Dawlance offers longest 4-year PCB cards warranty on its range of inverter ACs
Dawlance has a long-standing history of being Pakistan’s most reliable brand and this legacy continues with its unique new offering; a 4-year warranty on PCB cards installed in their inverter air conditioners. Moreover, Dawlance also offers a 12-year warranty on its AC compressors, making it the only brand in Pakistan to provide the longest warranty period.
The PCB card and compressor is an essential and expensive component responsible for the efficient functioning of an air conditioner. Therefore, Dawlance installs the most dependable PCB cards and compressors in its products, promising up to 60% conservation of energy resulting in lesser environmental damage as well as significant cost reduction in consumers’ electricity bills.
PCB card malfunctioning is a common problem faced by consumers in Pakistan and the cost of replacing their malfunctioning PCB cards is Rs.15,000 to 25,000 depending on the size. Dawlance’s 4 year-warranty has eliminated this issue to relieve its customers. Thus, its inverter ACs ensure the most reliable performance with unmatched efficiency in its cooling and heating inverter mechanism. Hence, Dawlance ACs are fully covered in terms of maintenance-cost and repair or replacement expenses, in the rare case of malfunction in these two components.
The Chief Marketing Officer of Dawlance, Syed Hasan Jameel stated that; “The longest duration of Dawlance warranties is an unprecedented facility, reflecting the company’s confidence in its products’ durability, performance and its highly responsive customer-care”. Being an industry-leading brand –Dawlance also enjoys great credibility as a wholly-owned subsidiary of Arçelik – the largest enterprise in Turkey and the 3rd largest manufacturer of home appliances in Europe.
Another revolutionary technology in the new Dawlance inverter ACs, is the “Self-Cleaning Function”. It keeps the ACs thoroughly cleaned from the inside, at all times, to protect the components from dust and pollen, while ensuring that the air in your home remains hygienic. Similarly, ‘SYNC’ is another Smart-Application developed for Dawlance ACs. It enables the consumers to control and monitor their ACs, on-the-go, from anywhere in the world and minimize their electric-bills.
Arçelik had acquired Dawlance in 2016 and has already made foreign investments of over 50 million euros, to enable more innovations, expansions, research and brand-enrichment. With greater access to resources, multinational experience and highly responsive service, Dawlance has not only achieved global standards in quality, customer-care, safety and environmental sustainability but has also set a benchmark for other brands in Pakistan.
Sindh Engro coal mining company completes its million-trees in Thar campaign to celebrate world environment day
Sindh Engro Coal Mining Company (SECMC) a J-V between Government of Sindh and private companies is committed to help Pakistan achieve energy security through reliance on indigenous Thar Coal reserves, while ensuring long-term sustainability of the environment as well as accelerate socio-economic progress in the region.
SECMC celebrated the ‘World Environment Day’ on 5th of June 2021, by completing its Million-Tree Plantation Program in the Thar Desert, while continuing several other environmental conservation and preservation initiatives in the remote region of Thar.
With rising concerns about the rapid desertification and deforestation in Thar, in 2017, SECMC launched the Thar Million Tree program to combat the deterioration of this ecology in compliance with the United Nations’ Sustainable Development Goals, SDG 13 & 15. By the first quarter of 2018, the company had successfully developed Sindh’s largest private sector nursery, with a capacity to plant and nourish 0.5 Million saplings. SECMC is also investing on free healthcare and education for the local communities while creating awareness about sustainability and global best-practices in environmental conservation.
The Chief Executive Officer of SECMC Syed Abul Fazal Rizvi expressed his delight on the success of this earth-friendly initiative and stated that, “Besides ensuring robust operational performance of our business, we have pledged to undertake a number of Corporate Social Responsibility (CSR) initiatives aimed at uplifting the quality-of-life for the impoverished communities living in this remote Tharparkar region. Vegetation and greenery will have a long-term impact on sustainability, climate and food-security, while enhancing the scenic beauty of this vast, semi-arid desert. We pledge to continue to plant more trees and also scale-up our bio-saline agriculture project which is in commercial development phase right now”.
