Money, Finance and Banking Blog in Pakistan
Islamic Banking
Pertains to Islamic banking and finance.
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 >SBP to Issue New Rs500 Note With OVI Feature
Jan 24th
The State Bank of Pakistan has announced that all offices of SBP Banking Services Corporation will start issuing new Rs500 currency note with the Optically Variable Ink feature from January 25, 2010. Optically variable ink (OVI) is an anti-counterfeiting measure used in modern currency.
The ink displays two different colors when currency note is viewed at different angles. Technology of OVI is not widely available, making it effective anti-counterfeiting measure.
Wikipedia has following information on Optically Variable Ink.
Optically variable inks (OVI) – Color-shifting inks reflect various wavelengths in white light differently, depending on the angle of incidence to the surface. An unaided More >
BankIslami Intends to Acquire EGIBL
Jan 20th
The board of directors of BankIslami Pakistan Limited has decided to enter into a memorandum of understanding (MoU) with Emirates Global Islamic Bank Limited, Pakistan in relation to a proposed acquisition or merger in such a way that BankIslami remains the surviving entity.
The transaction, however, is subject to satisfactory due diligence, regulatory consents and execution of a bidding agreement between the parties.
EGIBL started operations in February 2007 with sponsors from the United Arab Emirates and Saudi Arabia, and a business model to deliver Shariah compliant financial instruments through an urban and rural branch network. It currently has a branch network More >
Meezan Bank Conducts Islamic Banking Seminars
Jan 20th
Meezan Bank Limited conducted a series of seminars on Islamic Banking at 20 locations in various cities across Pakistan. These seminars were in line with the bank’s vision of making Islamic banking the banking of first choice and to increase the awareness amongst the general public about the importance and benefits of Islamic banking, says the bank’s press release.
Islamic banking has grown very rapidly in Pakistan but people are generally not clear on the concepts on which it is based. These seminars would dispel the misunderstandings about Islamic banking, give access to the general public for one-on-one discussions, answer queries, More >
SBP Moves for Shariah Rules Standardization
Jan 19th
State Bank of Pakistan (SBP) has asked Islamic banking institutions (IBIs) to adopt Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards as guidelines in consultation with their Shariah Advisors.
The guidelines will, however, be used where ‘minimum requirements’ for Shariah compliance for Islamic modes of financing for Islamic banking institutions have already not been notified in Para F ‘Essentials of Islamic Modes of Financing’, Annexure-I –Instructions for Shariah Compliance, notified through IBD Circular No. 2 dated March 25, 2008.
According to SBP’s IBD Circular No. 01 of January 12, 2010 this will harmonize and standardize the Shariah practices and procedures of IBIs More >
