Slow pace of privatisation irking IMF: Mian Zahid Hussain
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on the slow pace of privatisation process can result in frictions with the IMF.
The differences with the IMF can hurt the remaining part of the programme as many governments over the decades have promised to sell bleeding enterprises but the move was avoided due to political considerations, he said.
Mian Zahid Hussain said that IMF is pressurising Pakistan to sell state-run companies bleeding the exchequer but the private sector is not showing Any interest due to many reasons including pandemic.
Talking to the business community, the veteran business leader said that trade unions and the opposition are also opposing the move while IMF is of the opinion that there is no other way to reduce the ballooning budget deficit.
The lender thinks that tax target of Rs4.9 billion will not be achieved, circular debt will continue to rise which has jumped from Rs1.2 trillion to Rs 2.4 trillion during the tenure of incumbent government while Steel Mills, PIA, Railways and other failed institutions will continue to waste trillions of rupees.
The IMF is also uneasy over the hike in the tariff of electricity and the price of petroleum products which it considers not sufficient to reduce the deficit to target as the government expanses and far more than the revenue.
On the other hand, the government find hiking rate politically unfeasible as it will trigger inflation. He said that the reduction in current account deficit is being considered as a great success but it was at the cost of GDP, revenue and jobs.
He noted that borrowing from local as well as foreign sources has reached to a record level and privatisation is the only answer to the challenges.
Ummah peace group mourns the loss of general (r) Hidayat Ullah Khan Niazi
The Ummah Peace Group (UPG) mourns the loss of its senior member and war hero, General (retired) Hidayat Ullah Khan Niazi. The UPG deems his passing away as a great setback to its mission of fighting sectarian menace and promoting amity and cohesion in the Ummah.
While performing air operation duty as an army aviation pilot during the 1965 war, he put his life at risk to protect Pakistan against an Indian armored division marching stealthily towards the Sialkot Sector. On the information provided by him, the PAF aircrafts went into action and completely obliterated the grave danger that division would have posed to Pakistan. He was awarded Sitara e Jurat for his act of great bravery.
The General was laid to rest in the Rawalpindi Army Graveyard with full military honors amid a large crowd of mourners. The UPG prays that Allah SWT grants him the highest rank in Jinnah and gives his bereaved family sabr (courage) to bear their loss.
Shell and K-Electric to explore possibility of electric-vehicle charging stations
Playing an active part in the government’s aim to promote the use of Electric Vehicles, Shell Pakistan Limited (SPL) and K-Electric Limited (KE) have signed a Memorandum of Understanding (MoU), to jointly develop the first three Electric-Vehicle (EV) Charging Stations across Karachi and its connecting highways. The locations selected for installing 50 KWH Rapid chargers are; the Shell Defence Filling-Station on Khayaban-e-Bahria, Askari Filling Station at Gulshan Town and Mardan Filling Station at Gadap Town.
Over the next 3 to 5 years, SPL and KE will explore the opportunity of additional sites and strategically expand the EV charging network. While SPL will engage in the deployment of charging station equipment, site preparation, installation and manage its operations; KE will ensure grid enhancement.
The Government of Pakistan has recently formulated and approved a policy to promote the use of electric vehicles in Pakistan, as an eco-friendly mode of transportation. Prime Minister Imran Khan shared a vision that by 2030, 60% of energy used in Pakistan will be green. SPL and KE have joined hands to support the policy and vision.
Speaking at the MoU signing ceremony, Taha Magrabi, General Manager Retail of Shell Pakistan Limited stated that: “Billions of people rely on transport to get about. There are around 1 billion cars on the world’s roads. This means that the transport sector has a fundamental role to play in helping global efforts to reduce emissions. The Government of Pakistan approved the EV policy to help tackle effects of climate change and offer affordable transport to its people. Playing a key role in this sector, SPL along with KE are keen to support the EV policy and its objectives, with our collaboration.”
K-Electric’s Chief Strategy Officer, Naz Khan said: “As the world moves towards cleaner modes of transport, KE looks to enable this shift by adding to infrastructure that will support the introduction of EVs across Karachi and Pakistan. With the Government of Pakistan announcing a target for 30% of all vehicles in the local market to be electric by 2030, KE, with Shell, looks forward to facilitating our customers towards utilizing EVs and contributing to long-term environmental sustainability.”
With incentives such as lower power tariffs for charging stations and 1% duty on EV charging equipment, SPL and KE look to create mutual benefits for their consumers and operating environment alike. The two companies, which operate in parallel industries, will also evaluate other collaborative business opportunities.
