Tagged: Pakistan Observer

Eligibility of GoP Ijara Sukuk in Musharaka Pool

Eligibility of GoP Ijara Sukuk in Musharaka Pool

State Bank of Pakistan (SBP) has notified that now un-encumbered Government of Pakistan Ijara Sukuk may be included in the Musharaka Pool (MP), created under the Islamic Export Refinance Scheme (IERS). This inclusion will be subject to the several conditions. All Islamic Banking Institutions (IBIs) shall report Sukuk in MP under the sector heading of GoP Ijara Sukuk. IBIs shall maintain record of Sukuk issue included and the amount of that issue will be incorporated in the MP. The banks are advised to refer to SBP’s Islamic Export Refinance Scheme and other instructions issued from time to time. Other instructions on the subject remain unchanged,

New Islamic financial products

New Islamic financial products

Al Baraka Islamic Bank announced the introduction of new Islamic financial products. Furthermore, it will open several new branches in Pakistan with the purpose to facilitate the consumers of Islamic products. According to Adnan Ahmad Yousaf – presiden…

BoK Raast Islamic Banking starts operations in Topi

BoK Raast Islamic Banking starts operations in Topi

According to the Managing Director if Bank of Khyber (BoK) – Bilal Mustafa – the bank is committed to cater the banking requirements of all segments of society. He further added that, for the purpose of encouraging the economic developmental activities…