Khushhali Microfinance Bank Limited (KMBL), the first-specialized microfinance bank in Pakistan, commemorated its achievement for the fiscal year 2023 (FY 2023). The newly established recovery unit of the microfinance bank has set new benchmarks, achieving a milestone of over PKR 01 Billion in recoveries from the charge-off portfolio through its newly established recovery unit and…
Pakistan’s power sector is currently undergoing substantial reforms. These initiatives, collectively referred to as “Power Sector Reforms,” aim to address critical challenges, enhance efficiency, and create a sustainable and transparent energy framework in the country. The impetus behind these Power Sector Reforms lies in the commitment to meeting the conditions set forth by the IMF,…
In a strategic move, Hub Power Company Limited (Hubco) is set to acquire shares of Sindh Engro Coal Mining Company Limited (SECMC). This significant development marks a key collaboration in the energy sector, combining the strengths and resources of two major players to further enhance the efficiency and sustainability of coal mining operations in Pakistan….
Meezan Bank, Pakistan’s leading Islamic bank has recently launched Meezan Justuju – a fully funded talent development program for fresh graduates in collaboration with IBA-CEIF (Institute of Business Administration – Centre for Excellence in Islamic Finance). The Program’s initial screening, conducted through a written test at Meezan House, received an overwhelming response, attracting participants from…
In a concerning turn of events, Pakistan’s circular debt has reached an unprecedented milestone, surpassing Rs 5.7 trillion. This alarming surge raises critical questions about the economic challenges faced by the country, as circular debt continues to be a persistent and escalating issue. The burgeoning debt, now exceeding Rs 5.7 trillion, is a matter of…
In a groundbreaking development, the Pakistan Cricket Board (PCB) is set to forge a strategic partnership with England’s County, paving the way for the launch of an exhilarating T10 League later this month. This collaborative initiative aims to bring a new dimension to the cricketing landscape, providing fans with an action-packed and dynamic format. The…
The government should resume the affordable house financing scheme through commercial banks to facilitate masses for purchasing and constructing residential housing units to revive economic activities across the country. This was stated by the real estate tycoon and founder of Shangrila City, Syed Afzal Hameed, at the annual meetup of developers and the launch of…
In a groundbreaking move, Raqami Islamic Digital Bank (RIDB) and Euronet Pakistan Pvt. Ltd. have entered into an exclusive agreement aimed at promoting digital payments in Pakistan. The journey began in January 2023 when RIDB secured a no objection certificate (“NOC”) from the State Bank of Pakistan (SBP) to establish the country’s first Islamic digital…
The State Bank of Pakistan (SBP) has reported a robust performance of the Roshan Digital Accounts (RDAs), indicating a significant foreign exchange inflow of $7.195 billion by the end of December 2023. According to the SBP data, a comprehensive overview of the RDAs revealed that $1.538 billion had been repatriated, while $4.442 billion was utilized…
In a groundbreaking move, the Securities and Exchange Commission of Pakistan (SECP) has issued a directive making it obligatory for auditors to incorporate the Unique Document Identification Number (UDIN) on all audit reports. This regulatory initiative aims to enhance transparency, accountability, and traceability in the audit process. The SECP’s decision to enforce the inclusion of…