2020 a very disturbing year as global political, economic and social system damaged: Mian Zahid
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said 2020 was a very painful year for the whole world.
During the outgoing year, viruses damaged global economy, fuelled poverty across the world and damaged the global political, economic and social order, he said.
Mian Zahid Hussain said that the coronavirus is not over but it has changed the way billions of people live in this world while many nations are grappling to cope with the second wave of virus.
Talking to the business community, the veteran business leader said that many important events took place during 2020 like defeat of the US president Trump, Brexit, recognition of Israel by many countries, rise extremism in India, annexation of IOK and war between Armenia and Azerbaijan but the pandemic dominated all the events.
Around two million lives were lost due to the virus sending a loud and clear message that the importance of health services cannot be underestimated as it is tied to the future of the world.
The pandemic has overburdened poor countries compromising their ability to service debts and provide vaccines to the masses while the developed world and international institutions are not discharge their obligations the way they should.
The world can only be a better place to live if the developed world steps forward to provide relief to the masses living in underdeveloped parts of the world, he said.
Indus Motor company inaugurates new dealership
Indus Motor Company (IMC) recently inaugurated Toyota Port Qasim Motors at Karachi, making it the 12th dealership in Karachi and 17th in the Southern region. Present were IMC Chairman Mohamedali R. Habib, Vice Chairman Yuji Takarada and CEO Ali Asghar Jamali who unveiled the dealership amidst tight COVID-19 SOPs.
The new state-of-the-art 3S facility located at Port Qasim Authority is designed to offer customers a premium Toyota shopping experience in a refreshingly chic ambiance. The dealership sales and after sales staff and technicians are trained to provide high quality service to customers, all under one roof.
CEO IMC, Ali Asghar Jamali, said on the occasion, “Toyota is a brand loved by our people. IMC’s philosophy is expanding outreach to all corners of the country for our customers’ ease and convenience. The addition of this 49th dealership to the network is a testament to that commitment.”
He further added, “Based on Toyota’s cornerstone principle of Customer First and QDR (Quality, Dependability and Reliability) which is synonymous with the brand, IMC aims to provide innovative, safe, and high-quality products and services through its widening dealership network, meeting the high expectations demanded by Toyota customers.”
The location of the dealership has been selected strategically at Port Qasim, an industrial hub of the city and will cater to all adjoining areas.
FWBL declared rates from 1st July to 31st December 2020
Special Notice Time Deposits
7 Days SNTD 1.50%
30 Days 1.50%
PLS Savings 5.50%
Hyper Profit Scheme 5.50%
1 Month 5.75%
3 Months 5.65%
6 Months 5.50%
1 Year 5.60%
2 Years 5.10%
3 Years 5.30%
4 Years 5.35%
5 Year 5.40%
1 Year 6.25%
2 Year 6.35%
Note: Profit Payment for TDR’s booked on or after December 01, 2015 will be paid on booking rate only. Booking rate means profit rate declared by the bank for specific tenor at the time of booking of term deposits. At the time of roll over prevailing rate would be applied.
If the TDR is prematurely en-cashed within three months of booking, profit rate will be applied as per booking rate minus 2.5%. Likewise profit will be disbursed to the depositor as per booking rate minus 2%, if TDR is prematurely en-cashed after three months of its placement.
Inflation becomes a big political and economic challenge
Weekly meeting to control prices have become a joke
Oil price hike to result in price hike: Mian Zahid Hussain
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said inflation has become a big political and economic issues.
It has compromised the standard of living of masses, as all efforts to tame prices have met with failure, he said.
Mian Zahid Hussain said that the meetings of price control committee and directions to the departments and provinces to arrest inflation have become counterproductive which are not taken seriously by masses.
Talking to the business community, the veteran business leader said that price control mechanism is not working otherwise; it would have provided some relief to the masses reeling under double-digit inflation.
The price of eggs in this winter has seen a severity percent hike over the corresponding period while the masses are forced to consume costly and substandard flour despite spending billions on wheat import.
Similarly, the price of sugar has not dropped to the expected level in spite of imports and the beginning of the crushing season.
He said that the uncontrolled food mafia continue to add to the miseries of the masses for unjustified profits while the government should pay attention to the agriculture sector to avoid imports to save precious foreign exchange.
