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KARACHI: The State Bank of Pakistan (SBP) has withdrawn the general provision requirements for loans extended by Microfinance Banks (MFBs) against gold or other cash collateral. In case of all other loans, SBP has reduced the general provision requirement for MFBs by 50 basis points.

KUALA LUMPUR: The Malaysian government investment arm Khazanah Nasional is planning to issue renminbi-denominated sukuk, making it the first-ever Islamic financing in Hong Kong's booming Dim Sum market, according to IFR.

DJIBOUTI: The Islamic Development Bank loaned Djibouti $8.5 million to help build a residential and commercial center in Djibouti City, the capital.

KARACHI: Karachi Electric Supply Company Limited (KESC) has declared the "Closed Period" from September 23, 2011 to September 29, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange on Friday.

KARACHI: Microfinance industry in Pakistan is a growing industry and it is currently serving approximately two million customers said Syed Samar Hasnain, Director, Agricultural Credit & Microfinance Department, State Bank of Pakistan.

NEW YORK: Gold prices slumped more than $100 an ounce on Friday, the biggest fall on record in dollar terms, as traders sold to cover losses, while global stocks edged up on expectations the European Central Bank will take new measures to contain the euro zone debt crisis.

ISLAMABAD: Export of fish and fish preparations increased by 10.10 percent during the first two months of the current fiscal year (2011-12) compared to the exports of the same period of last year.

KARACHI: Ghandhara Nissan Limited (GHNL) has declared the "Closed Period" effective from September 27, 2011 to October 4, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange on Thursday.

SINGAPORE: Spot gold held steady on Wednesday, as investors flocked to bullion for safe haven from fears of crisis contagion in Europe while technical weakness and a strong dollar weighed on prices.

SINGAPORE: Oil fell on Wednesday, pulling U.S. crude off six-week highs, as investors saw little upside from declining inventories in an environment where the euro zone debacle is taking precedence over tightening supply.

MANAMA: The 7th annual World Islamic Funds and Financial Markets Conference 2011 (WIFFMC'11) will be held in Bahrain on September 26 and 27, 2011.

SINGAPORE: Oil fell on Thursday as rising fuel stocks and falling demand in top consumer the United States reinforced fears that crumbling economic growth and Europe's debt crisis would dent energy use, while a stronger dollar pressured prices.

Karachi: All Pakistan Textile Mills Association (APTMA) has embraced the proposed Liquefied Natural Gas (LNG) Policy 2011 and appreciated the efforts of federal government for taking interest in bringing LNG into the system, said by APTMA Chairman Gohar Ejaz.

HONG KONG: Asian stocks bounced on Thursday after tentative steps by euro zone policymakers to tackle a crippling debt crisis, but investors remained wary that obstacles the bloc's leaders face could weigh on the euro and Asian currencies in the medium term.

KARACHI: First Imrooz Modaraba has declared the "Closed Period" from September 14, 2011 to September 21, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange on Thursday.

KARACHI: The market is expected to remain range bound as the market is looking for positive triggers and concerns regarding the colossal damage to crops and infrastructure with diminished ability to seek foreign assistance poses questions about macroeconomic stability in months to come.

ISLAMABAD: The negotiations between the government and commercial banks remained successful on Tuesday to resolve the mounting circular debt issue of Rs 400 billion in the power sector of the country.

KARACHI: Increased Phutti arrivals and panic selling by the ginners pushed Pakistan cotton prices further down in the market on Tuesday.

ISLAMABAD: Rising circular debt issues and ongoing power riots have brought Prime Minister Syed Yousuf Raza Gilani into action as he asked the inter-ministerial committee on energy to submit report in the special Cabinet meeting on October 12.

KARACHI: Pakistan's key Islamic equity funds performance remained low during the month of August, 2011 as the cumulative net assets of the four major Islamic equity funds fell by 4.17 percent Month-on-Month (MoM) to Rs 5,174.501 million as at August 31, 2011 from Rs 5,399.576 million as at July, 2011.