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As part of its ongoing efforts to support UAE businesses during the ongoing COVID-19 situation, Emirates Islamic, one of the leading Islamic financial institutions in the UAE, is offering Business Banking debit cards free of charge to eligible SME clients. Emirates Islamic’s Business Banking debit card offers an alternative channel to customers seeking access to […]
Karachi, June 12th, 2020: Growing from strength to strength, JS Bank reported profit before tax of PKR 628.5 million for the quarter ended March 31, 2020, as compared to profit before tax of PKR 54.7 million over the corresponding period last year, an incredible 1000% increase. Profitability showed a marked increase primarily due to markup […]
Strengthening its commitment to supporting the Pakistani government during the COVID-19 crisis, Bank Alfalah has joined forces with Mastercard and National Bank of Pakistan (NBP) to provide a safe online donation portal to support those in need during the pandemic. Through the platform, people can now securely donate to Prime Minister Imran Khan’s COVID-19 Pandemic […]
In order to improve utilization of Risk Sharing Facility under SBP ROZGAR scheme, Governor SBP, Dr. Reza Baqir, held an online meeting with the Presidents of Chambers of Commerce and Industries of the 15 regions where SBP(BSC) offices are located. At the outset, the Governor highlighted that facilitation of the business community is a priority […]
The Regulatory Sandbox of SECP – a technology-driven initiative – received a positive response from a wide range of innovators including well-established entities, foreign companies, and start-ups. These entities submitted their proposed solutions and business models in the areas of Insurance, Non-Banking Finance Sector, and Capital Markets. SECP received a total of 32 applications in […]
Dubai Islamic Bank PJSC (“DIB”), rated A3 by Moody’s and A by Fitch (both stable), successfully closed a USD 1 billion long 5-year Sukuk with a profit rate of 2.95% per annum, which is equivalent to 245bps over the equivalent tenor Mid Swap Rate. DIB’s $1 billion Sukuk is a landmark transaction as it is […]
Sberbank, one of Russia’s largest state-owned banks, has partnered with Visa and Russian supermarket, Azbuka Vkusa to open a cashier-less store where customers simply take items from shelves and are automatically charged. To use the all-new service, customers need to download the Take&Go mobile app by Sberbank, sign up, and associate a bank card with […]
Uber is launching its Uber Cash digital wallet feature in Sub-Saharan Africa through a partnership with San Francisco-based fintech firm Flutterwave. This feature has reduced the need for cash payments or direct withdrawals from their bank accounts, the latter being a somewhat problematic process that requires customers to give out sensitive card information. The partnership will allow […]
Meezan Bank, Pakistan’s first and largest Islamic bank has played a leading role in successfully concluding the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs. 200 billion by Power Holding Limited (PHL), a public sector entity fully owned by the Ministry of Energy and Government of Pakistan. The milestone transaction, powered by the […]
Nium, a global financial technology platform, has become a Visa issuer in Australia as part of its membership in Visa’s Fintech Fast Track program. With this license, Nium is able to provide end-to-end issuing, processing, and onboarding services, and shorten the lead time for Visa card issuance to just four to six weeks. Nium plans […]