ISLAMABAD: Federal Ministry of Finance Wednesday commenced settling issues related to Circular Debt and the government would issue Term Finance Certificates (TFC) in this connection.According to sources, the over all costs of the certificated, to be issued, will range from Rs.75 billion to Rs.85 billion.The banks will provide loans to provincial governments, oil refineries, independent power producer companies, oil marketing companies and WAPDA in exchange of these term finance certificates.Federal Minister for Finance allowed issuance of TFC in a bid to resolve the issues involved with the Circular Debt.
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KARACHI: State Bank of Pakistan on Tuesday issued the guidelines on Islamic financing for agriculture to help banks develop specific Shariah compliant products in order to meet the financing needs of the farming community. These Guidelines have been developed in consultation with stakeholders while keeping in view the potential and demand for Islamic banking products in the field of agriculture, says SBP statement here. The Guidelines broadly cover Islamic modes of financing like Murabaha, Ijara, Musawamah, Salam, Istisna, Musharaka, Diminishing Musharaka, Mudaraba, Muzara, Musaqat, and Mugharasa that can be used for meeting the financing requirements of farm and non farm sector activities including livestock, fisheries, poultry, orchards etc. In addition to these financing needs, IBIs may also refer to SBP guidelines and instructions for crop and non crop sector activities like guidelines on livestock, fisheries, poultry, horticulture, etc to make further progress on this front. Moreover, the Guidelines have also explained the application and procedure of the Islamic modes of financing. The State Bank has advised all the banks to use these guidelines for developing their own Shariah compliant products for extending finance to agriculture sector according to their policy and operational and market requirements, subject to compliance with SBP regulations and approval from their Shariah Advisor.
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Assailants torched 10 trucks stranded in Pakistan by the bombing of a key bridge on the main supply route for U.S. forces in Afghanistan, an official said Wednesday.
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LAHORE: Governor State Bank of Pakistan Syed Salim Raza Wednesday said that Chapter 11 in the banking law would be introduced in the next two months.
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KARACHI: The national cricket officials may have failed to convince Australia to tour Pakistan in April, but they will still secure substantial profit
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WASHINGTON, Feb. 4 (UPI) — Afghanistan-Pakistan special envoy William Holbrooke will be on an listening mission when he goes to the region from Europe, the U.S. State Department said.
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KARACHI: As the Karachi Electric Supply Company is far from meeting power demand of the city, another crisis seems to be brewing in the already troubl
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KARACHI: Chief Minister Sindh Syed Qaim Ali Shah said Wednesday, Kashmir is the proud of Pakistan and termed its peaceful resolution indispensable for the peace to prevail in sub-continent.On the occasion of Kashmir Day his message said, we are proud to have remained associated with tireless struggle being rendered for Kashmir cause.He said the tireless efforts of the people of Kashmir, against the captured forces, will not go in vain and demanded international community to let Kashmiris attain independence according to their desire.
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LAHOREPARLIAMENTARIANS from the PML-N and the PML-Q leveled allegations of corruption against the leadership of both the parties immediately a
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ISLAMABAD: Pakistan is feared to experience negative growth this year in all sectors of economy except the agriculture sector, a senior official at Mi
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