Fiscal Rebalance: FBR Moves to Align Bank Taxation with Digital Economy Needs
The Federal Board of Revenue (FBR) in Pakistan is pushing to remove the special tax privileges extended to banks under the Seventh Schedule of the Income Tax Ordinance 2001. This proposed shift aims to bring banks under the normal corporate tax regime, potentially impacting their digital finance strategies and operational models as the nation seeks to broaden its tax base.
Islamic Finance Forward: NIBAF Concludes Pivotal Professional Development Program in Karachi
NIBAF Pakistan successfully concluded its highly anticipated Islamic Banking Professional Development Program (IBPD-18) in Karachi, empowering financial professionals with critical insights into the evolving landscape of Sharia-compliant banking. This intensive program underscores a significant stride in enhancing specialized expertise within Pakistan’s burgeoning Islamic finance sector.
Faysal Bank Launches One-Day Shariah-Compliant Car Finance Plan
Faysal Bank introduces its Islami Car Finance program, offering a Shariah-compliant path to vehicle ownership with a remarkable one-day approval process. The financing is based on the Diminishing Musharakah model, providing flexibility and transparency for customers seeking to purchase new or used cars.