State Bank of Pakistan (SBP) Islamic Finance Director Ghulam Muhammad Abbasi said on Tuesday environmental shocks have destabilised world economies as unchecked production and consumption backed by traditional finance have hurt the planet. Speaking at a two-day International Conference on Islamic Banking and Finance at the Institute of Business Management, Mr Abbasi said asset-backed Islamic fi
The insurance sector penetration has stagnated for years at less than one per cent of GDP, while several categories, including micro insurance, livestock insurance, and insurance against losses due to disaster and terrorism, were almost nonexistent. This was highlighted in a media engagement held by the Securities and Exchange Commission of Pakistan (SECP) on Tuesday. The gross premium in th
TPL Corporation Ltd said on Tuesday it’s considering the acquisition of majority shares in FINCA Microfinance Bank Ltd (FMBL) jointly with Abhi Ltd. A holding company with stakes in insurance, real estate and many other sectors of the economy, TPL Corporation Ltd said it’s signed a non-binding term sheet along with Abhi Ltd, a fintech that provides employees with earned wage access. FMBL is
The State Bank of Pakistan (SBP) has decided to set the sorting parameters of banknote processing machines. “To standardise banknote processing parameters and to ensure that different machines give uniform results while sorting banknotes under similar conditions, SBP has decided to fix sorting parameters of banknote processing machines,” said an SBP circular issued on Tuesday. In the first
Talks with Saudi Arabia on the sale of stakes in the multibillion-dollar Reko Diq gold and copper mine will begin soon, the head of the Planning Commission said on Tuesday, as a share-price evaluation of the project is now complete. Talking to the media, Dr Jehanzeb Khan stressed that the $70 billion foreign direct investment anticipated through the Special Investment Facilitation Council (SIF