Bank of Punjab (BOP) appoints KPMG to study feasibility of transformation to Islamic banking

12:24 PM | 28 Aug, 2023
Bank of Punjab (BOP) appoints KPMG to study feasibility of transformation to Islamic banking

LAHORE - The Bank of Punjab (BOP) has appointed M/s. KPMG Taseer Hadi & Co. as its consultant to undertake a comprehensive study to review the feasibility and conversion dynamics for the transformation of BOP’s conventional banking operations into Islamic banking.

The ceremony to formalize this engagement took place at the BOP Head Office and was attended by the senior management of BOP along with representatives from KPMG. The underpinning objective of this feasibility study is to holistically assess the potential implications, challenges, and operational intricacies that a conversion to Islamic Banking may involve. This inaugural step, while significant, is part of a comprehensive process that will eventually determine the direction BOP's banking operations will take.

 The Bank of Punjab (BOP) is a prominent financial institution within the country, boasting PACRA Ratings of AA+ for the Long Term and A1+ for the Short Term. It maintains a network of 780 branches and sub-branches spanning Pakistan, comprising 640 Conventional branches (82%) and 140 Islamic Banking branches (18%).

 Given its rising popularity among faith-based customers, cost-effectiveness, and substantial potential for expanding market presence, Islamic Banking has emerged as a strategic growth area for the Bank. This growth aligns with the changing landscape, particularly in the aftermath of the recent ruling by the Federal Shariat Court pushing for a shift from an interest-based system to an Islamic financial system. In light of this, BOP is exploring the possibility of converting its Conventional Bank into a fully-fledged Islamic Bank.

Under the vision and guidance of its Board of Directors (BOD), The Bank of Punjab has dedicated the past 3 years to bolstering the capabilities of its Islamic Banking Group (Taqwa). This has been achieved through the introduction of cutting-edge Shariah-compliant products and services, alongside exceptional customer care delivered via dedicated Islamic banking branches and over 50 Islamic banking windows (IBWs) integrated into its conventional branches across the nation.

 With unwavering commitment, The Bank of Punjab is steadfast in its determination to extend the reach of Islamic banking throughout Pakistan in the upcoming years. The bank places special emphasis on regions such as Khyber Pakhtunkhwa and merged areas, Gilgit-Baltistan, Sindh, and Balochistan. This expansion will be accomplished through the establishment of fully-fledged Islamic banking branches, as well as the integration of Islamic banking windows (IBWs).


Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 10 Dec 2023

Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.

Dollar Rate in Pakistan Today

On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.

Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.4 285.95
Euro EUR 307 310
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 755.82 763.82
Canadian Dollar CAD 209 211
China Yuan CNY 39.82 40.22
Danish Krone DKK 41.14 41.54
Hong Kong Dollar HKD 36.37 36.72
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 922.14 931.14
Malaysian Ringgit MYR 60.82 61.42
New Zealand Dollar NZD 175.33 177.33
Norwegians Krone NOK 26.12 26.42
Omani Riyal OMR 738.71 741.76
Qatari Riyal ‎QAR 78.07 78.77
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.32 27.62
Swiss Franc CHF 324.5 327
Thai Bhat THB 8.08 8.23

Gold price drops in Pakistan; Check out today gold rates here

Gold prices decreased in local markets in line with the trend in the international market.

Gold Rates in Pakistan Today - 10 December 2023

On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.

Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.

In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 216,300 PKR 2,486
Karachi PKR 216,300 PKR 2,486
Islamabad PKR 216,300 PKR 2,486
Peshawar PKR 216,300 PKR 2,486
Quetta PKR 216,300 PKR 2,486
Sialkot PKR 216,300 PKR 2,486
Attock PKR 216,300 PKR 2,486
Gujranwala PKR 216,300 PKR 2,486
Jehlum PKR 216,300 PKR 2,486
Multan PKR 216,300 PKR 2,486
Bahawalpur PKR 216,300 PKR 2,486
Gujrat PKR 216,300 PKR 2,486
Nawabshah PKR 216,300 PKR 2,486
Chakwal PKR 216,300 PKR 2,486
Hyderabad PKR 216,300 PKR 2,486
Nowshehra PKR 216,300 PKR 2,486
Sargodha PKR 216,300 PKR 2,486
Faisalabad PKR 216,300 PKR 2,486
Mirpur PKR 216,300 PKR 2,486


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