One of the most unique features of this venture was the enthusiastic involvement of the surrounding populace, who played a key role by conducting multiple plantation drives, like; ‘One Home-One Tree’ and ‘Thari Women Painting Thar Green’, along with the ‘Thar Green Drives’ at schools, villages and hospitals.
The ‘Thar Million Tree Nursery’ used the Miyawaki technique of plantation on 100 acres at Thar Block-2 Site, where a dense forest was grown to increase greening efforts and promote biodiversity. The tree species include; Neem, Bairi, Sarhain, Moringa, Babur and Kandi. Various experts and organizations were engaged as consultants and partners which made this unique project a resounding success, including; Thar Foundation, Sindh Forest Department, the Health And Nutrition Development Society, (HANDS), Urban Forest, Children & Family Welfare Organization (CFWO) and Dua Foundation.
Khushhali Microfinance Bank celebrates World Environment Day 2021 for a ‘clean, green, and Khushhal Pakistan’
Khushhali Microfinance Bank (KMBL) proudly celebrated the World Environment Day 2021 last Saturday, with a tree plantation drive held in Peshawar, in association with the Provincial Housing Authority (PHA) Khyber Pakhtunkhwa.
The plantation drive, an attempt to encourage a Clean, Green, and Khushhal Pakistan was attended by volunteers from Khushhali Microfinance Bank, PHA and the local community, who participate in planting hundreds of saplings in the city. The event follow the international theme for this year’s World Environment Day, ‘Ecosystem Restoration’, and has been organized to raise awareness among the masses and encourage efforts on a national level for environmental restoration and protection.
Talking about the bank’s latest CSR endeavor, CEO Khushhali Microfinance Bank Mr. Ghalib Nishtar said, “It is our individual, as well as collective duty, to make adequate joint efforts to help rehabilitate and protect our environment, and do our part in healing this ailing planet. In support of the Government of Pakistan’s 10 Billion Tree Tsunami initiative, KMBL is a proud contributor towards the plantation of hundreds of saplings, and vows to continue its efforts towards a cleaner, greener Pakistan.”
Pakistan has been declared an official host of the World Environment Day 2021, which also sees the launch of the United Nation’s Decade on Ecosystem Restoration, and calls for the commitment of the masses to protect the ecosystems that support the lives and livelihoods of millions of people globally.
Khushhali Microfinance Bank has been a huge environment-preservation enthusiast and has engaged in a series of such initiatives over a period of years, including tree plantation drives, initiatives in wildlife parks, awareness-raising programs and the sponsorship of campsites for children in Islamabad. The bank strives to do its part in reducing pollution, improving air quality, and alleviating the gradual ecosystem degradation.
Shell Energy Pakistan receives gas marketing license from Ogra
The Oil & Gas Regulatory Authority (OGRA) has awarded a ‘gas-marketing license’ to Shell Energy Pakistan (Pvt) Limited. Shell Energy Pakistan (Pvt) Limited has been in corporate with the aim of carrying out downstream gas marketing activities in Pakistan. It aims to aggregate demand from customers and secure competitive international supply to meet such demand. After evaluating its credentials OGRA has granted rights to Shell Energy Pakistan to market gas to interested customers.
Third-party access to gas import and distribution infrastructure is necessary for creating a competitive and developed gas market. For Shell Energy Pakistan to bring competitive and reliable LNG into the country and re-gasify to help meet growing demand in Pakistan, it needs support of the government and other industry stakeholders in particular Port Qasim Authority (PQA), Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC)for access to infrastructure.
The Country Chair of Shell in Pakistan, Haroon Rashid stated “We are very grateful to OGRA for approving the gas marketing license for Shell Energy Pakistan (Private) Limited. This is a significant step in the right direction and we look forward to more policy and infrastructural support enabling Shell to begin importing LNG to meet peak demand in the coming winter.”
