Indus profitability up

KARACHI: The net profit of Indus Motor Company Limited (INDU) recorded at Rs 937.48 million during first three months as compared to Rs 577.40 million recorded in same period last year with yearly growth of 62 percent, according to the notice issued by company to Karachi Stock Exchange (KSE) on Tuesday.

DGKC profits surge

KARACHI: The net profit of DG Khan Cement (DGKC) surged up significantly and recorded at Rs 317.74 million comparing 22.14 million over corresponding period last year which translated into Earnings per share (EPS) of Rs 0.73 during the first quarter.

Curtain raiser: FFBL to post impressive earnings

KARACHI: Fauji Fertilizer Bin Qasim (FFBL) is scheduled to announce the financial results for the third quarter on Tuesday (today).

To boost potato exports regional markets needed to be explored

ISLAMABAD: The annual export of potato from the country averaged about 50,000 tonnes during the past 5 years which could be boosted by focusing on the regional markets including Sri Lanka and Malaysia.

PNSC: Profits decline over higher expenses

KARACHI: Pakistan National Shipping Corporation (PNSC), the national flag carrier whose net profits during the first quarter of financial year 2011-2012 (1QFY11-12) trimmed by 8.27 percent year on year (YoY) to Rs 27,643 million.

MTL reports decline in earnings

KARACHI: Millat Tractors Limited (MTL) has announced its financial result for the first quarter ended Sep 30, 2011 on Tuesday.

PPL witnesses profits surge by one fourth

KARACHI: Pakistan Petroleum Limited (PPL), the pioneer of the natural gas industry in the country witnessed outstanding growth as its net profits surged by 26.92 percent year on year (YoY) to Rs 9.886 billion during the first quarter of financial year.

NRL posts 39pct drop in earnings

KARACHI: The net profits of National Refinery Limited (NRL) dropped by 39 percent YoY to Rs 828.30 million for the first quarter of the financial year as compared to Rs 1,349.37 million recorded in same period last year, according to the notice issued by Karachi Stock Exchange (KSE).

Market expects solid earnings from Lucky and DGKC

KARACHI: Higher domestic prices and new reconstruction activities with inauguration of the Bhasha Dam has provided a much needed trigger to the local cement industry.

Shell Pakistan recovers losses during 3QCY11

KARACHI: Shell Pakistan Limited (SHEL) reported loss of Rs 284.780 million during the third quarter of the calendar year 2011 (3QCY11). Although, SHEL has recovered 61.08 percent year on year (YoY) from the loss of Rs 731.721 million witnessed in the same period last year.

Kuveyt Turk prices $350 mln sukuk at par - leads

DUBAI: Kuveyt Turk, the Turkish arm of Kuwait Finance House, has priced its $350 million five-year sukuk, lead managers said in a document on Thursday.

Palm oil perks up on euro zone resolution hopes

KUALA LUMPUR: Malaysian palm oil futures inched up on Friday as investors waited for a weekend meeting of euro zone leaders for signs of resolving the region's debt crisis that could plunge the world into recession if left unchecked.

Pakistan cotton prices remain firm

KARACHI: Pakistan cotton prices remain firm despite panic selling by the ginners due to higher phutti arrivals on Friday.Ginners indulged in panic selling on fear of further decline in prices, dealers said.

Wheat market: A bright opportunity for Pakistan

KARACHI: Wheat production in upcoming year is an opportunity for government to recover its losses, occurred due to damaged of crops in Kharif season.

Islamic Finance: Need for a Paradigm Shift

The original concept of Islamic finance is undoubtedly in favor of equity participation rather than creation of debts because it is only equity participation that brings an equitable and balanced distribution of wealth in the society. Debt ridden economy on the other hand tends to create bubble economy by putting wealth in the hands of the rich which fuels inflation and brings many other social and economic evils like the one which has occurred in US housing market and which subsequently resulted in the Great Recession of 2007-09.

Rising coal prices to impact local cement industry

KARACHI: International coking coal prices are likely to rise and coal as an important procurement for cement industry, would impact local cement manufacturers.

