Islamic Banking in Pakistan

Pakistan Stock Exchange successfully concludes book building for Energy Sukuk

The book building process of Sukuk II of Power Holding (PHL), a public sector entity fully owned by the Ministry of Energy, was successfully concluded today by Pakistan Stock Exchange (PSX). The issue has attracted significant interest from investors and has been heavily oversubscribed, at very attractive rates for PHL. The private placement has attracted… Continue reading Pakistan Stock Exchange successfully concludes book building for Energy Sukuk

Islamic Banking in Pakistan

Faysal Bank Converts 75 percent of its Operations to Shariah Compliant System

According to a report by Mettis Global, Faysal Bank of Pakistan has been aggressively working to convert its conventional banking system into Shariah compliant system. The efforts have yielded positive results; it achieved 75 percent of its target by the end of 2019. A year ago, it had succeeded in converting half of its operation… Continue reading Faysal Bank Converts 75 percent of its Operations to Shariah Compliant System

Islamic Banking in Pakistan

Gold a Shariah compliant investment

Prior to the outbreak of virus in China, analysts were of the view that gold prices will hold above US$1,500/oz in 2020 and make modest gains in 2021. It was also believed that low interest rates and geopolitical uncertainly will bolster appeal of the precious metal. Lately price of precious metal, falling in the list… Continue reading Gold a Shariah compliant investment

Islamic Banking in Pakistan

Government of Pakistan lacks commitment towards elimination of Riba

Pakistani newspapers and magazines are full of praises for the Government of Pakistan (GoP) and State Bank of Pakistan (SBP) for ushering double digit growth of Islamic banking in the country. However, the performance over slightly less than two decades looks miniscule keeping the facts in mind that overwhelming majority of the population of the… Continue reading Government of Pakistan lacks commitment towards elimination of Riba

Islamic Banking in Pakistan

Meezan Bank Best Positioned to Leverage Growing Shariah Banking

Pakistan’s leading brokerage house, Topline Securities that also excels in research has initiate coverage on Pakistan’s first and the largest full service Islamic bank, Meezan Bank (MEBL). It has recommended investors to ‘Buy’ at a target price of Rs123/share, offering 38% upside. MEBL is expected to outperform peers based on: 1) strong brand recognition and… Continue reading Meezan Bank Best Positioned to Leverage Growing Shariah Banking

Islamic Banking in Pakistan

Pakistan needs a new road map for accelerating growth of Islamic banking

Islamic banking was re-launched in Pakistan with the commencement of operations by Meezan Bank, as a full service Islamic bank more than two decades ago. To avoid the fallout of making an attempt to shift to Shariah compliant banking from Riba-based banking, the State Bank of Pakistan and other market participants agreed to let the… Continue reading Pakistan needs a new road map for accelerating growth of Islamic banking

Islamic Banking in Pakistan

Government of Pakistan Committed to support Islamic banking, says, Dr. Shamshad Akhtar

Lately, Interim Finance Minister, Dr. Shamshad Akhtar informed the Senate that the government is committed to promoting both banking industry and regulators of Islamic banking in the country. Speaking before the passage of a resolution, she recalled when she was governor of the State Bank of Pakistan (SBP), she made all-out efforts to promote Islamic… Continue reading Government of Pakistan Committed to support Islamic banking, says, Dr. Shamshad Akhtar