Islamic Banking in Pakistan

islamic banking in Pakistan

Islamic Banking might be prevailing over increasing time in the country but it SBP’s Gallup Pakistan’s survey reveals that only 29 pc of Pakistanis know about Islamic banking while others haven’t even heard about it.

When asked if they have heard the word Islamic banking, 42 pc respond with the answer that they have only heard the term but know nothing about. 29 pc say they know the term along with its meaning while the remaining 29 pc haven’t even heard of the term at all.

Gender wise about 29 pc males have heard and know the term while 28 pc of females say the same. 44 pc males and 41 pc females say that they have heard the term but don’t know the meaning. There are 40 pc urban and 23 pc rural citizens who know the term well while 39 pc urban and 44 pc rural area citizens who have only heard the term. This clearly indicates that urban areas are clearer when it comes to Islamic Banking understanding.

When it comes to provincial classification, 28 pc, 29 pc, 36 pc and 12 pc people are aware about the term well enough in Punjab, Sindh, KPK and Balochistan respectively. While there are 48 pc, 25 pc, 52 pc and 27 pc people in Punjab, Sindh, KPK and Balochistan who say that they have only heard the term but know nothing about it.

Only Sindh continues to have almost a similar reflection of the terms understanding and non understanding while Balochistan has a huge 61 pc chunk who has not even heard about the term.

Javed Sheikh plans to get foreign investment in Pakistani films

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foreign investment in Pakistani films

With the popularity of Pakistani films growing over time to reach larger audiences, the famous start Javed Sheikh has expressed the notion that some foreign investors have shown sheer eagerness to expend in the local industry for the same.

He informed APP that its time that Pakistani industry gets to show off its talents since numerous young actors through senior counseling have made their exceptional performances extremely notable with immense success at the box office.

Hence he asserts that with foreign investment in the line, these films surely have many places to go. Therefore he has plans to implement the same in the industry.

Sindh Microfinance Bank to start Microfinance Banking Business

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Sindh Microfinance Bank

After the paid up capital requirement of Rs 750 million was met, the license was granted to the Sindh Microfinance Bank Limited to kick off with its operations at the Provincial level.

The bank shall progress to a national level when it has met with appropriate regulatory approvals and have reflected progressing standards over the next one or two years.

The bank is the number 11th to be operational in Pakistan as nine microfinance banks such as Waseela Microfinance, Tameer Microfinance and U Microfinance etc exist previously in the country with MFB bearing provincial level too.

The late 2016 delayed Sindh Microfinance Bank is now under full ownership of the Sindh Bank Limited that comprises Sindh Leasing Company as well as the Sindh Insurance Company.

However it is interesting to note that the bank has not yet registered the Sindh Bank with the PSE though it has already made Rs 874 million profit by late Sept 2015 and also has a network of 225 branches throughout.

With Sindh Microfinance Bank Ltd the microfinance banks share shall increase throughout this area which shall also engender elevated micro finance and financial service provisions to the society’s lesser benefited people. In addition to the competition brought forward with its launch in the market, the opportunity to gain exposure in the urban as well as rural areas shall also be widened throughout the province as well as nationally.

‘The Jungle Book’ takes away the Box Office top spot as soon as it arrives!

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the jungle book

The remake of the ever famous ‘The Jungle Book’ by Disney grossed $103.6 million just at its opening weekend according to the industry’s speculations securing the top rank on Sunday at the Box Office.

Rudyard Kipling’s fantasies are brought to reality through the computing technologies for the Mowgli boy whose upbringing is done by animals. Neel Sethi debuts as Mowgli while Hollywood’s famous Bill Murray, Idris Elba and Ben Kingsley give voice-overs for the tiger Shere Khan, the panther Bagheera and the bear Baloo.

After Deadpool crossing $132 million and Batman vs Superman crossing $166 million, The Jungle Book becomes the third highest debut movie grossing for the year 2016.

Barbershop: The Next Cut faired with $20.2 million in the comedy genre according to Exhibitor Relations speculations as Ice cube and Cedric from the barber shop try stopping unrest in their South Chicago locality.

In the same genre, it was also The Boss which after its second week took away $10.2 million making up for a total of $40.4 million in the till. Boss is however the story of a billionaire (Melissa McCarthy) who turns to paupers due to inside trading affairs and returns from jail to live with an ex employee.

Ben Affleck and Henry Cavill’s Batman v Superman was fourth with $9 million in its peak summing up to $311.3 million after a month. However the Disney family investigative film named Zootopia came down from third to fifth over time. It raised $8.2 million in the weekend to reach $307.5 million in seven weeks time.

Pakistani Film Maalik receives very unexpected results over time

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pakistani film maalik

The Pakistani film industry did not receive what it expected from the return of Ashir Azeem who made his comeback through his debut directorial film titled Maalik. The film certainly went even below average as it just made Rs 20 million in its first six days.

Footprint (Pvt) Ltd who is the distributor for the film said that it had earned Rs 15 million just during the first three days but it was then that the performance dropped so low and it earned only Rs 0.5 million in the other three days. The film was released over more than 40 screens in Pakistan but experienced a really tough start.

There had been speculations that it has many important releases along with it but the Maalik director had full hopes that the movie shall stand out. However it has also been noted that only Fast & Furious 7 termed up well whereas other movies which came on at the same time did not fare well too.

Maalik did fare well in cities like Islamabad and Karachi with its cast including Hassan Niazi, Adnan Shah Tipu, Sajid Hussain and Farhan Ally Agha which released on 8th April 2016. The film depicts the tale of an SSG officer who preys victim to a personal tragedy and ends up opening his own private security firm. Accompanied by his retired colleagues they continue to fight the evils residing in the city of Karachi.

That said, Maalik distributors do believe that the film shall pass the Rs 40 million mark over spanning time for Azeem’s two year gap after famous TV series Dhuaan shall surely spark it all up.

Pakistan Bank deposits increase

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Pakistan Bank depositsThe State Bank of Pakistan injected Rs69bn into the banking system on April 5 in an open market operation. The injection was made in a three-day contract at a rate of return of 6.02pc thus resulting in Pakistan Bank deposits increase.

According to the weekly statement of position of all scheduled banks for the week ended March 25, 2016, deposits and other accounts of all scheduled banks increased 0.76pc to Rs9,559.122bn over preceding week’s Rs9,486.922bn. Compared with last year’s corresponding figure of Rs8,508.337bn, it was higher by 12.35pc.

Deposits and other accounts of all commercial banks rose to Rs9,520.852bn from Rs9,448.739bn a week ago. Deposits and other accounts of specialised banks stood at Rs38.270bn against previous week’s figure of Rs38.133bn.

Total assets of all scheduled banks increased to Rs13,752.579bn from Rs13,617.217bn in the preceding week. It was higher by 15.32pc compared to last year’s corresponding figure of Rs11,925.014bn.

Combined assets of all commercial banks rose 1pc to Rs1,3541.502bn from Rs13,406.690bn in the previous week.

Total assets of specialised banks stood at Rs211.077bn over previous week’sRs210.528bn.

Gross advances of all scheduled banks stood at Rs4853.232bn, a rise of 0.34pc over preceding week’s figure of Rs4836.689bn. Compared with last year’s corresponding figure of Rs4431.641bn, current week’s figure is higher by 9.51pc.

Advances by all commercial banks rose to Rs4691.203bn against previous week’s Rs4674.877bn or by 0.35pc.

Advances of specialised banks stood at Rs162.029bn against previous week’s Rs161.811bn.

Borrowings by all scheduled banks increased in the week under review. It rose to Rs2072.783bn over previous week’s Rs2,020.649bn or by 2.58pc. Compared to last year’s corresponding figure of Rs1,515.772bn, current week’s figure is higher by 36.75pc.

Borrowings by commercial banks also increased in the week to Rs2,040.746bn against previous week’s Rs1,989.495bn, higher by 2.57pc.

Borrowings by specialised banks stood at Rs32.037bn against preceding week’s figure of Rs31.154bn.

Investments of all scheduled banks stood at Rs7163.554bn against preceding week’s figure of Rs7,050.036bn, a rise of 1.61pc. Compared to last year’s corresponding figure of Rs5,704.377bn, it was higher by 25.58pc.

Investments by all commercial banks stood at Rs7,135.164bn against preceding week’s figure of Rs7,020.103bn, an increase of 1.64pc. Compared to last year’s corresponding figure of Rs5678.640bn, current week’s figure is higher by 25.65pc.

Investment by all specialised banks stood at Rs28.390bn, against preceding week’s figure of Rs29. 933bn.

Cash and balances with treasury banks of all scheduled banks decreased over the week and stood at Rs790.182bn against previous week’s Rs802.284bn, showing a fall of 1.50pc. Current week’s figure was higher by4.42pc compared to last year’s corresponding figure of Rs756.714bn.

Cash and balances of all commercial banks stood at Rs788.123bn, lower by 1.51pc over previous week’s Rs800.237bn.

According to the weekly Statement of Affairs of the State Bank of Pakistan for the week ended March 25, notes in circulation decreased to Rs3,191.427bn over preceding week’s figure of Rs3,212.403bn, a fall of 0.65pc. Compared to last year’s corresponding figure of Rs2558.359bn, the current week’s figure is higher by 24.74pc.

Approved foreign exchange has fallen during the current week against previous week’s figure. Current week’s figure of Rs959.033bn was lower over preceding year’s figure of Rs962.375bn by 0.35pc. Compared to last year’s corresponding figure of Rs627.206bn, current week’s figure is higher by 52.90pc.

RBS to close India business as it cuts Global assets

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RBS to close India businessRoyal Bank of Scotland, RBS to close India business and all its corporate operations as part of a plan to sell or shut businesses in two-thirds of the countries it operates in.

RBS, which was briefly the world’s largest bank by assets, has spent the eight years since a 45 billion pound ($64 billion) government bailout cutting costs and reorganizing.

It is closing the Indian business after failing to find a buyer. Earlier this year, Singapore’s biggest lender DBS Group Holdings and South African banking group FirstRand were in separate talks to buy the unit.

After examining a number of potential sale options for our banking business in India, we have concluded that it is not feasible to sell the business in its entirety said the bank in a statement.

“We will now look at other options which may include a wind down or sale of individual parts.”

The decision to close the India business is part of Chief Executive Ross McEwan’s strategy announced last year to operate in 13 countries, down from 38.

McEwan has cut thousands of jobs and assets to reduce expenses, in a bid to boost earnings after eight straight years of losses.

Pakistan car and heavy vehicles sales increase this summer

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Pakistan car and heavy vehicles sales

Locally assembled cars experienced a thirty percent increase YoY just during the nine months till March 2016. The number reached 137,206 pieces due to auto financing increase along with favorable conditions.

Under the Punjab Rozgar scheme about 25,348 Suzuki Bolan were sold as this was an 82 pc increase compared to 13,932 last year.

According to Pakistan Automotive Manufacturers Association (PAMA), Cultus sales increased 12 pc from 10,502 to 11,747 while Suzuki Mehran raised 27 pc from 22,269 to 28,367 pieces on Monday. Wagon R sales also reached 6,857 units from 3,337 units due to a 105 percent increase.

In comparison to Suzuki Swifts 2,589 units last year, this year 2,996 units were sold while Honda Civic and Honda City together grew by 13 pc from 16,405 units to 18,542 units. Toyota Corolla gave 43,344 units compared to last year’s 36,238 units.

On the other hand, the Toyota Fortuner came down to 428 pieces from 557 pieces as Sigma Defender also dropped down from 376 pieces to just 173 pieces.

However, due to the Punjab Rozgar Scheme, sales of Suzuki Ravi were almost doubled from 13,999 to 25,348 units while Toyota Hilux also had a little increase to 3,732 units in comparison to 3,346 last year.

Topline Securities’ Mohammad Tahir Saeed has been working for increasing car sales so that auto financing would increase because of 42 year low interest rates, Punjab taxi scheme and also becase of the improved law and order situation in the country.

However he still says that they lag since the delivery of any variant of Corolla varies from two to four months still. When it comes to Honda Civic and Honda City, City has been the star contributor though Civic production is supposed to lessen due to the new model being launched very soon this year.

Talking about tractors, Fiat and Massey Ferguson came down from 12,580 and 19,970 units to 7,947 and 13,534 units respectively as compared to the last year. On the contrary when comparing on a monthly basis, the sales have increased from 1,135 and 1,806 to 1,808 and 2,550 units in March respectively. Orient IMT tractor sales have also increased to 688 units from 631 units during the same July to March period from 2015 to 2016.

A subsidy was going to be announced for the Punjab and Sindh schemes in the year’s budget but when all such hopes were shattered, farmers again began buying tractors.

Truck sales also increased to reach 3,751 pieces from 2,727 pieces and bus sales almost doubled from 398 to 700 pieces since the China-Pak Economic Corridor came in to view again.

Pakistan Government borrowing crosses Rs1 trillion

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Pakistan Government borrowingDespite higher foreign inflows, Pakistan government borrowing from commercial banks has this year crossed Rs1 trillion indicating weak fiscal position.

According to State Bank of Pakistan (SBP), the government has shown no significant improvement this year as government has borrowed Rs1.088 trillion during first nine months (July-March) compared to Rs1.150 trillion last year.

“This shift in borrowing from SBP to commercial banks has enabled the government to meet the IMF targets for end-September and end-December 2015 set under the Extended Fund Facility,” the central bank said in its second quarter report for this fiscal year.

The fiscal authorities are financing their deficit through borrowings from external resources and commercial banks. The government retired Rs347bn debt of the State Bank during the period under review compared to Rs491bn a year earlier.

This created shortage of liquidity in the banking system. In the money market, the SBP injected liquidity through open market operations (OMOs) and maintained the cut-off rate very close to the policy rate.

Private-sector credit (PSC) expanded by Rs352.9 billion in the first half of FY16 compared to Rs222.3bn in the same period last year. The State Bank said the expansion in PSC was broad-based as a large number of sectors (including textiles, fertiliser, retail trade, construction and electricity) availed higher credit in FY16.

Significant developments in the credit market also included higher advances for fixed investment purposes to construction-related sectors, telecommunications, land transport, and electricity and gas production, and continuation of higher consumer credit for housing and automobiles.

However, the credit off-take by the private sector almost stopped after the first half, increasing by less than Rs1bn in the next three months indicating a negative picture related to this particular development. Borrowing stood at Rs353.8bn in July-March.

Another negative development was the very high increase in currency circulation which doubled during the nine months compared to the same period of last year.

Saba Qamar’s Bollywood Debut is all set with co-star Irfan Khan

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Saba Qamar's Bollywood Debut

With her success in the local industry, the Manto actress, Saba Qamar is all set to start her career in the Bollywood industry.

Saba shall be seen with her role opposite to the spectacular Irfan Khan in a movie directed by Saket Chaudhary.

The movie title is yet to be announced but Saket has been the director of many hits including Pyar Ke Side Effects, Shaadi Ke Side Effects etc. The film shall though be produced by Bhushan Kumar and the Raabta director Dinesh Vijan.

The movie is thought to be revolving about the struggles of Delhi’s middle class circles where Irfan had confirmed his commitment seven months back. With Saba’s commitments made just a month back, the movie shall be completed within two months starting from August 2016.

Sources say that the movie is somewhat like what suits the movie as she shall be travelling to India in July 2016. Saket and Saba shall be doing some workshops and reading sessions soon and Irfan shall be joining them later.

Saba Qamar's Bollywood Debut

The news for the movie was confirmed by the Official spokesperson Priya Gupta through Twitter while the Pakistani Rockstar Ali Zafar, also extended his best wishes for the same.