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Finance

Islamic banks better poised to absorb external shocks: IMF

ISLAMABAD (November 27 2002) : Owing to the structure of their balance sheet and the use of profit-and-loss-sharing arrangement, Islamic banks are better poised than conventional banks to absorb external shocks. In the event of operational losses, unlike conventional banks, Islamic banks have the ability to reduce the nominal value of investment deposits, that is, reduce the nominal value of ...

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Challenges ahead for adopting Islamic financial system listed

ISLAMABAD (November 27 2002) : The challenges ahead for adopting Islamic financial system in Muslim countries include further progress in addressing some of the technical issues including harmonisation of the legal and regulatory frameworks for Islamic financial institutions and their governance. Furthermore, the development of adequate instruments, markets, and market infrastructure to support their operations, will be key in achieving ...

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10-, 5-year Pakistan Investment Bonds trading at all-time high

KARACHI (November 27 2002) : Pakistan Investment Bonds (PIBs) having maturity of ten and five years are trading at all-time high prices in just over a week after cut in the discount rate by the central bank to 7.5 percent from 9 percent. Too much money is chasing too few government bonds in Pakistan. The treasury market in Pakistan is ...

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Sales tax collectors warned against de-registration delay

ISLAMABAD (November 27 2002) : Noticing the violation of Sales Tax Act, 1990, the Central Board of Revenue (CBR) has warned all regional collectors to check the unreasonable delay in the disposal of applications for de-registration of taxpayers. The maximum period for finalisation of de-registration is six months as per section 21 of the Sales Tax Act, 1990. However, CBR ...

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Karachi Stock Exchange takes action against errant member

KARACHI (November 27 2002) : The Karachi Stock Exchange (KSE) has prohibited Yousuf Ibrahim, member of the exchange from conducting any trade following complaints of misappropriation. A notice issued on Tuesday by the KSE says that in view of violation of various Rules and Regulations of the KSE, Securities and Exchange Ordinance, 1997, etc., committed by the member Yousuf Ibrahim, ...

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SBP issues licences to two exchange companies

KARACHI (November 26 2002) : The State Bank of Pakistan has issued first two licences for the formation of foreign exchange companies to deal in the foreign exchange business. The two licences were issued to National Bank of Pakistan and H & H Exchange Company. The latter is a money changer firm. The State Bank has already issued eight NOCs ...

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SBP invites tenders for 6-month Treasury Bills

KARACHI (November 26 2002) : The State Bank of Pakistan has invited tenders for the auction of six-month Treasury Bills instead of scheduled three-month and one-year Treasury Bills, a move to set new benchmark rate after slashing of discount rate last week. The central bank had slashed the discount rate by 1.5 percent to 7.5 percent last week. The market ...

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CBR cuts powers of adjudicating authorities

ISLAMABAD (November 26 2002) : The Central Board of Revenue (CBR) has withdrawn the powers of Collector, Collectorate of Customs, Sales Tax and Central Excise (Adjudication) to adjudicate the cases of assessment of tax including short-payment, wrong input tax credit or refund claimed and cases involving late filing and wrong filing of sales tax returns. The CBR has curtailed the ...

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Musharraf government's reforms will continue, Jamali assures Shaukat

ISLAMABAD (November 25 2002) : Prime Minister Mir Zafarullah Khan Jamali has assured that his government would continue the policies and reforms initiated by the government of President General Pervez Musharraf. The Prime Minister gave this assurance at a meeting with Shaukat Aziz, Adviser to the Prime Minister on Economic Affairs, after taking his oath. Shaukat Aziz, who was speaking ...

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