Business News

Islamic banking growing in double digit compared to conventional banking

Amanullah Khan

Karachi—The size of Islamic Banking industry has grown to $1.7 trillion globally which is growing twice than the conventional system indicating that the future of financial services tied up with shariah compliance. These observations were made at the briefing organized by Standard Chartered Bank, the country’s largest and longest serving international bank, which is celebrating 10 years of Saadiq in Pakistan. Saadiq, which means ‘truthful’, is Standard Chartered’s global Islamic banking brand. Standard Chartered was the first international bank to get an Islamic Banking license in 2004 and to open the first Islamic Banking branch in Pakistan. The franchise in Pakistan comprises 116 branches in 22 cities out of which, the Bank has 10 dedicated Islamic Banking branches across the country.

Sindh Bank moving forward, spreading network

Salim Ahmed

Lahore—President and CEO of Sindh Bank Mr. Muhammad Bilal Sheikh has said the number of Sindh Bank’s branches across the country would reach 225 by the end of year 2014. “Sindh Bank is progressing and moving forward with impressive branch network across the country and growth in its clientage,” he said while addressing a gathering at the opening ceremony of Sindh Bank’s first dedicated Islamic banking (Sa’adat) branch here at Commercial Building Sharah-e-Quiad-e-Azam on Friday.

UBL Fund Managers Ltd participates in plantation, beach cleaning drives

Staff Reporter

Karachi—UBL Fund Managers Limited visited WWF Pakistan’s Wetland Center, Sandspit Beach, to plant mangrove trees and clean the beach, in collaboration with WWF Pakistan. This initiative by UBL Fund Managers Limited is an integral part of their CSR campaign and aims to highlight the importance of mangrove plantations, raising awareness among coastal communities and other stakeholders. UBL Fund Managers Limited planted 250 Mangrove trees and reviewed the progress of previous plantations done by them.

Mamnoon commends PSO stellar business performance

Staff Reporter

Islamabad—President Islamic Republic of Pakistan, Mr. Mamnoon Hussain congratulated Mr. Amjad Parvez Janjua, MD & CEO of PSO on the phenomenal success of PSO under his leadership at a meeting held in Islamabad. During the course of the meeting, the President appreciated the company’s stellar business performance and profitability and said that PSO has set new benchmarks for the corporate sector. He stated that this extraordinary business performance coupled with outstanding financial results proved that public sector companies of Pakistan can compete successfully with multinational companies as well.

Clear ownership vision needed to explore economic potential: Dr Ishratul Ibad

Amanullah Khan

Karachi—Dr. Ishrat ul Ibad Khan Governor Sindh has said, “A clear vision and sense of ownership not only brings up good leaders but helps build great institutions as well. He said that institutions were beyond individuals leading the institutions, and true leadership was vital to the entire socioeconomic growth of the country. Speaking on the subject of Thought Leadership In Knowledge Economy Dr. Ishrat Hussain said, “Business leaders face challenges both internally and externally, but business leaders cannot take good decisions internally, without considering the external issues and problems”.

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