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SECP committed for developing Islamic financial sector ISLAMABAD: In order to develop a robust takaful sector, the Securities and Exchange Commission of Pakistan (SECP) has allowed M/s SPI Insurance Company Limited, formerly known as Saudi Pak Insurance Company Limited, to start window takaful operations.The initiative would help meet the risk mitigation needs of the masses and develop the Islamic financial sector, said SECP press statement issued here.Previously, two conventional insurance companies were allowed to transact takaful business through window operations.Now the takaful sector comprises of eight takaful operators, out of which two are full-fledged family takaful operators, three full-fledged general takaful operators and three general window takaful operators.Currently, the SECP is processing one more application to start window takaful operations.The takaful sector in Pakistan has yet to go a long way in fulfilling the risk mitigation needs of the masses.This would lead to an increase in insurance penetration and insurance density of Pakistan, which still remains to ...

Textile Ministry to organize Buyers Conference ISLAMABAD: The Ministry of Textile Industry will organize "Buyers Conference" during next month aiming at strengthening the compliance of Generalized Scheme of Preferences Plus (GSP+)Buyers' forum will facilitate and promote a dialogue platform between buyers and manufacturers to discuss sustainable practices and improved compliance and reporting on environmental, labour, health and safety standards and their implementation in the textile sector of the country, said a press release here.The conference will be organized in collaboration with ...
Wheat cultivation over 16.5mn acres in Punjab SIALKOT: Over 16.5 million acres of land would be brought under wheat cultivation during Rabi crop season in wheat growing parts of Punjab.Sources in Agriculture Department told APP on Friday that in order to attain the fixed target of wheat crop, Agriculture department would provide full assistance and guidance to wheat growers.Special attention will be accorded to bringing maximum land under wheat crop, and Agriculture department has initiated special training programme for wheat growers regarding ...
All nominees of chambers,trade associations to cast vote in FPCCI election ISLAMABAD: The nominees of chambers of commerce and industries including women chambers, chamber for small traders, national level associations, representing industry, trade and services will cast vote in the forthcoming annual election of the Federation of Pakistan Chambers of Commerce and Industry to be held on Dec 29 next.FPCCI sources told APP here Thursday that the provincial voters list comprising two each nominees of 57 chambers,1 small traders chambers and 102 affiliated Pakistan associations have ...
SECP initiates 62 show-cause proceedings ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) initiated 62 show-cause proceedings due to non-compliance with several legal requirements.The SECP while enforcing compliance of corporate and allied laws initiated 62 show-cause proceedings due to non-compliance with legal requirements regarding auditors' reports, directors' powers, delayed/non-filling of cost audit reports, investment in associated companies, misstatement of facts, takeover regulations, disclosure of directors' interests, circulation of financial statements, employees' provident funds, and security deposits.During September and October, ...
Textile Ministry to organize Buyers Conference ISLAMABAD: The Ministry of Textile Industry will organize "Buyers Conference" during next month aiming at strengthening the compliance of Generalized Scheme of Preferences Plus (GSP+)Buyers' forum will facilitate and promote a dialogue platform between buyers and manufacturers to discuss sustainable practices and improved compliance and reporting on environmental, labour, health and safety standards and their implementation in the textile sector of the country, said a press release here Wednesday.The conference will be organized in collaboration ...
Pakistan net foreign investment rise 47 percent in July-Oct KARACHI: Pakistan received $423.8 million in foreign direct investment in the first four months (July-October) of the 2014/15 fiscal year, compared with $288.1 million received during the same period a year earlier.Foreign direct investment rose 47 percent during July-October, according to the State Bank of Pakistan.In October 2014, foreign direct investment was $254.3 million. Net foreign direct investment in the fiscal year of 2013/14, which ended in June, was $1.631 billion.Copyright Reuters, 2014 ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln