Monday 21 May 2012

Mutual Fund industry sells $6.017 mln worth of shares | HALALTAMWEEL.COM

KARACHI: According to National Clearing Company of Pakistan (NCCPL) data, Pakistan’s Mutual Fund industry was the net sellers of $6.017 million or Rs 541.577 million worth of shares during the week ended on May 18, 2012. Mutual funds were the net sellers of $7.621 million or Rs 685.960 million worth of shares during the week ended on May 11, 2012.

Trading activities of Mutual Funds from May 14, 2012 till May 18, 2012 showed that they were gross sellers of Rs 2,338.850 million worth of shares while gross buyers of Rs 1,797.273 million worth of shares. Hence, they ended as net sellers in the market.

KSE witnesses net foreign outflows of $6.017 mln | HALALTAMWEEL.COM

KARACHI: Foreign Investors' Portfolio Investment (FIPI) data reported by National Clearing Company of Pakistan Limited (NCCPL) revealed that net outflow of $6.017 million or Rs 541.577 million was witnessed from Karachi Stock Exchange (KSE) during the week ended on May 18, 2012 as compared to that net inflow of $3.326 million or Rs 299.388 million reported last week.

Islamic banks advised to distribute profit on Islamic principles | HALALTAMWEEL.COM


KARACHI: Speakers at the 1st Islamic Finance Expo and Conference have asked Islamic banks to distribute the profit among shareholders and depositors alike and on the basis of Islamic principle of justice.


 They said that depositors hand over their savings to Islamic banks and it is their duty to also give a fair return to depositors on their savings

Wednesday 16 May 2012

Oil falls $1 on US stockbuild, Greece; WTI hits 5-mth low | HALALTAMWEEL.COM


SINGAPORE: Oil fell more than $1 on Wednesday, with the U.S. benchmark dropping to a five-month low, as a larger-than-expected rise in crude stocks in the United States and fears of Greece's exit from the euro zone muddied the outlook for demand growth.

Gold witnesses lowest price of 2012 | HALALTAMWEEL.COM


ISLAMABAD: Gold price dropped to a multi-months low on Tuesday in the local markets owing to its lowered rates in the international market.


 "Gold price in the international markets has witnessed the lowest price in 2012 of around US $1556 per ounce which affected the prices in local markets as well", President Karachi Saraf Jewellers Association, Haroon Rashid Chand told APP by phone on Tuesday.

Cotton prices firm | HALALTAMWEEL.COM




KARACHI: Pakistan cotton prices remained unchanged along with slightly improvement in volumes during trading session on Tuesday.


The demand of commodity is still very low on local and foreign markets, which led to sluggish business activity.



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Islamic financial system can contain unemployment and boost economy | HALALTAMWEEL.COM



KARACHI: The fast-growing Islamic finance industry (IFI) holds the potential to contain unemployment and boost economy if an efficient and effective monitoring mechanism is in place.

Dr. Ali Hasan Hamdani, an economist associated with a local private sector university in a statement received here on Tuesday said IFI industry needed creativity and guidance to ensure Shariah compatibility and integrity of the products offered in the country.

Islamic financial system, IFI, Islamic finance, boost economy, unemployment

ECC decides to allocate gas at wellhead from OGDCL’s dormant fields | HALALTAMWEEL.COM



ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet in its meeting held here on Tuesday considered the certain summaries of the Ministry of Petroleum & Natural Resources and decided to allocate Gas at wellhead from OGDCL’s dormant fields.

SBP adopts IBAN standard in Pakistan | HALALTAMWEEL.COM


KARACHI: The State Bank of Pakistan (SBP) has decided to implement International Bank Account Number (IBAN) standard in the country with a view to bringing about account code standardization and efficiency in processing of payments for domestic as well as cross border transactions.

SBP,SBP,state bank of Pakistan,IBAN 

FDI down by 48.4 % to $ 666.7mln | HALALTAMWEEL.COM


KARACHI: The inflow of foreign direct investment (FDI) in Pakistan has declined by 48.4 percent to $ 666.7 million in July-April 2012, compared to $ 1.292.8 billion in July-April 2011.

