Recent international and Pakistani news updates regarding Money, Economic, Financial industries including the Central banks and Schedule Banks nad and other Financial and Non financial Institutions.
The Faysal Bank Limited announced new Board of Directors (BoD) after conducting election on May 14, 2020. The election was conducted through in person voting, e-voting, postal ballot and through proxies. Every company is required to conduct election for Board of Directors pursuant to the Companies Act, 2017. The elected directors will serve Faysal Bank … Read More “Faysal Bank announced new Board of Directors (BoD)” »
The government of Pakistan recently launched the Secured Transactions Registry (STR) pursuant to the Financial Institutions (Secured Transactions) Act, 2016. The STR will be used for registration of security interests/charges created by entities other than companies on their movable assets such as receivables, intellectual property, inventory, agricultural products, petroleum or minerals, motor vehicles, etc. STR … Read More “What is SECP’s Secured Transactions Registry (STR)” »
The Monetary Policy Committee (MPC) of SBP decided to reduce the policy rate by 100 basis points during its meeting held today 15th May 2020. The new policy rate will be at 8 percent which was 9 percent earlier. This decision is primarily based on the improved inflation outlook in light of the recent cut … Read More “SBP decides to reduce Policy Rate by 100 basis points” »
The president of Pakistan approved constitution of 10th National Finance Commission (NFC). According to a notification issued by the government, the National Finance Commission shall consist of the following eleven members: Minister for Finance, Government of Pakistan Finance Minister, Government of the Punjab Minister for Finance, Government of Sindh Finance Minister, Government of Khyber Pakhtunkhwa … Read More “10th National Finance Commission constituted” »
The Securities and Exchange Commission (SECP) has advised insurance companies to grant one month free of cost extension in insurance coverage to all motor insurance policyholders. The decision has been taking while keeping in view the anticipated low claim ratio in motor insurance business due to lock-down. The decision to provide one month free of … Read More “One month free coverage to motor insurance policyholders” »
The government of Pakistan carried out various amendments in Companies Act 2017 through promulgation of Companies (Amendment) Ordinance, 2020. The Ordinance received go ahead by the President of Pakistan on recommendation of Securities Exchange Commission of Pakistan (SECP). The amendments will provide an enabling regulatory framework to facilitate startups in Pakistan and attract local and … Read More “Amendments undertaken in Companies Act to facilitate Startups” »
On May 7, 2020 the United Bank Limited (UBL), through a notification, announced appointment of Mr. Shazad G. Dada as President & CEO of UBL with effect from July 1, 2020 for a term of 03 year. The decision was made by the Board of Directors of UBL in a meeting held on May 6, … Read More “UBL appoints Mr. Shazad G. Dada as President & CEO” »
The State Bank of Pakistan (SBP) has decided that it will not issue fresh notes to general public on the occasion of Eid-ul-Fitr this year. According to an internal memo issued by SBP on 4th May 2020, the decision has been made to ensure implementation of social distancing measures announced by federal and provincial governments. … Read More “SBP will not issue Fresh Notes during this Ramadan” »
As per a press statement issued by SBP, all commercial banks / Development Financial Institutions (DFIs) have been advised to suspend payments of dividend for the two quarters ending March and June 2020. However, banks/DFIs that have approved dividend declaration for quarter ended March 2020 have been advised to suspend dividend distribution for June and … Read More “SBP advised Banks / DFIs to suspend dividend Payments” »
