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MCB profit before tax rise over 14%

Advertisements LAHORE: Muslim Commercial Bank (MCB) earned its highest ever profit before tax (PBT) of Rs 36.7 billion in financial year 2014 that is 14% more than financial year 2013. Advertisements In an announcement after board of director (BoD) meeting with CEO MCB, Mian Mohammad Mansha, and the bank revealed …

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SECP established Islamic Finance Department

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has established an Islamic Finance Department for the regulation and development of Islamic finance market. The Islamic Finance Department will work for product development, market awareness, Shariah securities market development, and Shariah regulation and compliance such as-improving Islamic law and Islamic …

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Foreign remittance rise 14.6% to $10.3 billion in the seven months of FY15 :SBP

KARACHI: According to press release issued by State Bank of Pakistan (SBP), Overseas Pakistan workers remitted $10,858.81 million in first seven months (July to January) of FY15, showing an impressive growth of 14.6 percent compared with $9,038.4 million received during the same period of FY14. Press Release further said, During …

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Mini-Budget: Govt. revises taxation policy

ISLAMABAD: The federal government of Pakistan revises taxation policy for over 285 importable products like furnace oil for power generation, luxury items, and metal scrap,  and increasing tax rates of withholding taxes and for non-filers of tax returns to comply with the agreement conditions of International Monetary Fund (IMF). Mini …

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Pharma industry gives green signal for drug policy

KARACHI: The pharmaceutical industry has decided to withdraw its resistance over prices of 318 molecules and frozen drug prices according to upcoming drug policy, after successful negotiation with government on current pricing issues as said by industry official. After getting green signal, government can impose new drug policy that was …

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SECP concedes The Sukuk Regulations, 2015

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP), the financial regulatory agency of Pakistan, has approved the rules and regulations 2015 for the issuance of Sukuk (Islamic bond) to ensure the development of Islamic capital market and fund raising through Islamic-Sharia Compliant financial products such as Mudaraba, Musharaka, Murabaha, Salam, …

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SBP plans to enhance security features of currency notes

LAHORE: The central bank of Pakistan, State Bank of Pakistan (SBP) has announced to enhance security features of currency notes by introducing new security features in currency notes that will enable the state to cope with fake currency in the country that is undermining the national economy. Acting Governor of …

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Pakistan Foreign Debt crossed over $65.60 billion

ISLAMABAD: Pakistan Foreign Debt crossed over $65.60 billion by the end of financial year 2013-2014. While, Federal Ministry of Finance claimed reduction of $1 billion in debt by the end of financial year 2014-2015. According to official report of Federal Ministry of Finance, the carried down debt of financial year …

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PM announces slash in Petroleum prices, petrol fall Rs7.99

LAHORE: Prime Minister Nawaz Sharif on Saturday announced that per litre price of petroleum has been further cut by Rs7.99, with the new at Rs70.29 per litre now. With the new slash in petrol prices, petroleum is now cheaper than CNG, the price of which is Rs 71.50 per kg. …

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Pakistan improves ranking against corruption: Transparency International

In Corruption Perceptions Index (CPI) 2014, Pakistan has scored 29 out of 100, and is ranked 126 out 175, which is the best ever achieved since the first CPI was issued in 1995. Pakistan had secured the score of 28 and was ranked 127th among 177 countries in 2013, according …

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Nostelgia: Tool for empyting pocket of public

In the light of the academics studying patterns of consumer behavior, a feeling of nostalgia makes people part with money more easily. The recurrent nostalgic condition and “retro” themes in advertising, say the researchers. It also makes it probable that the people will indulge in charity, with emotions of passionate …

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Pakistan is an emerging market for religious amulets

Manufacturing and trading of religious symbols in a multi-billion dollar business. Pakistan still lacks investment and may have capacity for business. According to London-based Edbiz consulting, the yearly trade of religious signs is expected to be nearly $17.5 billion. These signs  are sold in the form of jewellery, posters, chimes …

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Railways swallowed 20 billion during 2013-2014

The Pakistan Railways swallowed Rs 20 billion due to irregularities by the staff of the department during 2013-2014 but no action has been taken against the responsibles so far, said English Daily. The audit report for the year 2013-2014 by the Auditor General of Pakistan, discloses Pakistan Railways, carried a …

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Banks fined record 2bn pounds over foreign exchange rigging

The corruption of the world’s biggest currency dealers has been spotted with regulators imposing fines of 2bn pounds on five banks for rigging the 3.5 pounds tn a day foreign exchange markets. Fine imposed on Royal Bank of Scotland, HSBC, Citibank, JP Morgan and UBS over past two years for …

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