Silkbank and TPL insurance launch ‘all in one current account’
As part of providing tailored solutions and unique value added features for our customers, Silkbank has launched All-in-One Current Account offering complimentary insurance coverages in collaboration with TPL Insurance as an insurance solution provider.
To mark the occasion, an MoU signing ceremony was held at the Silkbank Head Office, Karachi on 29th June 2022. Present at the ceremony from Silkbank were Vaqar Hussain Khan – Head of Banc assurance, Ali Kashif Rizvi – Head of Treasury and Financial Institutions and Arsalan Raza – Product Manager Deposits. Present from TPL Insurance were, Aurangzeb Javed Siddiqui – Head of Financial Institutions Group (FIG), and Mansoor Iqbal – Manager (FIG).
All-in-One Current Account is tailored to be an ultimate power packed current account that provides various complimentary protections and transactional benefits for its customers. Unlike most retail based banks that do not offer many value added features to their current account customers, this alliance will allow individuals maintaining an average balance of Rs. 100,000 and above with Silkbank to avail FOC value-added features such as health, life and travel insurance via TPL Insurance. Being digitized, it would be the first of its kind on current accounts with fastest claim processing.
Speaking on the occasion, Mr. Aurangzeb J. Siddiqui – Head of FIG, TPL Insurance said, ‘’Through our collaboration with Silkbank, our focus is to reach large audiences to build awareness and usage of our innovative insurance solutions. Moreover, through its Insurtech platforms, TPL Insurance intends to provide Silkbank customers with the experience of real time & hassle-free insurance and claim servicing.’’
Talking about the initiative, Mr. Anwar ul Haq Majeed – Head of Branch Banking & Consumer Assets, Silkbank said, “We are excited to start this new journey with TPL Insurance by adding innovative and rewarding solutions for our customers. This collaboration will enable our customers to opt for complimentary insurance coverages while enjoying several free of charge transactional benefits. Silkbank Limited is committed to continuously strengthening its retail product suit with laser sharp focus on service delivery and innovative products”
Walee-NUST launches Pakistan’s first centre of excellence for social and digital media technologies
Walee Technologies Pvt. Ltd. (Walee), Pakistan’s leading influencer marketing technology company, and the country’s top academic institution, the NUST School of Electrical Engineering & Computer Science (SEECS) have established Pakistan’s first industry-academia centre of excellence to develop innovative social and digital AI-driven solutions and deeper intelligence to serve the USD100 billion global creator economy. The initiatives will first serve the Middle East, North Africa, and Pakistan (MENAP) market, which has a digital advertising and ecommerce marketing expected to exceed USD 60 billion in 2022 and an overall potential to double by 2030*.
The Walee-NUST Centre of Excellence (WNCE) for social and digital media technologies is a long-term mutually-beneficial collaboration by way of research and development activities, continuous upgrading of academic course content and knowledge transfer between faculty, students and Walee’s engineering teams. WNCE can also enhance their professional visibility by way of contributing to publications, leading to higher global rankings. Walee’s adoption of web 3.0 is a strong step in meeting its vision to shape the media-advertising space in the next five years with innovative solutions and techstacks. The physical, co-branded and fully functional tech facility on NUST’s premises will boost participants’ team dynamics when working on deliverables.
From a media industry perspective, Walee is the only martech that has collaborated with academia to invest in the country’s future talent. Muhammad Ahsan Tahir, CEO Walee and a 2014 SEECS engineering graduate, said “As an aIumni, I am privileged to give back to SEECS’ 2,500 students and faculty members. We will help them contribute to design and development projects, and to deliver globally scalable, AI-driven system serving largest B2B and B2C brands in MENAP and Turkey market.” He added “Walee Technologies helps leading brands and agencies across these areas to serve more than 500 million in population, to impactfully collaborate with creators and others to market, sell and service products to consumers using AI-driven solutions.”