Around the world countries are adopting net-zero emissions targets and seeking to create lower-carbon energy systems. Natural gas emits between 45% and 55% fewer greenhouse gas emissions and less than one-tenth of the air pollutants than coal when used to generate electricity. As the cleanest-burning fossil fuel, natural gas and LNG have a central role to play in delivering the energy the world needs and helping power progress towards these targets.
Taxes on internet, mobile phones should be reduced in budget, urges Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said pandemic has increased dependence on smartphones and internet services therefore the government should cut taxes on this important sector and take steps to improve its quality.
Presently 980 million people are connected to the internet wirelessly while twenty million are using wired internet but the majority is not getting quality services, he said.
Mian Zahid Hussain said that substandard services and frequent disruptions hit masses and damaged businesses during the lockdown, while the initiative of online classes failed in almost all the areas prompting parents to pull their children out of schools to avoid paying fees unnecessarily.
Talking to the business community, the veteran business leader said that government must revisit telecom policies to ensure national development and reduce the gap between rich and poor for which taxes should be reduced while companies should be directed to improve quality of their services.
He noted that consumers are paying up to 30 percent taxes of mobile services which are highest in the world which must be reduced as it is no more a luxury but a necessity therefore prices of cell phones should also be reduced.
Pakistan lags behind in telecommunication services from India, Bangladesh, and Nepal which is blocking empowerment of the masses.
He said that pandemic has increased digital payments by 30 percent which will increase by the passage of time however, criminals are using the trend therefore internet security and cybercrimes system should be strengthened, he observed.
The business leader said that the exports of telecommunications, computer, and information services have jumped by 44 percent to $1.51 billion while timely improvement in policies would have helped a 100 percent increase in exports.
Mian Zahid wants package for troubled travel and tourism sector
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the business community is pleased at the steps taken by the government to improve the growth rate.
The decision to freeze power tariff for industrial consumers for one year and reduce power tariff for domestic consumers will improve the economic situation and provide relief to the masses, he said.
Mian Zahid Hussain said that travel and tourism sector which is closed for over a year due to pandemic should be given relief package.
Talking to the business community, the veteran business leader said that the government has decided to improve the agriculture sector, increase and diversify exports, increase subsidies and extend construction sector amnesty scheme to December 31 are good steps however the issue of water scarcity should also be tackled on preference.
He said that the finance minister enjoys the confidence of the business community and some important opposition leaders which will help him forge consensus on important issues making the economy competitive in few years which will reduce the deficit and improve the living standard of masses.
The government should strive to reduce the cost of doing business in the budget while making the tax system easy while improving taxes from the retails sector through various steps including strengthening point of sale system, he demanded.
He said that the government is planning to extend power sector repayment of loans including that of IPPs and power sector which will reduce circular debt while payment of 90 billion rupees of 35 IPPs within days will improve overall conditions in the power sector.
The government has decided to abolish peak and off-peak tariff for domestic consumers and reduce the tariff for people consuming additional electricity which will increase demand for electricity and save gas that is a right move, he said.
SBP decision to keep interest rates unchanged lauded
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said coronavirus restrictions have damaged the business of illegal money transfer prompting overseas Pakistani to send money through legal channels.
Pakistan will continue to get good amount of remittances unless the travel restrictions are removed and the hundi business is revived, he said.
Mian Zahid Hussain said that apart from the efforts of the government and SBP, very low-interest rates in other countries has prompted people to invest in Pakistan in the Roshan Digital Account.
Talking to the business community, the veteran business leader said that people living abroad are sending more money to their near and dear ones due to unprecedented inflation so that they can remain afloat.
He lauded the decision of the State Bank of Pakistan (SBP) to keep interest rates unchanged at seven percent however said that a further reduction of two percent in the policy rate will trigger economic activity and improve revenue.
