Shariah-compliant financial alternatives

Saleem Ullah, Deputy Governor of the State Bank of Pakistan, stressed that transforming the entire banking ecosystem is essential to achieving the collective goal of realising a true Islamic economic system at the 8th International Conference on Islamic Banking and Finance as per a press release.

The 8th ICIBF, hosted by the Institute of Business Management, brought together presidents, CEOs, financial experts, and policymakers from Pakistan’s banking and finance sectors to explore the industry’s future in light of Islamic banking to address the constitutional amendment mandating eliminating all forms of Riba from banks by 2028.

President NBP at the Future Summit

Rehmat Ali Hasnie, President of NBP, emphasised the crucial role of the financial sector in driving Pakistan’s economic growth in his recent session at The Future Summit as per a press release. He highlighted that the financial sector must be viewed as more than just basic banking access, as it forms the foundation for economic resilience and empowerment and must integrate everyone into the economic fabric to ensure equitable participation for prosperity.

Meezan Bank and CashNow sign MoU

Meezan Bank signs a memorandum of understanding (MoU) with finance platform CashNow, as per a press release.

This partnership enables CashNow to power a fully integrated digital Islamic supply chain finance solution for suppliers, which was developed in collaboration with Meezan Bank. Through this initiative, Meezan Bank’s customers will gain access to digitally streamlined Sharia-compliant financing. Under the terms of this MoU, Meezan Bank and CashNow have co-developed a digital Islamic product for finished goods financing.

KE at the Asian Power Awards

K-Electric’s 560MW Bin Qasim Power Station II was recognised for two awards at the Asian Power Awards 2024, as per a press release.

The privatised utility secured accolades in two categories: Gas Power Project of the Year, Pakistan, and Power Plant Upgrade of the Year, Pakistan.

KE’s success ranked alongside leading international players such as Dubai Electric and Water Authority and China Resources Power Holding Company Limited. KE’s success at this event underscores its position as a forward-thinking energy provider, leading the way with advanced technological solutions that deliver tangible benefits to both customers and the environment.

Bank Alfalah unveils new AlfaMall

Bank Alfalah announces the relaunch of AlfaMall, according to a press release. Marking the occasion, an exhibit featuring renowned designers was held at the historic Mohatta Palace, unveiling the new AlfaMall website.

AlfaMall’s Buy Now, Pay Later service allows users to make purchases without a down payment and with zero markups on instalments. A unique feature of the new AlfaMall is the Hunarmand category, dedicated to supporting and empowering local artisans.

Lipton Pakistan gifts scholarships

Lipton Teas and Infusions Pakistan has partnered with the Orange Tree Foundation to provide educational scholarships for undergraduate and postgraduate degrees to five children of its factory’s workers.

The scholarships, aimed at enabling higher education, ensure that children from Lipton’s Khanewal factory staff can pursue their academic goals, breaking financial barriers that often hinder access to university and advanced degrees.

Published in Dawn, The Business and Finance Weekly, November 18th, 2024