Pacts signed to promote Islamic finance

KARACHI: The State Bank held a signing ceremony on Thursday for Financial Innovation Challenge Fund (FICF) Round 3 on promoting excellence in Islamic finance under its financial inclusion programme.

The ceremony marks the beginning of the implementation phase of the FICF innovative Islamic finance education and research projects in partnership with leading higher education institutions.

At the ceremony, three projects were signed with the Institute of Business Administration (IBA), Lahore University of Management Sciences (LUMS) and Institute of Management Sciences (IM Sciences).

Royal Bank of Scotland reports profits rise

LONDON: State-rescued Royal Bank of Scotland on Thursday announced a 27 per cent rise in net profits for the second quarter. Profit after tax climbed to 293m pounds ($457m) in the three months to June compared with a net gain of 230m pounds a year ago, the group said in a statement.—AFP

Sony’s June profits more than triple to $664m

TOKYO: Sony said Thursday its April-June net profit more than tripled to $664 million and kept its full-year forecast unchanged, as the company emerges from a painful corporate restructuring that included layoffs and asset sales.

The electronics giant logged a quarterly net profit of 82.4bn yen ($664m), while operating profit also jumped 38.8 per cent to 96.9bn yen, pointing to strong demand in its PlayStation games division. But overall sales were flat, edging down 0.1pc to 1.8 trillion yen.

Published in Dawn, July 31st, 2015

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