"Let there arise out of you a band of people inviting to all that is good enjoining what is right and forbidding what is wrong; they are the ones to attain felicity".
(surah Al-Imran,ayat-104)
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User Name: Noman
Full Name: Noman Zafar
User since: 1/Jan/2007
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Banks allow profit at less than inflation rate: SBP

KARACHI: The commercial banks credited their deposit holders with 7.1 percent less profit than the present rate of inflation during February 2008.The difference between mark up on deposits and interest on loans was recorded at 7.48 percent.The banks charged interest on loans at the rate of 11.69 percent but allowed only 3.93 percent profits on deposits, said State Bank of Pakistan.
This is total ridiculous, in the world, state banks never allows banks to increase the difference then's inflation rates+1.
This is the compensation state bank is giving to the banks in the return of those loans of politicians, which commercial banks waived off, on government's order .
But here as on the orders of state banks previously commercial banks waived off loans of around 170 arub rs, so in the return they get this permission to reimburse their loses at the sake of already poor people of Pakistan.
May Allah save us from these monsters
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