Month: May 2023

Javed Afridi — a stakeholder in Morris Garages (MG) Pakistan — is making waves again on social media after sharing a post next to a “#Made in Saudi” Lucid Air EV.

Afridi has a massive following on social media. While most people appreciated the post, there were some car enthusiasts who called him out for going silent regarding MG 3.

The first teaser for MG 3 came on February 17, 2021, and was met with great appreciation and excitement from the masses. However, more than two years and 11 teasers later, the people have become jaded.

Afridi kept trying to grab people’s attention by teasing the little hatchback repeatedly. But after a while, he became a classic case of the boy who cried wolf.

MG’s Own Words

In early 2022, a senior MG official told ProPakistani that while the firm recognizes MG 3’s potential and popularity in Pakistan, its debut is not in the company’s immediate plans.

He reasoned that MG’s hatchback is only available in a few Right-Hand Drive (RHD) markets. As a result, the manufacturing volume is quite low, making it difficult for the company to meet its demand in Pakistan.

He added that the company intends to launch the MG 3 in Pakistan, but only when it makes business sense. He also stated that the company’s priority is to bring crossovers to market first. The company will consider launching low-cost vehicles later.

Source: Pro Pakistani

The full-fledged Islamic banks in the country have left behind conventional banks in financing the private sector, surging to Rs. 94.8 billion during the period of July to May of the current financial year 2022-23 (11MFY23), but still down 54.8 percent from Rs. 209.8 billion last year.

According to the State Bank of Pakistan (SBP), Islamic banks have made financing to the private sector of Rs. 94.8 billion, showing a big difference of Rs. 63.8 billion compared to conventional banks with financing values standing at Rs. 30.9 billion in the eleven months of the current financial year.

Meanwhile, overall banking credit to the private sector has fallen by 98 percent this fiscal year to Rs. 27.9 billion from Rs. 1.41 trillion in 11MFY22.

The Islamic division of the conventional banks also reported the retirement of financing amount of Rs. 97.9 billion in the said period.

There are five full-fledged Islamic banks and a subsidiary including Meezan Bank, Faysal Bank, BankIslami, Dubai Islamic Bank, Bank Al Baraka, and MCB Islamic Bank.

Industry experts said that private businesses do prefer Islamic banking for fulfilling the financing requirements of their business due to the faith factor in addition to the facilitation offered by the banks to provide them financing at comparatively lower rates than conventional banks.

Private corporations are increasingly opting for financing from Islamic banks, on the other hand, financing for houses and automobiles is highly preferred from Islamic banks.

Islamic banks have been getting popularity across the country after the verdict of the Federal Shariat Court which ordered the government to end the interest-free economy in the next five years.

The government and SBP are working in the direction of converting the economy to the present Islamic banking and financing system. A number of publicly listed banks including Summit Bank, Bank of Punjab, and Zarai Tarqiat Bank also announced their plan to explore the option for complete conversion of the banking system towards Islamic banking.

During 11MFY22, the financing of full-fledged Islamic banks stood at Rs. 209 billion, which was over four times less than the conventional banks that had a financing amount of Rs. 888 billion and 66 percent less than the financing made by the Islamic windows of the conventional banks i.e, Rs. 315 billion.

Source: Pro Pakistani

Minister of State for Finance and Revenue Aisha Ghaus Pasha has slammed the International Monetary Fund (IMF) for interfering in Pakistan’s internal affairs, arguing that the lender’s mission does not include getting involved with the country’s domestic matters.

“The IMF Mission Chief’s statement is extraordinary. Pakistan is acting according to the law,” said the minister while talking to media persons here on Wednesday. She added, “If an agreement with the IMF is not achieved, the Ministry of Finance will not close its eyes; there is always a Plan B; our priority is the IMF program”.

Replying to a question about the signing of the Staff Level Agreement (SLA) with the lender, Pasha hoped that the SLA is signed before the new budget. She stressed that additional delays in the bailout program were not in either Pakistan’s or the IMF’s best interests.

With the current IMF facility scheduled to end on June 30, the minister remarked that Prime Minister Shehbaz Sharif has already assured the lender that the government will fulfill all conditions to complete the program

The state minister said that the new fiscal year’s budget will be an election-year budget. It is being planned for June 9 and relief will be provided to the people, with efforts made not to place further burdens on the ordinary man. Contrary to popular opinion, the IMF permits targeted subsidies to Pakistan, she noted.

Pasha’s remarks come after IMF Mission Chief to Pakistan Nathan Porter shared a brief statement to the press on Monday, where he expressed hope that “a peaceful way forward is found in line with the Constitution and the rule of law”.

He also said, “More broadly, overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth”.

Source: Pro Pakistani