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AlHuda CIBE introduces Islamic Financial products for Agriculture Sector:   
A two day workshop was held by AlHuda CIBE at NIBAF, State Bank of Pakistan in Islamabad on Islamic Agriculture Finance where Islamic Financial products were introduced for the agriculture sector to facilitate the Islamic Banks and Financial Institutes to promote the agriculture sector in the country.
 
AlHuda CIBE: Training Workshop on Islamic Agricultral Finance at NIBAF - State Bank of Pakistan - Islamabad.
 
 
 
 
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Rs 59,945 million loans written off from 1999 to 2007
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Federal Minister for Finance and Revenue Syed Naveed Qamar on Monday told the National Assembly that at least Rs 59,945 million loans have been written off from 1999 to 2007. Out of these amount, loans up to Rs 0.5 million written off are Rs 46, 877.17 million and the Rs 13,067.98 million include loans above Rs 0.5 million, he explained.

However, there was no new scheme presently under consideration to write off any small loans for the poor farmers, he added. To a question, he said the number of borrowers who obtained loans up to Rs 0.5 million comes to Rs 395,157 and the record containing particulars of such individuals is voluminous and SBP has sought one month for compilation of information and transmission to Finance Division.

About the review of the loans written off, the Minister assured the House that the government would review all the cases of above Rs 0.5million loans and would decide as per law. Responding to a question, the Finance Minister said that at present the conditions in the international capital markets are not conducive for issuance of sovereign/exchangeable bonds, adding that once the international market improves, the government may consider issuance of sovereign/exchangeable bonds. The Finance Minister said that the Capital Gains Tax (CGT) exemption would continue on stock market for the next two years.

The minister added the CGT exemption was going to expire on June 30, 2008, which was further extended till 2010.

He told the house that the government would continue to collect Capital Value Tax (CVT) and Withholding Tax (WHT) at the existing rates. Thus, there would be no change in the taxation policy vis-à-vis stock exchanges in the forthcoming budget.

Meanwhile, the Ministry of Commerce, through a written detail, informed the House that the total expenditure incurred on last two-expose was Rs 140.381million and 125.30million, respectively. Another expo, scheduled to be held in March, was postponed, on which Rs 7.045million expenditure had been incurred, it added.

The House was also informed that at least Rs 51.65 billion were released from 2002 to 2008 for Khushhal Pakistan Program. To a question, the Ministry of Finance also provided details of 72.312 million dollars the United States had provided from 2003 to 2007 for FATA development.

 
 
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