The partnership supports NUST’s SEEC program strategy in ensuring it ranks as Pakistan’s top engineering program for the sixth consecutive year (QS Programs). Dr Rafia Mumtaz, Head of Software Engineering department at NUST said “By working with Walee’s engineering teams, we aim to enhance our marketing and media technologies knowledge in context to in-demand programming languages, data science and Web 3.0. This partnership will empower our students to be successful in their academics and future professional endeavours.” In the current economic climate, where startups are struggling to survive, Walee’s initiative to invest in the talent pool was welcomed by the faculty.
Dr Muhammad Ajmal Khan, Principal, NUST SEECS, added “We greatly appreciate the generous initiative of SEECS Alumnus, Muhammad Ahsan Tahir, and his efforts to pay back to the institute.” He added “industry-academia linkages are the need of the hour and NUST-SEECS will strive to strengthen this connection.”
An MOU signing and WNCE facility inauguration ceremony was held on 30 June 2022 at NUST campus and was attended by more than 100 CEOs, industry leaders, government officials, development sector, leading NUST academics, media and others.
PTCL group donates life jackets to fishermen community of Karachi
PTCL Group, Pakistan’s largest telecom operators PTCL & Ufone has donated life jackets to the fishermen community of Karachi to ensure safety of small-scale level fishermen during high tide season at a ceremony held in FCS HQ in Karachi.
Chairman, Fishermen Cooperative Society (FCS), Zahid Ibrahim Bhatti was presented with life jackets by PTCL Group representatives, to acknowledge the efforts of the local fishermen.
Expressing his thoughts regarding the initiative, Head of Public Relations and Corporate Communication, PTCL Group, Amir Pasha said that “PTCL Group was always on the lookout for opportunities to give back to the community where it is most needed. He said that the Monsoon season is around the corner and there is pressing need to undertake measures to ensure safety of fishermen community, who risk their lives to sustain the seafood supply chain. He said safety is of paramount importance and these fishermen need to be equipped with both training and necessary safety gear.”
Also speaking at the occasion, Chairman Fishermen Cooperative Society (FCS), Zahid Ibrahim Bhatti expressed his gratitude toward PTCL Group for the thoughtful intervention. He said that “fishermen are aware of the risk, however, there is a cost involved in taking the necessary precautionary measures, which is unbearable for small-scale fishermen. He hoped that the support coming from the private sector in terms of training and safety equipment will go a long way in reducing safety incidents.”
PTCL Group is widely recognized for its corporate social responsibility initiatives that create impactful shared value. Both PTCL & Ufone are at the forefront to ensure welfare of the communities it serves.
Interest rates raised unnecessarily.
The economy will shrink, making it difficult for businesses to continue.
Govt should try to reduce prices of agri products: 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 on Friday said the central bank has unnecessarily increased interest rates which.
The decision will increase the difficulties of the business community and add to the cost of doing business, he said.
Mian Zahid Hussain said that the move will shrink the economy, increase unemployment and make many things more expensive.
Talking to a delegation of traders, the veteran business leader said that industrialists and traders were already facing severe difficulties in getting electricity and gas.
The central bank has increased the interest rate by 125 basis points to reduce inflation, cut trade deficit, and subdue demand to save foreign exchange reserves.
Now the interest rate is at 15 percent; the highest since June 2008, making it difficult for many to continue their business.
Mian Zahid Hussain said that at present the overall inflation in the country is 21.32 percent, food inflation in urban areas is 24 percent and in rural areas is 27 percent while the central bank has said that this year inflation will be between 18 to 20 percent.
The central bank has asked the government to protect the poor from the effects of inflation through targeted subsidies while the rich should play their due role.
Mian Zahid Hussain said that the negative effects of the SBP’s tough decision will soon be felt while the achievement of the bank’s targets is not certain.
He further said that the relentless use of monetary policy to control inflation is not right as it poses a threat of recession and unemployment so the government should take administrative and policy measures to provide relief to the people.
Agricultural commodities are very expensive in Pakistan at the moment and it is impossible for the central bank to control their prices. For this, the government will have to reduce the difficulties of the agricultural sector so that agricultural production can be increased.