FDI down by 48.4 % to $ 666.7mln, FDI,Foreign direct investment,FDI Pakistan, economy news

Tuesday 15 May 2012

Thar Coal caught German companies interest | HALALTAMWEEL.COM



ISLAMABAD: Federal Republic of Germany on Monday said some German companies have interest in the potential of Thar Coal.

Islamic finance sector facing key challenges | HALALTAMWEEL.COM


MANAMA: Islamic finance industry is facing key growth constraints that need to be addressed, Central Bank of Bahrain (CBB) executive director of financial institutions supervision Abdul Rahman Al Baker claimed yesterday.

.Islamic finance, Islamic finance industry, GCC, sukuk, CBB, Al Baker claimed

Pakistan cotton prices fall | HALALTAMWEEL.COM


KARACHI: Pakistan cotton prices declined along with lowest volumes traded during trading session on Monday as the Local buyers are expecting further reduction on the prices.


 The Karachi Cotton Association (KCA) official rates decreased by Rs 100 per maund and closed at the level of Rs 6,000 per maund after opening at the level of Rs 6,100 per maund. The rates of seed cotton in Sindh were Rs 1,700 and Rs 2,200, while in Punjab, cotton rates were Rs 1,900 and Rs 2,500 dealers said.


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Pakistan gold plunges to Rs 46,757 | HALALTAMWEEL.COM




KARACHI: Pakistan gold plunged by Rs 471 to Rs 46,757 per 10 grams in the local market Monday as its international price dropped to $ 1,562 an ounce, market sources said.


 According to Karachi Saraf Association official, tola (11.664 grams) price also declined by Rs 500 to Rs 54,500.

Pakistan gold news, Gold Prices , gold plunges, Commodities And Forex News 

BOK Raast Islamic Banking Branch starts operation in Mansehra | HALALTAMWEEL.COM


PESHAWAR: Managing Director, Bank of Khyber (BoK) Bilal Mustafa has said that the bank is committed to cater the banking requirements of Islamic as well as conventional banking in a befitting manner to promote economic activities in the region.


 He was speaking at the formal inauguration of BOK Raast Islamic Banking branch at Shahrah-e-Resham, Mansehra in a simple but impressive ceremony.





Islamic Banking, in Mansehra, BoK, Islamic Finance news, Ali Nawaz Gilani 

SBP provides flexibility to banks/DFIs | HALALTAMWEEL.COM

KARACHI: The State Bank of Pakistan (SBP) has made amendments in Prudential Regulations for Corporate/Commercial Banking in order to provide flexibility to the banks/development finance institutions (DFIs).

 According to the amendments made in paragraph 2 of Regulation R-7 of the above mentioned Prudential Regulations, the existing limit of $ 250,000, for issuance of unsecured guarantees by the banks/DFIs in Pakistan against the back to back/counter-guarantees of the banks situated in foreign countries not meeting the prescribed rating of at least "A", has been enhanced to $ 500,000 if tenor of such guarantees is up to one year.

SBP, DFIs, Commercial Banking, finance institutions, Economy news

National Food to open offices in UAE, UK and Canada | HALALTAMWEEL.COM





KARACHI: National Food Ltd will set up three offices in UAE, Canada and United Kingdom for boosting sales of its products in these countries.


According to information reaching KSE here Monday, the board of directors of National Food has accorded approval to this proposal which is subject to the regulatory approvals.


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Pakistan fails to achieve major policy objectives: WB | HALALTAMWEEL.COM

SLAMABAD: Pakistan has failed to achieve the major policy objectives to reduce fiscal deficit at or below 3.5 per cent of the GDP and improving tax-to-GDP ratio to 12.7 per cent by 2012-13 could not be achieved, a World Bank mid-term progress report has said.

Monday 7 May 2012

MCB Islamic business reported loss in 1QFY12 | HALALTAMWEEL.COM

KARACHI: MCB Islamic banking closed the first quarter (Jan-Mar) of financial year 2012 with subdued earnings owing to lower deposit base and negative growth in credit to the private sector.

New auto draft invites India to take over our industry: PAAPAM | HALALTAMWEEL.COM

LAHORE: The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM), taking strong exception to the new tariff structure under the proposed Auto Policy (AIDP-II) of Engineering Development Board, has said that this is a well-conceived strategic move to invite India to take over Pakistan’s comparatively tiny auto manufacturing sector.

