On Thursday, the Federal Shariat Court deemed Pakistan’s Interest Act 1839 un-Islamic, ordering the government to replace the Riba-based financial system with an Islamic one within five years.On April 12, a full bench of the Federal Shariat Court (FSC), led by Chief Justice Muhammad Noor Meskanzai and included Justice Dr.Continue Reading
As part of the bank’s goal to consolidate its overseas operations and increase its focus on local and lucrative businesses across the country, Habib Bank Limited (HBL) is closing its branch in Lebanon.The bank has started the process of winding down its Lebanon business in a controlled manner. According toContinue Reading
Despite slow development since February and growth in economic activity fluctuating about 4% for the previous two months, inflationary and external sector risks are generating macroeconomic imbalances in the nation, according to the Ministry of Finance’s Monthly Economic Update & Outlook.Furthermore, economic activity in Pakistan’s major trading partners has beenContinue Reading
CAIRO, Egypt (AP) – Saudi Arabia offered a $5 billion aid package for cash-strapped Egypt on Wednesday, where the economy is under strain due in part to the economic consequences from Russia’s conflict on Ukraine. The monies, which were placed in Egypt’s Central Bank, are part of Saudi Arabia’s “tirelessContinue Reading
As investors and traders considered the latest developments in the Ukraine crisis and more hawkish statements from US Federal Reserve officials, Asian stocks dipped on Thursday (March 24), while the sell-off in US Treasuries stalled and oil prices increased. The Nikkei 225 index of Japan started the morning session downContinue Reading
ISLAMABAD, Pakistan – On Saturday, Prime Minister Imran Khan stated that timely steps to reduce the current account deficit are bearing fruit. The Prime Minister stated in a tweet that the current account deficit reduced to $0.5 billion in February, which is $2 billion less than in January and theContinue Reading
ISLAMABAD, Pakistan (APP) – Shaukat Tarin, Minister of Finance and Revenue, stated that the country was on solid economic footings, citing the most recent statistics on important economic indices. The finance minister mentioned substantial industrial growth in February and a considerable fall in inflation in the previous week on hisContinue Reading
ISLAMABAD, Pakistan (APP) – Federal Minister for Finance and Revenue Shaukat Tarin met with a team from the Pakistan Pharmaceuticals Association (PPMA) led by its chairman, Qazi M Manzoor, on Tuesday in Islamabad. According to a ministry news statement, the PPMA chairman praised the finance minister for addressing the concernsContinue Reading
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