Tag: Islamic

PESHAWAR - A bomb blast targeting a religious party chief killed at least 13 people and wounded 20 others in a northwestern Pakistani town Thursday, police said.
The bombing took place in the town of Charsadda, close to the convoy of Maulana Fazlur Rehman, leader of the Jamiat Ulema-e-Islam (JUI-F) party -- the second attack against the politician and his supporters in as many days.
"At least 13 people were martyred including three police officials and 20 others were wounded

LAHORE - International Conference on Islamic Banking and Finance is going to be held in Mauritius on April 5-6, 2011. Its purpose is to extend the roadmap for the promotion of Islamic banking in African continent.
It is revealed that Muslim percentage in 61 countries of Africa is about 51 percent which shows that there is evident room for the promotion of Islamic banking and finance in the continent which is also a dire need of the hour to extend working collaboration in the

LAHORE - Punjab Governor Sardar Latif Khosa said on Sunday that Raymond Davis was released by the court as he was pardoned by families of murdered persons after taking blood money of Rs 200 million which was in accordance with Shariah laws.
Talking to the media at the marriage ceremony of daughter of Habibur Rehman aka Mani Pehalwan, a senior worker of the PPP, he said that the court had quizzed all 19 members of the family before the decision and their affidavits were presented

KARACHI - Standard Chartered Bank (SCB) Pakistan announced the appointment of Azhar Aslam as Head of Islamic Banking. Azhar joins the Bank from Dubai Islamic Bank where he was Country Head of Corporate and Investment Banking. With an over 15 years of experience in the banking industry, Azhar has worked in senior positions - managing large local corporate, public sector and multinational entities.
Standard Chartered Pakistan Chief Executive Mohsin Nathani said, "We strongly

LAHORE - If the Holy Prophet (PBUH) brought one message then there should be no divide amongst the Muslims, Consul General of Islamic Republic of Iran Ali Nikan said in a function held by the Pak-Iran Friendship Association on the 32nd anniversary of Islamic revolution of Islamic Republic of Iran and in commemoration of the auspicious occasion of the birth of the Holy Prophet (PBUH) at a local restaurant on Monday.
Senior journalist and political analyst Mujeeb-ur-Rehman Shami,

KARACHI - The State Bank of Pakistan (SBP) on Wednesday revised upward Statutory Liquidity Requirement (SLR) for the Islamic banks and Islamic banking branches.
The central bank under Section 36 of the SBP Act, 1956, and Section 29 of the Banking Companies Ordinance, 1962 made and notified changes in its earlier circulars, BSD Circulars No 26 of October 17, 2008 and No 13 of June 09, 2008, through issuing DMMD Circular No 1 of 2011.
To come into effect from April 1, the

ATHENS - Greek police clashed with protesters on Wednesday as around 100,000 workers, pensioners and students marched to parliament in protest at austerity policies aimed at helping Greece cope with a huge debt crisis. Riot police fired scores of rounds of teargas and flash bombs at protesters hurling petrol bombs, choking the main Syndagma square with smoke and sending crowds of striking protesters running for cover.
Public and private sector employees' 24-hour strike grounded

COMMENT - Pakistan is an Islamic Republic. This entails that the laws of trade and commerce must function in the light of Islam. Therein lies a contentious dispute between those who advocate a concerted drive to return towards medieval trading practices and businessmen who favour a predatory Laissez faire economic system. A path towards balance and moderation must be charted.
However, to define the Islamic economic system precisely is a difficult proposition. Firstly, the clergy,

KARACHI - State Bank of Pakistan (SBP) Deputy Governor Yaseen Anwar has said that the central bank is committed to provide a supportive legal, policy and regulatory framework for the cultivation of Islamic banking in the country.
He was delivering an address at an event, 'Narrowing the gap between philosophical underpinnings of Islamic finance and its practices', presented by Dr Abbas Mirakhor, a renowned economist and Islamic finance export and former International Monetary Fund

ISLAMABAD - Islamic finance has proved its viability on a global scale as Islamic banking and finance is spreading at a rapid pace, Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Sheikh has stated. "In the wake of recent global financial crisis and debt problem of the Third world countries and the Eurozone, Islamic finance is now firmly established in the mainstream," the federal minister said while addressing the inaugural session of two day international

KARACHI - While conventional banking in Pakistan is faced with innumerable challenges in the wake of global and domestic economic recession, their counterparts in Islamic banks feel troubled by a single daunting challenge; a vast majority of potential customers in the predominant Muslim Pakistan lack awareness of Shariah banking.
"People don't understand what you are offering," said Muhammad Raza, Executive Vice President and Head of Consumer Banking at Meezan Bank, working as a

The Global Islamic Finance Report 2010 estimates that by the end of 2009, assets under the management of institutions offering Islamic financial services reached the $1.0 trillion benchmark. Islamic wealth management is a growing field within Islamic banking and finance. It refers to the phenomenon of managing wealth by adhering to Islamic principles of investment and preservation of wealth and transferring it to the next generation. The third of the five most widely known higher

JERUSALEM - Israel's leaders anxiously watched events in Egypt on Sunday as analysts warned that if a new leadership was dominated by Islamists it could threaten 30 years of peace between the two neighbours.
As the wave of unprecedented protests continued to engulf Egypt, Israeli officials have been nervously eyeing the developments and assessing the likely impact on ties with the Jewish state. "We are attentively following what is going on in Egypt and in our region," Israeli

LAHORE - Islamic calligraphy exhibition of Atif Iqbal Qazi kicked off yesterday at Alhamra Art Gallery. Punjab Revenue Minister Haji Muhammad Ishaq inaugurated the exhibition, while Punjab Labour Minister Ashraf Sohna, among many others, attended the event.
The works included Quranic verses and phrases and the names of Allah. Mainly silver, black and yellow were used in his works with white background. Atif Iqbal said, "Alhamra Arts Council has always been a great institution for

LAHORE - Calligraphy exhibition of Jamshed Qaiser at Native Art Gallery in Defence Housing Authority was inaugurated by Director General of Iranian Cultural Center, Dr. Abbas Famurie on Monday.
More than 30 masterpieces of Islamic Calligraphy mesmerized the people who came to see the artistic work of Jamshed Qaiser. Calligraphy of "Surah Ikhlas", verse of "Surah Rehman", "Allah Ho" and other Islamic verses were hanged on the walls of Native Art Gallery. Poster Colours and ink was

November 15, 1947
An Inter-Dominion Minority Board to protect the interests and rights of the minorities of India and Pakistan is set up at Karachi.
August 27, 1948
The Governor General declares "state of emergency" in Pakistan.
March 12, 1949
The ruling party sets the ideological frame-work of the future constitution moving - by the Prime Minister himself - the Objective Resolution in the Assembly. The Resolution is adopted after a stimulating debate. It

LAHORE - An Islamic microfinance network (IMFN) has been established to bring together international Islamic microfinance organisations on one platform. The network (IMFN) will provide appropriate methodologies of Islamic microfinance and Shariah guidelines to help strengthen the industry.
The third working group meeting of IMFN was held at Lahore University of Management Sciences (LUMS). It had been decided that IMFN head office would be established in Lahore, while its