In a significant move aimed at preventing the rampant issue of financial exploitation through online loan scams, the Securities and Exchange Commission of Pakistan (SECP) has implemented stringent regulations for Easy Loan Apps. At a workshop in Islamabad on Tuesday, SECP officials disclosed their proactive approach to address online scams, particularly those targeting individuals with…
In December 2023, cement sales in Pakistan experienced a notable uptick of 4.6% compared to the same period the previous year, as reported by the All Pakistan Cement Manufacturers Association. The industry dispatched a total of 4.06 million tons during the month, showcasing a significant increase from the 3.881 million tons dispatched in December of…
Embracing innovation in stock market oversight, the Securities and Exchange Commission of Pakistan (SECP) has unveiled a homegrown application designed for in-depth stock market surveillance and data analysis. This groundbreaking development comes as the SECP takes a proactive stance on market monitoring, leveraging modern tools and systems for efficient analysis. The SECP’s market surveillance team…
In a bid to protect consumers from deceptive marketing tactics, the Competition Commission of Pakistan (CCP) is taking decisive action against shoe and clothing brands that trick customers with fake discounts. As the seasonal surge in discounts continues, the CCP urges brands to provide transparent and visible disclosures of both actual and discounted prices to…
Dewan Motors Pvt. Ltd., the country’s authorized BMW importer, have teamed up to boost the electric vehicle (EV) infrastructure in Pakistan. Dewan had launched the first Plug-in Hybrid Vehicles in Pakistan with BMW brand back in 2016. We have been striving to create awareness of advantages of semi electric and fully electric vehicles in Pakistan….
Embracing a dynamic shift, sixteen banks and Microfinance Banks (MFBs) have broadened their horizons by venturing into Branchless Banking (BB) services in the first quarter of FY24. This strategic move is highlighted in the quarterly payment systems report released by the State Bank of Pakistan (SBP), showcasing a significant expansion in the accessibility of financial…
Experience a substantial uptick in retail transactions as Pakistan sees a noteworthy 4.2% surge in volume and an impressive 22.4% increase in value during the first quarter of fiscal year 2024, concluding on September 30, 2023. The State Bank of Pakistan (SBP) quarterly report on Payment Systems has revealed these remarkable statistics, showcasing the vibrant…
In a testament to the increasing acceptance and reach of Islamic banking, the assets of Islamic banks have surged, reaching an impressive figure of over Rs. 8 trillion by the end of September 2023. This remarkable growth in asset value and deposits is highlighted in the Islamic Banking Bulletin released by the State Bank of…
Startup funding landscape in Pakistan has experienced a challenging year, witnessing a significant downturn with investments plummeting to $75.6 million in 2023, as revealed by Data Darbar. This marks a substantial 77.2 percent year-on-year (YoY) decline compared to the same period last year. The data further indicates that a notable portion of the funds, totaling…
In a concerning development, hackers have successfully infiltrated FBR’s sales tax system, manipulating sales tax returns of legitimate taxpayers to claim false sales/purchases and illicitly obtain tax credits and refunds amounting to billions. The Federal Tax Ombudsman (FTO) has taken swift action, directing the FBR to address the issue and take stringent measures against the…
