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Waqf for the promotion of education

Ihsan Trust promoting education for a brighter Pakistan

Ihsan Trust was established as an independentTrust (Waqf) in 2010 with the vision to create a poverty free society on the principles of equality and compassion. Their missions is to reach out and help the poor and needy according to the principles of Islam and take care/look after the wellbeing of poor and needy and… Continue reading Ihsan Trust promoting education for a brighter Pakistan

Islamic Finance

Second Tranche of Energy Sukuk issued in Pakistan

Reportedly the Government of Pakistan (GoP) is getting ready to issue ‘Energy Sukuk II’ amounting to Rs 200 billion before end May 2019. It is anticipated that around 30% of the amount will be to be routed towards independent power producers (IPPs), implying 40% settlement of cumulative IPPs’ receivables by June 2019.  According to the… Continue reading Second Tranche of Energy Sukuk issued in Pakistan

Islamic Finance

Meezan Bank posts 49%YoY increase in quarterly profit

Pakistan’s first and the largest Islamic bank, Meezan Bank Limited (MEBL) has posted profit after tax of Rs2.9 billion (EPS: Rs2.4) for 1QCY19, up 49%YoY on the back of increase in net spread earned, up 57%YoY. It turns out to be slightly above market expectations on the back of 1) reversal in provisions and 2)… Continue reading Meezan Bank posts 49%YoY increase in quarterly profit

Islamic Finance

AAOIFI appoints Omar Mustafa Ansari Secretary General

The Board of Trustees of Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) has appointed Omar Mustafa Ansari as its new Secretary General. The Chairman of the Board, His Excellency Sheikh Ebrahim bin Khalifa Al Khalifa stated, “On behalf of AAOIFI and its Board of Trustees, we are very glad to announce that Omar… Continue reading AAOIFI appoints Omar Mustafa Ansari Secretary General

Islamic Finance

AAOIFI Governance and Ethics Board meeting held at Bahrain

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held 10th meeting of Governance and Ethics Board (AGEB) recently at head office in the Kingdom of Bahrain. The next AGEB meeting is scheduled to be held in May 2019. During the meeting the Board deliberated on the external Shariah audit guidelines which aim at… Continue reading AAOIFI Governance and Ethics Board meeting held at Bahrain

Islamic Finance

AAOIFI approves issuance of Arabic version of FAS-28

AAOIFI Financial Accounting Standards Translation Committee has finalized and approved the issuance of the Arabic version of Financial Accounting Standard (FAS) No. 28 ‘Murabaha and Other Deferred Payment Sales’. As a matter of board policy, FASs are drafted and issued in English. This is mainly due to the fact that Financial statements of an IFI… Continue reading AAOIFI approves issuance of Arabic version of FAS-28

Islamic Finance

Pakistan issues Rs200 billion ‘Pakistan Energy Sukuk’

In an attempt to resolve Pakistan's circular debt, the Ministry of Energy on Friday issued a Rs200 billion 'Pakistan Energy Sukuk'. It has been issued by Power Holding Private Limited, a fully owned company of the Government of Pakistan, and is a Shariah-compliant instrument. A consortium of Islamic banks led by Meezan Bank helped in… Continue reading Pakistan issues Rs200 billion ‘Pakistan Energy Sukuk’

Islamic Finance

Takeaways from Meezan Bank analysts briefing

Meezan Bank is Pakistan’s and the largest full service Islamic bank, enjoying a market share of around 35%. Total assets of the Bank are reported at Rs938 billion, while total deposits touch Rs785 billion. It enjoys an extensive outreach comprising of a network of 660 branches. Meezan announced a dividend payout of 45% in 2018… Continue reading Takeaways from Meezan Bank analysts briefing