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 remains largely stable against the US dollar, and other currencies in the open market on Sunday.
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)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.37||36.72|
|New Zealand Dollar||NZD||175.33||177.33|
Gold prices decreased in local markets in line with the trend in the international market.
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.
|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|