Despite massive food imports the situation has not deteriorated as the remittances have increased substantially while FBR has also shown good results as far as the revenue collection is concerned.
He said that hike in the price of petroleum products has increased cost of transportation which will increase food inflation and the prices of other items will also jump.
Transmission of natural gas/RLNG
Ogra approves k-electric license for construction and operation of pipeline
In welcome news for the citizens of Karachi, the Oil and Gas Regulatory Authority (OGRA) has approved K-Electric’s application for a license to construct and operate a gas pipeline, that will supply Re-gasified Liquefied Natural Gas (RLNG) for the upcoming RLNG-based 900 MW BQPS-III power plant and supplementing fuel requirement of the power plants located at its Bin Qasim Power Complex.
This is a very positive development for KE as the grant of the license by OGRA is a first ever license obtained by KE in the oil & gas sector and is a key step in ensuring that the upcoming BQPS III power plant receives the right amount of gas, at the right pressure. This milestone will go a long way in helping bridge the supply-demand gap in Karachi in the years to come.
In the notification issued on January 6, 2021, OGRA grants a License to K-Electric Limited to undertake regulated activity related to construction and operation of 14 inch diameter x 2.4 kilometer Natural Gas Pipeline along with ancillary/connected facilities for purpose of transmission of Natural Gas/RLNG from Tie-in Point, SSGC Custody Transfer Station located at Bin Qasim to KE Bin Qasim Power Complex.
K-Electric had submitted an application for the same on May 18, 2020, so as to ensure the pipeline would be built in time for the commissioning of the first unit of BQPS-III. It is pertinent to note that in the interest of expediting the process, the power utility has agreed to undertake the construction of the pipeline from the nearest SSGC Custody Transfer Station, on a self-finance basis. The EPC contractor and the Owner Engineer for this pipeline project are already on-board, the detail design of is already completed and the pipeline material has already been procured. Now, with the issuance of License by OGRA, K-Electric has immediately started construction of pipeline for its timely availability for commissioning of 900 MW power plant.
The addition of the 900 MW RLNG Power Plant along with proposed decommissioning of older and less efficient units will ultimately increase the power utility’s generation capacity and lead to improved service delivery. In the interest of the citizens of Karachi, and ensuring that they face minimal difficulties in the upcoming summer season, work on the BQPS-III power plant is proceeding on a fast-track basis. Gas turbines and steam generators have arrived and are waiting to be installed so that the first unit of 450 MW can be brought online by summer of 2021, and the second unit by end of 2021.
While the approval of the 900 MW plant is a vital element towards meeting Karachi’s growing power demands, other commitments also need to be fulfilled in a timely manner for this reality to be realized. Heads of Agreement with Pakistan LNG Limited (PLL) for supply of 150mmcfd of gas for BQPS-III has already been signed, subsequent to which negotiations on the Gas Sale Agreement (GSA) have reached to the advance stage and any potential hurdles need to be resolved as per past commitments by the Cabinet Committee on Energy (CCoE).
The 900MW RLNG based plant and its timely completion is just one step towards keeping Karachi energized. Even with the commissioning of this plant, NTDC needs to expedite work on the upgrade of the interconnection facilities at the KDA Grid so that the power utility can evacuate the promised additional 450 MW from the National Grid before summer 2021. K-Electric is confident that all concerned stakeholders will continue to lend support in these so that KE achieves its vision of bringing Karachi to a power surplus situation by the year 2022.
IPPA reveals nominations for the fourth IPPA
IPPA (International Pakistan Prestige Awards) released last week the nominations for their fourth awards, scheduled to be held on February 27, 2021 at Hilton Istanbul Bomonti Hotel and Conference Centre.
Acclaimed to be the biggest independent International Pakistani Awards IPPA is all set to be attended by officials of Istanbul government and top celebrities of Pakistan. This is going to be the first of its kind Pakistani event that will take place in Istanbul, and indeed anywhere in the world, since the onset of the pandemic.
The event is being organised by Vision Events International and Lollywood Entertainment. Like in previous years, the PR of the event is being handled by Starlinks PR and Events and the official media partner is HUM TV.
The nominations for the fourth IPPA are based on performances of the year 2019.
SBP’s initiatives to boost construction lauded
Dozens of industries will get a new lease of life, says Mian Zahid Hussain
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday lauded the initiatives of the central bank to boost construction activity.
Revival of construction activity will improve almost seventy allied sectors and provide jobs to the millions of daily wagers, he said.
