provide financial solutions for all business needs, Islamic finance is all ...

No need to change FBR's existing tax collection system: RCCI President RAWALPINDI: President Rawalpindi Chamber of Commerce and Industry (RCCI) Dr. Shimail Daud said investors made billions of rupees investment in various sectors under the existing system of Federal Board of Revenue (FBR) and there is no need to change it.He said FBR's present system is not only modern but also being practiced in developed countries for giving boost to economic activities, adding "it was introduced in consultation with World Bank and Department for International Development ...
SBP injects Rs308 billion in open market KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs. 308.150 billion into open money market for seven days during its open market operation.According to SBP statement here, out of 25 quotes offered for 7-days tenor which amounted Rs. 360,300 million, 14 quotes worth Rs. 308,150 million were accepted. The rate of return is 10.5 percent. Copyright APP (Associated Press of Pakistan), 2014 ...
State Bank issues shariah governance framework of IBIs KARACHI: State Bank of Pakistan (SBP) has issued a comprehensive shariah governance framework (SGF) to strengthen the overall shariah compliance environment in islamic banking institutions (IBIs). The framework, aimed at institutionalizing the shariah compliance function in IBIs, will be applicable from Oct. 01, 2014, said a SBP release here on Friday. It explicitly defines the roles and responsibilities of all organs of IBIs including their board of directors, executive management, shariah board, shariah compliance department ...
Balochistan budget to give relief to masses: Mandokhel QUETTA: Provincial Minister for Revenue, Excise and Taxation, Sheikh Jaffar Mandokhel has said that upcoming Balochistan Budget 2014-15 will provide relief to the people.In his statement issued here on Thursday, he said that the incumbent coalition government came in power after people voted for it in general elections and added therefore, it would put serious efforts to provide relief to the masses in annual Provincial Budget 2014-15.He said that upcoming budget focused on law and ...
Pak pays IMF installment of $109mn KARACHI: Pakistan paid 30th installment amounting to SDR 71 million equivalent to $ 109 million under IMF-SBA facility on Tuesday.According to SBP Spokesman here, with repayment of the current installment, Pakistan to-date has repaid to International Monetary Fund (IMF) SDRs 4,591 million equivalent dollars 7,010 million since July 2011. Of this amount, SDR 3,978 million equivalent $ 6,066 million was under SBA facility. After the current repayment, remaining amount due under IMF-SBA until Sept. 2015 ...
CDNS collects Rs.143bn out of Rs.280bn set target ISLAMABAD: Central Directorate of National Savings (CDNS) has collected Rs.143 billion during the first three quarters of the current fiscal year against the set saving target of Rs.180 billion set for the whole fiscal year."The assets of CDNS have reached to Rs.2600 billion, which is 26 percent of the total national saving of the country," Director General Saeed Ahmad Rana told APP .He said that the government has taken about 27 percent of its non-inflationary ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln