Shariah scholars, bankers and business leaders have called for the promotion of Islamic banking by offering interest-free loans. They argue that Islamic banking has become unavoidable in the current financial landscape when various countries are forming alliances to safeguard their economic interests, strengthen their currencies, and elevate their economies to new heights. Speaking at the Is
A court of law has temporarily barred the government from collecting an additional tax of up to 15% from banks, as about a dozen financial institutions approached the court to suspend the tax they were liable to pay after failing to meet the mandatory private sector lending targets in the outgoing year 2024. Citing the Pakistan Banks' Association, the global media outlet Bloomberg reported on T
The government has expedited the consultation process for deregulating the petroleum sector and setting uniform gas prices for the processing industry along with wellhead, piped gas and liquefied natural gas (LNG). Prime Minister Shehbaz Sharif has directed the Petroleum Division to work out proposals for deregulating the petroleum sector and fixing uniform prices for locally produced and impor
As the government awaits the International Monetary Fund's (IMF) position on the mini-budget, the Minister of State for Finance, Ali Pervaiz Malik, announced on Thursday that tax notices are being sent to Pakistan's wealthiest 5,000 non-filers, with an expected revenue collection of Rs7 billion. Following a desk audit of transaction data for 200,000 non-filers, the top 5,000 high-net-worth indi
Shares at the Pakistan Stock Exchange (PSX) crossed yet another all-time high of 94,000 on Thursday as bulls regained control of the trading floor, with analysts attributing the record to strengthening macroeconomic stability. After snapping its record-breaking streak on Tuesday, the PSX bounced back a day ago, recovering only 131 points as investors indulged in value-hunting. The benchmark