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Waqf for the promotion of education

Ihsan Trust promoting education for a brighter Pakistan

Ihsan Trust was established as an independentTrust (Waqf) in 2010 with the vision to create a poverty free society on the principles of equality and compassion. Their missions is to reach out and help the poor and needy according to the principles of Islam and take care/look after the wellbeing of poor and needy and… Continue reading Ihsan Trust promoting education for a brighter Pakistan

Islamic Finance

Pakistan Stock Exchange wins Best Islamic Stock Exchange Award 2021

In a significant development on a global level, especially in the Islamic world, Pakistan Stock Exchange (PSX) has been awarded the Best Islamic Stock Exchange Award 2021 by Global Islamic Finance Awards (GIFA). GIFA is an internationally respected platform recognizing excellence in banking and finance in the Islamic world. Since 2011, the Awards have been… Continue reading Pakistan Stock Exchange wins Best Islamic Stock Exchange Award 2021

Islamic Mode of Financing

Pakistan to receive US$600 million syndicated loan for commodity financing from ITFC

The International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank will make available to Pakistan about US$600 million of syndicated loan for commodity financing. ITFC has conveyed this to Pakistan during a virtual meeting between Minister for Economic Affairs Omar Ayub Khan and ITFC Chief Executive Officer Hani Salem Sonbol. The… Continue reading Pakistan to receive US$600 million syndicated loan for commodity financing from ITFC

Islamic Banking in Pakistan, Islamic Finance

Pakistan Islamic banking industry achieves highest YoY growth since 2015

Pakistan’s Islamic banking industry (IBI) has achieved the highest year-on-year (YoY) growth in assets and deposits since 2015 increasing the market share in the overall banking industry to 17% and 18.7% respectively. The State Bank of Pakistan (SBP) in its latest bulletin for April-June quarter reported that assets and deposits of IBI grew 32% and… Continue reading Pakistan Islamic banking industry achieves highest YoY growth since 2015

Islamic Finance

Dr. Reza Baqir appointed IFSB Chairman

Dr. Reza Baqir, Governor, State Bank of Pakistan (SBP) has been appointed Chairman of the General Assembly of Islamic Financial Services Board (IFSB) for the year 2022. His appointment was approved by the IFSB General Assembly in its 19th meeting held on 9th June 2021. On his appointment as Chairman for the 20th General Assembly,… Continue reading Dr. Reza Baqir appointed IFSB Chairman

Islamic Finance

Meezan Bank 1QCY21 EPS up 11%YoY

Meezan Bank (MEBL) has posted unconsolidated 1QCY21 earnings of Rs6,101 million (EPS: Rs4.3), up 11%YoY and 49%QoQ. Alongside result, the bank announced a cash dividend of Rs1.5/share, which was also higher than industry consensus. The result came in higher than expectations due to Rs284 million provision charge recorded in 1QCY21, which essentially was 93%QoQ lower.… Continue reading Meezan Bank 1QCY21 EPS up 11%YoY