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The Supreme Court of Pakistan, during the tenure of former President General (retd) Pervez Musharraf, passed the decision of the Federal Shariah Court on 14 November 1991 in which interest was declared un-Islamic. Following this, on 23 December 1999, the Appellate Shariah Bench of the Supreme Court upheld the 1992 order of the Shariah Court and ...
bai al-ina/wadiah (The bank sells a product at a certain price which is the pool of means available for the client from its credit card. And then the bank repurchases the item from the client at a lower price. The difference between the prices is the income of the bank. In this model, the client would have a ceiling limit of money it could ...
In 2001, the State Bank of Pakistan and the Bank of England permitted only two Pakistani banks to operate in the United Kingdom. As a result, NBP and United Bank Limited merged their UK operations to form Pakistan International Bank, with NBP holding a 45% stake and United Bank owning 55%. In 2002, Pakistan International Bank was renamed United ...
Prior to independence, the Reserve Bank of India acted as the central bank for what became Pakistan. Under pressure from the International Monetary Fund, Pakistan implemented economic reforms in the late 1990s. [1] These reforms included a $250 million World Bank loan for banking reform, which helped in loan recovery and reducing operational ...
The Industrial Development Bank of Pakistan (IDBP) was established on July 29, 1961, through the transformation of the Pakistan Industrial Finance Corporation (PIFCO). [1] PIFCO, founded in February 1949 with a share capital of Rs. 20 million, was primarily funded by the Central Government (51 percent) and various institutional and individual ...
Deutsche Bank AG (Deutsche Bank Pakistan) Citi Bank N.A (CitiBank N.A Pakistan) Industrial and Commercial Bank of China Limited (ICBC Pakistan) Bank of China [3] (Bank of China Pakistan Branch) The Hong Kong and Shanghai Bank (HSBC Bank Pakistan) The Bank of Tokyo-Mitsubishi UFJ (MUFG Bank Pakistan) Standard Chartered Bank (Standard Chartered ...
Zarai Taraqiati Bank's history goes back to 1952 when Agricultural Development Finance Corporation was founded under a Central Act for the purpose of expanding financial facilities and promoting the development and modernisation of Agriculture in Pakistan. In 1957, the Agricultural Bank of Pakistan was established and advanced both short and ...
Sindh Bank Limited was established on 29 October 2010 with seed capital of Rs.10 billion, wholly subscribed by the Government of Sindh. [1] It commenced full-scale banking business in April 2011, and has established 331 on-line branches spread across 169 towns and cities of Pakistan. Out of these, 14 branches are dedicated to Islamic Banking.