KARACHI: The Halal stocks KMI-30 share index went up by 652.60 points or 3 percent during the last week. KMI-30 Index closed at the level of 22,421.46 points as compared to the last week's closing level of 21,768.86 points.
Islamic never encourages one to become indebted unless it is necessary. Following Ahadith show the viewpoint of Islam on debt creation, especially while it is beyond one's capacity to repay and to what extent it should be avoided and used to meet only one's necessary requirements.
While clinging to its present marginal position in the mainstream of global financial markets, Islamic banking and Islamic finance has a long way to go to transform itself into a major player, mainly through standardization, uniformity, governance, transparency and innovation, in addition to consolidation.
MANAMA: Tajweez Advisory Co. WLL, the first Pakistani-backed advisory firm in Bahrain in the Islamic finance sector, has launched their Islamic Finance 360 training project at the Institute of Bankers Pakistan.
KARACHI: Increase in international oil prices along with fertilizer and cement price hike locally bode well for these sectors, however, widening trade gap and decline in remittances posed fresh challenges to the economy despite the ease in monetary policy.
ABU DHABI: Dubai's Majid Al Futtaim Holding, sole franchisee of hypermarket chain Carrefour in the Gulf, is to set up a sukuk programme as market volatility continues to thwart its plans for a conventional issue, an executive told reporters today.
KARACHI: As the first quarter of new financial year has come to an end, all listed companies on Karachi Stock Exchange (KSE) are busy in arranging their board meetings to consider the quarterly financial results.
KARACHI: Pakistan's fiscal deficit for the first three months of fiscal year 2011/12 was 1.1 percent of gross domestic product, a Finance Ministry official told Reuters on Wednesday.
TOKYO: A rebound in Chinese shares helped lift most Asian stocks into positive territory on Wednesday, but gains were limited by concerns that the threat posed to the global economic outlook by Europe's debt crisis is weighing on corporate earnings.
KARACHI: Askari Islamic banking business recovered from huge losses reported last year. In current year, it recovered 95.33 percent year on year (YoY) of the losses.
KARACHI: The Board of Directors of Attock Petroleum Limited (APL) met on October 17 to review the companys financial and operating performance for the quarter ended Sep 30, 2011.
KARACHI: Government is likely to announce the name of State Banks Governor today as the deadline for appointing a governor of central bank has been expired on Monday.
KARACHI: Tri- Pack Films Limited (TRIPF) witnessed outstanding performance during the third quarter of the financial year 2011 (3QFY11) as its profits surged by 64.84 percent year on year (YoY) to Rs 200.040 million as compared to Rs 121.354 million in the same period previous year, mentioned in a notice issued by the company to Karachi Stock exchange.
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.