SBP seeks list of defaulters, forgerers from banks to place in ECL
Staff ReporterKarachi—State Bank of Pakistan (SBP) has sought updated list of defaulters and fraudsters from all banks for putting their names in Exit Control List (ECL). As per Banking Policy Regulatory Department Circular No 9, issued by SBP for banks, a revised policy for placing the name of defaulters and forgerers in ECL has been evolved.
128 MW Keyal Khwar Hydropower Project approvedIslamabad—The Executive Committee of National Economic Council (ECNEC) approved a summary for the setting up of 128 MW ‘Keyal Khwar Hydropower Project’ with a rationalised cost of Rs 27.8 billion and an “Emergency Plan for Polio Eradication” from the country with a total capital cost of $326.838 million. The summary was approved by the ECNEC, under Finance Minister Ishaq Dar, at the Prime Minister’’s Office.
BOK declares H1 results, posts 15pc profit increase
Staff ReporterPeshawar—The Bank of Khyber (BOK) has shown remarkable results for the half year ended June 30, 2014, said a spokesman for the bank here Saturday. The Bank managed to post a pre-tax profit of Rs. 969 million against Rs. 823 million of the corresponding period of 2013 showing an increase of 18%. Profit After Tax (PAT) stood at Rs. 634 million thus showing an increase of 15% over the corresponding period.
KSE-100 drawing strength from foreign investors
Amanullah KhanKarachi—The stock market, though volatile, somehow managed to extend modest gains this week, rising 1.5%WoW, crosses the 30,000 psychological barrier on the last trading session of the week. Although lack of certainty on the political front kept limited local participation, causing average traded volume to fall 25.9%WoW to 130.6mn/day yet the interest of foreigners remained intact which provided major support to the market this week reflected in foreign investment portfolio estimated at US$18.7million.
ICAP council announces office bearers for 2014-15
Staff ReporterKarachi—The Council of the Institute of Chartered Accountants of Pakistan (ICAP) in its 257th meeting elected office bearers for the year 2014-15 today. The Council unanimously elected Mr. Yacoob Suttar as President of the Institute, Syed Najamul Hussain as Vice President-South and Mr. Mohammad Maqbool as Vice President-North.
Jubilee Life gets 2nd FPCCI Achievement Award
Observer ReportKarachi—Jubilee Life, Pakistan’s largest private sector insurer, has been awarded 2nd- FPCCI Achievement Award by The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for introduction of Micro-insurance services for low income people (life and health). Jubilee Life is the only life insurance company to be honoured with the prestigious FPCCI Achievement Award for the second consecutive year.
Lifestyle Expo ‘Aalishan Pakistan’ at New Delhi attracts massive customers
Staff ReporterNew Delhi—Lifestyle expo ‘Aalishan Pakistan’ saw a weekend frenzy as shoppers came in huge numbers to get a piece of Pakistani fashion and lifestyle at Pragati Maidan, New Delhi. Both Hall no. 14 & 18 were packed with gleeful visitors who were seen carrying a bunch of shopping bags from brands from across the border like Bareeze, Orient, Khaadi, Gul Ahmed, Dynasty, Dawood Textiles, Hadiqua Kiyani, kidswear brand Pinks & Blues, and home décor company Salman Traders for their marble wares, to name a few. As many as 300 exhibitors from the neighbouring country are showcasing fashion and lifestyle products at ‘Aalishan Pakistan’ exhibition which is on till 14th September 2014.
SECP evolving efficient Islamic financial systemIslamic financial assets continues upward trend to cross $ 2 trillion
Islamabad—SECP is striving to establish a comprehensive Islamic financial system to cater for the needs of people, which are not inclined to use conventional financial products, a top government official said on Saturday. Today, the Islamic financial industry has expanded beyond the traditional borders of the Islamic world into the major industrial economies to become an integral component of the global financial system, said Chairman SECP Tahir Mehmood. Speaking at inauguration ceremony of United Window Takaful Operator (Amaan), the first window Takaful (Islamic insurance) operator in Pakistan, he said that SECP has permitted conventional insurance companies to launch Takaful operations which will result in rapid development of this sector.