banking

US regulators warn banks against direct transactions in cryptocurrencies, not a complete banking ban – Trendy Blogger

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US regulators warn banks against direct transactions in cryptocurrencies, not a complete banking ban – Trendy Blogger

The US banking regulator instructed banks in 2022 and 2023 to stop directly participating in cryptocurrencies, but did not order them to stop providing banking services to cryptocurrency companies, according to documents released on Friday. The Federal Deposit Insurance Corporation (FDIC) unveiled supervisory “pause letters” following a lawsuit filed by History Associates Incorporated, a research … Read more

The IT sector faces banking and remittance challenges; The PM committee learns – Trendy Blogger

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The IT sector faces banking and remittance challenges; The PM committee learns – Trendy Blogger

At a recent high-level meeting of the Prime Minister’s Committee on IT Export Transfers, a stark fact emerged: only 38,000 of Pakistan’s 2.32 million freelancers currently have bank accounts in the country. The revelation has highlighted critical bottlenecks in capital flow to the booming IT sector. The meeting, chaired by Finance Minister Muhammad Aurangzeb, emphasized … Read more

Banking and fertilizer stocks pushed the KSE-100 index to the 100K level – Trendy Blogger

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Banking and fertilizer stocks pushed the KSE-100 index to the 100K level – Trendy Blogger

The market is expected to maintain a positive trajectory, supported by continued monetary easing, deflationary environment, and improving macroeconomic fundamentals, according to AKD Securities Limited. Investors are expected to focus on the upcoming inflation data and Monetary Policy Committee decision next month The Pakistan Stock Exchange (PSX) concluded the week on a strong note, with … Read more

Bank of Sharjah Pakistan is reviewing the Sharia governance framework for Islamic banking institutions – Trendy Blogger

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Bank of Sharjah Pakistan is reviewing the Sharia governance framework for Islamic banking institutions – Trendy Blogger

The State Bank of Pakistan (SBP) has revised the Sharia Governance Framework (SGF) to advance the Islamic banking industry and enhance its compliance with Sharia principles. In a circular issued on Friday, the State Bank of Pakistan directed Islamic banking institutions to prepare to implement the updated framework by January 1, 2025. “To further strengthen … Read more

26th Amendment sets January 2028 as deadline to end usury, paves way for interest-free banking – Trendy Blogger

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26th Amendment sets January 2028 as deadline to end usury, paves way for interest-free banking – Trendy Blogger

The 26th Constitutional Amendment Bill, 2024, recently passed by the Senate, has set a deadline of January 1, 2028, to end the practice of usury (interest-based banking) in the country. This clause was added to the draft amendments on the suggestion of Jamiat Ulema-e-Islam Fazl (JUI-F), a regional political party led by Maulana Fazlur Rehman, … Read more

26th Amendment sets January 2028 as deadline to end usury, paves way for interest-free banking – Trendy Blogger

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26th Amendment sets January 2028 as deadline to end usury, paves way for interest-free banking – Trendy Blogger

Pakistani rupee notes appear in a counting machine at a bank in Peshawar, August 22, 2023. – Reuters The clause was added based on the suggestion of JUI-F. January 2028 deadline to end the practice of usury. Any transaction involving usury is considered “wrong.” The 26th Constitutional Amendment Bill, 2024, recently passed by the Senate, … Read more

BankIslami is redefining the financial landscape of Pakistan by offering usury-free banking services to everyone trendy blogger

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BankIslami is redefining the financial landscape of Pakistan by offering usury-free banking services to everyone trendy blogger

KARACHI: Bank Islami, one of the leading Islamic financial institutions in Pakistan, has launched a pivotal initiative by promoting its interest-free banking services that are accessible to people from diverse backgrounds and religions. This move reflects BankIslami’s mission to promote ethical and inclusive banking in Pakistan’s financial landscape, which is consistent with the principles of … Read more