ISLAMABAD: November 11: The Securities and Exchange
Commission of Pakistan (SECP) has issued a regulatory directive to the life
insurers to file their products in accordance with the standardized submission
requirements. The existing insurance regulatory framework describes the broad
type of product-related information to be submitted at the time of registration
of a life insurer or at the time of introduction of new products or amendments
to existing products.
Monday, November 11, 2013
WORKERS’ REMITTANCES RISE OVER 6%, SBP
Overseas Pakistani
workers remitted an amount of $5275.61
million in the first four months (July – October) of the
current fiscal year 2013‐14 (FY14), showing a growth of 6.27 percent when
compared with $4964.21
million received during the same period of last fiscal year (July- October FY13).
The inflow of remittances in July- October
FY14 from Saudi Arabia, UAE, USA, UK, other GCC countries (including Bahrain,
Kuwait, Qatar and Oman), and EU countries amounted to $1459.63 million, $1060.93 million, $850.05
million,
$807.63 million, $604.46 million and $149.30
million
respectively as compared with the inflow of $1308.61 million, $1046.83 million,
$841.28 million, $697.33 million, $559.51 million and $134.53 million
respectively in July- October FY13. Remittances received from Norway,
Switzerland, Australia, Canada, Japan and other countries during the first four
months of current fiscal year amounted to $343.61 million as against $376.12
million received in the first four months of last fiscal year.
Wednesday, November 6, 2013
Old design banknotes of Rs 50 & Rs 1000 to phase out

SBP launches Livestock Insurance Scheme for borrowers
The State Bank
of Pakistan, in collaboration with SECP, banks, insurance companies and provincial
livestock & dairy departments, has developed a framework for Livestock
Insurance for borrowers. It is aimed at improving access to finance to the livestock
& dairy sector by mitigating risk of loss of livestock due to disease,
natural calamities & accidents.
The livestock
sector contributes 55% in Agriculture GDP and 11.4% to the overall GDP. It
is an important tool for poverty alleviation
and for raising the living standards of the poor especially in rural areas.
However, banks’ financing to Livestock/Dairy & meat is only Rs 56 billion which
constitutes 17% of total agri. lending of Rs. 336 billion in 2012-13. One
of the major reasons for modest off take of credit to this sector is the limited availability of appropriate insurance products or
other risk mitigation tools.
Monday, October 14, 2013
National Bank of Pakistan win award
Karachi : CFA
Association of Pakistan has declared NBP the winner for the “Transaction
of the Year-2012” for Sell-Side Advisory forthe sale of shares of
Agritech Limited by AzgardNine Limited (ANL). The CFA Association
of Pakistan’s panel of independent judges, based their decision on the
innovativeness of structure, suitability to customer’s requirements,
transaction size, width of distribution and the transaction’s impact on
Pakistan’s financial markets and determined
NBPasa winner.
Tuesday, October 8, 2013
SECP facilitates companies on the election of directors
ISLAMABAD, October 7: The election of
directors of the companies is held in general meetings, on completion of
the term of office of directors after every three years as laid down in
Sections 178 and 180 of the
1984 Companies Ordinance.
ETIHAD AIRWAYS TO LAUNCH FLIGHTS TO LOS ANGELES
Karachi: October 8,
2013 – Etihad Airways, the national airline of the
United Arab Emirates (UAE), today announced the launch of direct flights to Los Angeles, California.
The
expansion of its US operation
will see the airline commence non-stop daily flights between its Abu Dhabi home-base (AUH) and Los Angeles (LAX) from June 1, 2014, subject
to regulatory approvals. The Californian city will be Etihad Airways’ fourth US destination, joining Chicago, New York
and Washington D.C, and will see the airline provide 28 return flights each
week between the UAE and US. The announcement was made by James Hogan, Etihad
Airways’ President and Chief Executive Officer in Los Angeles today, Monday, October 7.
