Islamabad, Dec 18: Faysal Bank Limited (FBL), one of Pakistan’s prominent Islamic banks, has launched the “Faysal Islami Remittance Agahi Programme,” a nationwide roadshow designed to raise awareness about legal remittance channels. This initiative, organized in collaboration with the State Bank of Pakistan’s Pakistan Remittance Initiative (PRI), seeks to educate communities on the significant role of remittances in supporting Pakistan’s economy, discourage the use of informal remittance channels, and ensure the efficiency of fund transfers. The first event of the programme took place in Mandi Bahauddin and was attended by senior officials from PRI. The roadshow will continue to roll…
Author: Iqra Khan
Islamabad, Dec 18: Ufone 4G has partnered with ConnectHear, South Asia’s leading assistive technology startup, to enhance disaster response for Deaf communities across Pakistan. This collaboration, backed by the GSMA Innovation Fund for Humanitarian Challenges, aims to use advanced AI technology to ensure that Deaf individuals receive life-saving information during natural disasters like floods and earthquakes. With over 10 million Deaf or hard of hearing individuals in Pakistan, inclusive communication during emergencies is crucial. The partnership will focus on improving ConnectHear’s virtual interpretation services, allowing them to function in low-connectivity environments, and developing an AI system that automatically generates early…
Islamabad, Dec 18: The State Bank of Pakistan (SBP) has announced the launch of its new eCIB System (V2), an upgraded version of the Electronic Credit Information Bureau (eCIB). The new system is set to become operational from January 1, 2025, replacing the existing eCIB system. Developed to meet technological advancements and align with international reporting standards, the eCIB System (V2) introduces several additions and amendments to the Credit Information Report. These changes aim to make the report more comprehensive, providing better data for decision-making in the financial sector. This move underscores the SBP’s commitment to utilizing technology to enhance…
Islamabad, Dec 18: Pakistan’s textile group exports saw a notable increase of 10.51% during the first five months (July-November) of the 2024-25 fiscal year, reaching $7.607 billion, up from $6.883 billion in the same period of the previous year, according to the latest data from the Pakistan Bureau of Statistics (PBS). This surge in textile exports contributed significantly to the overall export growth for the country, which stood at $13.721 billion during the first five months, marking a 12.82% increase compared to $12.162 billion in the same period of the previous fiscal year. However, despite the growth, November 2024 saw…
Islamabad, Dec 18: City planners, engineers, and architects expressed serious concerns on Tuesday about the Sindh Building Control Authority’s (SBCA) failure to enforce building codes in Karachi, particularly in light of the increasing number of fire incidents. Speaking at the “Second National Fire Safety Conference and Risk-Based Award Ceremony,” experts highlighted the growing risk posed by illegal multi-story constructions, which are often lacking essential fire safety systems. According to statistics, Karachi has experienced over 2,900 fire incidents in 2024 so far, surpassing the 2,228 incidents recorded in 2023. Experts predict that by the end of the year, the number will…
Islamabad, Dec 18: The Balochistan Education Endowment Fund has announced an increase in the number of scholarships for matriculation graduates at the district level, previously scholarships were awarded to the top five students in each district. However, following a new government notification, this number has now been doubled to ten scholarships per district. Of the ten scholarships, five will be allocated for male students and five for female students, ensuring a more balanced opportunity for both genders. The initiative aims to provide deserving students from Balochistan with the chance to pursue higher education at some of Pakistan’s top institutions, supporting…
Islamabad, Dec 18: In response to frequent internet disruptions in Pakistan, the Ministry of IT has begun developing a policy framework aimed at ensuring uninterrupted internet services for key sectors such as IT parks, software houses, Special Technology Zones, incubation centers, and data call centers. The initiative seeks to protect the IT industry from the negative effects of internet outages and ensure the continued growth of IT exports. The policy, still in its consultation phase, will involve discussions with relevant stakeholders, including the Pakistan Telecommunication Authority (PTA). One of the key features of the framework will be to provide exemptions…
Islamabad, Dec 18: The Motorway Police (MP) has announced the closure of several motorway sections on Wednesday morning due to dense fog, which is severely limiting visibility. The affected routes include the M2 motorway from Lahore to Hiran Minar and from Lahore to Jaranwala in Punjab, as well as the M1 motorway from Peshawar to Rashakai in Khyber Pakhtunkhwa (KPK). These sections will remain closed until further notice. Motorway Police have advised the public to avoid unnecessary travel during foggy conditions. For essential travel, they recommend driving during daylight hours, specifically between 10 a.m. and 6 p.m., when visibility is…
Islamabad, Dec 18: Prime Minister Shehbaz Sharif is set to inaugurate the construction of the Mansehra-Muzaffarabad Motorway, a major infrastructure project valued at Rs. 45 billion. Initially approved by former Prime Minister Nawaz Sharif in 2016, the project faced delays under the Pakistan Tehreek-i-Insaf (PTI) government, which put it on hold due to financial constraints. However, the current government has revived the initiative under the China-Pakistan Economic Corridor (CPEC) framework. MNA Sardar Mohammad Yusuf explained that the project has received approval from a China-Pakistan consortium and that Rs. 45 billion has been allocated for its development. The motorway, which will…
Islamabad, Dec 18: The Pakistan Stock Exchange (PSX) witnessed a severe bear market on Tuesday, with the benchmark KSE-100 index plunging by nearly 3,800 points, marking a dramatic loss for investors. The index closed at 111,070.29 points, down 3.41% from the previous session, signaling the largest single-day point drop in its history. This sharp decline surpassed the previous significant loss of 3,505.62 points on November 26, 2024. According to brokerage firm Topline Securities, profit-taking by investors led to the massive sell-off, with local mutual funds, which had been net buyers for the past 14 consecutive sessions, shifting to net sellers.…