KMI Weekly: Index went up by 784.80 points | HALALTAMWEEL.COM


KARACHI: The Halal stocks index KMI-30 gained 784.80 points or 3.21 percent during the week ended on 04 May, 2012. KMI-30 Index closed at the level of 25,167.03 points as compared to the last week's closing level of 24,382.23 points.


 Foreign Investors' Portfolio Investment (FIPI) data reported by National Clearing Company of Pakistan Limited (NCCPL) revealed that net foreign inflow of $33.1880 million or Rs 2,986.921 million was witnessed in Karachi Stock Exchange (KSE) during the week ended on 04 May, 2012 as compared to net foreign inflow of $5.847 million or Rs 526.275 million reported last week.

Ithmaar Bank backs major Sharia forum | HALALTAMWEEL.COM


MANAMA: Ithmaar Bank has once again extended its support for a major Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI) event in Bahrain.

 The Bahrain-based Islamic retail bank, a long-time AAOIFI supporter, is the platinum sponsor of the Annual Sharia Conference 2012, an international two-day conference which starts today at the Diplomat Radisson Blu Hotel, Residence and Spa.
Ithmaar Bank, major Sharia forum, AAOIFI Islamic Financial Institution, Islamic banks

Delay in 3-G licensing spreads uncertainty among potential buyers | HALALTAMWEEL.COM


ISLAMABAD: Uncertainty persists among potential new entrants and the five existing mobile operators as Pakistan has indefinitely delayed an auction to sell third-generation (3G) mobile telecoms licenses.


 The government was expecting to raise minimum of $ 630 million uncertainty. 3G, mobile telecoms, Delay in 3-G, PTCL, 3G license, economy news, halal tamweel

Pak-India economic conference begins today | HALALTAMWEEL.COM


LAHORE: A delegation of leading Indian business tycoons arrived here on Sunday to attend a two-day economic conference, 'Dividends', being organised here on May 7-8, 2012.

 Confederation of Indian Industry (CII) President and Chairman of Godrej Group Adi Godrej is heading the Indian delegation. Other members of the delegation are CII Vice President Ajay S Shriram, CII Director General Chandarajit Banerjee, Bajaj Auto Chairman Rahul Bajaj, Hero Corporate Services Chairman Sunil Kant Munjal, Vice-Chairman and Managing Director of Bharti Enterprises Rakesh Bharti Mittal, Blue Star Executive Vice Chairman Shri Sunil M Advani, founder and chairman of Carnation Auto Jagdish Khattar, Managing Director and CEO of Country Strategy Business Consultants Dr Sudhir Kapur, Chief Executive Officer Ennore Coke Sir Ganesh Natarajan, Liberty Shoes Chief Executive Adesh Gupta, RJ Corporation Chairman Ravi Kant Jaipuria, Shell Companies Chairman Vikram Singh Mehta, Nasscom Chairman Harsh Manglik, CII Deputy Director General Virandra Gupta, and CII Director South.
pak India trade conference,Pak india trade,Pak india relations,Pak india business

Saturday 5 May 2012

Generation gap-inevitable or created? | HALALTAMWEEL.COM

Article :lifestyle


By Hira Malik



There are three universal ways of dealing with the relations, situations, happenings and difficulties of life-- indulge yourself in it and leave no stone unturned, leave it on its own and do not put in any effort, or to keep a balance between the two: concentrate when is required and ignore when it is not needed.

Pakistan gold rates slip to Rs 48,471 | HALALTAMWEEL.COM

KARACHI: Gold prices in Pakistan slipped by Rs 300 to Rs 48,471 per 10 grams in the local market Friday as its international price dropped to $ 1,630 an ounce,

ECC authorizes ISGS to execute TAPI Gas project | HALALTAMWEEL.COM

ISLAMABAD: A meeting of the Sub-Committee of the ECC on Pakistan Gas Import Projects was held here on Friday at Ministry of Petroleum and Natural Resources.

PBS asked to provide details about new rebasing methodology | HALALTAMWEEL.COM

ISLAMABAD: The Governing Council of Pakistan Bureau of Statistics (PBS) here, after a detailed and comprehensive deliberations, asked the PBS to prepare and present a comprehensive background paper with details about new methodology of account rebasing.