Friday, October 4, 2013
Pakistan renowned bank HBL struck a deal with 2 big FMCG companies to provide credit line to their dealers. This deal will help HBL to improve private off take. HBL's Abid Sattar Head of global operations and Munib Shah GM business policy jointly issue a policy in this regard. In this letter staff of HBL informed that the bank in a deal with Nestle Pakistan and Unilever Pakistan for the Dealer Finance scheme. This Scheme was introduced in March 9, 2011 only for the Point of sales. HBL send a 29 page letter with procedures to all branch managers, and relevant officers and departments. Dealer Finance Facility is a controlled overdraft facility which is only to be utilized for financing of purchases by Nestle and Unilever. Over draft shall only be used to make payments of designated accounts of Nestle and Unilever collection accounts operated by HBL. Nestle Pakistan dealer could obtain up to PKR 100 million and Unilever Pakistan dealers allow up PKR 75 million. Opening of these overdraft accounts only allowed after fulfilling KCY and AMI laws of central bank. An analyst says this will improve HBL private credit with secure recovery. This will also improve the sales of both companies.
Pakistan renowned bank HBL struck a deal with 2 big FMCG
companies to provide credit line to their dealers. This deal will help HBL to improve private off take. HBL's Abid Sattar Head of global operations and
Munib Shah GM business policy jointly issue a policy in this regard.
Thursday, October 3, 2013
Fresh banknotes to be made available before Eid-ul-Azha
The State Bank of Pakistan will issue fresh banknotes of all
denominations to general public during the upcoming Eid-ul-Azha season.
Issuance of fresh banknotes from SBP BSC counters and designated branches of
commercial banks will commence with immediate effect and continue till the last
working day before Eid-ul-Azha. Fresh notes of any denomination can be obtained
from 16 field offices of the SBP BSC as well as designated branches of the
commercial banks across the country against exchange value.
Tuesday, September 24, 2013
Eletronic Payment System and Mobile Banking
More than 300
ATMs were installed and dozens of bank branches added to the online branch
network in the country in the fourth quarter of FY13. According to Payment
Systems Review of 4th Quarter (April to June) FY13 released by the
State Bank of Pakistan, the installation of 308 ATMs brought the total number
to 6,757. Altogether, 67 more bank branches were added to the online branch
network which makes a total of 10,013 branches that are now offering RTOB
services out of 10,581 total bank branches across the country.
The Review said
that, compared with the preceding quarter, number of plastic cards (credit
cards, debit cards, ATM only cards, smart cards, Islamic credit cards) issued
to customers increased by 2.53 percent in the fourth quarter of FY13, thus bringing
the total number of plastic cards issued to 22.32 million. In comparison with
other plastic cards, ATM Only Cards shown the highest growth rate of about 4.56
percent, which has raised the total number of ATM Only Cards issued so far to
962 thousand, although debit cards have the highest percentage share in overall
plastic cards which is more than 90 percent. Transactions through debit cards
also increased both in volume and value.
According to the
Review, the volume of overall e-banking transactions during the quarter also
depicted a growth of 6.42 percent which is equal to 87.49 million transactions.
Of all the e-banking transactions, mobile transactions showed the highest
percentage increase as compared to the previous quarter of current fiscal year.
These transactions increased by 18.05 percent in terms of volume reaching to 1.32
million as compared to 1.12 million in the preceding quarter. The value of
mobile transactions again showed the highest percentage increase as compared to
the previous quarter as the value increased by 34.35 percent reaching to Rs.
9.9 billion as compared to Rs. 7.3 billion in the preceding quarter.
The Review said
that in terms of volume of overall e-banking transactions, ATM transactions
have a major share of 63.70 percent and average value per transaction stands at
Rs. 10,007. In comparison with the number of transactions reported in the third
quarter of the current fiscal year, the overall volume of ATM transactions
increased by 8.00 percent and the value increased by 8.02 percent. During the
quarter 559 more Point of Sale machines were installed by various banks across
the country.