Attock Petroleum reports 25 percent growth in first quarter earnings

KARACHI: The Board of Directors of Attock Petroleum Limited (APL) met on October 17 to review the company’s financial and operating performance for the quarter ended Sep 30, 2011.

Mari Gas makes significant discovery in Karak

ISLAMABAD: Mari Gas Company Limited (MGCL) made a significant crude oil discovery on Thursday, with the additional potential of Associated Gas, during the drilling of Halini Well in its operated Karak Exploration Block.

Kohinoor Energy Ltd grew by 137.26pct

KARACHI: Kohinoor Energy Limited (KOHE) showed outstanding performance during the first quarter of financial year 2011 (1QFY11) as its profits surged by 137.26 percent year on year (YoY) to Rs 180.459 million as compared to Rs 76.061 million in the same period previous year, mentioned in a notice issued by the company to Karachi Stock exchange.

ATRL reports improved earnings in first quarter, FY2012

KARACHI: The board of directors of Attock Refinery Limited (ATRL) has approved the financial results of the company for the first quarter ended Sep 30, 2011 on Monday, according to the notice issued by company to the Karachi Stock Exchange (KSE).

Managing Islamic Deposits

Deposits in Islamic banks help the investors to enhance their savings with opportunity to earn attractive halal profits in compliance with Islamic principles.

Basic Islamic Modes of Finance & Their Applications

Islamic banks are currently offering several Shari'ah compliant products in order to provide alternatives to conventional products.

In this article, we briefly introduce the generic modes of Islamic finance using which most of the products are structured by different Islamic financial institutions and offered to the customers.

Issues & Risks in Sukuk Structures

Asset backed securitization - though a contemporary financial structure - is not alien to Islamic financial system as the financing modes used in Islamic financial system are strictly backed by real assets.

Meezan launches "Car Ijarah Road Caravan "

KARACHI: Meezan Bank held the launch ceremony of "Car Ijarah Road Caravan" at Meezan House. The Bank's Auto Finance and allied teams will travel throughout Pakistan to visit dealerships and branches and meet customers. The event was attended by a large number of people including car dealers, manufactures, Takaful companies etc.

Pakistan's forex reserves fall to $17.17bln

KARACHI: Pakistan's foreign exchange reserves fell to $17.17 billion in the week ending Oct. 8 from $17.35 billion the previous week, the central bank said on Thursday.

Brent crude firms above $111; trade eyes U.S. data

SINGAPORE: Brent crude rose further above $111 on Friday, heading for a second-straight weekly increase, as investors looked to more data from top oil consumers United States and China for cues on economic health and fuel demand.

Mari Gas makes significant discovery in Karak

ISLAMABAD: Mari Gas Company Limited (MGCL) made a significant crude oil discovery on Thursday, with the additional potential of Associated Gas, during the drilling of Halini Well in its operated Karak Exploration Block.

http://ping.fm/8ZzEp

NEPRA approves wind power tariffs

ISLAMABAD: Identifying the investment opportunities in alternate energy, National Electric Power Regulatory Authority (Nepra) has approved upfront tariffs for wind power projects on Thursday.

Pakistan gold prices increased

KARACHI: Pakistan gold rates registered increase on Thursday in major bullion markets of the cities following rising trend in the global market.

Gold prices in Karachi increased by Rs 600 per tola and recorded at Rs 55,200 per tola (11.66 grams). The price of 10 grams gold also went up by Rs 514 to Rs. 47,314.

HMB Islamic Banking operations remain impressive in 1HCY11

KARACHI: The net assets of Habib Metropolitan Islamic windows surged by 7.15 percent during first half of the calendar year 2011 (1HCY11) as it recorded at Rs 1.22 billion as compared to Rs 1.14 billion in December, 2010.

Currently, the share of Islamic banking in Pakistan's banking sector is at 7.75 percent of total industry and it is worth Rs 4.5 trillion with at least 12 conventional banks running Shariah-complaint branches.

Total assets of the bank inched up by 4.57 percent during the period under review to Rs 16.79 billion against Rs 16.06 billion during the same period last year.

The financing assets were dominated by growth in Murabaha which jumped up by 65 percent while investments remained on lower side during the six months.

