by Sophie Fiala -

MICROCAPITAL BRIEF: BankIslami, TPL Life Offering Shariah-compliant Hospitalization, Funeral Coverage for COVID-19 in Pakistan

BankIslami, an institution offering Shariah-compliant financial services in Pakistan, recently partnered with TPL Life, a digital insurance technology firm controlled by Pakistan’s Habib Bank Limited (HBL), to offer coverage for people in case they become ill with COVID-19. The package pays up to: (1) PKR 30,000 (USD 195) upon diagnosis; (2) additional funding of an unspecified amount should the patient be hospitalized; and (3) funeral expenses up to

by Eha Joshi -

MICROCAPITAL BRIEF: Via Regulatory Sandbox, Securities and Exchange Commission of Pakistan Approves Digital, Crowdfunding, Robo-advisory, Shariah-compliant Proposals

The Securities and Exchange Commission of Pakistan (SECP), the regulator of non-bank financial institutions in the country, recently introduced a regulatory sandbox, inviting companies to propose pilot tests of novel services. It approved the following six: a digital insurance service

by Jessica McLeod -

MICROCAPITAL BRIEF: Conflicting Telecom Regulations, Cumbersome Utility Account Processes Limit Impact of Credit Bureau Act on Financial Inclusion in Pakistan

Mumtaz Hussain Syed, the CEO of Pakistan-based technology consultancy Aequitas Information Services, reportedly has argued that at least two factors have reduced the effectiveness of his country’s Credit Information Bureau Act of 2015. The law requires “financial and credit institutions to…share data with

by Sharanya Madhavan -

MICROCAPITAL BRIEF: Microfinance Institutions in Pakistan to be Registered as Non-Banking Financial Companies, Regulated by Securities and Exchange Commission

The Securities and Exchange Commission of Pakistan (SECP) recently announced plans to bring all non-deposit taking microfinance institutions (MFIs) and related nongovernmental organizations (NGOs) under the non-banking finance company (NBFC) framework in an effort to improve the regulation and monitoring of their activities.

by Kevin van den Brink -

MICROCAPITAL BRIEF: Telenor Pakistan Acquires Additional 49% Equity Stake in Tameer Microfinance Bank, Bringing Its Ownership to 100%

Telenor Pakistan, a subsidiary of Norway-based telecom provider Telenor Group, recently bought additional shares of the Tameer Microfinance Bank, a Pakistan-based provider of microfinance services, increasing its stake from 51 percent to 100 percent.

by Meraj Husain -

MICROCAPITAL BRIEF: Habib Bank Limited, NADRA to Expand “HBL Express” Money Transfer Service to 5,500 Additional Locations in Pakistan

NADRA Technologies Limited, a subsidiary of Pakistan’s National Database and Registration Authority (NADRA), has partnered with Karachi-based commercial bank Habib Bank Limited (HBL) to expand HBL Express, a service that allows for the payment of utility bills and sending domestic money transfers without the need for a bank account [1][2].

by Rick Altieri -

MICROCAPITAL BRIEF: Pakistan’s Khushhali Bank Partnering With Western Union to Offer International Remittances

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Khushhali Bank, a Pakistani microfinance bank, and Western Union, an American financial services and communications company, have signed an agreement to introduce international inbound remittance services in 76 districts across Pakistan, beginning with Karachi, Lahore and Rawalpindi.