News

CORPORATE WINDOW: Conversion towards Islamic finance

The Federal Shariat Court ruling in April 2022 to eliminate interest from the economy by December 2027 marked a pivotal moment in Pakistan’s financial landscape. The judgment declared an unequivocal prohibition of Riba (including banking interest) in all its manifestations and forms, setting a target to transform the nation into an interest-free economy by the end of 2027. This historic decision n

Pakistan’s debt dependence

Caretaker Finance Minister Shamshad Akhtar stated the obvious when she stressed that Pakistan will remain dependent on the International Monetary Fund (IMF) for some time. Still, it is better than empty promises of never going to the IMF again, though those sweet nothings are expected from those who wish to be elected rather than the caretaker setup. Pakistan’s debt has climbed alarmingly in th

OPEC and IEA at odds on future of oil demand

Despite the International Energy Agency (IEA), the Organisation for Economic Co-operation and Development energy watchdog, continuing to emphasise, and in no uncertain terms, that the era of oil demand growth is coming to an end, what is making Prince Abdulaziz bin Salman, the Saudi petroleum minister, so ebullient and convinced that the global crude demand will continue to grow in the decades to

Thawing of China-US relations

The highly anticipated summit between President Xi Jinping and President Joe Biden adjacent to the Asia-Pacific Economic Cooperation (APEC) forum in San Francisco last week was focused on repairing their fraught bilateral ties but is largely expected to have “significant global consequences”. The meeting came at the lowest point in their 50-year-old relations and is, therefore, being seen as a bre

Govt urged to revive five-year development planning

The International Monetary Fund (IMF) has advised Pakistan to revive its five-year development planning, get climate-sensitive public investment management plans working and publish criteria for project appraisals for transparency to attract global climate financing. The IMF’s guidance comes immediately after the two sides reached a staff-level agreement on the first review of a $3 billion bail