Analysis: Pakistan Refineries GRMs improved in 1QFY11-12

GRMs upped by 11 percent 1QFY11-12

Gross Refinery Margins (GRMs) for local refineries improved by 11 percent quarter on quarter (QoQ) at $3 per barrel in the first quarter of the financial year 2011-2012 (1QFY11-12) as compared to $2.7 per barrel reported in the previous quarter.

Halal stocks: Market likely to remain range-bound

KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) has announced to provide online solution for foreign remittances to its potential customers, according to the press release issued by full fledge Islamic bank on Wednesday.

Dubai Islamic launches online remittance solution

KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) has announced to provide online solution for foreign remittances to its potential customers, according to the press release issued by full fledge Islamic bank on Wednesday.

KESC posts Rs 9.393 bln losses in FY11

KARACHI: Karachi Electric Supply Company Limited (KESC) loss after taxation decreased by 35.84 percent year on year (YoY) to Rs 9.393 billion as compared to Rs 14.641 billion in the previous year. KESC losses recovered during financial year 2011 (FY11) in volumes despite reduced profit margins.

Cement prices increased

KARACHI: Cement manufacturers in the southern region has elevated the prices of cement bags by Rs 15 per 50kg bag by following their peers in northern region who increased the cement bag prices in the previous month.

Monetary Policy Preview: Rate cut on the cards

KARACHI: Pakistan's inflation slowed for a second straight month in September 2011, giving policy makers more scope to cut key benchmark rate to support ailing industries.

Buying in fertilizer scrips pushes KMI up

KARACHI: Market is likely to be positive today over hike in urea prices as fertilizer stock is expected to continue the rally. Investors are bullish about the sector owing to high dividend expectations and seem to be less concerned about gas curtailment to the sector.

Furthermore, Market expectations are also that the State Bank of Pakistan (SBP) would further cut policy rate boosted investors interest even Pakistan's first quarter consumer price index (CPI) inflation stood at 11.47 percent which has bought the positive momentum in the market.

Govt to import 500mmcf LNG for power generation

ISLAMABAD: The government is actively engaged to pave way for import of 500 MMCF Liquefied Natural Gas (LNG) on emergent basis to be exclusively used for generation of 2500 megawatts electricity in the country.

Pakistan gold prices recorded at Rs 56,200/tola

KARACHI: Gold rates in Pakistan jumped up on Tuesday in major bullion markets of the cities followed by the rally in international market.

Gold prices in Karachi surged by Rs 400 per tola and recorded at Rs. 56,200 per tola (11.66 grams). The price of 10 grams gold also went up by Rs 343 to Rs. 48,171.

Kinnow: Bumper crop expected this year

ISLAMABAD: Owing to timely monsoon rains, bumper kinnow crop is expected during the current year (2011-12), raising the chances to surpass the exports figures of previous year.

Circular Debt: Banks agree to extend more credit to power sector

ISLAMABAD: The negotiations between the government and commercial banks remained successful on Tuesday to resolve the mounting circular debt issue of Rs 400 billion in the power sector of the country.

The banks agreed to expand their sectoral limit for the power sector to provide much needed liquidity to the cash strapped power sector of Pakistan.

Moreover, it would be a lucrative deal for the commercial banks as it is likely that deal would yield higher return to them which would also remained lock for the span of five years. Such a long duration would help the power sector borrowers to get sufficient liquidity and for considerable period to turnaround and resolve mismatch between receipts and payments.

Dollar near 9-mth high as bank fears grip market

TOKYO: The dollar was supported near a 9-month high against a basket of currencies on Tuesday with the market gripped by fear that the debt crisis in Europe could unleash substantial damage on the global economy.

Halal stocks: Market likely to remain range-bound

KARACHI: Market is expected to remain in range bound as overall volumes likely to remain low amid persistent selling by foreign investors in line with global trend.

Pakistan gold improves to Rs 47,828/10 gram

KARACHI: Pakistan gold rates in Pakistan swelled on Monday in major bullion markets of the cities following improvement in international gold market.

Gold surged by Rs 600 to Rs 47,828 per 10 grams in the local market yesterday, as its international price improved to $ 1,661 an ounce, market sources said.