Increased interest rates in other countries and improved travel conditions can reduce inflows of remittances and hit forex reserves for which steps should be taken.
Mian Zahid Hussain said that current account deficit was 20 billion dollars when the incumbent government came to power. Twelve billion dollars were borrowed from three countries, rupees was depreciated, import bill was reduced and exports were increased to improve situation.
The exchange rate eroded substantially but exports were not improved according to the expectation however some export orders were diverted from Indian and Bangladesh to Pakistan providing some relief.
Meanwhile, the import of spare parts, edible oil, cotton, and some food items have surged putting pressure on forex reserves, he observed.
Increased revenue to unleash a new era of development, says Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Friday increasing revenue by one trillion rupees will be a challenge for the Finance Minister Shaukat Tarin.
It will be the beginning of a new era of development if the finance minister increased the government income without burdening the taxpayers and masses, he said.
Mian Zahid Hussain said revenue can be increased by expanding GDP for which cost of doing business should be reduced.
Talking to the business community, the veteran business leader said that Pakistan has agreed with the IMF to increase revenue from 4.69 trillion rupees to 5.69 trillion rupees for which the tax system should be made balanced, indirect taxation should be reduced, direct taxes should be promoted and all the stakeholders should be taken into confidence.
He said that the government should end undue tax exemptions being provided to the influential and rethink the decision to send to jail the tax evaders as this can be used by government employees to harass the taxpayers which will shrink the economy.
The business leader said that many underdeveloped countries have improved tax revenue by reforming their system while some have taken the powers of granting tax exemptions from Finance Ministers and other departments and such successful initiatives can be tried in Pakistan.
Government should take note of wastage of money in state-run corporations, power theft, and line losses should be contained and quality of life of masses should be improved, he said, adding that the business community is very patriot and wants to play its role in the national development.
Universal network systems partners with Finja to offer credit collections for SMEs
Universal Network Systems Limited (BlueEX) is the first courier & logistics service company in Pakistan that has collaborated with a leading lending and financial services institution, Finja Lending Services Limited (FLSL) a subsidiary of Finja Inc to offer credit collections from FLSL’s customers; specifically, Micro, Small & Medium Enterprises (MSMEs)/ Karyana Stores, across the country. With a proven record of highest quality of services by both entities, the partnership promises expertise and competitive advantage for these specialized operations and will open new vistas for more innovative ventures. UNSL (BlueEx) has signed up for Finja Business – a digital business operations platform to manage its payment disbursements and e-invoicing/collections for its own business vendors, suppliers and partners.
Being a trendsetter in advanced logistics in the country – BlueEx consequently won the ‘Brands of the Year’ award in 2019 and 2020. Over the years, it has pioneered e-Commerce logistics and fulfillment services in addition to deploying the first-of-its-kind ‘Online Parcel-Booking System’ since 2011. Within a few years of its formation, BlueEx has established the most credible and efficient cash-on-delivery network across Pakistan. All these services are based on revolutionary technological solutions that ensures world-class customer-care and unrivalled accuracy.
Backed by global venture capital firms, Finja is a leading new-age lending platform serving the credit, payments and collection needs of professionals, merchants and SME businesses. Finja’s subsidiaries operate under dual licensing regimes of the State Bank of Pakistan (SBP) and the Securities Exchange Commission of Pakistan (SECP) for its lending and digital payments businesses. With this first-of-its-kind support from both regulators, Finja has forged digital partnerships with banks, FMCGs, distributors, karyana stores, and small businesses. The company has clocked close to Rs. 150 billion in transactional volume and over Rs. 2 billion in overall lending.
This local network of Karyana stores is an underserved segment that struggles to avail credit services from financial institutions. They need secured financial assistance to maintain the required inventory-levels, especially during the preventive lockdowns and the global socio-economic disruption caused by the pandemic. The digital solution partnership developed by UNSL (BlueEx) and Finja will transform the financial capacity of the retail sector, by providing accessible financial services. This venture will also help in bringing this segment into the documented economy.
