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News from Pakistan (2-1-2003)

  • The State Bank of Pakistan authorized the commercial banks to set up subsidiaries for Islamic banking and announced certain critical measures for the promotion of Islamic banking in the country.

  • The Securities and Exchange Commission of Pakistan directed 12 insurance companies to cease their underwriting insurance business forthwith as they failed to increase their paid-up capital to a minimum of Rs 50 million.

  • Profit on the National Saving schemes reduced by 2 percent.

  • The New Jubilee Insurance Company has acquired the general insurance business of Commercial Union in Pakistan, effective from January 1, 2003.

  • Pakistan Steel announced expansion plan as the demand of steel products has increased after a decade-long stagnation.

  • Shell Pakistan Ltd will sell fuel oil at a cheaper rate than Pakistan State Oil Ltd for two weeks.

  • Chairman of Modaraba Association of Pakistan said that during presentation in Sharjah OIC member countries were invited to explore investment opportunities in Pakistan, and offered support in financing and investments.

  • Adviser to the Prime Minister on Finance and Economic Affairs said that the housing sector represents one of the attractive growth opportunities for economy and is one of the critical drivers of growth in the construction industry.

  • The Federal Minister for Food, Agriculture and Livestock said that interest rate on agriculture loans will be cut to the minimum, while government will also consider a proposal to issue agricultural credit cards to facilitate the farmers.

  • Pakistan and Austria are willing to enhance mutual trade relations and would take necessary steps in this regard.

(Iqbal Ahmad Khan)
Director (PA/IF)
2-1-2003

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