Mian Zahid Hussain said that apart from the steps taken by the central bank, the issues of steel, cement and construction sector should also be resolved to get maximum benefit.
Talking to the business community, the veteran business leader said that weak laws have always blocked revival of construction sector and provision of affordable houses to poor and middle income group as banks were not ready to invest in this sector due to high risk.
However, now situation is changing as the SBP has directed commercial banks to lend Rs330 to this sector warning them of action in case of failure and offering incentives if to those banks that met the target.
The government has also given an option to the banks to cover 40 percent of the defaults which will boost house financing in the country which is less than one percent of the GDP.
The success of these steps will ensure implementation of the vision of Prime Minister Imran Khan to provide five million houses to the poor.
He noted that increasing prices of steel bars, cement and other construction material has panicked the investors which should be noticed and steps should be taken to resolve the issues.
ACCA to support revival of small businesses and micro entrepreneurs in Pakistan
ACCA (the Association of Chartered Accountants) has joined forces with Kamayi to support small businesses and micro entrepreneurs with their current cashflow management challenges and help them with their future-readiness by offering free-of-cost professional expertise.
Limited resources and financial muscle restrict SMEs from allocating funds towards long-term planning and professional development of their workforce. To help small businesses overcome this limitation, ACCA has joined Kamayi to offer free-of-cost professional help to SMEs and micro entrepreneurs across Pakistan.
“It’s clear that many small businesses in Pakistan have been in survival mode but working alongside experienced accountants will allow SMEs to find some support and advice on finding innovative solutions, which may remove some of that pressure, as we all look to help the economy grow again in 2021,” said Sajjeed Aslam, head of ACCA Pakistan. He said “ACCA and its members are fully committed to supporting the country’s businesses. Through this initiative, SMEs that are in desperate need for professional support will get exclusive access to world-class training and capacity building programmes offered by experts at ACCA.”
“This is one of the numerous recent initiatives by ACCA that aim to ensure SMEs get access to professional advice and can strategise for a sustainable growth by positioning their businesses as per the changing dynamics and future needs of the economy and pave a road to a swift recovery through the crisis.”
WOW cars hit Dubai roads and coming to Pakistan soon
WOW has announced on Tuesday that it will officially inaugurate its electronic transport services in UAE from January 6.
“A new app being launched is a new year’s gift for the people of UAE, an app with fine electronic transport service that meets the growing needs of travelers, people living and communities existing within of the UAE. Starting from Dubai, the state-of-the-art service will be available in other Emirates and all major cities of Pakistan very soon. Hoping that 2021 will be a great year for both countries, WOW has designed its service to cater to the needs of the travelers,” said Ahsan Iftikhar, Transportation Head at WOW.
According to the company, WOW services are operational in Dubai from January 6, 2021 and will be functional in all other Emirates and Pakistan soon.
First time in the e-hailing industry worldwide WOW announced 12 categories that will help WOW Customers to choose any category as per their transportation needs.
The categories include:
1. WOW Easy
2. WOW Economy
3. WOW Long Drive
4. WOW School
5. WOW Luxury
6. WOW VIP
7. WOW Emergency
8. WOW Premium XL
9. WOW Kids
10. WOW Ladies
11. WOW Family
12. WOW Stretch Limo
Recently the COVID-19 has caused so much damage to the transport business and the vehicle drivers faced a lot of difficulty earning at that time.
Now for the first time, WOW Electronic Transport Services has given opportunities to the drivers to earn more money, especially in Pakistan. You can visit www.wowets.com for the Sign-Up process to be a “WOW Leader”.
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Up Coming Projects
Our upcoming projects include Elite Warehouse systems, Elite Five Tower Residential Apartment and Four Star Hotel.
Elite Warehouse System is a large locale of warehouses project with the aim for providing logistics infrastructure to different industries aiming to provide state-of-the-art supply chain solutions under one roof. The project is planned to affluence businesses and advancing the industries towards smart warehousing system. (Which is going to launch in Jan 2020)
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K-Electric partners with SAP Ariba to digitalize its procurement process
In continuation of its broader digitization initiatives, K-Electric (KE), Pakistan’s only vertically integrated power utility, has partnered with SAP, a leading multinational information technology services provider. KE will implement SAP’s ARIBA E-Procurement tool, which will automate its procurement processes, end to end.
SAP Ariba, once fully implemented, will digitally transform KE’s supply chain, sourcing, contract management and vendor management processes. This will result in more efficient and cost-effective procurement activities, and also simplify and standardize the business processes in line with global best practices.