The Chief Executive Officer of UNSL (BlueEx) Mr. Imran Baxamoosa stated: “This partnership is the evidence of our commitment to provide tailor-made services that suit our clients’ needs. It will open many new vistas for a digital Pakistan. BlueEx is building operational alliances with dynamic partners like Finja, for technological deployment to create more value and convenience for customers and enable exponential growth through our combined lending and logistics services, to achieve our shared vision for a progressive Pakistan.”
Mr. Kamran A. Zuberi (CEO, FLSL) remarked: “This partnership excites us as it allows our borrowers an ability to repay their credit facilities from their existing locations instead of having to visit a bank branch. This allows Finja to reach out to a customer segment across the country and throughout the retail value chain. Using Finja’s advance credit scoring engine and proprietary Machine Learning tools, we are servicing SMEs and MSMEs through structured B2B credit-lines along with advance payment platforms for FMCGs and Distributors to retailers. Finja welcomes this partnership and in its true spirit also offers UNSL (BlueEx) employees exclusive Finja Cards backed by a salary advance credit-line, providing financial freedom to cater to their individual spending requirements.”
IBA Karachi launches 2-year master of science in development studies
The IBA Karachi is pleased to announce the launch of Master of Science in Development Studies programme commencing in the Fall 2021 semester, which comprises of 4 semesters with a total of 30 credit hours.
The programme, designed by the School of Economics and Social Sciences, and jointly offered by the Department of Economics and Department of Social Sciences and Liberal Arts, is a multi and inter-disciplinary program that explores critical topics of development theory and practices, introducing development as a process of evolution of societies.
MS-Development Studies will provide a high-quality and rigorous training that is essential in understanding the methods, policy and practices of development. The programme offers a solid multi-disciplinary social science formation in theory, quantitative methods and applications employed in various fields of societal development.
Dean, School of Economics and Social Sciences, Dr. Asma Hyder, elaborated on the programme and said, “We hope that this programme will engage the students in exploring critical topics of development theory and practice, in order to link historical perspectives with recent advancements in development. Our focus is to train and empower the students to serve as agents of change in local communities in the long-run.”
Commenting on the programme launch, Executive Director, IBA, Dr S. Akbar Zaidi said, “The quality of faculty, highly developed infrastructure, and variety of departments provide for an excellent platform to fulfill the objectives of this programme. Development Studies is a policy debate that takes into account the specificity of societies in terms of history, ecology, culture, technology and politics. Its lays the foundation for understanding how these differences can and often should translate into varied strategies of societal development and methods.” Dr. Zaidi highlighted that this market-driven program would set a new benchmark for other universities.
Graduates from this program will be prepared for careers in research institutions, government entities, development agencies, international organizations and policy-related think tanks.
With the addition of the Development Studies program, the IBA Karachi is now offering 10 graduate programs alongside 6 undergraduate and 3 postgraduate programs. The admission to various programs for Fall 2021 is currently open.
AGP Limited to financially support deserving IBA students
The Institute of Business Administration (IBA), Karachi and the pharmaceutical manufacturer AGP Limited have joined hands to advance the Institute’s financial assistance programme for its deserving students, by setting up an annual scholarship fund worth PKR 4 million at the IBA, with PKR 1 million disbursed each year.
The Executive Director, IBA, Dr. S Akbar Zaidi and the MD and CEO, AGP Limited, Ms. Nusrat Munshi signed the MoU at the Institute. Under this agreement, AGP Limited will provide financial support to deserving undergraduate students of the IBA for a period of four years.
On the occasion, Ms. Munshi lauded the IBA for empowering youth by providing the less privileged and the promising students, with quality education through its National Talent Hunt Program. She also mentioned that as the leading corporate entity in Pakistan’s pharmaceutical sector, AGP is honored to support this worthy initiative of the IBA to make university education accessible to the deserving students.
