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Heavy price will be paid for violation of SOPs, 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 Pakistan should learn from disaster in India are immediately impose lockdown before the situation goes out of control.

The world’s largest vaccine producing country India is paying a heavy price for not realizing the threat on the government level and lax attitude of the masses and we still have some time to avoid the reappearance of the disaster of this magnitude, he said.

Mian Zahid Hussain said that economy cannot be preferred over human lives and that Prime Minister Imran Khan is reluctant to enforce a complete lockdown in major cities as it will hit poor and daily wagers.

Talking to the business community, the veteran business leader said that the government lack resources to feed underprivileged during the lockdown but full observation of SOPs should be ensured.

The cities badly hit by virus should be locked down, shopping centres should be closed, unnecessary services should be discontinued while public transport should be banned and educational institutions should be closed to save precious lives, he demanded.

These steps will reduce the burden of crumbling healthcare infrastructure and it will also tackle the shortage of oxygen and its skyrocketing prices.

He noted that state-run and private hospitals are running out of beds and oxygen cylinders but the majority of masses are still not serious about the pandemic which will result in doomsday scenario.

The presence of army on streets and shopping centres will improve the situation to some extent while violators of SOPs should be dealt with sternly to give a clear message.

Industries should be allowed to run with 25 percent staff and labour while lockdown should be imposed in consultation with provincial governments, ample availability of oxygen and vaccines should be ensured and political parties should work together setting aside their petty interests, he said.

Standard Chartered Pakistan posts profit (before tax) of Rs5.9bn for first quarter 2021

Standard Chartered Bank (Pakistan) Limited, the country’s largest and oldest International bank, announced its financial results for first quarter 2021.

The Bank delivered a resilient financial performance with a Profit before tax of PKR 5.9 billion. The profitability against the preceding quarter (Q4’20) is up by 61per cent mainly on account of strong recoveries and prudent risk approach.

Bank made revenue of PKR 8.3 billion for the period, which is reflective of sharp reduction in interest rates, subdued economic activity and market volatility.

Operating expenses were well managed through efficiencies and disciplined spending with an increase of only 2per cent compared to same period last year. Bank also continued to invest in its technology and digital infrastructure to enable future growth and provide innovative services to our clients.

Moreover, strong recoveries of bad debts, coupled with lower impairments as a result of disciplined risk performance, led to a net release of PKR 573 million in Q1’21 compared to a charge of PKR 187 million in the comparative period.

All businesses have positive momentum with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by 20per cent since the start of this year. This was a result of targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.

Following on from the unprecedented growth in deposits last year, the Bank’s total deposits grew by PKR 1.2 billion in Q1’21, whereas current and saving accounts grew by PKR 6 billion (up 1per cent) since the start of this year and comprise 93per cent of the deposit base.

Commenting on the results, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am pleased to announce that the Bank continues to deliver strong results as evident by our performance in first quarter 2021. The results are a depiction of our solid foundations and robust business fundamentals amid tough external environment. With the outbreak of third wave of Covid-19 in Pakistan, our focus continues to be on the health and wellbeing of our staff, clients and the greater good of our communities. Despite the external challenges, our digital journey is well on-track as the digital adoption and volumes continue to grow as we bring more innovative solutions to our clients. We are focused on our transformation journey to position the bank for the future as the world resets. We have also made steady progress in further strengthening our control and compliance environment. As we proceed, we are fully committed to delivering a sustainable growth for our shareholders and bringing the best in class services and solutions for our clients.”

Role of army lauded amid unfolding crisis: 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 role of the Army in enforcing SOPs to save precious lives.

The government has taken a right decision to call Army to assist the civil administration which was under increased pressure due to a surge in the pandemic as over 200 deaths in 24 hours have been recorded for the first time.

Mian Zahid Hussain said that the seventy thousand people have been infected, ratio of positive cases has reached to 11 percent which is 30 percent higher as compared to the last year.

Talking to the business community, the veteran business leader said that the government should ensure availability of oxygen, vaccine, and masks, involve the private sector in manufacturing of vaccine and related machinery while trying to waive taxes to bring prices down.