Al Baraka units win top Islamic award | HALALTAMWEEL.COM


Manama: Four subsidiary banking units of the Bahrain-based Islamic bank Al Baraka Banking Group received the Best Islamic Bank Award of 2012, as part of the annual awards from Global Finance magazine.


These banking units are Banque Al Baraka D'Algerie as the Best Islamic Bank in Algeria, Jordan Islamic Bank as the Best Islamic Bank in Jordan for the fourth year and also the Best Islamic Retail Bank in the world for the third year in a row, Al Baraka Islamic Bank Bahrain as the Best Islamic Bank in Bahrain and Al Baraka Bank Limited as the Best Islamic Bank in South Africa.

Friday 4 May 2012

To counter grey traffic, Govt plans to regulate LDI through PTCL | HALALTAMWEEL.COM


KARACHI: Despite significant increase in International calls, the revenue of Long Distance & International (LDI) industry of the Pakistan fall sharply from eye popping Rs 48 billion recorded in FY09 to Rs 30 billion by FY11. It is mainly due to grey traffic routes and increase in stiff competition among telecom players.

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Weekly inflation falls 0.14pct | HALALTAMWEEL.COM

ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended on May 3, for the lowest income group up to Rs 8,000 registered decrease of 0.14 per cent as compared to the previous week.


 The SPI for the week under review in the above mentioned group was recorded at 174.17 points against 174.41 points registered in the previous week, according to provisional figures of Pakistan Bureau of Statistics (FBS).

Food insecurity persists in Asia despite dynamic economic growth: ADB | HALALTAMWEEL.COM


ISLAMABAD: Asian and Pacific governments must find ways to reduce food waste and storage losses, encourage rural development, and provide well-targeted safety nets to protect the poor from hunger, says a new Asian Development Bank (ADB) report.


 The report, "Food Security and Poverty in Asia and the Pacific: Key

Local Urea sales likely to fall | HALALTAMWEEL.COM


KARACHI: According to some industry sources, local urea sales in April 2012 to witness sharp decline of 63% approx around 140-160k tons down as compared to 400k tons in April 2011.


 The cause of decline in local urea is continuous availability of subsidized imported urea which is available at a cheaper rate to farmers. And government has yet sufficient imported urea stock of around 150k tons (total urea inventory estimated around 0.95mn tons) which would be available to the farmers at subsidized rate.FFC, FFBL, Urea Prices,urea bags,urea sales

President urges business community for active involvement in economic boost | HALALTAMWEEL.COM


ISLAMABAD: President Asif Ali Zardari on Thursday said the government was committed to taking the industry onboard in finding solution to their issues.


 Talking to a delegation of Pakistan Sugar Mills Association, led by its Chairman Javed A. Kayani at Aiwan-e-Sadr, he said only through pro-active involvement of the business community and theindustrialists, the continuity of the policies could be ensured.

SECP facilitates Hajj, Umra operators | HALALTAMWEEL.COM


ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has decided to extend facilititation to Hajj and Umra Operating companies so that these companies can meet the deadline.


 A statement issued by the commission said for that the skeleton staff would be available in all the SECP regional offices from May 5

SECP, Securities and Exchange, Hajj and Umra operators, Economy news

FEF introduces Islamic mode of financing | HALALTAMWEEL.COM


ESHAWAR: The Frontier Education Foundation (FEF) has introduced the Islamic mode of financing being a demand of Shariah Complaint Financing.


 This may now attract the people of northern and southern regions to avail the financial assistance facility for development of education institutions. The present conventional system is discontinued and in future financial assistance will be granted on the basis of Diminishing Musharka, said a releasae of the FEF here Thursday


FEF,  introduces, Islamic financing, Islamic Banking

Pakistan gold slips to Rs 48,771 | HALALTAMWEEL.COM

KARACHI: Gold rates in Pakistan slipped by Rs 86 to Rs 48,771 per 10 grams in the local market Thursday as its international price dropped to $ 1,645 an ounce, market sources said.


 According to Karachi Saraf Association official, tola (11.664 grams) price also declined by Rs 100 to Rs 56,900.


