Taleem Finance Company Limited

JCBIF Journal of Contemporary Business and Islamic finance is licensed under aCreative Commons Attribution 4.0 International License. To aurhors,JCBIF does not charge article processing fee.Interested in submitting to this journal? For more details,We recommend that you review the About the Journal page for the journal's section policies, as well as the Author Guidelines. Authors need to register with the journal prior to submitting or, if already registered, can simply log in and begin the five-step process. Ministry of Industries and Production tabled a summary for the import of Urea from China by TCP. The ECC after deliberation allowed import of 50,000 MT of Urea on GoG basis with People’s Republic of China on immediate basis subject to clearance from the PSQCA.

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NPMC was also apprised on the variations in the prices of Pulses and it was informed that except the prices of Moong Pulse, there was increase in the prices of other Pulses and it was mainly due to exchange rate variations and increase in freight charges. Finance Minister Mr. Shaukat Tarin supported the proposals for dairy development including investment and improvement in livestock and agriculture sector in Pakistan and assured them of full support of the present government. The meeting also discussed the prices of daily commodities available at the Utility Stores and directed USC to inform the masses on any variations in the prices and availability of commodities well in time. The meeting reviewed the progress on the ongoing World Bank’s projects and programmes in Pakistan. The meeting also focused on Resilient Institutions Strengthening Program (RISE-II) and discussed some prior actions to be met for the timely completion of the programme.

They will learn the concepts and processes needed to protect, validate and attest to the integrity and reliability of financial information. NPMC was informed that prices of 22 items remained stable whereas 22 items registered slight increase in prices which contributed increase in the SPI by 0.2%. It was informed that prices of perishable food items and Non-perishable food items have shown significant decline in their prices when reviewed Y-o-Y and M-o-M basis. He further highlighted that CPI inflation Year-on-Year basis is 12.3% in December 2021 as compared to 8.0% in December 2020.

The Government is bearing the revenue loss of around Rs.30 billion on account of budgeted to existing PL and ST rates and Rs. 260 billion annually due to reduced ST rate. Finance Minister Mr. Shaukat Tarin appreciated the efforts of the Government of the Punjab, KP, Baluchistan and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars. He further directed to establish such bazaars in more cities to provide maximum relief to the people.

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Country Director ADB, Mr. Yong Ye, Secretary Finance and senior officers participated in the meeting. The Finance Minister expressed resolve of the present government to uplift the living standard of the underprivileged people in the country especially focusing on socio economic development of the people of Baluchistan. NPMC was briefed on the availability of essential goods at subsided rates at the Sasta and Sahulat bazaar across the country. Of Punjab, KP, Balochistan and Islamabad administration in providing essential items at discounted rates at Sasta and Sahulat bazaars. He also expressed satisfaction on the contribution of Sindh government for providing essential items at discounted rates in Sahulat bazaars. NPMC was briefed on the rising prices of vegetable ghee in the country and informed that YOY prices of palm and soybean oil increased by 49.2% and 72.4% respectively in the global market.

The financing may only be availed by companies/customers who are not existing borrowers of Meezan Bank and may avail short-term working capital facilities or long term financing for purchasing commercial equipment, machinery, vehicles or property. The inauguration ceremony was graced by eminent people from banking, housing finance and media industry. Salaam Takaful Limited was incorporated in June, 2006 with its registered head-office in Karachi. With an authorized capital of Rs. 700 million, issued Capital of Rs. 500 million all fully paid-up as at 30 September 2018, the Company is sponsored by reputable financial institutions both local and foreign. House Building Finance Company Limited is the prime housing finance institution of the country, providing affordable housing solutions to primarily low and low-middle income groups of population by encouraging new construction in affordable housing sector. HBFC is striving to be a socially responsible and commercially sustainable housing finance institution.

The Finance Minister Mr. Shaukat Tarin underscored the significance of resolving outstanding issues between Etisalat and the Privatization Commission and moving ahead for a sustainable solution. The Finance Minister also highlighted prospects of foreign investment in Pakistan especially in IT and Telecom sector which is growing rapidly. The Government is providing conducive environment and incentives to attract foreign investment, he added. NPMC was informed that there was healthy decline in prices of daily commodities during the last week including prices of Pulses, Tomatoes, Chillies Powder, Potatoes, Onions, Eggs, Sugar, Gur, Wheat Flour bag.

To buttress the efforts of economic stabilization Government of Pakistan has been in communication with the Chinese authorities for the roll-over/refinancing of all ongoing facilities upon their maturity. Two facilities of worth USD 4.3 bn matured in the month of March, of which SAFE deposits worth USD 2 billion have been rolled over and the roll-over of the syndicate facility of RMB 15,000 million (i.e., approximately USD 2.3 bn) is being processed. Tijarah is especially for those customers who sell their inventory on credit and require funds for operations during the credit period. In Tijarah, the Bank purchases the finished goods from the customer and after taking the delivery, sells the goods in the market through its agent which may be a customer itself. In line with the vision of the Government of Pakistan, the State Bank of Pakistan launched a financing scheme by the name of Islamic SME Asaan Finance (I-SAAF), specifically targeted for the growth of small businesses. This financing scheme will provide SMEs with collateral free financing upto PKR 10mln at a discounted rate of 9% per annum.

NPMC was informed that prices of Garlic, Tomatoes, Eggs, LPG Cylinder, Gur, Sugar, Pulse Gram, Pulse Masoor have shown decline in the prices during the last week. It was informed that prices of tomatoes have reached to the prices as four years earlier. With Islamic finance progressing rapidly over the last decade, questions have started arising on its role in developing a more sustainable, and inclusive world through the religio-based economic system.

Secretary Ministry of I&P briefed the meeting on the process for building strategic reserves of sugar in the country to maintain stability in prices. The items which contributed in decline included Petrol by -0.53%, Eggs by -0.11%, Tomatoes by -0.51% and others by 0.01%. Prices of 19 items slightly increased that led to increase in SPI by 1.20% which included Chicken by 0.34%, Fresh Milk by 0.25%, LPG by 0.23% and others by 0.38%. Mr. Shixin Chen appreciated and supported the efforts taken by the present government in social and economic sectors for improvement in the economy of Pakistan.