Government can consider reviving oxygen generating facilities closed since long, initiate imports as demand may jump to 200 to 300 percent, and curtail supply to some industries using this gas to tackle scarcity as the country is already consuming ninety percent of the production which is very alarming, he added.

Lauding the role of Army, he said that in many countries around the world, the armed forces are being called upon in increasing numbers to assist in the war against the coronavirus pandemic.

This trend is likely to continue as more and more service personnel are mobilized as they represent a significant pool of trained, disciplined, and motivated men with a vast array of skills and able to set up and operate quickly at short notice.

Pakistan Army is not immune to the infection but its personnel are risking their lives to save masses from pandemic which is a highly laudable service, he observed.

He said that many countries were slow to respond, some covered up things but now the time has come to mobilize all the resources.

BOP registers 22pc growth in profit as financial results for q1-2021 announced

A meeting of the Board of Directors of The Bank of Punjab was held on April 29, 2021 to consider and approve the un-audited Financial Statements for the 1st quarter of year ended March 31, 2021.

The Board reviewed the financial position for the 1st quarter of year 2021 and expressed satisfaction on overall performance of the Bank. It was noted with pleasure that all financial indicators are positive and the Bank would achieve set strategic business targets.

During 1st quarter of year 2021, Bank’s Net Interest Margin (NIM) improved to Rs. 6.87 billion as against Rs. 5.90 billion during 1st quarter 2020 registering a growth of 16%. Similarly, Non-Markup/Interest Income increased to Rs. 2.53 billion as against Rs. 2.00 billion during 1st quarter 2020 showing an increase of 27%. During 1st quarter of the year, the Bank posted after tax profit of Rs. 1.83 billion as against Rs. 1.50 billion earned during 1st quarter of year 2020 with a growth of 22%. Earnings per Share (EPS) for the 1st quarter of year 2021 also improved to Rs. 0.69 per share as against Rs. 0.57 per share for 1st quarter 2020.

Bank’s Total Assets as at March 31, 2021 stood at Rs. 1,059.8 billion as against Rs. 1,095.4 billion as of December 31, 2020. The Deposits of the Bank stood at Rs. 826.9 billion, while Investments and Gross Advances were recorded at Rs. 504.0 billion and Rs. 467.4 billion, respectively. Equity remained at Rs. 48.5 billion and Capital Adequacy Ratio (CAR) stood at 14.30% against regulatory requirement of 11.50%.

The Bank has been assigned long term entity rating of “AA” by M/s PACRA with short term rating being at the highest rank of “A1+”. The Bank currently has a network of 639 online branches, including 105 Taqwa Islamic Banking Branches and 18 sub-branches. Further, the Bank has a network of 623 ATMs providing 24/7 banking services to the customers.

IBA Karachi plans a transformative journey of academic excellence and intellectual capital

The IBA Karachi under the leadership of the Executive Director, Dr. S Akbar Zaidi, has set out a comprehensive and a robust plan to steer the institute towards a transformative journey of academic excellence and intellectual capital. Dr. Zaidi presented the Board of Governors (BoG) with a situational analysis of the institute and its future course of action in a recently held meeting at the City campus.

Dr. Zaidi apprised the BoG members that the mainstay of the plan would involve the academic schools, the Office of the Registrar, the Office of Research, Innovation and Commercialization (ORIC), and the Professional Development Centers (PDC). These four pillars would provide impetus for all major initiatives related to Teaching, Research, Innovation, Industry linkages, Student services and much more.

At the onset of the year, 3 schools, each with its own Dean, were established in line with international standards and keeping in view the diversity of the degree programmes, courses and the IBA’s expanding student body. Moreover, to enhance the role and leverage the potential of academicians and implement effective policy making, Deans Council and Academic Council were put in place. Akin to this, as part of the academic restructuring, the defunct Office of the Registrar was revamped in August last year which strives to enhance the academic life of the IBA by developing innovative processes and immaculate support services.

