State Bank of Pakistan (SBP) has revised the systematic reporting pattern for commercial banks to monitor interest rates and deposits rates being offered to borrowers and depositors in various schemes and products.
In this regard, the central bank issued guidelines for commercial banks along with a revised reporting system that will improve the accuracy of the data and the efficiency of the banking industry.
All the interest rates for SBP concessional schemes like Export Finance Scheme and Long-Term Financing Facility and others like PM’s loan scheme for youth shall be aligned with the prescribed rates.
The central bank instructed banks to verify if any local currency loan is priced below SBP Reverse Repo Rate. It further asked banks to verify foreign currency deposits on significantly high-interest rates of more than 4%.
Ideally, overnight interbank placement and lending rates, among conventional banks, shall fall within the SBP Interest Rate Corridor (i.e. Policy Rate – 150 bps t..
Category: Technology
Islamic Banking Industry’s Assets Surge to Over Rs. 3 Trillion
Islamic Banking Industry (IBI) continues to flourish in the country as its assets reached Rs. 3 trillion by the end of 2019.
According to the Islamic Banking Bulletin issued by State Bank of Pakistan (SBP), the assets of IBI grew by 9.6 percent or Rs. 289 billion in the last quarter to reach Rs. 3.284 trillion. Thus, the market share of the IB’s assets in the overall banking industry stands at a quite impressive level of 14.9 percent for 2019.
Since the re-launch of the Islamic banking industry early in 2000 with merely one bank (Meezan Bank), the industry strived hard to penetrate the market with little awareness and acceptance among the general public and consumers of banking services.
Gradually, the industry expanded with the addition of two more full-fledged banks—BankIslami and Dubai Islamic Bank in 2005 and then Al Baraka Bank Pakistan was established after a gap of five years in 2010 showing consistent development of the industry with increasing acceptance and demand in the M..
Wedding Ban, School Closure, Border Seal, Other Tough Decisions Taken to Fight Coronavirus
It was revealed by the Special Assistant to the Prime Minister on Health Dr. Zafar Mirza late yesterday that the count of confirmed coronavirus cases has now reached 28 in the country.
Dr. Firdous Ashiq Awan, PM’s aide on Information and Broadcasting, said, “There is a lot of speculation about the total number of cases in the country. However, I can confirm that Pakistan has 28 confirmed cases of coronavirus.”
The high-powered Security Council meeting took place yesterday where significant decisions were taken for all provinces to curb coronavirus spread.
Some of them included a ban on weddings and other social gatherings for 14 days, closure of western borders, calling off Pakistan Day parade, spectator-less PSL matches, international flight operations from Karachi, Islamabad, and Lahore airports only, and country-wide closure of academic institutions till April 5.
Meanwhile, COVID-19 continues to shock and paralyze the world. 5,000 deaths and over 140,000 cases have been reported..
Promotion of Exports is The Government’s Top Priority: PM
Prime Minister Imran Khan said that in view of the country’s economic improvement, the government’s foremost priority is the promotion of exports.
He was presiding over a high-level briefing meeting on the Strategic Trade Policy Framework (STPF) 2020-25 and the Textile Policy 2020-25.
The Prime Minister, while appreciating the efforts about the participation of the private sector in policy formulation on an institutional basis, said the government believes in achieving economic targets with the guidance and consultation of the private sector. The present government is also committed to the sustainability of policies, he added.
He directed to resolve problems regarding the establishment of industries in the economic zones on a priority basis and in line with the government’s policy.
Advisor on Commerce Abdul Razak Dawood briefed the Prime Minister about the basic features of STPF 2020-25, guidelines, exports’ estimates, strategy for achieving targets and priorities regarding 26 diff..
This Water Filter Manages RO-5 Level Filtration for Cheap
Viomi, a Xiaomi subsidiary, is known for its top-notch home products. From vacuum cleaners to kitchen appliances and electric heaters, the Chinese company has launched products in every category.
Last year, around this time, Viomi launched the Yunmi S2 internet water purifier with 400G flux. Almost a year later, it has upgraded the same product with newer technology and launched it under the moniker of Yunmi S2 600G.
Design and Construction Most of the design elements of the Yunmi S2 600G internet cloud-meter water purifier are similar to its predecessor. It has the same minimalistic two-tone body and a PVC construction. The only difference we see is a changed faucet. Instead of an ordinary faucet, it comes with a small blue-light faucet. It is programmed to give a changing reminder on time, hence, the users will not have to track it regularly via the application.
