LATEST/BRIEF NEWS:
PAKISTAN
o PTI rally given full security: Iftikhar
o Fazl says 'Imran is an agent of West'
o Petrol, CNG hiked once again
o Attack on PPP rally: mourning day
announced
WORLD |
o
Chavez's
socialist rule at risk as Venezuelans vote
o
Obama and Democrats
raise record funds, poll holds steady
o
Philippines, Muslim
rebels agree landmark peace deal
o
Kuwait's
ruler dissolves parliament, elections loom
o
Single euro-zone
budget gains momentum ahead of summit
o
Turkey strikes back
at Syria after Erdogan warning
o
Iran parliament
votes to consider halting subsidy reform plan
o
U.S. court fight
starts for radical cleric sent from Britain
o
Man behind
anti-Islam film due in L.A. court next week
o
Ex-papal butler
convicted, sentenced to 18 months
o
Israeli air force
shoots down drone aircraft
o
Greek austerity
talks to continue, progress seen
o
Yemen foils al Qaeda
plan to bomb air base used by United States: official
o
Probe points to
friendly fire in Arizona Border Patrol death
o
U.S. jobless rate
tumbles to near four-year low
o
Obama touts jobs
report as he seeks to lift campaign
o
U.S. court fight
starts for radical cleric sent from Britain
o
Obama and Democrats
raise record funds, poll holds steady
o
Islamist cleric from
Britain to appear in U.S. court
o
Foxconn denies China
iPhone plant hit by strike
o
Blast in east
Nigeria's Taraba wounds eight: official
o
U.S., South Korea to
forge joint response to North's missile force
o
Nervous Venezuelans
stock up on supplies before election
o
U.S. deficit ends
fourth fiscal year above $1 trillion: CBO
o
Turkish army returns
fire after Syrian mortar strike
o
At least seven
crashes tie up Florida highway
o
Turkey warns Syria
more strikes would be fatal mistake
o
Child molester
Sandusky likely to speak at sentencing
o
Foxconn's
iPhone plant "paralyzed" as thousands strike: report
o
Merkel to visit
Greece as money running out
o
South
Africa's Amplats fires 12,000 strikers, union leader shot
o
Romney closes gap
with Obama to 2 points after debate: Reuters/Ipsos poll
o
As rial plunges,
Congress looks at expanding Iran sanctions
o
Militants'
extradition could give Obama political headache
o
U.S. jobless rate
tumbles to near four-year low
o
EADS-BAE merger plan
hits political crunch point
o
Iran blames economic
"conspiracy" as criticism grows
o
Supreme Court to
hear appeal over FCC rule making
o
Lehman's
brokerage, Europe units settle $38 billion of claims
o
Israeli police use
stun grenades to break up al-Aqsa protest
o
Single euro-zone
budget gains momentum ahead of summit
o
Security and jobs
key to EADS-BAE merger: UK
o
Wall Street Week
Ahead: Big-name profit warnings may mean a pullback
o
Britain must cut
more to reduce deficit: PM Cameron
o
Qatar Tel ups stake
in Kuwait Wataniya in $1.8 billion deal
o
Dubai's
Arqaam to buy Libya financial services firm
o
Honda recalls
489,000 CR-Vs in U.S., Europe
o
Gulf Coast senators
to Obama: Ensure BP spill deal is fair
o
IMF to lower global
growth forecasts: German paper
o
American Air says
seats secured on 40 of 48 planes
o
ECB's
Asmussen: inflation to ease below 2 percent next year
o
U.S. says receives
Airbus A350 loan funding documents
o
Saudi says
IMF's 2016 deficit forecast is "doomsday scenario"
o
Revised Greek GDP
figures show recession deeper than thought
o
IMF chief praises
Gulf effort on oil price management
Business News:
SECP drafts new rules for issuing sukuk
SYDNEY: The Securities and Exchange Commission of Pakistan (SECP)has issued new draft rules for the issuance of sukuk or Islamic bonds, as part of a range of initiatives to boost the Islamic banking sector in the country.Under the rules, released on Thursday, sukuk will have to be structured to comply with standards of the Bahrain-based Accounting and Auditing Organisation for Islamic Finance Institutions, as well as those set by the local regulator.The draft rules also include requirements for disclosure of information about the issuers and for the issuers to appoint Islamic scholars who vet the sukuk structures. There is a consultation period on the draft until Oct. 15.The number of individual sukuk issues in Pakistan has shrunk in recent years, despite the rapid growth of issuance globally, which is projected by Commerzbank to exceed $100 billion this year.Last year, the Pakistani sukuk market was led by three sovereign sukuk, which raised a combined 163.6 billion rupees ($1.72 billion), according to securities commission data. Three corporate sukuk raised a combined 5.4 billion rupees.This compares with 21 sukuk in 2007, most of which were corporate, raising a combined 49.3 billion rupees. In 2008 there were 18 sukuk, which raised 31.9 billion rupees.AAOIFI standards indicate how Islamic financial products should be structured; following the standards could increase the interest of foreign investors in investing in Pakistani sukuk.Pakistan aims to lift Islamic finance s share of its banking sector through a series of reforms; last month the central bank said it was developing a five-year plan for Islamic banking. The country is introducing new rules for takaful (Islamic insurance) designed to increase competition. (Reuters)
EXCHANGE FOR CURRENCY NOTES:
U.S.A 96.15
S.Arabia 25.64
U.K 155.71
Japan 1.2277
Euro 125.12
U.A.E 26.18
BULLION RATES IN
RUPEES PER 10 GRAMS
KARACHI
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