Dr. Zaidi appreciated AGP for its commendable work in the field of healthcare. He also thanked the AGP in supporting the IBA with its mission to provide quality education for all.
Through its financial assistance programme, the IBA has supported more than 9,000 students through grants worth PKR 1.2 billion since 2016. Every year, approximately 30% of the IBA student body benefit under this programme.
AlHuda Centre of Modest Fashion inaugurated in UAE
AlHuda Center of Modest Fashion has taken initiative to bring this concept from high street to streets: Zubair Mughal
AlHuda Center of Islamic Banking and Economics alongside with Halal Research Council established AlHuda Center of Modest Fashion, which is inaugurated in Dubai-UAE, last week. Modest Fashion is a mode of fashion in which non adherent and non-transparent clothes cover a large part of the body respecting the religious norms and values. The Modest Fashion sector is growing rapidly with 5.1% year on year growth. Nowadays, the world modest fashion market is estimated to be more than $322 billion and expected to reach $405 billion by 2024. There is significant potential for Modest Fashion to take a much larger slice of the $2.5 trillion global apparel market.
Centre of Modest Fashion Designing will be acting as a think tank to give the vision of globalizing the concept of modest fashion beyond the religious misconceptions and to initiate a product line in the respective field. We will provide consultancy services to fashion brands, research and development, capacity building, training, events and publications.
Mr. Ihsan Ovut, Secretary General of SMIIC, OIC, shared his wisdom with the audience stating that a new term and trend of Modest Fashion has evolved into becoming a mainstream fashion adaptable by the majority of women customers worldwide. Explaining the morals involved in modest fashion, he drew attention towards the halal aspect of Islamic clothing and how the principle value is allocated to observance of Shariah.
Mr. Zubair Mughal, CEO AlHuda Centre of Modest Fashion expressed his views, he mentioned that Modesty is always beautiful and beauty of soul is wrapped in modest fashion. He further stated that AlHuda Modest Fashion will be looking to bridge the gap between high and low end fashion gaps, but befitting of the Muslim criterion for clothing. Muslims from different regions and cultures of the world share the same religious ethics, and AlHuda Modest Fashion seeks to provide modest fashion to the Muslim community. AlHuda will be looking to target the youth as well.
Ms. Franka Soeria, Modest fashion expert and Co-Founder Markamarie, also addressed the event stating: “Modest fashion is for everyone, especially Muslims. We do not want Modest Fashion to be a mere trend, booming once, and then losing its value quickly. Many modern businesses are putting themselves at risk and finding strategies for modest fashion.”
It is to be noted that AlHuda Centre of Modest Fashion is joint initiative of AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE) & Halal Research Council. AlHuda CIBE working for the development of Islamic Banking & Halal Industry Since 2005 which have their presence in Asia, Europe, Africa & Middle East Markets, for further information about AlHuda CIBE –UAE: www.alhudacibe.com
For the further information about AlHuda Centre of Modest Fashion, please click: https://www.alhudacibe.com/cmf/
World Environment Day: ACCA, CERB host corporate roundtable on climate action
To mark the World Environment Day 2021, ACCA (the Association of Chartered Certified Accountants) and Pakistan Business Council’s Centre for Excellence in Responsible Business (CERB) hold a high-level corporate roundtable to discuss climate action.
Super-connecting country’s top corporate leaders, the roundtable explore how organizations can effectively transition towards being more sustainable and environmentally responsible and create an environment for business leaders to learn from each other and be more collaborative in tackling the challenges.
“Business professionals are in a unique position to make real, impactful change and be at the centre of sustainable development. Several of the SDGs place the responsibility on business to consider the effects of their activities and decisions on social and environmental systems.”
ACCA has a sound framework to support leaders in future-proofing their business and working our way towards a more sustainable world. Through this roundtable, we hope to super-connect all stakeholders and help businesses to deliver the net zero innovation the world needs and start to look beyond the bottom line to their social, economic and environmental footprints,” said Sajjeed Aslam, head of ACCA Pakistan.
