pkTaxal
Money, Finance and Banking Blog in Pakistan
Management Quality Rating of Al Meezan Investment Upgraded
Feb 18th
The management quality rating of Al Meezan Investment Management Limited (Al Meezan) has been upgraded to AM2 by JCR-VIS Credit Rating Company.
This rating denotes High Management Quality with a “Stable” outlook. AM2 is the Highest Management Quality Rating ever assigned by JCR-VIS to any Asset Management Company in Pakistan, said Chief Executive of Al Meezan Mr. Mohammad Shoaib, CFA.
The AM2 Rating signifies the strength of Al Meezan in maintaining a smooth flow of operations and its prudent liquidity management during the current economic environment, ensuring that customers’ requests are serviced well within time.
Al Meezan’s funds carrying equity exposures including Meezan More >
60 Employees of Zari Taraqiati Bank Limited Reinstated
Feb 18th
Out of 68, 60 employees of Zari Taraqiati Bank Limited (ZTBL), who were sacked during 1996-98, have been reinstated, the bank Vice President (VP) informed the Sub-Committee of Federal Cabinet on Re-instatement of Sacked Employees of ZTBL on Wednesday.
ZTBL VP told the meeting that the rest eight employees had not contacted the committee so far. He said the re-instated employees were being promoted and salaries were being paid to them as per instructions of the sub-committee of federal cabinet.
Senators Dr Malik and Hassil Bezinjo from Balochistan informed the meeting that the people of Balochistan had not been given their due More >
Soneri Bank Expands Branch Network to 154
Feb 18th
Soneri Bank has recently added a new branch to its network. The recent addition brings the total branch network to 154 across Pakistan.
Soneri Bank was incorporated on September 28, 1991 and the first branch of the bank was opened in Lahore on April 16, 1992. The bank also operates in Northern Areas of the country where no other private bank has ventured so far.
The bank, being a conventional commercial bank, is also offering Islamic banking services.
To locate the Soneri Bank branch closest to call you can call the bank’s 24/7 toll-free call centre at 0800-00500 or visit its website.
More >Money Transfer Through “Benami Accounts” to be Stopped
Feb 18th
State Bank of Pakistan (SBP) has asked commercial banks to prevent money transfers through ‘Benami Accounts’ and remain extra vigilant about Know Your Customer (KYC) requirements.
This advice was given at a Compliance Forum meeting arranged by the SBP in collaboration with the Financial Monitoring Unit (FMU) here on Saturday.
The meeting was part of a consultative approach being followed by the central bank to help build capacity of banks in their compliance framework.
SBP’s Director Banking Policy and Regulation Department Syed Irfan Ali briefed the participants about various steps taken by the central bank for strengthening regulations to curb money-laundering and illegal More >
NIT Income Fund: Initial Offer Till Feb 19
Feb 18th
National Investment Trust (NITL) is in the process of launching an open end Income Fund. The new fund is in Fixed Income Category with the name of “NIT Income Fund.”
The fund will have following benefits:
- Tax benefits
- Minimum investment of Rs5,000
- Competitive returns
- Easily encashable
According to NITL’s website objective of NIT Income Fund is:
The objective of “NIT IF” is to generate competitive stream of return with moderate level of risk for its unit holders, by investing primarily in portfolio of fixed income securities with weighted average time to maturity not exceeding four (4) years.
In order to achieve its primary objective of generating competitive return More >
