Business

KARACHI: The Islamic banking industry (IBI) has achieved the highest year-on-year growth in assets and deposits since 2015 increasing the market share in the overall banking industry to 17pc and 18.7pc, respectively. The State Bank of Pakistan (SBP) in its latest bulletin for April-June quarter reported that assets and deposits of IBI grew 32 per cent and 29.7pc, respectively. The …

LAHORE: In a bid to revive the Istanbul-Tehran-Islamabad (ITI) road corridor, the National Logistic Cell (NLC) is all set to perform the first commercial run by transporting high-value products from Pakistan to Turkey in the last week of this month. The revival of the ITI road corridor will improve and strengthen the regional connectivity of Pakistan with Iran and Turkey, Dawn has …

ISLAMABAD: Pakistan will start staff-level discussions with the International Monetary Fund by end of the current month for the release of sixth tranche under the $6 billion Extended Fund Facility (EFF), a top official confirmed on Saturday. The IMF board has a scheduled a meeting later this month to conduct its sixth review of Pakistan programme. “Our technical team will …

KARACHI: The dollar kept appreciating against the weakening rupee and reached closed to the record high as it was traded at Rs168.02 on Friday. Currency dealers said the dollar was traded at 13-month high price after it gained 36 paisa. The highest price of dollar was Rs168.43 on Aug 26, 2020. The current wave of appreciation for the dollar began …

KARACHI: The country received $5.364 billion during the first two months of the fiscal year 2021-22 (2MFY22), showing growth of 10.4 per cent compared to the same period in FY21 when inflows were $4.859bn, data shared by the State Bank of Pakistan (SBP) showed on Friday. “In terms of growth, remittances increased by 26.8pc year-on-year in August which is a …

ISLAMABAD: In what appears to be a major relief, the Federal Board of Revenue (FBR) has allowed those people to file their declarations who have paid their tax on whitening of assets under the 2019 tax amnesty scheme for the construction industry. The relief will benefit approximately 12,300 individuals who have already deposited Rs2.6 billion in taxes to the FBR …

KARACHI: The first two months of the fiscal year 2021-22 (2MFY22) proved highly satisfying for the entire auto sector, with car sales posting growth of 93 per cent, followed by an increase of 199pc in jeeps. A sharp increase of 150pc was witnessed in truck sales, followed by 119pc in light commercial vehicles (LCVs), 18.4pc in tractors, 2pc in buses …

ISLAMABAD: Amid withdrawal of bids by three main players in the telecom sector, Ufone has obtained 9MHz spectrum in 1800-megahertz band for $279 million, allowing the company to improve its quality of service as well as expand penetration in different underserved areas. The Pakistan Telecommu­nication Authority (PTA) on Friday declared Ufone as the sole winner in the auction of additional …

ISLAMABAD: The Oil Marketing Companies (OMCs) have decried their ‘unending audits’ ordered by the government as anti-investment and demanded improved security and better vigilance to check the menace of oil smuggling reportedly causing over Rs250 billion per annum revenue loss. Reacting to a letter from the Ministry of Energy Petroleum Division to 25 OMCs, including refineries, for audit of their …

KARACHI: Industries and Production Minister Makhdum Khusro Bakhtiar has said that addition of 900MW in power generation capacity for Karachi is a gift for people and the industries. He said Prime Minister Imran Khan will inaugurate K-Electric’s Bin Qasim Power Station III project as soon as it’s completed. Mr Bakhtiar on Thursday met members of the KE’s senior management at …