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Islamisation of banks

With an overwhelmingly Muslim majority, there’s largely a distaste towards interest which is usually equated with exploitation, and often for good reason. Yet, the financial system unsurprisingly remains entrenched in it, irking the religious factions and parties who want to rid the country from the evils of riba. For years, the issue had been under legal scrutiny with the government of Pakistan a

Finance: The ‘taxing’ year ahead

The current fiscal year rendered an estimated four to five million Pakistanis jobless and threw 20-30m below the poverty line. Moreover, record high inflation, hovering above 30 per cent during the year, tested consumers’ and businesses’ will to survive. We may not see as many people added to the jobless pool in the next fiscal year. We may not see as many individuals slipping below the poverty

Depressed mood post protests

Political violence is not new to Pakistan, but the events ensuing the arrest of Imran Khan upped the ante. In what many termed ‘a grave reaction,’ Pakistan Tehreek e Insaaf zealots also targeted markers of the military during the violent protests last week. The business class believed that the total cumulative loss inflicted by the PTI protesters and the closure of mobile data service by the go

Key deliberations scheduled to finalise budget

ISLAMABAD: With less than a month to present the next fiscal year’s budget, the government is contemplating holding meetings of the Annual Plan Coordination Committee and the National Economic Council on May 23 and June 1, respectively, to finalise over Rs900bn worth of federal Public Sector Develop­ment Programme (PSDP). And even before these events, representing both the Centre and its federa

IMF denies asking Pakistan to raise $8bn in fresh financing

Pakistan’s external financing requirements have not been changed in talks with the International Monetary Fund over bailout funds, the IMF resident representative in Pakistan said, denying local media reports that the Fund was seeking fresh financing. “There is no truth to reports that the IMF is asking Pakistan to raise $8 billion in fresh financing,” Esther Prez Ruiz said in a text message se