The scope and outcomes of ORIC, which is home to four research centers, is being redefined to provide a conducive culture, adequate infrastructure, and an enabling environment for multidisciplinary research through local and international collaboration. In the same vein, the restructuring of trainings imparted at the PDCs through life-long learning programs has also been envisaged. The five PDCs have been offering post-graduate diplomas, short courses, and workshops to thousands of professionals each year.The ED IBA informed the members that the IBA will be vying for global accreditations in various fields which has become a benchmark for top universities. He highlighted the need for the faculty to remain abreast with the prevalent business environment and work in tandem with the industry to churn out ground-breaking research and create significant social impact.

Later, Dr. Zaidi elucidated the concept of the Digital IBA which would help deliver value to the IBA’s strategic direction. He emphasized that with the aid of digital technologies and change of mindset, a paradigm shift in how we do things at the IBA will take place.

The BoG will closely monitor the progress of the proposed plan through measurable tools and assessment methods. The Deans of the 3 schools also participated as invitees.

Falcon-I to install tracking devices in 30 patrolling mobiles of KPK police

Falcon-I, Pakistan’s leading fleet management company, has signed an agreement with the Khyber Pakhtunkhwa (KPK) Police department, to provide, tracking-devices in 30 patrolling vans, in Swabi district, to enhance the performance of the law-enforcement field-force.

A ceremony was recently held at the Swabi Police-Line, chaired by the Inspector General (IG) KPK Police and also attended by the Head of Corporate & Enterprise Solutions, of Falcon-I Naveed Aijaz. The ceremony also featured presentations on: “How the KPK police will benefit from the induction of new technologies and demonstrations”.

These tracking devices are being installed under asocial-responsibility initiative by Falcon-I, to improve the law and order situation in KPK. It will help the Police keep track of the movement of its patrolling vehicles, to improve the response time of the mobiles vans.

The Head of Corporate & Enterprise solutions at Falcon-I Naveed Aijaz stated that: “The initiative of providing tracking devices to the KPK Police, will help the provincial-government launch a Rapid Response Force, to improve the security of vulnerable segments of society. These tracking devices are enriched with a customized geo-fencing feature that will enable the police to monitor the movement of its vehicles and make sure they are deployed in the right area. This will enable more vigilant law-enforcement in Swabi.”

This technological-intervention by Falcon-I will go a long way towards enabling the KPK Police to make more efficient use of its patrolling vehicles, while enabling significant conservation of fuel and other resources, by ensuring more transparency in the operational deployment of the police mobiles. Advanced equipment and upgraded systems can also promise smarter vigilance and institutional management, along with more safety for police-personnel and the citizens.

Pakistan Cables develops the first urban forest on an industrial estate at Nooriabad

Pakistan Cables Limited has led the way in establishing a first of its kind industrial urban forest in the country. The Pakistan Cables Urban forest is spread across 2.5 acres and is home to approximately 40,000 trees. Planting of trees commenced in 2019, at the Pakistan Cables new factory site, construction of which is underway at Nooriabad.

Based on the proven method of urban forestation from Japan and developed by Mr. Akira Miyawaki, it has been implemented by renowned entrepreneur of the Urban Forest, Mr. Shahzad Qureshi in Pakistan.

Mr. Kamal A. Chinoy, Executive Director — Pakistan Cables, who has been spearheading the initiative, shared his views at a media briefing held earlier. “It’s imperative that as an industry we work towards uplifting the living standards of our planet. Urban forests promote a healthier environment and most importantly environmental education among the public at large. By developing the Urban Forest in an industrial estate, we hope to inspire others to step forward and join us in giving back to our planet.”

Fifty-nine indigenous species are planted in the Urban Forest some of which include: amla, anar, amaltas, barna, injeer, mango, mulberry, neem, pilu, pipal, pilkhan, sukhchen, kandi, kikar, khobani, roheda, and so on. “These forests require minimum care, commitment and knowledge. Miyawaki’s technique makes the trees grow ten times faster than in nature, creating a self-sustaining forest within two to three years”, said Shahzad Qureshi.

