Eligibility of GoP Ijara Sukuk in Musharaka Pool
Staff ReporterKarachi—State Bank of Pakistan (SBP) has notified that now un-encumbered Government of Pakistan (GoP) Ijara Sukuk may be included in the Musharaka Pool (MP), created under Islamic Export Refinance Scheme (IERS).
According to a SBP circular here on Wednesday addressed to the Presidents/Chief Executives of all Islamic banking institutions (IBIs), this inclusion will be subject to the following conditions: I) Maximum limit for Islamic Bank Institutions’ investment in GoP Ijara Sukuk eligible for IERS MP shall be 50 percent of their total share of financing in the MP. II)
Mobilink Foundation, UNESCO sign accord
Staff ReporterIslamabad—Mobilink Foundation and the United Nations Educational, Scientific and Cultural Organization (UNESCO) have signed an agreement to enhance the award winning ‘SMS Based Literacy’ program.
The ‘SMS Based Literacy’ program uses Short Messaging Service (SMS) to impart education to learners across Pakistan. The program was conceived by UNESCO Islamabad, who started piloting this project with Mobilink in May 2009. The fourth (4th) phase, in 2013, will include two projects with the first being the continuation of the SMS based literacy initiative for learners with an extended outreach across Punjab, KPK, FATA and Sindh. The second project extends the outreach of the program to help enhance the capacities of participating teachers across Pakistan.
Large gold mine discovered in Xinjiang
Staff ReporterIslamabad—Geological workers have discovered a large goldmine in north west China’s Xinjiang Uygur Autonomous Region, officials said. With gold reserves of at least 53 tonnes, the mine in Xinyuan County in the Ili Valley is expected to have an economic value of 20 billion yuan (3.2 billion US dollars), said Zeng Xiaogang, head of the region’s geology and mineral resources bureau, Xinhua reported.
Life Insurance cover offered to overseas Pakistanis
Staff ReporterIslamabad—Xpress Money in association with Union Insurance - one of the leading insurance firms in the Gulf Co-operation Council (GCC) region, today launched remittance industry’s first free life insurance for overseas Pakistanis working in the Kingdom of Saudi Arabia (KSA) and Kuwait. Designed specifically to suit the blue collared population, this monthly renewable free life insurance scheme, is available to any person remitting money through Xpress Money.
SECP issues license to non-life insurance co
Staff ReporterIslamabad—The Securities and Exchange Commission of Pakistan (SECP) has issued a license to the Sahara Insurance Company Limited (SICL). A statement issued by the Commission here Wednesday said that SILC is a wholly-owned subsidiary of the Employees Old-age Benefits Institution (EOBI) to transact non-life insurance business in the country.
With continuing emphasis on social insurance, the EOBI decided to incorporate the SICL with the primary objective of providing health insurance coverage to the EOBI pensioners, aged between 60 and 70. In addition, accidental death and disability coverage will be provided to expatriate Pakistanis working abroad.
Exports surge 13.38pc to 1.941tln in 10 months
Staff ReporterIslamabad—Pakistan’s exports in rupees term surged by 13.38 percent to Rs1.941 trillion during the first ten months of the current fiscal year as against the corresponding period of last year. Exports from the country during July-April (2012-13) were recorded at Rs1,941,654 million against the exports of Rs1,712,557 million during July-April (2011-12), according to the latest data of Pakistan Bureau of Statistics.
FPCCI demands disbandment of TOR
Amanullah KhanKarachi —Rejecting Trade Organizatgion Rules (TOR), the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded of the government to do away with the DGTO having vast discretionary powers to exploit trade bodies.
The TOR 2013 came to under discussion at the Executive Committee Meeting of FPCCI held at Islamabad Chamber of Commerce and Industry with Zubair Ahmed Malik, President, FPCCI in the chair the meeting was attended by the office bearers, presidents and chairmen of various chambers of commerce and industry and associations respectively as well as a large number of Executive Committee Members of FPCCI from across the country.
ICCI urges resolution of issue of Rent Control Act
Staff ReporterIslamabad—A delegation of Islamabad Chamber of Commerce and Industry (ICCI) led by its President, Mr.Zafar Bakhtawari have a meeting with Mr.Tariq Fazal Chaudhary and congratulated him on winning election from NA-49 Islamabad in recent Elections.
Speaking on the occasion, Mr.Tariq Fazal Chaudhary said that he would make all-out efforts for the development of rural parts of Islamabad as NA-49 consists on 70 percent rural parts of Islamabad and 30 percent urban areas. He said that his party would launch development projects throughout the country as PML-N leadership had already delivered various development projects to the masses in past and it would continue its struggle to make the country prosperous.