 Pakistan Gold news, Gold rates, Gold Price, Commodities And Forex News 

Pak cotton to hit international market this season | HALALTAMWEEL.COM



MULTAN: Pakistan Cotton Ginners Association (PCGA) Chairman Amanullah Qureshi said on Thursday that Pakistani cotton would hit the international market carrying a brand name this cotton season 2012-13.


 Talking to newsmen here, he said the Indian cotton also had a brand name which is its identity.

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Thursday 3 May 2012

KSE index moves high | HALALTAMWEEL.COM


437.04 points as market closed at the level of 24,868.74 points on Thursday as against 24,431.70 points, the closing figure of the previous session.


Market witnessed improvement in participation as Halal Index witnessed volumes of 93.612 million shares as compared to 46.949 million shares traded in the previous session.
KSE, Karachi stock news, KMI, Stocks Exchange

Mideast Money-No windfall from Qatar ban on Islamic windows | HALALTAMWEEL.COM


DOHA/DUBAI: A year after Qatar ordered conventional banks to stop offering Islamic financial services, an expected windfall for its Islamic banks has yet to materialise. Nor is it clear that banks' customers are benefitting from the policy.


The episode illustrates the difficulties that countries face as they manage the relationship between conventional and Islamic banking. Trying to adjust that relationship carries risk, for both regulators and the banks themselves.
 Islamic Finance,Islamic banking,Islamic banking and finance  

Corporate profitability increased by impressive 24%YoY | HALALTAMWEEL.COM


KARACHI: Despite economic woes, higher cost of production and political instability in the country, the major companies still found Pakistan a lucrative land as they announced significant growth in their earnings.

 Corporate profitability rose by an impressive 24%YoY in third quarter (Jan-Mar) of the financial year 2012 with major contribution came from Energy companies, Cements and Banking sector, says the research note of JS Global Capital Limited.Corporate profitability,Market News,KSE News,Karachi Stocks

Shares, euro slip as data casts doubt on recovery | HALALTAMWEEL.COM



SINGAPORE: Asian shares slipped on Thursday and the euro languished near a 2-week low after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth.


Commodities and the Australian dollar - all sensitive to growth expectations - also struggled as the data put investors on the defensive and limited appetite for riskier assets.

Power tariff increased by 12pc | HALALTAMWEEL.COM



ISLAMABAD: The Federal government has increased the power tariff by 12 per cent and electricity tariff has been reach to Rs 8.72.


 According to a notification issued by the ministry of water and power here on Wednesday the new power tariff would be effective from Thursday (today), however, consumers with hundred units will remain exceptional to the new power tariff.
economy news, Power tarriff,electricity,tarrif increased

Revitalizing Microfinance | HALALTAMWEEL.COM

Article

By Farhat Abbas Shah
CEO Farz Foundation


 The greatest dilemma of the twenty first century is translation of growth rates into the welfare of common man. For example, India is considered to be a healthier economy even during this one of the deepest recession in history.

FBR starts campaign against defaulting withholding tax agents | HALALTAMWEEL.COM



SLAMABAD: Federal Board of Revenue (FBR) has decided to start a campaign to re-enforce its resources on monitoring of Withholding Taxes and to deal strictly with the defaulting withholding tax agents.


 During a meeting of the FBR held here on the previous day, the Tax Reform Coordination Groups were also apprised of the campaign being launched for this purpose, said a statement issued by the FBR on Wednesday.FBR, tax agents, economy news, strictly, FBR starts campaign

Pakistan inflation stands at 8 months high | HALALTAMWEEL.COM


KARACHI: Pakistan Consumer Price Index (CPI) for April has gone up at 11.27% as against 10.79% registered in March 2012. This season on season rise has taken place after a gap of 8 months.

On MoM base, index went up considerably by 1.8% as against 1.2% last 30 days and this monthly improvement reached to its maximum since Oct 2010 when harmful flooding made into raise in food prices hike.CPI,Pakistan Inflation,Pakistan CPI,Pakistan CPI,economy news

Pakistan gold slips to Rs 48,857 | HALALTAMWEEL.COM

 KARACHI: Gold rates in Pakistan slipped by Rs 257 to Rs 48,857 per 10 grams in the local market Wednesday as its international price dropped to $ 1,650 an ounce, market sources said.

Commodities And Forex News, Pakistan goldprice, gold news