The new system will enable; 1) Increased data visibility to both vendors and KE users through self-serviceable dashboards; 2) Increased bidding process transparency and real time visibility of end to end tendering process; 3) Technical Evaluation (T/E) tracking and online submission; 4) Electronic log maintenance of complete communications related to commercial and technical proposals; 5) Optimized turnaround time (TAT) for each portfolio; 6) Enhanced opportunities for strategic buying and 7) Greater financial savings.
Speaking about the new software implementation, Syed Moonis Alvi, CEO KE, said; “We chose SAP because it has the solutions, services, and expertise that KE needs to mitigate financial and operational complexities; meet internal and external customer needs and reduce the strain that supplier risk and market uncertainty pose to supply chains.”
Saquib Ahmed, Managing Director SAP Pakistan, added, “In Pakistan, every part of the business needs to be more efficient, responsive and agile – particularly in the post COVID-19 world. KE is showing best practices in how Pakistan’s utility companies can run in real-time to drive new, digital, citizen-centric business models, leverage procurement innovations to maintain business continuity and cater for Pakistan’s growing needs.”
As the second wave of the COVID-19 pandemic starts to impact daily life, KE has partnered with various leading technology service providers to introduce greater efficiencies into its front and back end operations. This includes introducing a wider range of payment options by partnering with leading ride-sharing, e-commerce and financial services providers. Earlier, KE also automated its demand management and supply process for over 600 components of power distribution equipment.
Askari Bank collaborates with Bookme.pk to enable nift e-pay
Askari Bank has collaborated with Bookme.pk to provide a hassle-free digital experience for customers to conveniently purchase online tickets through Bookme.pk by paying directly through their bank accounts via Askari & NiFT e-Pay collaboration.
“As a completely cashless platform, we are excited to build our strategic partnership with Askari Bank to enable NiFT e-Payment gateway in order to further improve the customer checkout experience on our platform and enable a seamless and frictionless payments mechanism. This service will empower all Bookme customers to instantly book e-tickets and seamlessly execute payments through a secure and interoperable payment solution,” said Mr. Faizan Aslam, CEO Bookme.pk.
Mr. Asim Bashir, Country Head — Digital Banking, Askari Bank commented, “Askari Bank’s core focus is to provide secure and efficient payment solutions to its customers and digitally equip them by providing various channels for their day to day financial needs. We have partnered with NIFT ePay which is an advanced digital payment system, and we strongly believe that this collaboration will bring more convenience to our customers and facilitate them in their E-commerce journey on various merchant websites.”Mr. Haider Wahab, CEO NIFT, added, “It is a great milestone to enable one of the fastest growing digital platform in the country for online ticketing, in collaboration with Askari Bank. This is exactly the vision that was behind NIFT ePay and it very heartening to see its actual manifestation in the market. We are working with various industries to enable different use cases which are adding value to the platform.”
Launch of ‘state of the global islamic economy’ report at the IBA Karachi
- Pakistan ranks 8th in the Global Islamic Economy Indicator list
- Advisor to the PM on Institutional Reforms & Austerity, Dr Ishrat Husain, expresses concern about the low share of OIC countries in the Halal market
- Executive Director, IBA Karachi, Dr. S Akbar Zaidi highlighted the role of IBA Centre for Excellence in Islamic Finance in promoting the Halal economy
The Institute of Business Administration (IBA) Karachi Center for Excellence in Islamic Finance (CEIF) hosted the launch of State of the Global Islamic Economy Report (SGIE) 2020/21 with the theme ‘thriving in uncertainty’ at the City Campus. The launch event was held in collaboration with the Halal Development Council (HDC) Pakistan and in partnership with Dinar Standard, a US-based research and advisory firm.
The guests and speakers at the event included Advisor to the Prime Minister on Institutional Reforms & Austerity, Dr Ishrat Husain, the Executive Director (ED) of IBA, Dr. S Akbar Zaidi, CEO, Halal Development Council (HDC) Pakistan, Mr. Asad Sajjad, CEO, Dubai Islamic Economy Development Centre (DIEDC), Mr. Abdulla Mohammed Al Awar and the CEO and Managing Director of Dinar Standard, Rafi-uddin Shikoh.
