Author: Mawadat Fatima

Islamabad, Feb 18: Meezan Bank, Pakistan’s leading Islamic bank, has signed a Memorandum of Understanding (MoU) with Türkiye Katılım Bankaları Birliği (TKBB) – the Participation Banks Association of Türkiye – to drive the growth of Islamic finance. The agreement was formally signed by Mr. Ahmed Ali Siddiqui, Group Head of Shariah Compliance at Meezan Bank, and Mr. İsmail Vural, General Secretary of TKBB. The MoU was exchanged during the official state visit of Turkish President Recep Tayyip Erdoğan to Pakistan. The high-profile ceremony took place at the Prime Minister’s House in Islamabad, emphasizing Pakistan and Türkiye’s shared commitment to strengthening…

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Islamabad, Feb 17: Apple is reportedly considering introducing search advertising in its Maps application, a move that could allow businesses to pay for better visibility in search results. This potential shift, first reported by Bloomberg’s Mark Gurman, aligns with Apple’s broader strategy to expand its advertising revenue streams. During a recent company-wide meeting of Apple’s Maps division, executives discussed monetization strategies similar to those used by Google Maps. While no official timeline has been announced, the idea signals Apple’s growing interest in leveraging its navigation platform for advertising opportunities. Under this system, businesses could pay for enhanced placement in Apple…

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Islamabad, Feb 17: Former Pakistan cricket star Mohammad Yousuf has shared his insights on the favorites for the upcoming ICC Champions Trophy. He considers New Zealand and India as the most well-rounded teams in the tournament but believes that Pakistan’s home advantage could be a decisive factor in their success. While Yousuf did not single out one team as the outright favorite, he expressed admiration for New Zealand’s squad composition and their adaptability to subcontinental conditions. “It’s a major event where momentum is key. In my view, New Zealand has the most balanced squad. They have a solid batting lineup,…

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Islamabad, Feb 17: Pakistan International Airlines (PIA) has officially approached Airport Coordination Limited (ACL), the global authority on airport slot management, to lease two of its London Heathrow slots to Saudi Airlines for the summer of 2025, a PIA spokesperson confirmed. PIA has faced challenges in maintaining its slots at key European airports since the European Union Aviation Safety Agency (EASA) suspended its operations in June 2020. The suspension, prompted by concerns over pilot license verification following a tragic PIA plane crash in Karachi that claimed 97 lives, led to restrictions by the UK and US aviation regulators as well.…

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Islamabad, Feb 17: A high-ranking delegation from the World Bank (WB) has arrived in Pakistan to engage in discussions about ongoing development initiatives and explore new investment prospects, according to ARY News reports. The delegation, which includes Executive Directors from the World Bank, is focused on facilitating talks related to Pakistan’s economic growth, particularly the implementation of key projects. A significant point of discussion is the Country Partnership Framework (CPF), which was recently approved. The framework outlines a 10-year partnership agreement worth $20 billion between Pakistan and the World Bank, with plans to eventually double this amount to $40 billion.…

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Islamabad, Feb 17: The Capital Development Authority (CDA) has taken a strategic step to enhance its cybersecurity by appointing a specialized cybersecurity firm. This decision was made during a board meeting after a comprehensive proposal was presented by the Member (T&D). The chosen cybersecurity firm will be selected following the Public Procurement Regulatory Authority (PPRA) 2004 guidelines, ensuring compliance and transparency. The firm’s role will go beyond securing CDA’s digital infrastructure; it will also be tasked with training the IT Directorate staff to ensure they are well-prepared to handle cybersecurity challenges. This initiative highlights the increasing risks faced by government…

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Islamabad, Feb 17: The Ministry of Information Technology and Telecommunication (MoITT) has made significant strides in advancing Pakistan’s ICT infrastructure by establishing 43 Software Technology Parks (STPs) across various regions. These parks, set up through the Pakistan Software Export Board (PSEB), are located in tier-II and III cities, providing a home for over 350 IT and IT-enabled Services (ITeS) companies. Currently, these parks employ approximately 18,000 professionals, with women comprising 20% of the workforce. These technology parks play a vital role in the economy, generating annual foreign exchange earnings of $100 million and contributing $15 million in domestic revenue. Additionally,…

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Islamabad, Feb 17: Engro Polymer & Chemicals (EPCL), a key subsidiary of Engro Corporation, has proudly launched its Rs. 11.7 billion hydrogen peroxide facility, a major advancement in the company’s effort to drive Pakistan’s industrial growth. This new plant, supported by funding from the International Finance Corporation (IFC), is strategically positioned to bolster EPCL’s footprint in the hydrogen peroxide market. With a robust production capacity of 28,000 tons annually, this state-of-the-art facility utilizes Chematur technology, ensuring that Pakistan’s reliance on imported hydrogen peroxide is significantly reduced. EPCL’s initiative will lead to an estimated import substitution worth approximately USD 11 million,…

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Islamabad, Feb 17: The Capital Development Authority (CDA) has announced an exciting opportunity for investors with an open auction for commercial plots at the iconic Jinnah Convention Center in Islamabad. Scheduled to take place from February 25 to 28, 2025, the auction will begin daily at 10:00 AM. This event will feature a wide selection of commercial plots, ranging from Marakaz, industrial spaces, and apartments to Class-III shopping centers, constructed shops in Blue Area parking plazas, and coveted commercial plots in the bustling Blue Area. Attractive Incentives for Investors To boost investor participation, the CDA has introduced several attractive incentives…

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Islamabad, Feb 17: Rafhan Maize Products Co. Limited (PSX: RMPL) has unveiled an ambitious expansion project aimed at increasing its production capabilities. The company plans to boost its grind capacity by an additional 200 tons per day and enhance its glucose production by 100 tons per day. This strategic investment is designed to enhance RMPL’s service offerings, enabling the company to provide an even broader range of products and solutions to its customers. The expansion is expected to improve operational efficiency, heightening customer satisfaction and reinforcing the company’s commitment to maintaining high standards of excellence. RMPL’s management is confident that…

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