Mastercard Asia/Pacific Pte. Ltd. and the Punjab Information Technology Board (PITB) have forged a strategic alliance with MCB Bank Limited. Senior leaders from all three firms attended the ceremony, which took place at the main office of MCB Bank and marked a major advancement in the development of digital payment systems in Pakistan. By means of this collaboration, MCB Bank restates its dedication to utilizing state-of-the-art financial technology to promote financial inclusion and economic progress throughout the area. It is anticipated that the combination of PITB’s cutting-edge Payzen platform and Mastercard’s sophisticated payment solutions would transform the digital payment market and…
Author: Mawadat Fatima
An important public hearing on the draft Shariah Standard on Sukuk was organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in collaboration with Meezan Bank. Justice (Retd.) Muhammad Taqi Usmani stressed the significance of Sukuk as an essential Islamic financial tool in his keynote speech. In addition, he urged the sector to look into creative methods to use Sukuk for development initiatives rather than just covering budgetary shortfalls. Omar Mustafa Ansari, the general secretary of AAOIFI, emphasized that a rigorous eight-year compilation process went into creating the draft Sukuk standard. The AAOIFI Shariah Board convened and…
On Thursday, while meeting Ayan Kashif, a student from Daanish School Mianwali who placed first in the BISE Lahore matriculation test, Prime Minister Shehbaz Sharif pledged to extend the Daanish Schools network to Balochistan, AJK, Gilgit Baltistan, and Islamabad. The student was invited to the prime minister’s residence by the prime minister, who wanted to personally welcome him and offer congratulations for his accomplishment in spite of coming from a low-income orphanage. The prime minister congratulated the student, his mother, and the principal of the school who were all with him. He added that Pakistan’s progress could be ensured by…
Province Minister of Information Azma Zahid Bukhari accompanied Hayat at a news conference. He emphasized that these outstanding outcomes, which demonstrate the beneficial effects of recent educational changes, were attained early in his term. A study of private school price structures has been prompted by the exceptional performance of government schools. The goal is to increase educational equity and accessibility throughout Punjab so that all students, regardless of their socioeconomic situation, may benefit from a top-notch education. The quality of education in government schools has significantly improved, according to Punjab Education Minister Rana Sikandar Hayat. These schools have demonstrated their…
ISLAMABAD: Despite the State-Owned Enterprises (Governance and Operations) Bill, 2024 being hurried through the legislature, Prime Minister Shehbaz Sharif reassured the National Assembly on Wednesday that the government has not planned to export wheat from the nation. This contentious amendment, which was approved by the Senate the week before and would go into effect with President Asif Ali Zardari’s approval, permits the government to dismiss board members of SOEs based on recommendations by the board nominating committee. “I wish to state clearly in front of the House that there has been no decision regarding wheat exports,” the prime minister stated…
ISLAMABAD: The International Monetary Fund (IMF) has recommended imposing a standard individual income tax rate of up to 45% on agriculture income as part of its multimillionaire dollar bailout package for Pakistan, which aims to stabilize the country’s chronically failing economy. This move could potentially eliminate the disparity in income taxation without requiring a constitutional amendment. According to sources in the Ministry of Finance, the requirement is a component of the structural criteria the IMF has established for the next bailout package that Pakistan is discussing with the international lender. According to the sources, the global lender has set a deadline…
Nothing goes as far as customization as the CMF Phone 1, which was released yesterday and already has detachable back coverings in a few colors. The business has made instructions available so that customers May 3D print their own custom phone back coverings. Early adopters in the tech sector have already tried 3D printing files and seen encouraging outcomes. The screws that are used to fasten the rear cover have not been described, which would have made the operation even more accessible to do-it-yourselves. Users now have the ability to customize and customize their phones. Nothing is inspiring its online…
Thus far, 230,000 SIMs belonging to individuals who have not filed income tax returns have been stopped by the Federal Board of Revenue (FBR). Every day, telecom carriers receive data from the tax machinery about 5,000 individuals who do not submit taxes. After submitting their income tax returns, 76,636 persons have had their SIM cards for their cell phones returned thus far. A Joint Working Group (JWG) including telecom providers and tax authorities was established by FBR in May 2024 with the goal of enforcing Income Tax General Order (ITGO) No. 1 of 2024 and streamlining the process of blocking…
Installing solar power systems for 4.5 million people who use up to 500 units of energy has been approved by the Punjab cabinet. Chief Minister Maryam Nawaz presided over the 11th cabinet meeting, where this decision was reached. According to Maryam Nawaz, “We are bringing solar systems to 4.5 million consumers who use up to 500 units.” “People are nervous because their electricity prices are rising. My team and I have come up with a solution. The appointment of the University of Health Sciences to administer the MD CAT 2024 test and the adoption of a standard edition of the…
The State-Owned Enterprises (Governance and Operations) (Amendment) Ordinance, 2024 was unanimously passed by the National Assembly Standing Committee on Finance and Revenue. The federal government can now designate or remove board members of government entities thanks to the new legislation. The revised law makes a number of significant adjustments. The Ministry of Energy (Power Division) expressed concerns, and the Law and Justice Division collaborated with the preparation of the SOE (Governance and Operations) (Amendment) Ordinance, 2024. The federal government has directed the Board Nomination Committee to take charge of finding and endorsing applicants for nomination as independent directors, a role…