World stocks at 15-month low on Greek default fears

TOKYO: Global stocks fell to a 15-month low on Tuesday, pinning Asian stocks near a 16-month low, as investors shed riskier assets on growing doubts over Greece's ability to avoid default, fuelling fears of global financial turmoil and recession.

Fears over the banking sector's exposure to euro zone sovereign debt and plummeting value of assets across the board further led to a sharp widening of credt default swaps.

Pakistan cotton rates reduced

KARACHI: The spot rate of cotton reduced on Monday following the increase in phutti arrivals and mills cautious attitude towards fresh buying, dealers said.

The Karachi Cotton Association (KCA) official spot rate was declined by Rs 200 to Rs 6,100. Prices of seed cotton in Sindh were at Rs 2200-2700 and rates in Punjab were at Rs 2000-2900, they said.

Country to face huge urea shortage

LAHORE: A huge urea shortage will happen in the next couple of months if the government does not provide gas to fertiliser companies.

It was stated by chief executives of major fertilizer companies in a press conference here at a local hotel on Monday.

They said fertiliser companies on the SNGPL network receiving average 70 percent-80 percent of their allocated gas supply since Sept 5, 2011, and the uninterrupted supply helped decrease urea shortage and brought its prices down across the country.

Indian trade delegation to visit Pakistan in Feb 2012

KARACHI: Indian high powered trade delegation of 200 people representing various sectors of the economy will visit Pakistan in February 2012, in pursuance of the initiatives taken by both the countries on public and private sector level to increase bilateral trade.

Despite thin volumes KMI improved by 6pct during Sept

KARACHI: KMI 30 improved by 6 percent in the month of September despite volatility in global financial markets and persistent foreign outflows from the local market.

The month of September remained volatile for the local bourse following the trend in global equity markets. The low volumes are still posing question mark on the future prospects of equity market as market is severely lacking retail investors. The average volume remained weak at 26.52 million shares during the month under review.

Sept inflation dips to 10.46 pct y/y

ISLAMABAD: Pakistan's annual inflation rate eased in September, with the consumer price index (CPI) rising 10.46 percent from a year earlier, compared with 11.56 percent in August, the Federal Bureau of Statistics said on Monday.

Pak Suzuki hikes prices

KARACHI: Pak Suzuki Motor Company on Saturday has increased prices of different models in the range of Rs 14,000 to Rs 30,000.

The local assemblers linked the price hike to rupee devaluation against yen and other currencies.

The new price of Mehran VX petrol has been raised by Rs14, 000 to Rs 495,000 and the new cost of VXR CNG will be Rs 547,000 after a rise of Rs14,000.

Stocks, euro fall, gold gains on Europe worries

TOKYO: Asian stocks extended losses, partly dragged lower by a plunge in Hong Kong shares, and the euro fell on Monday on deepening concerns that the euro zone's debt crisis will dampen global growth.

KMI Weekly: Index gains 190.73pts

KARACHI: The Halal stocks KMI-30 share index went up by 190.73 points or 0.90 percent during the last week.

KMI-30 Index closed at the level of 21,313.3 as compared to the last week's closing level of 21,122.57 points.

Gold extends gains as equities drop

SINGAPORE: Gold rose further on Monday as falling equities and lingering worries about a debt crisis in Europe drew investors to the metal, but a firm U.S. dollar could cap gains.

The Future of Islamic Banking Sector

Shayne Nelson, Regional CEO, MENA, Standard Chartered talks about the future of Islamic Banking sector after the great financial crisis.

http://halaltamweel.com/1497/ISLAMIC-FINANCE-Opinion.aspx

Pakistan cotton rates reduced

KARACHI: Dull trading activities witnessed at cotton market amid higher phutti arrivals pushed cotton prices down on Saturday.

Tariq glass profits remain flat

KARACHI: The board of directors of Tariq Glass Industries Limited (TGL) has approved the financial information of the company for the year ended June 30, 2011 on Monday, according to the notice issued by company to the Karachi Stock Exchange (KSE).

Weekly inflation goes up

KARACHI: The Sensitive Price Indicator (SPI), for the lowest income group up to Rs.8,000 has registered a increase of 0.09 percent for the week ended on September 29 over the previous week.