The Pakistan Cables Urban Forest is designed as a self-sustaining eco system. The Company has had a history of supporting various CSR initiative that impact communities. “As a responsible corporate citizen, giving back to the society is an inherent part of our approach. To build on this further we have taken a bold step by successfully establishing an urban forest for the first time in an industrial concern. What is most encouraging is that we have been able to transform the arid surroundings of Nooriabad into a lush and vibrant forest,” said Fahd K. Chinoy, CEO Pakistan Cables Ltd.

According to experts, forest typically takes a hundred years to mature. The urban forest grown using the Miyawaki technique are set to grow 10 times faster, are 30 times as dense and 100 times more biodiverse. Keeping in view the diverse nature of the initiative, the urban forest will continually be developed over time.

Indus Motor records promising q3 results

The Board of Directors of Indus Motor Company Limited (IMC) released its financial results for the quarter and nine months ended March 31, 2021.

The Company’s combined sales of Complete Knocked Down (CKD) and Complete Built-up (CBU) units for the quarter ended March 31, 2021, increased by 48.3% to 16,626 units as against 11,209 units sold in the same quarter last year. Moreover, sales for the nine month period ended March 31, 2021, increased by 67.5% to 42,988units as against 25,662 units sold in the same period last year.

The net sales turnover for the nine months ended March 31, 2021 increased by 73% to Rs. 131.16 billion as compared to Rs.75.83 billion in the same period last year, while profit after tax also increased by 69% to Rs.8.42 billion as against Rs.4.98 billion achieved in the same period last year. The increase in turnover and profitability for the nine month period was mainly due to higher sales volume and increase in other income. The gross profit margin declined to 8.2% against 10.3% in the same period last year, mainly on account of increase in material cost.

Expressing his views, CEO IMC, Ali Asghar Jamali, said, “I am glad to see that business is returning to some state of normalcy. In fact, March 2021 saw the highest ever production levels at IMC, as a consequence of marked improvements in global supply chain.

He further added, IMC has always emphasized the ‘Make in Pakistan’ approach and appreciates the Government’s efforts to promote this policy. We request the Government to draw up the new Auto Policy 2021-2026 that encourages incentives to promote HEV technology in addition to incentives currently offered for Electric Vehicles, as well as localization that generates employment not only for OEMs, but for auto parts-makers as well.”

The Company’s Board of Directors declared an interim cash dividend of Rs.30 per share for the quarter, thus making the total dividend for the nine months ended March 31, 2021, Rs. 67per share.

UBL reports 44pc growth in profit for q1-2021

UBL maintains one of the largest network footprints by any Bank in Pakistan. Through its 1,348 branches1,423 ATMs and market leading Digital App, we serve over 10 million customers across all segments of the country.

On a standalone basis, UBL recorded Profit Before Tax (PBT) of Rs. 12.2 billion for the quarter ended March 31, 2021, up 44 percent over the corresponding period of last year. Earnings Per Share (EPS) were measured at Rs. 6.05 (Q1’20: Rs. 4.13). The Bank enhanced its dividend payout, declaring dividends of over Rs.4.9 billion for the quarter (Rs. 4 per share), 60% higher than Q1’2020. The Bank’s capital position continues to strengthen with the Capital Adequacy Ratio (CAR) recorded at 23.8% as at Mar’21 (Dec’20: 24.4%), an excess of 11.3% over the regulatory minimum. Gross revenues were recorded at Rs. 22.6 billion for Q1’21, growing by 3% over Q1’20, despite margin compression from lower interest rates. The bank recorded net interest income (NII) of Rs 16.9 billion for Q1’21 (Q1’20: Rs 17.3 billion). Non-markup income was recorded at Rs. 5.8 billion for Q1’21, up 24% on a year-on-year basis, as a result of timely realization of capital gains on foreign sovereign bonds and equities.