During this
quarter, the recorded volume and value of large value payments through RTGS was
134,738 and Rs.41.72 trillion respectively. This showed a 11.02 percent
increase in the volume and 5.88 percent in the value as compared to the figures
reported in the third quarter of current fiscal year. The major portion for the
increased number of overall PRISM transactions in this quarter was contributed
by IBFT which increased by 11.49 in volume percent and 23.63 percent in value.
Moreover, IBFT has largest share in overall PRISM transactions in terms of
volume while securities transactions has highest share in terms of value which
are 78.70 percent and 60.33 percent respectively.
Tuesday, September 17, 2013
SECP starts 73 show-cause proceedings against CEOs, directors and auditors
ISLAMABAD,
September 17: As part of its mandate to safeguard the investors’
interest in both listed and unlisted
corporate sector, the Enforcement Department of the SECP in July and
August initiated 73 show-cause proceedings against chief executives,
directors and auditors in view of the breaches of statutory requirements
related to takeover regulations, issuance of
auditors’ reports, powers of directors, holding and proceedings of
annual general meeting, direction to hold over-due annual general
meetings, investment in associated companies and undertakings, reporting
of facts, employees’ provident funds, circulation
of financial statements, disclosure of directors’ interests, treatment
of surplus on revaluation of fixed assets, and security deposits.
Effective corporate governance is bridge between owners, stakeholders
KARACHI,
September 17: Corporate Governance offers a practical solution to the challenge
of a good relationship between owners and other stakeholders which becomes more
complex when a business expands.
The
corporate governance system puts in place the policies and procedures to manage
effective organizational setup that defines roles and responsibilities.
Monday, September 9, 2013
UBL Bank (Tanzania) Limited Inaugurated by H.E Dr. Mohamed Gharib Bilal
The Vice President of Tanzania, His Excellency Dr. Mohamed Gharib
Bilal yesterday inaugurated UBL Bank (Tanzania) Limited (UBTL), in an
impressive ceremony at the Bank’s premises, located in the heart of the
city centre of Dar es Salaam. The launch was attended by a wide cross
section of dignitaries & luminaries from different walks of life
including HE, the High Commissioner of Pakistan, Mr. Tajammul Altaf, Mr.
A Kobello, Director, Bank of Tanzania, diplomats, CEOs, and senior
officials of the UBL Group, including Sir Mohammed Anwar Pervez, OBE
HPk, Deputy Chairman of the UBL Board of Directors & Chairman
Bestway Group, Mr. Atif R. Bokhari, UBL’s President & Chairman of
the Board of Directors of UBTL, Mr. Zameer Choudrey, CEO Bestway Group
& Director United Bank Limited, Mr. Wajahat Husain Head of UBL
International & Director UBTL, and Mr. Rayomond Kotwal, UBL CFO
& Director UBTL.
Over the last five decades, UBL’s global network has grown to over 1,300 branches, across UAE, Bahrain, Qatar, Yemen, USA and Pakistan.
Over the last five decades, UBL’s global network has grown to over 1,300 branches, across UAE, Bahrain, Qatar, Yemen, USA and Pakistan.
SECP revising NBF sector regulatory framework
ISLAMABAD,
September 9: Keeping in view the inherent risks in the present
composition of the financial sector, the Securities and Exchange
Commission of Pakistan (SECP) is the process of revising the NBF sector
to reform the entire financial sector.
Mr.
Imtiaz Haider, the SECP Commissioner for Specialized Companies
Division, has said that the roadmap was rolled out in the form of a
report
in March 2013. In the said report, the SECP suggested to develop an
alternative financial system by way of promoting non-bank financial
(NBF) sector to diversify the inherent systemic risk and provide
different asset classes to promote savings as well as meet
the specific needs of participants. Other recommendations included some
macro-level suggestions regarding taxation regime, encouraging
long-term savings and channeling these savings to under-served segments.
Friday, September 6, 2013
SECP registered 275 new companies during August
SECP registered 275 new companies and licensed 3 nonprofits in August
ISLAMABAD,
September 6: The Securities and Exchange Commission of Pakistan (SECP)
registered 275 new limited liability companies in August,
bringing the total corporate portfolio to 62,258 companies.
