As a global concept, Islamic banking has established itself on a sound and solid footing. Almost every country with a substantial financial base offers Islamic banking operations parallel to conventional financing. However, the situation in Pakistan is rather complex. Pakistan’s constitutional structure makes it compulsory for the state to shift from conventional banking to Islamic banking afte
Despite higher energy and interest rate costs and even amidst stagnant industrial output, Pakistan’s merchandise exports are growing — thanks to strong overseas demand, reduced bureaucratic impediments to export growth and a shift in export earnings from textiles to agricultural products and food. On the other hand, merchandise imports continue to fall despite the recent decline in the US dolla
The nation’s state-run commercial entities incurred losses amounting to a staggering Rs1.395 trillion over the fiscal years 2021 and 2022, the latest consolidated report by the Ministry of Finance has revealed. This figure is more than twice the size of the Public Sector Development Programme (PSDP), bringing to light significant concerns regarding financial management and operational efficienc
The Pakistan Stock Exchange (PSX) ended a topsy-turvy Friday in the red following the power sector regulator’s notification of an additional fuel cost adjustment of Rs4.13 per unit for November 2023. The trading on the bourse began on a positive note reversing overnight gloom but the news of a hike in industrial tariff dampened the sentiments which triggered an across-the-board selling. The
Oil prices fell two per cent on Thursday, largely unwinding an earlier rally, as massive weekly gasoline and distillate stock builds overshadowed a larger-than-expected crude stock draw. Brent crude fell by $1.57, or 2pc, to $79.01 a barrel by 11:23am EDT, after earlier rising over $1. US West Texas Intermediate crude futures fell $1.47, or 2pc, to $73.57. Low fuel demand and large inventory