This year’s report estimates that Muslims world-wide spent US $2.02 trillion in 2019 on Halal lifestyle-related food, pharmaceuticals, cosmetics, modest fashion, travel, and media sectors. The report reveals that while this spending reflects 3.2 percent year-on-year growth, Muslim spending in 2020 is forecast to contract by 8% due to the impact of the pandemic. However, spending, excluding travel, is forecast to rebound by the end of 2021 and is slated to reach US$2.3 trillion by 2024, at a cumulative annual growth rate (CAGR) of 3.1 percent. Islamic finance assets are estimated to have reached US$2.88 trillion in 2019 and are estimated to remain at the same level in 2020. Pakistan’s domestics Muslim consumer spend on Halal relevant sectors was estimated at $120 billion in 2019 which is the 6th highest globally.
The SGIE report also highlights the social impact developments of Islamic economies in addressing the United Nations’ Sustainable Development Goals, including initiatives addressing the exacerbated poverty and food security crisis from the COVID-19 pandemic. Malaysia leads the report’s Global Islamic Economy Indicator ranking while Pakistan has been ranked 8th out of 81 countries.
Dr. Ishrat Hussain, highlighted that 80% of the Halal market is held by non-OIC countries and delved into the reasons Pakistan is lagging in Halal market. He elaborated that Pakistan and other Muslim countries can be the major players in this 2 trillion-dollar industry.
Dr. Zaidi spoke about the role the IBA Centre for Excellence in Islamic Finance to promote the halal economy and provides trainings to industry professionals, Shariah scholars and board members of financial institutions.
Mr. Asad shared that the global halal food, pharmaceuticals, and cosmetics is at $255 billion in exports and presents Pakistani exporters with a tremendous opportunity to tap into. “Currently, our exports in this segment are a mere $2.6 billion (estimate in 2019) which is only 1% of this opportunity. With a strategic focus on these export markets, we can certainly grow our exports,” he added.
“In these uncertain times, the Islamic economy, with its ethical and transparent ecosystem, remains a pillar of strength and a guarantee for a better future,” said Mr. Abdulla.
Mr. Rafi-uddin said, “This year’s SGIE report highlights the emerging opportunities for Pakistan that stand out amidst the repercussions of COVID-19. The 33 ‘signals of opportunities’ identified in the report, include the tokenization of sukuks within Islamic fintech and accelerated digital transformations across all sectors prompted by the COVID-19 pandemic.”
Bankislami wins 4 awards at the 6th Islamic retail banking awards 2020
BankIslami, Pakistan’s leading Islamic finance institution won 4 accolades at the prestigious 6th Islamic Retail Banking Awards (IRBA) 2020 adding another feather to its cap. BankIslami won the Critic’s Choice Best Islamic Retail Bank Award in Pakistan along with the Best Fintech Application Award for this year.
Syed Amir Ali, President and CEO, BankIslami was recognized as the IRBA Personality of the Year while Mr. Rizwan Ata, Country Head, Distribution at BankIslami was awarded the title of IRBA Islamic Retail Banker of the Year for 2020.
BankIslami has had exponential growth in terms of revenues, assets and customer base in the year 2019. Over the year, BankIslami posted a profit increase of almost 400% while the deposits for the institution saw a rise of 24%. The Bank’s exceptional strategy and efforts have enabled not just the Islamic retail banking sector to grow but also digital banking channels to become more easily accessible to everyone around the country. BankIslami has always been a pioneer in introducing state-of-the-art technologies like biometric ATMs and One-Touch banking to its service portfolio opening new horizons for simplified financial inclusivity across Pakistan.
Speaking at the development, Syed Amir Ali, President and CEO, BankIslami commented: “On behalf of BankIslami team, I am pleased to receive the Best Islamic Retail Bank of the Year Award. The year 2019 was the year of splendid performance and success for BankIslami. Our deposits grew by 24% and our profit grew by 400% during this year. This indeed is due to blessings and the sheer hard work of BankIslami team. I would like to thank the Critics’ Choice committee for selecting BankIslami for this award, and I would also like to thank the organizers for holding this event in such a successful manner during the pandemic.”
Mr. Rizwan Ata, Country Head, Distribution at BankIslami also noted: “I’m extremely thankful to the organizers for selecting me as the Retail Banker of Islamic Banking in Pakistan. This is one of my life’s mission to spread Islamic banking and to save myself and people from Riba and Allah has blessed me an opportunity in BankIslami to serve the Islamic banking industry. And Islamic banking will grow in Pakistan. I also pray that in the near future Islamic banking will dominate Pakistani banking industry.”