Latest news with #BankofKhyber
Business Recorder
3 days ago
- Business
- Business Recorder
KP govt disburses loans under youth empowerment scheme
PESHAWAR: The Government of Khyber Pakhtunkhwa has disbursed hefty amount in head of interest-free loans across the province under 'Ehsaas Naujawan Programme', aimed at enabling youth to start businesses and secure dignified employment. The project is being implemented under the leadership of Chief Minister Ali Amin Khan Gandapur and the supervision of Provincial Minister for Sports and Youth Affairs, Syed Fakhar Jehan. The Directorate of Youth Affairs, Khyber Pakhtunkhwa, is executing this mega interest-free loan scheme to empower the youth economically. The loans are being disbursed through the Bank of Khyber and Akhuwat Foundation. According to the received data, since the inception of the program, the Bank of Khyber has disbursed loans worth PKR 220 million. Out of received applications in the bank, 145 loans have been approved for viable and income-generating business ventures. Copyright Business Recorder, 2025
Business Recorder
05-05-2025
- Business
- Business Recorder
DIBPL appoints Muhammad Ali Gulfaraz as CEO
KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) announced the appointment of Muhammad Ali Gulfaraz as its new Chief Executive Officer (CEO). Gulfaraz is an international banking executive with over 25 years of international and domestic experience in Corporate & Investment Banking, Strategy, Risk Management and Digital Transformation across UK, Europe and Pakistan. Before joining DIBPL, Gulfaraz served as CEO & Managing Director of Bank of Khyber, where he led major digital, governance, and operational transformation initiatives. His global banking journey includes over a decade at Mizuho Corporate Bank (London, UK), where he served as Managing Director and Head of Corporate & Investment Banking for the UK, Ireland, and Nordic Countries. He also spent more than 12 years with Bank of America (London, UK), rising to the position of Principal in the Global Corporate & Investment Banking Group. Additionally, he served as Executive Director at Fauji Foundation, where he oversaw strategic investments and board engagements across a wide portfolio of companies. Speaking on his new role, Gulfaraz said that it is an honour to join Dubai Islamic Bank, which is part of a strong and dynamic group that seeks to become the most progressive Islamic Financial Institution in the world. Gulfaraz is an alumnus of Cadet College Hasan Abdal. He holds a BA in Economics and MSc in Agricultural & Managerial Economics (Finance) from the University of California, Davis. He has also completed several professional training programmes in London, Tokyo and San Francisco. Copyright Business Recorder, 2025
Business Recorder
30-04-2025
- Business
- Business Recorder
Q1FY25: BoK PAT surges 108pc YoY
PESHAWAR: The Bank of Khyber (BoK) reported an impressive performance for the first quarter of financial Year 2025 (Q1FY25), with its Profit After Tax (PAT) rising sharply by 108 percent year-on-year (YoY) to reach Rs 1.6 billion. The Bank's Net Markup/Interest Income (NII) surged by 45 percent YoY to Rs 5.1 billion, reflecting robust balance sheet management and successful reduction in funding cost achieved during the period. Non-markup/interest income also recorded significant growth, rising by 64 percent YoY to Rs 900 million, mainly driven by gain on securities amounting to Rs 521 million. Operating expenses rose by 15 percent YoY to Rs 2.7 billion, reflecting increase in employee and other administrative costs reflecting the impact of inflation and overall increase in activities of the Bank. As a result of the strenuous recovery efforts and prudent lending strategy followed by Management, the Bank achieved net reversal of provision for Rs 118 million, compared to the net provision of Rs.190 million in the same period last year. Going forward the Bank will continue its emphasis on sustainable profitability, asset quality improvement and diversification of portfolio through proactive management strategies. Copyright Business Recorder, 2025
Express Tribune
16-04-2025
- Politics
- Express Tribune
Fresh funding advances Ehsaas Program
A high-level meeting was held on Wednesday, chaired by Khyber-Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur, to review the implementation status of various initiatives under the Ehsaas umbrella. The programs under review included Ehsaas Apna Ghar, Ehsaas Nojawan, Ehsaas Hunar, and the Ehsaas Rozgar scheme. The meeting was attended by provincial cabinet members, senior officials from concerned departments, and representatives of partner organizations. On this occasion, the chief minister directed the administrative secretaries to take full ownership of their programs. He emphasized the need to form special teams at the departmental level to enhance the implementation of these initiatives. He further instructed all departments to ensure timely execution of their programs according to the defined timelines and to expedite the loan disbursement process under each scheme. "These are critical welfare projects of the provincial government, and any delays in their implementation will not be tolerated," the chief minister said. He also directed that the programs be actively promoted through social media to maximize public awareness and participation. To ensure fair access across the province, the chief minister ordered that program quotas be allocated to each district in proportion to its its population. He also stressed the need to ensure inclusion of women, persons with disabilities, youth, and the transgender community. During the meeting, officials briefed the participants on the progress of various initiatives. They reported that two components of the Ehsaas Nojawan Program had been launched. The first phase of the Ehsaas Nojawan Program, with a cost of one billion rupees, is being implemented through the Bank of Khyber. Under this program, a total of 9,976 loan applications have been received. So far, Rs110 million have been distributed among 47 youth clusters, while 120 cases are under scrutiny.
Express Tribune
19-02-2025
- Business
- Express Tribune
K-P CM Gandapur urges overseas Pakistanis to send remittances via Bank of Khyber
Listen to article Khyber-Pakhtunkhwa (K-P) Chief Minister Ali Amin Gandapur has called on overseas Pakistanis to send remittances through the Bank of Khyber, emphasising the need to strengthen financial institutions for economic stability. Speaking at the launch of the bank's Islamic banking service, Gandapur praised the initiative, stating that an interest-free banking system was essential for economic progress. 'A well-structured financial system is crucial for any country or province. Strengthening our institutions is a priority,' he said. The chief minister also highlighted the province's economic performance, stating that K-P was meeting its targets in line with International Monetary Fund (IMF) requirements. 'Investors will receive incentives from the government, and these measures will enhance confidence in the Bank of Khyber and our administration,' he added. Bank of Khyber Chairman Ikramullah Khan, also speaking at the event, announced that Islamic banking branches would be expanded across the country in accordance with State Bank of Pakistan guidelines. Addressing security concerns, Gandapur said that Rs2 billion had been allocated for installing CCTV cameras and security checkpoints. 'We will not back down. Those responsible for unrest will not be spared, and we will root out terrorism completely,' he stated. The chief minister also touched upon the longstanding tensions in Kurram district, claiming that external forces were exploiting the situation. He reaffirmed that the government was committed to resolving the matter through both dialogue and decisive action. Earlier, PTI founder Imran Khan had called on overseas Pakistanis to boycott remittances. He had urged overseas Pakistanis to boycott sending remittances, escalating political tensions as his party, Pakistan Tehreek-e-Insaf (PTI), faces off with the government. However, Pakistan's workers' remittances recorded a strong inflow of $3 billion in January 2025, reflecting a 25.2% year-on-year (YoY) growth and marking the fourth consecutive current account surplus in 2025. Cumulatively, from July to January of the fiscal year 2025, remittances reached $20.8 billion, marking a 31.7% increase compared to $15.8 billion in the same period last year, according to the State Bank of Pakistan (SBP). Major sources of remittance inflows in January included Saudi Arabia ($728.3 million), the United Arab Emirates ($621.7 million), the United Kingdom ($443.6 million), and the United States ($298.5 million). Analysts expect this upward trend to continue, with Sana Tawfiq, Head of Research at Arif Habib Limited (AHL), stating, "The surge aligns with market expectations."