In
the corresponding month, last year, 274 companies were registered. In
addition to the companies registered, the SECP issued licenses to
3 non-profit associations under Section 42 of the 1984 Companies
Ordinance.
Thursday, September 5, 2013
WITHDRAW IMPOSITION OF ‘CAPACITY TAX’ ON THE BEVERAGE INDUSTRY
CCP RECOMMENDS TO GOVERNMENT TO WITHDRAW
IMPOSITION OF ‘CAPACITY TAX’ ON THE BEVERAGE INDUSTRY
ISLAMABAD, 04 SEPTEMBER 2013: The Competition
Commission of Pakistan (CCP) has issued a Policy Note to the government
recommending it to withdraw the imposition of ‘capacity tax’ on the beverage
industry.
Soon after Dr. Joseph Wilson taking charge as
Acting Chairman, the CCP became functional again and took notice of various
news items raising concerns by the beverage industry on the imposition of
Federal Excise Duty (FED) and Sales Tax, vide notification SRO No. 649(I)/2013
dated 9th July, 2013 on production/installed capacity instead of actual sales.
Strategic Investors of TSML Appreciate NBP Efforts
Strategic Investors of TSML Appreciate NBP Efforts
KOREAN DELEGATION FROM AL-TUWARQI GROUP OF SAUDI ARABIA AND POSCO STEEL OF KOREA VISITED NBP HEAD OFFICE
Karachi:
“At one stage the future of TSML was in doldrums but project was
completed in time and commenced operation in January this year. This
would have not been possible without
the active support of National Bank of Pakistan. Now we are in the
process of expanding our operations and one such project is use of local
iron ore, for which testing has started today”, these were the opening
remarks of Mr Zaigham Adil Rizvi, Country Head
and Director projects Tuwairqi Steel Mills Limited (TSML) when has
visited NBP Head Office along with his Korean joint venture partners,
POSCO.
Friday, August 30, 2013
SECP deposits Rs2.368 billion in national exchequer
SECP deposits Rs2.368 billion in national exchequer
ISLAMABAD, August 30:
The
Securities and Exchange Commission of Pakistan (SECP) has deposited the
accumulated surplus of Rs2.368 billion to the Federal Consolidated Fund
(FCF). The money has been deposited
in the federal government’s account with the State Bank.
Ishaq Dar Meeting With Bankers and Exchange Companies
The Finance
Minister Senator Muhammad Ishaq Dar held a meeting with chief executives of local
and foreign banks, corporate leaders, and representatives of Exchange Companies
today at SBP Karachi. The Governor SBP was also present on the occasion. The
Finance Minister said the focus of the present government was to secure
financial discipline which had been diluted over the previous years, and focus
on real economy which is agriculture and industry. He was appreciative of the lower
differential between the inter-bank and open market rates and urged the
Exchange Companies to play their due role in maintaining stability in the
market and curbing speculative sentiments.
Thursday, August 29, 2013
NBP Customers to enjoy Branchless Banking services through UBank
Karachi,
August 29, 2013: The strategic alliance between U Bank and National Bank of
Pakistan will offer tremendous benefits to the clients. Though, the agreement
signed between the two giants is aimed at offering ‘branchless banking’, being
part of financial inclusion program, it will change the way people will perform
banking transaction.
Wednesday, August 28, 2013
STATE BANK MUSEUM OPNE SATURDAYS AND SUNDAYS
The State Bank Museum
& Art Gallery, Karachi will now remain open for public on Saturdays and
Sundays also from 9.00 am to 5.00 pm from 31st August, 2013. However, the Museum will remain closed on
Fridays.
Museum was inaugurated
on 1st July, 2011. Museum timings were as per the office timings of
the Bank, but due to high public demand State Bank of Pakistan has decided to
open it on Saturdays and Sundays.
