Posts tagged as: Pakistan

IDB gives Pakistan 250m euro

IDB gives Pakistan 250m euro

<p>Pakistan will reportedly receive 250 million Euros from the Islamic Development Bank (IDB) in the ongoing month of August, which is part of 750 million Euros loan. Similarly, the country will also avail the trade facility of $150 million for import of fertilizer and Petroleum products this month. The Islamic Development Bank had agreed to the loan and the trade facility in a meeting between the President of the Islamic Development Bank, Dr. Ahmed Muhammad Ali, and Pakistan&rsquo;s Finance Minister Senator Ishaq Dar in Jeddah last week. Pakistan will also receive $500 million from Asian Development Bank and $500 million from World Bank in the second half (January-June) of the ongoing financial year 2013-14. Moreover, Pakistan is expecting to receive $3.4 billion from IMF during the current financial year. The loans will help building the foreign exchange reserves, which are currently around $10.25 billion.</p>
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<p><a href="http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/09-Aug-2013/idb-gives-pakistan-250m-euro" title="http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/09-Aug-2013/idb-gives-pakistan-250m-euro">http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu…</a></p>
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IDB gives Pakistan 250m euro

IDB gives Pakistan 250m euro

<p>Pakistan will reportedly receive 250 million Euros from the Islamic Development Bank (IDB) in the ongoing month of August, which is part of 750 million Euros loan. Similarly, the country will also avail the trade facility of $150 million for import of fertilizer and Petroleum products this month. The Islamic Development Bank had agreed to the loan and the trade facility in a meeting between the President of the Islamic Development Bank, Dr. Ahmed Muhammad Ali, and Pakistan&rsquo;s Finance Minister Senator Ishaq Dar in Jeddah last week. Pakistan will also receive $500 million from Asian Development Bank and $500 million from World Bank in the second half (January-June) of the ongoing financial year 2013-14. Moreover, Pakistan is expecting to receive $3.4 billion from IMF during the current financial year. The loans will help building the foreign exchange reserves, which are currently around $10.25 billion.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/09-Aug-2013/idb-gives-pakistan-250m-euro" title="http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/09-Aug-2013/idb-gives-pakistan-250m-euro">http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu…</a></p>
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IDB agrees to provide 750m euros loan

IDB agrees to provide 750m euros loan

The Islamic Development Bank (IDB) has agreed to extend a loan facility of 750 million euros to Pakistan. The first tranche of the loan will be released before mid of the current month. The IDB will also provide a trade facility of $150 million for imp…

Burj Bank Limited

Burj Bank Limited

Burj Bank Limited was formerly known as Dawood Islamic Bank Limited (DIBL). The bank officially commenced operations in April 2007 and was renamed Burj Bank Ltd. in July 2011. Burj Bank has a diversified range of Shariah compliant funded and non-funded…

Pakistan launches media campaign to boost Islamic finance

Pakistan launches media campaign to boost Islamic finance

Pakistan's central bank has launched a mass media campaign to raise awareness and acceptance of Islamic finance among consumers in the country. It was developed alongside local Islamic banks, and is expected help the industry reach ambitious targets in…

Pakistan adopts AAOIFI standards for investment sukuk

Pakistan adopts AAOIFI standards for investment sukuk

Pakistan's central bank has adopted the "investment sukuk" guidelines of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Issuers will have to comply with this global standard for sukuk, or face penalt…

JCR-VIS Reaffirms Entity Rating of Burj Bank Limited

JCR-VIS Reaffirms Entity Rating of Burj Bank Limited

<p>JCR-VIS Credit Rating Company has reaffirmed the entity ratings of Burj Bank at &lsquo;A/A-1&rsquo;. Outlook on the ratings is &lsquo;Stable&rsquo;. Ratings take into account the financial profile of Islamic Corporation for Development of the Private sector (ICD), one of the major shareholders of the bank. The recent approval by shareholders to increase the bank's paid up capital (free of losses) to Rs. 6b is likely to create room for growth in core business activities, which is constrained by the high level of Capital Adequacy Ratio required to be maintained by the State Bank of Pakistan. With a CAR of 22.5% at end-Dec&rsquo;12 and net NPLs in relation to tier-1 capital also within manageable limits, the bank continues to depict sound risk absorption capacity. Burj has set up 25 new branches during FY12 to increase the total outreach to 75 branches by year-end. A further 25 branches are planned to be set up during the ongoing year.</p>
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<p><a href="http://www.thenews.com.pk/Todays-News-3-188800-JCR-VIS-Reaffirms-Entity-Rating-of-Burj-Bank-Limited" title="http://www.thenews.com.pk/Todays-News-3-188800-JCR-VIS-Reaffirms-Entity-Rating-of-Burj-Bank-Limited">http://www.thenews.com.pk/Todays-News-3-188800-JCR-VIS-Reaffirms-Entity-…</a></p>
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Pakistani lender plans Mideast expansion

Pakistani lender plans Mideast expansion

Pakistan-headquartered Bank of Khyber (BoK) plans to open branches in the Middle East, as part of an expansion drive to capture the fast growing investment opportunities and facilitate the expatriate Pakistanis belonging to Khyber Pakhtunkhwa and Feder…

Emaan Islamic Banking officially launched

Emaan Islamic Banking officially launched

Emaan Islamic Banking, a division of Silkbank Limited, has been launched and is now available in 10 branches in 8 cities including Karachi, Lahore, Faisalabad and Islamabad. M. A. Mannan, Executive Director at Silkbank, said that currently, the Islami…

MICROCAPITAL BRIEF: Islamic Development Bank (ISDB), Government of Punjab Provide $195m for Microfinance Facility in Pakistan

MICROCAPITAL BRIEF: Islamic Development Bank (ISDB), Government of Punjab Provide $195m for Microfinance Facility in Pakistan

The Islamic Development Bank (ISDB) will disburse a loan of PKR 14.6 billion (USD 146 million) with a 0.5 percent interest rate per year to the Punjab provincial government of Pakistan. The money will be used for a microfinance facility that will provi…

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