Tag: Islamic

KARACHI - The fast-expanding Takaful industry, which has proved to be an engine of growth in Islamic countries like Malaysia, appears to be a long neglected sector in Pakistan.
Whereas some 40 to 42 conventional insurance firms are faced with a negative growth given the ongoing economic recession and its indirect trickle-down effect on the insurance sector, the Islamic insurance industry is growing in Pakistan so rapidly that Pak-Qatar Family Takaful (PQFT) has exhibited a growth

KARACHI - Despite a poor macroeconomic environment and heightened credit risk, Islamic banking in the country continued to go from strength to strength during July-September 2010.
Though showing some decline in overall performance indicators, Islamic banks are expected to be facilitated in managing their asset-liabilities by the post quarter tender for Government of Pakistan Ijarah Sukuk (GIS) amounting to Rs 80 billion.
This was revealed by the State Bank of Pakistan

RAWALPINDI - Quaid-i-Azam Muhammad Ali Jinnah wanted to make Pakistan an Islamic welfare state as his principles, faith, unity and discipline are a source of guidance for the new generation.
Architect of the nuclear programme, Dr Abdul Qadeer Khan said this while addressing the concluding session of three-day celebrations organised to mark birth anniversary of Quaid-e-Azam at Ghulam Qadir Hall, Faizul Islam Complex on Saturday that was attended by intellectuals, writers, poets,

LAHORE: Al-Huda, centre of Islamic Banking & Economics (CIBE), has signed MoU with Naymet Islamic Microfinance to render its services for Islamic microfinance product development.
This MoU is a step forward to poverty reduction in Pakistan and is also in line with Islamic regulations. According to the agreement, Al-Huda CIBE will operate manuals of Islamic financial products and will also provide accounting and auditing measures, Shariah supervision and help train staff

KARACHI: The growing political pressure has become a hurdle in appointment of faculty of Islamic learning dean at the University of Karachi despite passing nearly two years of Jalaluddin Noori's suspension as a dean, Pakistan Today learnt on Monday.
Faculty of Islamic Learning has been working without permanent dean for the last 21 months due to growing political pressure for reappointment of Jalaluddin Noori as dean. Noori was suspended by syndicate of the varsity when he was

LAHORE: The assets of Islamic banking would exceed $1.3 trillion soon while more than 1,100 Islamic financial institutions were operating all over the world.
This was revealed by the deputy governor banking of the State Bank of Pakistan in the international conference on Islamic Banking and Takaful held today at the Expo Centre Lahore. Delegates from all over the world participated in this mega international event.
The deputy governor banking said that Islamic banking is

KARACHI: Pakistan plans to raise Rs 80 billion ($932 million) by selling Islamic bonds in the domestic market next month, the State Bank of Pakistan said on Friday, as the government seeks to cut its fiscal deficit.
The issue, titled the Government of Pakistan Ijara Sukuk, will be a three-year bond. In the first auction on November 8, the government aims to raise Rs 40 billion, with settlement on November 15. A second auction will be held on December 13 to raise the remaining Rs

LAHORE: The world's largest conference on Islamic banking will be held in November at Expo Centre Lahore, Pakistan where speakers, from around the world, particularly from Muslim countries including Malaysia, United Arab Emirates, Kuwait, Mauritius, USA, Indonesia, Switzerland and the UK will be in attendance on the occasion and share their valuable insight and perceptions on Islamic banking and finance.
More than 2000 participants will join in one of the most important

LAHORE: Bank of Khyber (BoK) is planning to commence operations in Afghanistan and Dubai next year, said BoK Managing Director (MD) Bilal Mustafa on Tuesday.
Islamic banking is gaining popularity amongst consumers and it is the primary reason BoK is emphasising on Islamic banking and expanding special Islamic banking branches. He was addressing the media on the inauguration of BoK's new branch in Lahore.
Mustafa maintained that bank is going from strength to strength rapidly