Pakistan’s foreign exchange reserves rise to $9.83 billion. State Bank of Pakistan reports an increase of $60 million in reserves. Deposits of $2 billion from Saudi Arabia and $1 billion from the UAE contribute to the improved reserves. Pakistan’s foreign exchange reserves have witnessed a significant improvement following the release of anticipated bailout funds from … Read more
GENEVA: Prime Minister Muhammad Shehbaz Sharif on Monday said that considering ‘the gigantic task of resilient recovery, rehabilitation and reconstruction of 33 million flood affected people’, they were looking towards the global support to generate $8 billion to meet the impending challenges. Addressing a joint press stakeout with United Nations Secretary General Antonio Guterres, the … Read more
KARACHI: The Islamic Chamber of Commerce, Industry, and Agriculture (ICCIA) organised the first programme of 2022 of the Best of Entrepreneurship Series on Thursday, a statement said. The programme was held under the theme of fintech ecosystem and opportunities in financial markets, with the aim to highlight the challenges and explore different opportunities in the … Read more
An extraordinary session of the Organization of Islamic Cooperation’s (OIC) Council of Foreign Ministers – held in Islamabad on December 19 – has successfully sensitized the whole world about the humanitarian crisis looming large in Afghanistan and perils associated with it. At the session, the OIC nations pledged to set up a humanitarian trust fund … Read more
RIYADH: The Islamic Development Bank (IDB) is providing more than $3 billion in financing for renewable energy projects, and more than $5 billion of sustainable Sukuk have been issued in the last four years, mostly to finance green projects, Muhammad Al-Jasser, the IDB’s president, told Al Arabiya. The bank issued Sukuk worth $1.5 billion, with … Read more
RIYADH: The Islamic Development Bank of Saudi Arabia has announced the price of its second and final issuances as part of its plan to mobilise financial resources. The Saudi Press Agency (SPA) reported the final price of issuance instruments by the bank was SR6.3 billion ($1.7 billion), due to five years of annual returns by … Read more
LONDON: The Islamic Development Bank (IsDB) and Bloomberg LP will work together to deliver a financial education programme for university students in nine countries in the Middle East, Africa and Asia, WAM reported. The nine IsDB member countries involved in the programme are Bangladesh, Egypt, Kazakhstan, Kuwait, Malaysia, Nigeria, Oman, Saudi Arabia and Uzbekistan. IsDB … Read more
