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The original concept of Islamic finance is undoubtedly in favor of equity participation rather than creation of debts because it is only equity participation that brings an equitable and balanced distribution of wealth in the society.

Investment in stocks is permissible in Islam. However, forwards, futures, options, swaps, short selling etc in stock trade cannot be used.

KARACHI: Gold rates remained steady on Monday in major bullion markets of the cities. Gold prices in Karachi recorded at Rs. 55,500 per tola (11.66 grams). The price of 10 grams gold was recorded at the level of Rs. 47,571.

UAE: Dubai Islamic Bank (DIB) announced on Monday the launch of the Al Islami Emerging Cappuccino Certificate, a four-year Islamic certificate backed by Sharia-compliant assets.

KARACHI: The foreign investment plunged enormously by 49 per cent to $236 million in the first quarter (Jul-Sep) of the current fiscal 2012, according to the latest statistics released by State Bank of Pakistan (SBP).

ISLAMABAD: Foundation laying stone of Diamir Bhasha dam will be held on Tuesday (today). President Asif Ali Zardari will be the chief guest of groundbreaking ceremony.

CHILAS: Prime Minister Syed Yusuf Raza Gilani Tuesday laid foundation stone of the US 12 billion dollar Diamir Bhasha dam that would generate 4500 MW electricity and store over 8 Million Acre Feet of water to meet country's growing power and irrigation needs.

There are 5 full-fledged Islamic banks operating in Pakistan and 15 conventional banks with Islamic banking branches. The growth in Islamic finance industry has been consistently in double digits. The share of the industry in the banking system has risen to over 7 percent from just 0.5 percent in 2002.

KARACHI: Pakistan's Islamic banking windows of conventional banks continued to grow during the first half of the calendar year 2011 (1HCY11) with improved asset base. Total assets grew by 27.28 percent during the first half as the Islamic banking windows total assets stood at Rs 189.990 billion.

KARACHI: GlaxoSmithKline Pakistan Limited (GSK) net profits during the third quarter of calendar year 2011-2012 (3QCY11-12) trimmed by 13.54 percent year on year (YoY) to Rs 236.454 million.