Domestic deposits averaged Rs. 1.4 trillion in Q1’21, with a year on year growth of 19%. The increase is mainly due to the strong growth of 20% in average CASA deposits, which stood at Rs. 1.2 trillion for Q1’21, with a net increase of over Rs. 200 billion year-on-year. The bank continued its momentum in acquiring new to bank (NTB) customers, as it added approx. 159,000 new current account relationships in Q1’21 (Q1’20: 127,000). This resulted in the average current deposits growing by 25% year on year to Rs. 609 billion in Q1’21. Domestic average savings deposits were measured at Rs. 582 billion, a strong growth of 15% year on year. As a result, the average domestic CASA ratio improved from 84.6% in Q1’20 to 85.6% in Q1’21. This aggressive focus on low cost deposits build up as well as the reduction in benchmark rates resulted in a sharp reduction in domestic cost of deposits from 6.4% in Q1’20 to 3.4% in Q1’21. The bank’s net advances stood at Rs. 541 billion as at March 31, 2021, down 13% over the previous year. UBL’s government securities holdings grew to over Rs. 1.2 trillion, an increase of 40% over the previous year, with Rs. 614 billion invested in fixed and floating rate Pakistan Investment Bonds and Rs. 510 billion deployed within Treasury Bills.

UBL maintained its leadership in the home remittance space, with a market share of approximately 21%. As part of SBP’s initiative to provide innovative banking solutions to non-resident Pakistanis (NRPs), UBL is actively supporting the Roshan Digital Account, with over USD 89 million in remittances routed through UBL by March End. The Bank has also been recognized by the Government for its efforts in opening the highest number of Roshan Digital Accounts, which is a testament to UBL’s service quality and brand loyalty with NRPs.

UBL was recently recognized as the “Bank of the Year 2020” at the Banker Awards. The Banker is an affiliate of the Financial Times UK and is the world’s leading financial publication. UBL won the award, for the fourth time within a decade, on the back of its contribution in innovating and expanding the scope of financial services in Pakistan.

UBL was declared Pakistan’s Best Digital Bank for the second year in a row by Asiamoney, an associate of Euromoney. UBL was also declared the ‘Best Digital Bank’ at the 2020 Pakistan Banking Awards. These successive wins are a tribute to UBL’s commitment to digitally transform itself while offering the most innovative and value driven financial products and services. The awards recognize UBL’s position as Pakistan’s leading progressive and innovative Bank.

Commenting on the results, Mr. Shazad G. Dada, President & CEO of UBL said “We have started 2021 on strong footing with a 44% growth in profits. Economic activity is picking up and UBL continues to play a leading role in the expansion of financial services across the country. Our strategy is focused on investment in our core businesses, building greater operational efficiencies and agility across the organization and continue investing in the development of our people. UBL’s branch network, generating 25% growth in current deposits, remains the cornerstone of the UBL franchise. The network is supported by our award winning digital proposition, where we continue to innovate and make banking easier and more accessible for our customers. Customer centricity remains at the heart of everything we do and we will continue to build on our core competencies as a Bank to deliver a strong 2021.”

Route of CPEC from Balochistan been turned into reality: Murad Saeed
  • Ground breaking of Dualization of Quetta Western Bypass, Construction of Dera Murad Jamali Bypass and Ziarat Mor-Kach-Harnai-Sanjavi road projects held
  • Work on Dualization of Chaman-Quetta-Karachi Highway set to begin this year

Federal Minister for Communication and Postal Services, Murad Saeed addressing on occasion of ground breaking of Dualization of Quetta Western Bypass, construction of Dera Murad Jamali Bypass and construction of Ziarat Mor-Kach-Harnai-Snanjavi Road.

Federal Minister for Communications and Postal Services Mr. Murad Saeed has said that the Western Route of China Pakistan Economic Corridor (CPEC) was undertaken from Balochistan by the present government and this dream of prosperity has been turned into reality. The Western Route of the CPEC will also be completed during the present regime. He was expressing views on occasion of Ground Breaking of dualization of Quetta Western Bypass, Construction of Dera Murad Jamali Bypass and Ziarat Mor-Kach-Harnai-Sanjavi road projects of National Highway Authority, Ministry of Communications, last week.

