Wednesday, May 16, 2012, Jumada Al-Akhir 25, 1433
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Business & Finance
Islamic financial system can boost economyStaff Reporter Karachi—The fast-growing Islamic finance industry (IFI) holds the potential to contain unemployment and boost economy if an efficient and effective monitoring mechanism is in place.
Dr Ali Hasan Hamdani, an economist associated with a local private sector university in a statement received here on Tuesday said IFI industry needed creativity and guidance to ensure Shariah compatibility and integrity of the products offered in the country.
He said around five per cent share held by IFI in Pakistan indicated that masses need to know difference between Islamic and conventional products.
Bank accounts to match int’l standards under ISO 13616Amanullah Khan Karachi—The State Bank of Pakistan (SBP) has decided to implement International Bank Account Number (IBAN) standard in the country with a view to bringing about account code standardization and efficiency in processing of payments for domestic as well as cross border transactions.
The IBAN guidelines issued by SBP today contain details for IBAN generation, validation and implementation timelines. These guidelines have been developed in consultation with Pakistan Banks’ Association (PBA) nominated committee on IBAN. All participants have been advised by SBP to ensure implementation of IBAN as per given timelines.
Decreasing purchasing power brings sales downStaff Reporter Karachi—The ever increasing prices of goods, dwindling purchasing power of people and prevailing law and order situation has caused decrease in sale of all kinds of goods.
Traders and industrialists have expressed concern over continuous decline in sale of almost all goods including cloths, readymade garments, cosmetic, electronic items, shoes, food items etc.
Besides decline in sale, the traders and industrials have started facing serious problem of delay in payments, which affect circulation of finances.
Transfer of technology to farmers stressedStaff Reporter xIslamabad—A two member Australian delegation called on the Chairman, Pakistan Agricultural Research Council l(PARC) Mr. Naveed Saleemi here at the PARC Headquarters to discuss and review the Agriculture Sector Linkage Program (ASLP) Citrus Project.
It is to be noted that Citrus is one of the major fruit crops of Pakistan. The country is currently an important global producer and, increasingly, an exporter. But most citrus production relies on one mandarin cultivar, Kinnow, and 95% of this crop comes out of Punjab province. Kinnow exports rose from 150,000 tonnes in 2003-04 (worth US$31 million) to 190,000 tonnes (worth US$39 million) in 2005-06 (an increase of 16%).
Milk production low in Pakistan: UAF VCStaff Reporter Faisalabad—Pakistan is having 50 million animals but average milk production is very low compared to other countries, which is main hurdle to flourish the sector.
This was stated by University of Agriculture Faisalabad (UAF) Vice Chancellor Prof Dr Iqrar Ahmad Khan while addressing an outreach programme and awareness session on “Mechanism of silage preparation” held at SB Farm in Village number 71 JB arranged by UAF in collaboration with United States Department of Agriculture (USDA) and SB Farms.
Software to foretell fertilizer requirementStaff Reporter Lahore—Punjab Agriculture Department (PAD) has developed software to predict fertilizer requirement for wheat crop on the basis of the soil analysis for each district after analysis of empirical data of soil fertility.
According to the PAD sources, Directorate General of Agriculture (Extension & AR) after preparing this software has also uploaded on the internet and training to the extension workers has also been completed to use this software. Farmers on the basis of their soil analysis report can get this service from these districts.
Cement prices tumble, sales decline in the northStaff Reporter Karachi—With commencement of the harvest season and other developments including load-shedding, heavy rains and shortage of labour, construction activities in northern part of the country have sharply declined, resulting in huge fall in both sales and prices of cement.
Industry sources while describing the situation said that the immediate impact is evident by the fact that daily dispatches have reduced to a mere 60,000 tons from about 80,000 tons. Sharp fall in demand and resultant over supply has resulted in price decline of Rs. 20 to Rs. 25 per bag for different brands.
ATT development laudedStaff Reporter
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