Friday, August 23, 2013
Dr. Joseph Wilson as Chairman CCP on Acting Charge basis
PML(N) government after almost 3 months in power fails to find any person to chair Competition Commission of Pakistan (CCP). The Prime Minister of Pakistan has appointed Dr. Joseph Wilson as the
Chairman of the Competition Commission of Pakistan (CCP) on acting charge basis
with immediate effect and until further orders.
NBP Relase Halfyearly financial results
National Bank of Pakistan recorded
after
tax profit of Rs 6.0 billion with Earnings per share of Rs. 2.83.
Pre-tax
return on equity stands at 15.1% with pre-tax return on assets being
1.2%. This was announce by NBP management after the Board of Directors
meeting.
The Board of
Directors of National Bank of Pakistan (NBP) in their meeting held on August 22,
2013 at the Head Office, Karachi approved the Financial Statements of the Bank
for the six months period ended June 30, 2013.
Total operating revenues
increased by Rs. 1,443 million or 4.6% from corresponding period last year. Non-interest
income increased by an impressive 24%. Pre provision profit of the bank stood
at Rs.15, 844 million which is higher by 5.5% from last year reported number.
SECP forms Shariah Advisory Board
ISLAMABAD,
August 23: The Securities and Exchange Commission of Pakistan (SECP) is
pleased to announce the formation of the Shariah Advisory Board (SAB),
which would be responsible to harmonize
the Shariah interpretations and strengthen the regulatory and
supervisory oversight of Islamic financial institutions (IFIs) and
Islamic capital markets (ICMs) in Pakistan.
Monday, August 19, 2013
ABL and ENGRO will announce financial statement
In next 2 days one bank and one big corporation will
announce its results. Financial results of Allied Bank will be announced
on August 21 and ENGRO will revile its financial statement on August
22, 2013. Stock market experts says both companies will show profits.
Labels:
ABL,
Allied Bank,
ENGRO,
EPS,
Karachi Stock Exchange,
loose
Friday, August 16, 2013
Pakistan Stock Market Weekly Review
The KSE-100
Index gained 1.88%WoW to close at 23,673 points this week while average daily
volumes recovered to 220.5mn shares after relatively subdued volumes last week.
Key news flows this week included 1) tension between India and Pakistan
escalated with exchange of fire over the border,
STATE BANK FULL FILL IMF CONDITION
STATE BANK IMPLEMENTS BALANCE OF PAYMENTS MANUAL (BPM6)
The Statistics and Data Warehouse Department of the State Bank of Pakistan has initiated transition towards disseminating the balance of payments of Pakistan on the basis of methodology set out in the 6th edition of the IMF’s Balance of Payment and International Investment position Manual (BPM6) beginning with July 2013.
Thursday, August 15, 2013
Overseas Pakistanis remit $1.4 billion in July
Overseas
Pakistanis remitted an amount of $1,404.39 million in July 2013 of the current
fiscal year (FY14), showing an impressive growth of 16.57 percent or $199.68
million compared with $1,204.71 million received during the same month of the
last fiscal year (FY13).
FLAG HOISTING NBP HEAD OFFICE AT THE INDEPENDENCE DAY
Karachi: In commemoration of Pakistan Independence Day, a flag hoisting ceremony was held at 3rd
floor, NBP Head Office Building in consonance with playing of National
Anthem and flag hoisting at
Islamabad/throughout the country. NBP executives and employees prayed
for the country and countrymen. NBP Building was illuminated for last
few days on the occasion of Independence Day.
Wednesday, August 7, 2013
High court suspended session court order in SECP
ISLAMABAD, August 6: The
Islamabad High Court (IHC) has suspended the impugned order of a session
court that ordered registration of FIR against senior officials of the
Securities and Exchange Commission of Pakistan
(SECP), stating that no cognizable offence has been occurred.
Monday, August 5, 2013
Higher interest rates ahead can stall Market rerating
Driven
by higher GST, higher food prices and increase in petroleum product prices, CPI
has jumped by 2.0%MoM to 8.3% in Jul'13. This is the highest increase in
headline inflation since Sep'12 (+8.8%YoY). At the same time, core (trimmed)
inflation has also jumped to 7.8%YoY in Ju'13 vs. 6.8%YoY in the previous
month.