“Pakistan is the eighth most vulnerable country to climate change. This will require all stakeholders to work together with corporate leaders at the heart of any proposed solutions. On this World Environment Day, let’s vow to protect the lands and the oceans through dedication and ambition,” said Ehsan Malik, CEO, Pakistan Business Council.
In recognition of this year’s theme ‘Ecosystem Restoration’, the conversation is structured to give participants an opportunity to openly and constructively discuss the pressing climate and sustainability challenges of today, and exchange views and solutions on what can be done to help corporate sector here and around the world to play its part.
Observed by United Nations to facilitate global awareness and inspire climate action, the World Environment Day is celebrated every year on June 5.
Annually, responsibility is assigned to a country to host the event and offer a platform to discuss SDGs and encourage a wider conversation among individuals and organizations on supporting each other in a transition to a net zero world. Pakistan is hosting the World Environment Day this year that also marks the launch of the UN Decade on Ecosystem Restoration 2021-2030.
SBP, govt moves put economy on path of progress: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said State Bank of Pakistan (SBP) buoyed the sinking economy amid the pandemic.
Governor SBP Reza Baqir should take more steps to boost the economy and push up the growth rate to five percent by the next fiscal, he said.
Mian Zahid Hussain said that the central bank supported the masses and businesses amid pandemic which out the economy of the path of growth for which the governor SBP deserves credit.
Talking to the business community, the veteran business leader said that hundreds of billions were spent on relief while lockdown, travel restrictions, etc. resulted in unprecedented growth in remittances which pushed the current account into surplus.
Following the pandemic, the central bank reduced interest rates from 13.25 percent to 7 percent, loans were relaxed, Rs. 300 billion were given to industrialists on soft terms resulting in economic revival within six months.
He said that the SBP initiatives benefitted 3331 companies and 1.8 million workers were paid, however, the majority of SMEs were left behind which were not registered.
The central banks also supported import of plant and machinery helping exporters and textile sector while the overall loans didn’t increase as compared to other countries.
He said that the business community hope that the government and central bank will work proactively to tackle the issues of loans, deficit, and expenses so that the economy can prosper at a faster pace.
Khushhali Microfinance Bank joins SBP’s Raast Digital Payment System
Khushhali Microfinance Bank (KMBL) is pleased to announce joining the State Bank of Pakistan’s (SBP) Raast Instant Digital Payment system. Under this collaboration, Khushhali Microfinance Bank will enable end-to-end digital transactions for government payments.
This is another step towards the digitalization of the bank’s financial structure. Raast is an instant payment mechanism that permits end-to-end digital payments among general public, businesses, and government entities. Under this partnership, Khushhali Microfinance Bank can process bulk government payments instantly, including salaries and pensions, dividend disbursements, mutual fund payments, Business-to-Business (B2B) batch payments, and pay-roll payments for private entities. Khushhali Microfinance Bank will receive bulk payments from various institutions, to be disbursed to recipients via Raast’s digital platform.
Commenting on the momentous occasion, Khushhali Microfinance Bank CEO Mr. Ghalib Nishtar said, “We are proud to have taken this digital leap. This collaboration with Raast would mean real-time digital payments for Khushhali Microfinance Bank, increased interoperability, seamless connectivity between KMBL and other businesses, cutting-edge technology implementation, low transaction costs, and increased financial security and reliability. In line with the government’s Digital Pakistan vision, we intend to bring the optimal digital transaction experience for governmental entities contributing to the overall financial inclusion to the country.”
Khushhali Microfinance Bank, with its two-decade history of serving the underprivileged segment of society through microfinance, has been central in financial inclusion in Pakistan. A forerunner in the microfinance sector, it has financially empowered individuals from both urban and rural communities. Keeping in line with its legacy, Khushhali Microfinance Bank aims to further strengthen its approach towards innovation and digitalization in the overall financial infrastructure.