Mr. Murad Saeed said, during the previous fifteen years, 1100 km long highways were planned. While during the last two and half years, 3300 Km long national highways projects were planned and work started on them. He said, the present government has turned the dream of western route of the CPEC into reality and this route will be completed during the present government. He said work on Zhob-Khuzdar project has been started while D.I. Khan-Zhob project has been approved and work will be started soon. The Federal Minister for Communications and Postal Services Mr. Murad Saeed recalled that Basima-Khuzdar and Hoshab-Awaran projects have also been started. Work on 796 km long dualization of Chaman-Quetta-Karachi-Highway will be started this year. Construction and extension of national highways and motorways in Balochistan will not only pave the way for socio-economic uplift of far long areas of Balochistan but it will also cast far reaching positive effects on the economy of the entire region, the Federal Minister added.

Giving details of the projects, Chairman National Highway Authority Capt (retired) Muhammad Khurram Agha said, 22.7 Km long dualization of Quetta Western ByPass project will be completed at contract cost of Rs. 3938.78 million. This two lane additional carriageway will be completed in 24 months. 15 bridges and 34 culverts will also be constructed. More than 1715 jobs will be created due to this project. Completion of this project will ease out traffic congestion and reduce travel time by 30-45 minutes which will result in vehicles operating cost savings. He said, 11Km long Dera Murad Jamali ByPass will be completed at contract cost of Rs. 1456.3 million. Consisting of 2 lanes, the bypass will be completed in 18 months time period. One bridge and 31 culverts will be built in this project.

On completion of the bypass, congestion in Dera Murad Jamali ByPass urban will be removed. Through traffic will use bypass without disturbing the local community. Chairman National Highway Authority Capt (retired) Muhammad Khurram Agha said, construction of 162 Km long Ziarat Mor-Kach-Harnai-Sanjavi Road is of immense importance. The project will be completed at contract cost of Rs. 8379.7 million in two years. With 12 bridges and 415 culverts, the project will create more than 8611 jobs for the locals. The project will improve socio economic conditions of the area. On realization, the project will reduce vehicles operating cost by 30 percent where as travelling time saving will be more than 50 percent.

AlHuda CIBE provided technical expertise to establish Ijarah company in Uzbekistan

AlHuda CIBE has offered its advisory services for the establishment of (first) Ijarah company in Uzbekistan. Ijarah is a rental based financing mode under the Shariah law. Apex Ijarah has taken the initiative to be the (first) Ijarah company in the country which will aid to develop Islamic Finance market. It will also open the investment avenue for Islamic banks lacking the investment avenues of Shariah compliant operations.

Apex Ijarah also runs its sister concern named Orient leasing in the country which is one of the largest and fastest growing leasing companies in Uzbekistan. Apex Ijarah will become an important player in Uzbekistan’s leasing sector. AlHuda CIBE has offered Advisory services to develop Islamic leasing (Ijarah) products to cater the need of the market. AlHuda CIBE also has offered its state of the art services to the Apex Takaful which is working under the same group. In the picture, CEO of AlHuda CIBE, Mr. Muhammad Zubair Mughal is handing over Shariah certificate to the officials on Saturday, 24th May, 2021.

Ijarah is a term of Islamic fiqh. It means ‘to give something on rent’. In the Islamic jurisprudence, the term ‘ijarah’ is used for two different situations. In the first place, it means to employ the services of a person on wages given to him as a consideration for his hired services. The second type of ijarah relates to the usufructs of assets and properties, and not to the services of human beings. Ijarah in this sense means to transfer the usufruct of a particular property to another person in exchange for a rent claimed from him. The rental agreement of the financing entered by the subject of the contract followed by term of the contract, grade of the contract, settlement procedure, and other conditions.

Mr. Muhammad Zubair Mughal, CEO of AlHuda CIBE, expressed his views that many new Islamic Finance markets are seen to be emerging on the horizon in the world including Commonwealth Independent States (CIS) countries. Uzbekistan is one of the emerging markets aggressively working for Islamic finance promotion and implementation. He said, along with Islamic capital markets, Islamic banking, Islamic microfinance, Islamic insurance (Takaful), and Islamic bonds (Sukuk), the Ijarah companies are growing swiftly to serve the Islamic finance industry in Europe, Asia, and Africa.

