The Halal Times
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ISLAMABAD, APP: Pakistan Halal Authority (PHA) will start operating soon in Islamabad, Pakistanederal capital after the completion of the recruitment process of the initial staff to promote Halal products within the country and abroad. “The recruitment process of 50 member staff out of total required 200 is under-process after which the authority will be fully …
Web Desk) – Located in Bahria Town Lahore, the Grand Jamia Mosque is truly an architectural masterpiece. With a capacity to hold 70,000 visitors, the Grand Jamia Mosque is Pakistan s third largest and the world s seven largest mosque. Possessing four minarets that are 165 feet high, one big dome 40 feet in height and 20 …
Karachi:- A report jointly published by the Islamic Development Bank (IDB) Group and the World Bank Group has outlined the potential of Islamic finance in curbing income inequality and ending poverty worldwide. The report, subtitled “Islamic Finance: A Catalyst for Shared Prosperity?”, was unveiled on Monday by IDB Group President Dr Bandar Hajjar at a …
LAHORE: De-regulation of meat prices in the local market is a prerequisite to improve the product’s supply in the country and to increase the country’s share in the $1.3 billion global Halal food trade, said a study. “The first and fundamental step for increasing meat export is to de-cap price in the local market,” the …
KARACHI: The government is looking to raise as much as Rs150 billion by issuing fresh Ijara Sukuk in the domestic market in July 2017 to help finance its growing budget deficit, industry officials said on Tuesday. The planned 18th Ijara Sukuk could be issued against the assets of M1 motorway Peshawar-Islamabad and M3 Pindi Bhattian …
KARACHI (Daily Dunya) – A recent study by the Karachi Chamber of Commerce and Industry states that Pakistan’s meat industry is growing at an annual rate of 27pc. In 2003, the trade volume of halal food was $14 million which had piled up to $244 million in 2015 with 708,968 tons of meat exported. The …
LAHORE: Halal food can take the country’s exports to new heights, but the government continues to ignore it. Halal food, particularly beef and meat is another potential where Pakistan enjoys a huge advantage. The global trade of halal food has exceeded $300 billion. Halal beef, mutton, and chicken markets are dominated by non-Muslim economies, as …
By 2018, the halal food trade market will soar beyond $1.6 trillion. Halal products beyond food such as cosmetics and pharmaceuticals nearly double this trade figure. Every study on the halal product trade potential of Pakistan places it among the top five Muslim countries. The abysmal reality on the ground is just another matter, …
Muhammad Zubair assured that federal government will provide every possible assistance in removing hurdles in way of Islamic banking. Sindh Governor Muhammad Zubair says Islamic banking sector in the country is progressing at fast pace. He was addressing the sixth International Finance Expo and Conference in Karachi today. Muhammad Zubair assured that federal government will …
ISLAMIC banking has gained increased global prominence both among theocratic countries and non-Islamic countries since 1975 after being endorsed and established by the Organisation of the Islamic Conference (OIC). It forms part of the broader and comprehensive Islamic financial systems that encompass insurance companies takaful, leasing companies, commodity trading organisations as well as equity funds. …
The Sixth Islamic Finance Expo & Conference (IFEC-2017) will be held on 27th of April 2017 at Marriott Hotel, Karachi, under the theme of “Transforming Strategies to Revitalize Growth: Forging the Next Phase of Progress for Islamic Finance in the Region”. Islamic Finance Expo and Conference 2017 will showcase all the industry players with their products and services to …
Dr. Karim Ullah, from IMSceinces Peshawar and Dr. Wafi Al-Karaghouli, from Brunel University London, co-authored a new book on Understanding Islamic Financial Services. The Book is published by KoganPage in New York, London, and New Delhi. Islamic finance is growing globally and requires new theoretical and practical insights. This groundbreaking book, alongside basic concepts, principles, …
Meezan Bank and Pakistan Institute of Management (PIM), the pioneer of executive development in Pakistan have recently signed an MoU for joint association in Islamic banking education and training. Irfan Siddiqui, President & CEO Meezan Bank and Abid Hussain, Executive Director Pakistan Institute of Management, jointly signed the agreement at Meezan Bank’s Head Office, Karachi. …
PESHAWAR: The Khyber Pakhtunkhwa government and a group of Malaysian investors on Tuesday signed three memorandums of understandings (MoUs) to bring multi-billion rupees investment to the province. The MoUs signing ceremony took place at Chief Minister’s House. It was attended by former prime minister of Malaysia Abdullah Ahmad Badawi, who led the group of investors, …
The Federal Board of Revenue (FBR) has proposed Shariah-compliant criteria for companies whose shares are traded on a stock exchange to avail the reduced rate of tax under Income Tax Ordinance 2001. According to the SRO.1173(I)/2016 issued by the FBR, the Board has proposed amendments to the Income Tax Rules, 2002. To avail reduced rate …
Pakistan is stepping up its use of sharia-compliant financing to fund infrastructure deals, which could help to promote the use of longer-term transactions in Islamic finance. Islamic deals are backed by specific assets, which makes them convenient for infrastructure projects. But traditionally, Islamic bonds and loans have shorter tenors – often around five years – …
DUBAI: Pakistan’s government will guarantee Rs100 billion ($955 million) worth of Islamic bonds to fund what would become the country’s fourth largest hydropower plant, aiming to address power shortages that have hindered economic growth. The deal would be one of largest infrastructure sukuk sold to date, helping expand a funding format that has largely been …
Karachi—Standard Chartered Saadiq, the dedicated Islamic Banking division within Standard Chartered Bank has enhanced its offering for clients looking for Shariah-compliant banking products and services in Pakistan. The enhanced offering aims to provide clients with innovative banking solutions to meet their needs while offering them the convenience that comes with Standard Chartered’s class leading digital …
Pakistan’s economy presents great opportunities for the banking sector. Habib Bank is hoping to bring an end to its unbanked masses Now that Pakistan stands at the cusp of socio-political and economic change, it is the ideal opportunity for the banking sector to redress the lack of outreach towards sections of the population that were …
Islamabad: Federal Minister for Science and Technology Rana Tanveer Hussain has said that the National Assembly has passed a bill to establish Pakistan Halal Authority that will start functioning within the next two months. Speaking at the inaugural session of the International Conference on Halal Foods, Pharmaceuticals and Cosmetics, jointly organized by Pakistan Council of …
Feb 8 Pakistan’s central bank is expanding issuance of local currency Islamic bonds (sukuk), auctioning 100 billion rupees ($955 million) worth of three-year paper this week, a much-needed tool for the fast-growing Islamic banking sector. The central bank plans to offer another 100 billion rupees worth of sukuk in April, according to its auction calendar. …
Lahore—A two-day global forum on ‘Islamic Banking, Finance and Economics’ concluded here on Thursday. Institute of Islamic Banking (IIB) of University Management and Technology (UMT), Lahore organized the global forum. The forum offered the sharing of unique research ideas by the scholars and their critical evaluation, expert feedback, identification of gaps and suggestions for improvement …
KARACHI: Pakistan is set to launch the world’s first Islamic branchless banking in order to penetrate its unbanked faith-conscious market, thus setting a model for different markets of the world to introduce Shariah-compliant products to grassroots level. Meezan Bank, in collaboration with Ufone, has launched commercial Islamic banking under the name of Meezan Upaisa at …
Islamabad—Growth momentum of Islamic banking industry in the country continued during FY15 as both assets and deposits of Islamic Banking Institutions (IBIs) witnessed increase of more than 37 percent during the review year. A statement of the State Bank of Pakistan (SBP) issued here Friday said that as of end June 2015, the industry’s asset …