Technology used The Yunmi S2 600G, as the name suggests, comes with 600G large flux, unlike its predecessor. It also pro..
Bykea Pays Tribute to Driver Partners With the Launch of ‘Bykea Bykers Movement’
Bykea takes pride in the professional excellence of their driver partners despite the challenges that they come across and wishes to celebrate their competence and determination with the world by putting out a strong message through their ‘Bykea Bykers Movement’ campaign.
It also bears mentioning that the year 2020 will shall be the year of opportunity for everyone who wishes to work with Bykea and earn their living with a sense of gratification and fulfillment. Under its campaign slogan “Kaam, Kamai aur Kamyabi” Bykea is planning to create more work opportunities for the benefit of both, the aspiring job seekers and the prospective customers.
The message delivered by the following anthem also sheds some light on how Bykea provides an opportunity to the hundreds of thousands of people that continue to earn their living with pride and dignity.
Every day, bike riders must put up with numerous challenges while getting from point A to point B. Bykea, being a company that’s essentially b..
Samsung Pakistan Launches Free Service to Disinfect Your Phone
The current situation with the coronavirus outbreak is spreading panic all around the world since the virus is highly contagious and can spread through the air and various surfaces.
To help with the situation, Samsung is offering a free service, named Galaxy Sanitizing Service, that disinfects your phone by putting it under UV light for a certain time.
Research shows that Smartphones carry as many germs as a subway floor. Thus, disinfecting your phone at this point might be a good option. The service is currently available in 18 countries including Pakistan.
The Galaxy Sanitizing Service is being offered for free at Samsung Service Centers and at Samsung Experience Stores. People can also avail the sanitization service for their Samsung Galaxy Watch and Galaxy Buds.
The company is working on expanding the service to other coronavirus-hit countries.
The move is being greatly appreciated by consumers all around the world. Since smartphones are an essential part of our lives and most..
PM Khan Approves Trade Policy Framework and Textile Policy
Prime Minister Imran Khan in principle has approved the Strategic Trade Policy Framework (STPF) and Textile Policy and now these will be processed under the Rules of Business, said Razzak Dawood, Adviser to Prime Minister on Commerce and Textile.
The Advisor took to Twitter and said that the policymaking process stands completed, now they will move towards the implementation phase which will pave the way for rapid industrialization.
Meanwhile, Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired a meeting here at the Finance Division to review the proposals for the facilitation of Exports Oriented Sectors with special focus on small and medium enterprises which can play a more vibrant role in export promotion with the provision of certain facilities by the government.
Adviser to the Prime Minister on Commerce Abdul Razzaq Dawood and Ali Habib gave a detailed briefing to the participants of the meeting on improving the system of duty drawbacks and exp..
Samsung is Working on the Next Generation of Displays for Phones
Over the past few years, Samsung has become one of the most dominant manufacturers of displays and as per recent reports, the Korean tech giant is already working on a new form of display for its upcoming smartphones.
The Company first released its AMOLED displays in 2008 and since then, the technology has taken over the smartphone world.
AMOLED display technology was later developed into Super AMOLED and Dynamic AMOLED. The latter was used in the last two S-series flagship smartphones, i.e., Galaxy S10 series and Galaxy S20 series.
Now, it seems like we are going to get the next iteration of AMOLEDs or possibly something new altogether for the next generation of smartphones.
Earlier this month, Samsung filed a trademark application titled “Samsung PIFF” with the US Patent and Trademark Office. We also saw the trademark on the World Intellectual Property Organization’s database under the CAT-9.
In both the databases, the trademark is defined as “Display for smartphones.”
However,..
Carrefour Pakistan Launches Mobile Application for Convenient Online Shopping
Carrefour, operated in Pakistan by Majid Al Futtaim, has introduced a mobile app to better serve its Pakistani customers. The new app brings shoppers across Lahore and Karachi a simple, digitised, and convenient mobile experience.
Through the app, customers can now shop from the comfort of their home and choose from more than 5,000 products available at Carrefour stores, while also receiving a reliable and timely delivery right to their doorstep.
The application is set to lead the online marketplace in Pakistan, enabling thousands of shoppers to benefit from Carrefour’s extensive product offering.
Initially, the app will offer products from the store’s grocery and household sections, eventually expanding to provide textiles, light household items, and fresh food items, adding more choice and value for consumers.
Jean Marc Dumont, Country Manager of Carrefour Pakistan at Majid Al Futtaim Retail, commented:
At Carrefour we take pride in our ability to understand our customers’ needs..
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