Mian Zahid Hussain said that the prices of crude oil, edible oil and other agricultural commodities in the global market have come down significantly due to which the prices in neighbouring countries have been reduced twice a week therefore steps should be taken to reduce prices in Pakistan.
Experience the best summer holiday in Dubai with Emirates exclusive value-added offers
Emirates is making Dubai a cooler summer holiday destination than ever before, offering customers free entry to some of the UAE’s most popular attractions plus many more exciting offers, while the city’s marquee event – The Dubai Summer Surprises – returns with a full calendar of entertainment, culture and family activities.
Whether returning to Dubai or visiting for the first time, Emirates’ customers can enjoy free entry to these highly popular UAE attractions:
The iconic Burj Khalifa at the top: Experience breath-taking views from the world’s tallest building. Located on the 124th and 125th floors of iconic Burj Khalifa, customers on the outdoor observation deck can marvel at the stunning views of the city from 456 metres above sea level. The complimentary tickets are for admission from 30 June to 30 September 2022.
The Dubai Fountains boardwalk experience: Watch a spectacular show of water, music and light from a floating platform just nine metres away from the world’s largest choreographed fountains, located at the foot of Burj Khalifa.
Louvre Abu Dhabi: Immerse in the stories attached to the hundreds of antique pieces that each date back hundreds of years, and enjoy a collection of 167 artworks by internationally renowned artists at one of the UAE’s most iconic cultural attractions.
To avail Emirates’ exclusive summer offers, customers can book their tickets here: https://www.emirates.com/pk/english/special-offers/summer-special-offer/. These summer specials are valid for travellers who book a return trip to Dubai in any cabin class between 27 June and 10 July 2022 for travel from 1 July 2022 to 30 September 2022.* The offer is also available via participating travel agents and selected Emirates Retail shops.
Experience more of Dubai with Emirates
– My Emirates Pass: The Emirates boarding pass also doubles up as a discount card for the summer until 30 September 2022. Emirates’ customers can simply show their boarding pass and a valid form of identification to hundreds of retail, leisure and dining outlets to enjoy fantastic discounts throughout Dubai. Learn more about My Emirates Pass here: www.emirates.com/myemiratespass.
– Skywards partners: Members of Emirates’ award-winning loyalty programme, Skywards, can earn Miles on everyday spends at retail outlets in the UAE, and redeem these Miles for reward tickets, upgrades, as well as tickets for concerts and sports events. Learn more about Emirates Skywards here: https://www.emirates.com/pk/english/skywards/.
– The Dubai Experience: Customers can now browse, create and book their own customised itineraries including flights, hotel stay, visits to key attractions, and other dining and leisure experiences in Dubai and the UAE, through Emirates’ Dubai Experience platform, and enjoy even more unique benefits. *
Visiting Dubai
Dubai is the place to be this summer season. In addition to an exciting calendar of world-class culture, shopping and dining, The Dubai Summer Surprises, one of the city’s major shopping and entertainment events, will also be running with a packed line-up of events and family activities, exclusive shopping deals, fun competitions, and shop and win promotions. As travel restrictions ease, Emirates is now offering travellers from over 130 destinations convenient flight services to Dubai.
Travelling with Emirates
Emirates offers award-winning services to customers in all classes of travel. From check-in, to on board, travelling with family is now much more convenient with Emirates’ exceptional services including priority boarding, and over 100 channels of content for children on Emirates’ inflight entertainment system.
Keeping the health and wellbeing of its passengers as top priority, Emirates has introduced a comprehensive set of safety measures at every step of the customer journey. The airline has also been building on its contactless technology offering to provide even more convenient options to fast-track through airport formalities.
Customers are encouraged to check their latest government travel guidelines and ensure they meet the travel requirements of their final destination. For more information on entry requirements for international visitors and residents returning to Dubai visit: https://www.emirates.com/english/help/covid-19/dubai-travel-requirements/
*Terms and Conditions apply.