He further said that Apex Ijara has taken the step forward and going to introduce the first of its kind Islamic finance product in the country, which will get the first mover advantage to tap the Islamic leasing market. Moreover, Ijarah (Islamic Leasing) have 24% substantial shares in Islamic finance industry followed by the dominant Murabaha (cost plus profit) product with the shares of 48% in global Islamic finance industry as mode of financing, he said. Islamic banking & finance will grow substantially in Commonwealth of Independent States (CIS) in the next couple of years to boost the sector.

AlHuda CIBE has started putting research, advisory, consultancy and capacity building services in CIS countries for Islamic banking and finance industry from 2006 and in different countries of the world. AlHuda CIBE is the only advisory and consultancy firm working for Islamic banking and finance in Central Asian countries. It is expected that the volume of Islamic finance industry will increase by 100% in next couple of years which also will strengthen global Islamic finance industry. AlHuda CIBE also established Islamic insurance, Islamic microfinance, and Islamic leasing operations over the globe by offering state of the art advisory and consultancy services in order to contribute the growth of Islamic finance industry.

Link International Exchange, UBL Omni in landmark accord

Link International Exchange Company (Pvt) Limited has signed the business agreement with UBL Omni. Link International Exchange is leading and most innovative company and pioneer in new business ideas. Link International Exchange today is an exchange house operating over 55 plus branches under its flag, making it the fastest growing exchange company nationwide. Its customer-centric approach, allows it to put its customer at the heart of the organization, which gives it an edge of an increased customer lifetime value, by seeking their full contentment and devoting all needed resources to accomplish it. Link International Exchange stands as a fully compliant foreign exchange company, which works to fulfil the vigorous tenacities of the State Bank of Pakistan, and all internationally recognized compliance standards.

Link International Exchange Has Signed Its Branch-Less Banking Agreement With UBL Omni.

Jubilee Life and Charter for Compassion establish 25 libraries in Karachi

Jubilee Life Insurance, the leading life insurance company in the private sector of Pakistan collaborated with Charter for Compassion Pakistan, a not-for-profit in the development sector, for the initiative of Collaborative Libraries Project (CLP). Today marks the completion of this project, under which they have established 25 libraries across different schools located in the underserved areas of Karachi.

The Collaborative Libraries Project (CLP) is part of the Compassionate Karachi (CK) movement which is a broader initiative with the vision of promoting quality education for all. The objective behind the initiative was to identify and build libraries in schools where the concept of a library is unknown to children and in the process, inculcate the habit of reading and as a result, develop compassion in the younger generation. Setting up these libraries was divided into three phases; development of the library, employee engagement initiative and the handing over to the school.

Speaking at the occasion, Mr. Javed Ahmed, MD & CEO, Jubilee Life Insurance stated “The importance of reading is well known to all of us. We stand here today due to the knowledge we have acquired over the years and knowing this it is our duty to give back and make the effort towards bringing all societies of the country at par. With this initiative we hope to form the habit of reading among these children and offer them a platform for faster growth”

Adding to this, Mr. Amin Hashwani, founder – Charter for Compassion said “Only through the support extended towards this initiative by the esteemed organisation Jubilee Life Insurance, we have managed to make it a success. We are happy to have partnered with a respected organisation like Jubilee Life and bring benefit to our society. This initiative has been a journey that we are proud of and especially now as we are seeing these children gain knowledge from this.”

Jubilee Insurance is a global brand of the Aga Khan Fund for Economic Development (AKFED) that offers diverse insurance solutions (life, health and general) in the Asian and East African markets. Jubilee Life in Pakistan offers a uniquely designed range of life and health insurance plans, catering to various customer segments and needs. These include retirement, child education, marriage, saving & protection, wealth accumulation, life insurance plans for women, rural insurance plans and life and health insurance solutions for the less privileged of our country.

The Charter for Compassion Pakistan is a cooperative effort to restore not only compassionate thinking but, more importantly, compassionate action as the center of our lives. Charter for Compassion Society of Pakistan (CfC) aims to create a vibrant, peaceful, and compassionate society through the creation of innovative programs, education, and training on compassionate thought and action.

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