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And the federal government has been ordered to completely abolish interest rates and implement a usury-free banking system in the country within a period of five years. [2] On June 25, 2022, State Bank of Pakistan along with four other banks challenged the decision of the Federal Shariah Court against interest in the Supreme Court. [3]
The Federal Bank for Cooperatives (FBC) was a specialized financial institution in Pakistan that catered to the needs of housing and agricultural cooperatives.Established in 1976, it was one of the oldest banks in the country and played an important role in providing agricultural credit during the early decades after partition. [1]
The blueprint for infrastructure of the Bank was designed by Akram Khatoon. She presented it in 1988 to then Prime Minister Benazir Bhutto, who approved to set up the bank in December 1988. [3] The bank was incorporated with a paid up capital of PKR 100 million which was subscribed by the state-owned banks.
The possibility of a political stalemate in Pakistan leading to delays in both reforms and crucial foreign funding has sparked a selloff in its international bonds and fuelled analysts' fears of ...
However, the announcement of final results was abruptly halted. [10] Subsequently, independent candidates ended up winning 103 general seats including 93 backed by the PTI, followed by 75 from the Pakistan Muslim League (N) (PML-N) and 54 from the Pakistan People's Party (PPP).
Independent candidates affiliated with jailed Pakistani political leader Imran Khan’s Tehreek E Insaaf (PTI) party won the most National Assembly seats in Pakistan’s general election ...
The Karachi Interbank Offered Rate (KIBOR) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Karachi wholesale (or "interbank") money market. [1]
The Federal Reserve held interest rates in a range of 5.25%-5.50% on Wednesday and sought to temper expectations on when the central bank will begin cutting interest rates.