AlHuda CIBE strengthened its Roots in Sierra Leone financial industry
Sierra Leone market is the future potential market for Islamic Finance Industry in West Africa, says Muhammad Zubair Mughal
AlHuda Centre of Islamic Banking and Economics diverted its human resources to Sierra Leone financial market, in a couple of days by its professional excellence and technical expertise penetrated freely in Freetown. Islamic Financial Industry is a system which provides reliable economic and socially justified solutions in light of Shariah principle. The structure of Islamic financial system is the key of sustainability for developing economies like Sierra Leone. AlHuda Centre of Islamic Banking and Economics is penetrated in West African Financial Industry, it played very developmental role in some Anglo and Francophone countries. In expansion of its operations AlHuda CIBE move to Sierra Leone market, this market is new for the concept of Islamic finance industry. The lack of awareness, human resources expertise, and in-depth knowledge are the main challenge for it, but the good thing is the market is ready to adopt this new venture in this market.
AlHuda CIBE mission is present in Sierra Leone from one and half month, in this duration we met with Governor, Deputy Governor, and Directors of Bank of Sierra Leone and have communication for the development of Islamic microfinance and Sukuk (Islamic Capital bonds) Issuance. We also met with Mr. Dennis K. Vandi, Minister of Finance, Mr. Sheku A. Fantamadi Bangura Deputy Minister of Finance (I) Government of Sierra Leone and other team and had a good conversation on issuance of Sukuk as opportunity to raise funds independently for the Government. In last week senior management Mr. Muhammad Zubair Mughal, Chief Executive Officer AlHuda Centre of Islamic Banking and Economics United Arab Emirates were in Sierra Leone. We acknowledge the response of the Sierra Leone financial industry key players to welcome AlHuda CIBE. The management of AlHuda CIBE has couple of meetings banking and finance industry and some knowledge driven activities also with some institutional collaborations. He met with Dr. J. Sanpha Koroma, Founder and Chief Executive Officer Union Trust Bank Limited; this meeting had very fruitful discussion about capital generating avenues and establishment of capital market to raise capital investment for Sierra Leone. AlHuda CIBE signed a Memorandum of Understanding (MOU) with Apex Bank Sierra Leone as In-House Consultant for the development of Islamic Microfinance for rural and agriculture sector. It is signed by Mr. Nelson Salia-Konneh Managing Director of Apex Bank and Mr. Muhammad Zubair Mughal Chief Executive Officer AlHuda CIBE.
He met with Mr. Sheku Mattia, Deputy Commissioner Sierra Leone Insurance Commission (Slicom) and other directors for the designing guidelines to introduce and operate Islamic Insurance (Takaful) industry. They also engaged a workshop where they invite all the insurance industry of for the introductory lecture about Islamic Insurance. He also had a very good conversation about future of Islamic Insurance in the country with Mr. Raymond Macauley, Managing Director of Aureol Insurance Company Ltd and President of Sierra Leone Insurance Association. He also had a very good interactive session with microfinance sector, an interactive session arranged by Sierra Leone Microfinance Institutions Association. He also had a meeting with Ms. Sao-Kpato Hannah Isatta Max-Kyne, Commissioner National Commission for Social Action and the technical team, where they discussed future collaborations with two institutions and how to attract foreign funding for the Sierra Leone.
Mr. Muhammad Zubair Mughal highlights many opportunities for Islamic finance industry to this market for the socio-economic development, to generate capital investment, how government can generate funds for their mega construction projects and how they can attract more funding for the social and economic development. As per his diverse experience in multiple markets he is very optimistic that Sierra Leone is the future market for the Islamic Finance in West Africa. In the presence of AlHuda CIBE Mission to Sierra Leone we met with financial industry all segments; we appreciate the people for their interest in Islamic Finance.
IBA Karachi sets new strategic direction at the leadership retreat 2022
IBA Karachi, steers into a new direction from being one of the leading business administration institutes to one of the best multidisciplinary institutes of higher learning in the country. IBA’s Retreat was held after the formation of three schools and the appointment of three permanent deans for each school.