Tuesday, July 30, 2013
HBL staff to obtain Educational allowance
Habib Bank human resource department has started guiding their staff about the procedure of obtaining educational allowance for their children. As per agreement between HBL management and staff CBA and officer unions, Bank will provide some amount for the children who are studding on collage or school level.

The Academic Session of all the institutions for the year 2012-2013 has completed and the Academic Session for the year 2013-2014 is about to commence.
You are therefore, requested to advise all concerned staff to submit fresh Admission Receipts / Marks Sheets / Monthly Performance Reports / Fees Payment Receipts etc. of their children who are still receiving education, along with enclosed forrn to continue their education allowance for the next Academic Session.
NBP the largest and the most efficient lender to farmer
Among all the financial institutions
involved in lending to farmers National Bank of Pakistan (NBP) achieved nearly
120% of its target in agri loans and the second best performer after Allied Bank
Limited (ABL), which has achieved 146% of the allocated target for the year
ended June 30, 2013.
However, among the ‘Big Five’, NBP
is the largest and the most efficient lenders to the farmers. This conclusion
can be drawn if one compares NBP and ABL.
The first parameter is over all size
of disbursement. While NBP disturbed over Rs57 billion, ABL lent Rs27 billion
only.
Thursday, July 25, 2013
Bank Alfalah And Pakistan Bait-Ul-Mal Launch Bio Metric Based Payment
Karachi, July 25, 2013:
Bank Alfalah has signed an agreement with Pakistan Bait-ul-Mal (PBM) for
introducing a biometric based payment disbursement solution to its
beneficiaries in different parts of the country. Under the agreement, the
Bank will provide cash disbursements via its branchless banking offering to the
beneficiaries of the Bait-ul-Mal Child Support Program as a pilot program
(initially in the districts of Swat). Once successfully complete, this
transparent disbursement mechanism may be extended at a broader scale to other
areas in Pakistan.
NBP re-launch Islamic banking
Karachi: National Bank of Pakistan has decided to re brand and re-launch its Islamic banking after the gap of almost 4 years. NBP Islamic Banking re-launched under the new brand name, AITEMAAD, means trust.

National bank open its Islamic banking branches during 2006 to 2009. NBP not
able to focused on Islamic banking in last 4 years and no new Islamic banking
branch added into the network, the number has not gone beyond 8 over the years.
Implementation Date of Public Sector Companies
ISLAMABAD, July 24: The federal government has extended the date of implementation of the 2013 Public Sector
Companies (Corporate Governance) Rules, 2013 to August 8, 2013.
The rules issued by the Securities and Exchange Commission of Pakistan
to provide a governance framework for the public sector companies are
aimed at turning around their performance, minimizing
political interference in their management and ensuring effective use
of public assets and resources. The rules are available at the SECP’s
website (www.secp.gov.pk).
Tuesday, July 23, 2013
Banks Surpass Annual Agri Credit Disbursement Target
Banks have surpassed the agricultural credit
disbursement target of Rs. 315 billion set by the SBP for the year ending 30th
June 2013. Against the indicative target of Rs 315 billion, the banks disbursed
Rs 336.1 billion, which is Rs 21.1 billion in excess of the target for
FY2012-13 and 14.4% higher than the last year’s disbursements of Rs 293.8
billion. Further, the agri. outstanding portfolio stands at Rs 257.0 billion at
end June, 2013 showing an increase of 16% compared with the last year position
of Rs 221.5 billion.
SBP Make Express Centers To Disburse Fresh Currency Note
The State Bank of Pakistan (SBP)
has decided to fully utilize the large network of over 10,000 commercial banks
branches all over the country, and all field offices of SBP Banking Services
Corporation (BSC) for distribution of fresh currency notes to the general
public during the holy month of Ramazan 2013.
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