Business

Karachi BankIslami has been recognized among the nation’s leading Islamic financial institutions, winning two major distinctions, “Best Bank of the Year 2024 (Mid-Sized Banks)” and “Best Islamic Bank (Runner-up)” at the 22nd CFA Society Pakistan Annual Excellence Awards. These accolades recognize BankIslami’s strong financial performance, strong governance standards, and its pioneering role in advancing Pakistan’s transition toward a Riba-free economy. The recognition reaffirms the Bank’s position as one of the country’s most progressive and purpose-driven Islamic financial institutions. The CFA Society awards are regarded as one of the most credible acknowledgments of excellence and governance in the country’s financial sector. Commenting on the achievement, Rizwan Ata, President & CEO of BankIslami, said: “At BankIslami, every initiative we undertake is guided by our mission of Saving Humanity from Riba. This recognition from the CFA Society is a testament to our unwavering commitment to ethical banking and our continued efforts to build a just, inclusive, and Shariah-compliant financial system for Pakistan.” This achievement adds to a remarkable year of success for BankIslami, with earlier recognition as Pakistan’s Best Islamic Bank from Euromoney, as well as local and international awards from Global Islamic Finance Awards (GIFA), Dragons of Asia, and the Pakistan Digital Awards, marking it as one of the most awarded Islamic banks in the country. With a network of 550+ branches across 210 cities, BankIslami continues to redefine Islamic banking through technology, innovation, and purpose. From launching Pakistan’s first fully digital Islamic banking solution, aik, to introducing accessible products for individuals, SMEs, and communities, the Bank remains at the forefront of transforming Pakistan’s financial future — one step closer to a truly Riba-free economy.

The Pakistan Stock Exchange (PSX) roared back to life on Friday, with the KSE-100 Index skyrocketing 4,899 points—or 3.13%—to close at 161,632, its fourth-highest single-day gain ever. The benchmark reclaimed the 160,000 mark after a week of heavy selling. The surge was sparked by optimism over a ceasefire between Pakistan and Afghanistan, mediated by Turkey and Qatar in Istanbul, easing geopolitical tensions, said Ali Najib of Arif Habib Ltd. “This revived investor confidence,” he noted. Banking giants like UBL, MCB, and HBL, alongside fertilizers (FFC) and cement (LUCK), drove 3,083 points of the rally. Volumes hit 951.3 million shares worth Rs42.2 billion, led by WorldCall Telecom. Weekly, the index dipped 1.02%, but analysts eye 165,000 if momentum holds, with support at 160,000.

ISLAMABADIn a series of coordinated intelligence-based enforcement actions, Pakistan Customs (Enforcement) under the Chief Collectorate of Customs (Enforcement), Islamabad, has successfully dismantled multiple networks engaged in the illicit trade of smuggled cigarettes and raw materials used in illegal cigarette manufacturing.Major recoveries were made in Lahore and Hyderabad with the total value of seized goods estimated at over Rs. 1.1 billion, according to press release issued by Federal Board of Revenue (FBR).Acting on credible intelligence, the Collectorate of Customs (Enforcement), Lahore, conducted a major intelligence-led operation exposing an organized network of illegal cigarette manufacturers operating under the guise of rice mills.Acting on a tip-off, Customs officers raided M/s Ayesha Rice Mills, Daska and recovered a massive consignment of acetate tow, cigarette paper, filter rods, aluminum foil, and adhesive materials – all essential inputs for the production of counterfeit and non-duty-paid cigarettes.During follow-up investigation, another premises, M/s Nazeer Rice Mills, Daska, located nearby, was identified as a potential storage site. A detailed search revealed that the facility had been hurriedly vacated following the earlier raid.Evidence recovered from the site confirmed that the smuggled materials had been relocated to warehouses near Sundar Industrial Estate, Lahore.

BrusselsThe euro zone economy expanded by 0.2% in the third quarter, surpassing economist expectations of 0.1%, Eurostat flash data revealed Thursday. Buoyant consumer spending cushioned faltering exports and Germany’s industrial woes, with France leading the charge at a robust 0.5% growth—more than double the forecasted 0.2%—its strongest in over two years despite political gridlock. Spain added momentum with 0.6% growth and Portugal topped at 0.8%, fueled by tourism and domestic demand. Germany, however, stagnated at 0%, underscoring the bloc’s uneven recovery amid U.S. tariffs and ECB rate cut debates. Year-on-year, GDP rose 1.3%, aligning with the ECB’s upgraded 1.2% full-year outlook. Analysts caution the uptick masks risks from France’s budget battles and Germany’s stimulus lags, but positive PMIs signal sustained domestic resilience. On X, economists hailed it as a ‘timely boost’ for ECB policy.