The IBA Retreat 2022 was organized at Pearl Continental Hotel Karachi from June 28 -29, 2022 under the leadership of Dr. S Akbar Zaidi, Executive Director, IBA Karachi, who invited key stakeholders from IBA, along with prominent experts and strategists from academia, to participate in the development of IBA’s future vision.
IBA Karachi has gone through tremendous transformations to become a multidisciplinary teaching and research institution. Three full-fledged schools have been formed – namely the School of Business Studies (SBS), School of Economics and Social Sciences (SESS), and School of Mathematics and Computer Science (SMCS) – a number of new degree programs have been launched; policy and regulatory frameworks have been put in place; various research and professional development centres have been established to cater to the emerging needs in order to adapt to the ever changing local and global dynamics. The purpose of the Retreat 2022 was to remain abreast with the recent trends, ideas, while envisioning the role of the IBA in the socioeconomic development of the country and lay the foundation for a concentrated journey to achieve IBA’s vision.
The key pillars for the Retreat were identified as: meaningful and impactful research, innovation culture, alignment of academic programs with global trends and market needs, enhanced role of professional development centers, accreditations, quality faculty, academic/industrial linkages, and overall financial sustainability of the IBA.
The leadership aspect reflected upon the newly appointed full-time deans who will lead their respective schools on the academic and research fronts – enabled by a revamped Office of the Registrar which will provide administrative, technological and logistical support. Various steering and monitoring committees are in place to ensure accountability across the board.
The infrastructural and technological development side included, the solar energy project, faculty apartments, new girls’ hostel, state-of-the-art digital IBA project, and overall revitalisation of the campuses.
The event was attended by a large number of IBA faculty members, staff, senior leadership including Dr. S Akbar Zaidi, Executive Director; Dr. Asad Ilyas, Registrar; Dr. Wajid H. Rizvi, Dean, SBS; Dr. Abdullah Sheikh, Dean-elect, SBS; Dr. Asma Hyder, Dean, SESS; Dr. Shakeel Khoja, Dean, SMCS; and Dr. Maheen Ghouri, Dean, Student Affairs.
Dr. Tariq Banuri, former Chairman, Higher Education Commission; Dr. Syed Zahoor Hassan, Professor and former Vice Chancellor, Lahore University of Management Sciences; Dr. Jawad Syed, Professor, LUMS; Mr. Jawwad Farid, Chief Executive Officer, Alchemy Technologies; and Mr. Rami Awad, Regional Manager, QS Quacquarelli Symonds, also participated in the event and highlighted the future role of universities in the development of society and economy.
The participants appreciated the idea of setting up a long-term plan for the IBA and underscored the importance of holding such events in the future to monitor and ensure progress towards IBA’s future vision.
Shell Pakistan appoints Burque Corporation as distributor in Quetta for lubricants
Shell is a leading global supplier of finished lubricants for 15 consecutive years. Shell Lubricants business in Pakistan has appointed Burque Corporation to manage its distribution in Quetta to improve customer experience.
Shell Pakistan required a resourceful distribution partner in Quetta with proven commercial capabilities and a strong footprint to ensure wide reach and responsive customer care. With over 3 decades of experience in running one of the largest sales management and distribution networks in the industry, an official distributor for many leading FMCG brands, Burque Corporation brings state-of-the-art facilities for warehousing and sales across 23 cities.
General Manager Shell Lubricants, Zubair Shaikh, stated ‘Our new collaboration with Burque Corporation will expand the outreach of Shell Lubricants, promising agility and cost efficiency of our original, high-quality lubricants to enrich the experience of our customers. Over the next two years, Shell will be able to cover 6,000 more villages and 40,000 additional outlets across Pakistan to win customer loyalty in many unserved regions and segments.’
The partnership is a testament to Shell’s commitment to deliver best in class to our valued customer.
