Karachi, November 19, 2024 – E-Processing Systems Pvt. Ltd. (EPS) has achieved a major milestone by securing a commercial license from the State Bank of Pakistan (SBP) for its digital platform, OneZapp, to operate as an Electronic Money Institution (EMI). This breakthrough positions EPS to address financial exclusion and accelerate the adoption of digital payment […]
ISLAMABAD – Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a virtual meeting on Monday with the Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, and the Chairman of the Pakistan Banks’ Association (PBA), Zafar Masud, along with their respective teams. The session focused on evaluating progress and outlining new initiatives […]
KARACHI – TPL Insurance Limited, a leading provider of comprehensive insurance solutions in Pakistan, has announced a strategic collaboration with Samba Bank Limited to introduce an innovative digital transaction insurance product. This pioneering solution aims to protect Samba Bank’s customers against a range of digital transaction risks, including account takeover, unauthorized transactions, social engineering scams, […]
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has launched the Islamic Capital Market Development Committee (ICMDC) to foster growth, innovation, and resilience in Pakistan’s Islamic capital markets. The inaugural meeting of the committee, chaired by Dr. Irum Saba, Associate Professor at IBA Karachi, brought together industry experts, Shariah scholars, market stakeholders, and representatives […]
In a notable development, Habib Bank Limited (HBL) and The Bank of Punjab (BoP) have announced new monthly charges on high-value accounts, effective December 20, 2024. The revisions are part of the updated Schedule of Charges for July-December 2024. HBL’s New Fee Structure HBL has introduced a 6 percent monthly fee on checking accounts with […]
The State Bank of Pakistan (SBP) has suspended the authorization of Islamabad Exchange Company (Pvt.) Limited with immediate effect due to violations of SBP’s rules and regulations. In a statement issued by the central bank, it was confirmed that the company, including its head office and all authorized branches, has been barred from conducting any […]
Riyadh — Credit card loans by Saudi banks hit a record high of SR30.27 billion ($8.07 billion) in the third quarter of 2024, marking a significant 14.24 percent increase compared to the same period last year, according to data released by the Saudi Central Bank (SAMA). The surge in credit card borrowing reflects evolving consumer preferences driven […]
Karachi, Pakistan — National Bank of Pakistan (NBP) has taken a pioneering step as the first conventional bank to introduce a co-badged debit card, blending the features and benefits of both PayPak and Mastercard networks. The official signing ceremony for the NBP PayPak Mastercard Debit Card Project was held recently, presided over by Mr. Rehmat […]
Islamabad: November 15, 2024 Bank Alfalah Limited (BAFL) has received in-principle approval from the State Bank of Pakistan (SBP) and the Bangladesh Bank to allow Hatton National Bank PLC (HNB) of Sri Lanka to conduct due diligence on its operations in Bangladesh. This update was announced by BAFL in a notice to the Pakistan Stock […]
In a recent development, Bank Alfalah Limited (BAFL), one of Pakistan’s leading commercial banks, has officially withdrawn its public announcement of intention (PAI) to acquire a majority stake in Samba Bank Limited. The decision follows the Saudi National Bank’s (SNB) termination of its plans to divest its approximately 84.51% stake in Samba Pakistan. BAFL had […]