Karachi, October 27, 2025 – PIA Holding Company Limited (PIAHCL) has approved the transfer of its subsidiary, Precision Engineering Complex (PEC), to a new entity under the Pakistan Air Force (PAF). This move marks a significant milestone in PIA’s ongoing restructuring efforts to streamline operations and enhance efficiency. The transfer aims to leverage PAF’s expertise in managing PEC’s advanced engineering capabilities, ensuring its strategic growth. PIAHCL’s decision aligns with Pakistan’s broader economic reforms, fostering collaboration between state institutions. The transfer is expected to strengthen PEC’s role in aerospace and defense sectors.

San Francisco Tesla Board Chair Robyn Denholm issued a stark warning to shareholders in a letter Monday: Elon Musk could depart as CEO if his proposed $1 trillion performance-based pay package is not approved at next week’s annual meeting. Denholm emphasized Musk’s ‘critical’ leadership for Tesla’s push into AI, autonomous driving, and robotics, stating rejection could cost the company his ‘time, talent, and vision,’ eroding significant value. The plan features 12 tranches of stock options linked to milestones like an $8.5 trillion market cap and 1 million Optimus robot deliveries. This follows a Delaware court’s earlier voiding of Musk’s 2018 deal over board independence issues.

Pakistan’s National Consumer Price Index (CPI) rose to 6.2% YoY in October 2025, up from 5.6% in September, marking the highest inflation reading since October 2024. The uptick reflects mounting price pressures across key categories, led by Food (5.6% YoY), Housing (4.2% YoY), and Education (10.6% YoY), according to Pakistan Bureau of Statistics (PBS) and Topline Securities. Key Highlights (October 2025): CPI Index: 280.66 (vs 264.17 in Oct’24) MoM Increase: +1.8% 4MFY26 Average Inflation: 4.72% (vs 8.71% in 4MFY25) Top Contributors to Inflation (YoY): Education – 10.6% Clothing & Footwear – 8.1% Transport – 6.7% Food – 5.6% Despite the monthly rise, year-to-date inflation remains significantly lower than last year, supported by base effects and relative stability in energy and commodity prices, according to Arif Habib Limited.

Karachi, November 3, 2025 – Master Changan Motors Limited (MCML) today unveiled the Deepal S05 REEV, marking a groundbreaking milestone as Pakistan’s inaugural Range-Extended Electric Vehicle (REEV). Priced at an accessible PKR 9,999,000 with a booking fee of just PKR 2,000,000, this innovative compact SUV combines cutting-edge hybrid technology with spacious design, setting new benchmarks in the local automotive landscape.Built on an EV-first platform, the Deepal S05 REEV redefines comfort and presence with Pakistan’s longest wheelbase at 2,880 mm and best-in-class width of 1,990 mm. These dimensions deliver segment-leading interior space, ensuring ample room for families and a commanding road stance that turns heads.Equipped with a range-extender system—where a combustion engine generates power solely for the electric motor—the S05 promises efficient, eco-friendly performance without compromising on power. Additional highlights include Vehicle-to-Load (V2L) capability for powering external devices, a fuel efficiency of 20-24 km/L, and a suite of advanced safety features.Bookings are now open nationwide, with local assembly set to commence this month. For more details, visit authorized Deepal dealerships.

Zurich The Swiss National Bank (SNB) reported a profit of CHF 12.6 billion ($15.7 billion) for the first nine months of 2025, a stark turnaround from last year’s losses, largely fueled by a record CHF 22.9 billion valuation gain on its unchanged gold holdings. Gold prices surged to CHF 98,024 per kilogram by end-September, up over 29% from year-end 2024 and more than 50% year-to-date amid global uncertainties. Offsetting this were a CHF 9.0 billion loss on foreign currency positions—hit by CHF 46.3 billion exchange rate losses despite equity gains—and a minor CHF 0.9 billion Swiss franc loss. The windfall bolsters SNB’s balance sheet, potentially aiding future dividend payouts to cantons and the federal government.Analysts hail the ‘golden glow’ as a buffer against volatility, with gold’s safe-haven status shining brighter in turbulent times.