Briefs

briefs

Meezan Bank wins multiple awards

By our correspondent

KARACHI: Meezan Bank has been recognised as the global winner of “Best Islamic Bank for Treasury Management” for 2016 by the Islamic Finance News of REDmoney Group, Malaysia, a statement said on Monday.

In addition, the bank has also emerged as the global runner-up for the “Most Innovative Islamic Bank”, proving to be a major player in the Islamic finance industry; particularly in the developing economic structures in the South Asian region, it added.

Further, Meezan Bank has deservingly been named as the “Best Islamic Bank in Pakistan”, an award, which has been conferred upon the bank for the 10th time, owing to its contributions to the Islamic finance industry.

The bank has also been awarded “Pakistan Deal of the Year” Award for jointly arranging and structuring Rs25 billion syndicated long-term Islamic finance facility to Power Holding Private Limited.

‘Audit policy flaws must be removed’

By our correspondent

LAHORE: The Federal Board of Revenue’s (FBR) Audit Policy 2016 has flaws that must be removed to address the genuine reservations of the business community.

The point was raised at the meeting of the LCCI Standing Committee on Finance, Taxation and Sales Tax at the Lahore Chamber of Commerce and Industry on Monday.

LCCI Vice President Muhammad Nasir Hameed Khan said that the lack of consultation on policy matters is one of the biggest reasons of trust gap between the business community and the government.

The Federal Board of Revenue could attract more tax returns through policy reforms, he said, adding that the philosophy of considering fines and penalties as revenue measure is not logical and should be reconsidered.

Standing committee convener Tanvir Ahmad Sufi said that the FBR would have to satisfy the business community on the Audit Policy 2016, which was announced without any consultation.

PQFTL offers Rs0.2mln coverage

By our correspondent

KARACHI: Pak-Qatar Family Takaful Limited (PQFTL) has signed a memorandum of understanding (MoU) with ‘GoLootlo Wallet’ to offer fabulous discounts and exclusive deals to the consumers, a statement said on Monday. Bank Alfalah has entered into partnership with Lootlo.pk – a prominent e-commerce website – for issuance of Pakistan’s first-ever discount debit card ‘Go Lootlo Wallet’, it added. According to the MoU, Pak-Qatar Takaful will be providing ‘Free’ accidental-coverage and financial-security to the membership cardholders of ‘GoLootlo Wallet’.