LUMS celebrates commencement of class of 2022
Convocations are an honoured tradition to celebrate graduates’ accomplishments in the presence of loved ones, peers, and teachers. On June 30, the LUMS Class of 2022, came together to look back at the precious memories they made on campus, and look forward to new beginnings.
Around 1100 graduate and undergraduate students from all five schools at LUMS were awarded degrees at the convocation. The University’s senior leadership including Pro Chancellor, Mr. Abdul Razak Dawood, Rector, Mr. Shahid Hussain, Vice Chancellor, Dr. Arshad Ahmad, Members of the LUMS Board of Trustees, Deans, faculty and staff members celebrated the momentous occasion with the graduates and their families.
Registrar, Ms. Zara Fateh Qizilbash delivered the welcome address, following which, the Pro Chancellor, Mr. Abdul Razak Dawood formally inaugurated the 34th convocation of LUMS.
Vice Chancellor, Dr. Arshad Ahmad congratulated the graduating class and wished them well for their future. He recognised the convocation as a defining moment for all students. While referring to the ongoing political uncertainty and economic challenges, he called upon all graduating students to discover their individual roles and serve a greater purpose. He also emphasised strengthening a collective hope for a better and stronger Pakistan. Towards the end, he advised all students to embrace their full potential and move forward, following in the footsteps of their predecessors while adhering to the timeless qualities of integrity, punctuality, respect, patience, and empathy.
The keynote address at this year’s commencement was delivered by the inspiring, Justice (Retd) Nasira Iqbal. Recipient of the prestigious, Sitara-i-Imtiaz 2021, Justice Iqbal was one of the first five women to be appointed to the Lahore High Court, where she served as a justice from 1994 to 2002. A Harvard Law School graduate, she is sought after as a legal scholar, has lectured around the world and has represented Pakistan at various international forums. She lauded the efforts of the LUMS community to enable and empower Pakistani youth by providing high-quality and impactful education and training.
In her address, she wished the graduating class success and expressed the hope that they will contribute to the development of the country and create shared value for the people around them. She also urged the graduates to pursue inclusiveness as a way of tackling intolerance in society. Justice Iqbal appreciated the gender equality ratio at LUMS and quoted her own example, “There should be no age barrier to acquiring higher education and students should pursue it as the only means of achieving progress and prosperity.”
Alina Anjum, this year’s valedictorian, inspired her fellow students by sharing her experiences at LUMS and her ideals of pursuing self-belief and strengthening mutual bonds.
One of the winners of this year’s Vice Chancellor’s Award for Teaching Excellence, Dr. Haniya Azam, Assistant Professor of Mathematics, shared her thoughts about the enabling environment at LUMS that facilitates learning, growth and success. She also encouraged the graduates to never settle for less and strive for excellence.
Dr. Azam’s address was followed by the awarding of degrees to all graduating students, the robing of PhD graduates, and the presentation of the National Management Foundation awards and corporate medals to high-performing students.
Late Aqsa Fatima, a LUMS student who passed away in April and was to graduate this year, was awarded a posthumous MBA degree to honour her memory. Rector, Mr. Shahid Hussain, presented the degree to the parents of late Aqsa Fatima.
A recorded broadcast of the ceremony can be viewed at the LUMS Facebook page.
Khushhali Microfinance Bank’s skills development program for women in Mirpurkhas
Khushhali Microfinance Bank Limited is one of the leading financial institutions in Pakistan, with a vision to accelerate socio-economic development, by promoting financial inclusion of the vast unbanked segment in Pakistan. Recently, Khushhali Microfinance Bank partnered with the ‘Sindh Graduates Association’ (SGA) to launch a skills-development program for women in Mirpurkhas Sindh, to create more livelihood opportunities for this impoverished segment.
The training program includes a complete ‘Tailoring-course’ for women as well as informative sessions on Financial Literacy, to impart knowledge and understanding of financial concepts along with banking products and services. The program aims to empower the women and enable them to earn sustainable livelihoods, raise their standards of living, and understand the value of saving money and investing in their family’s future. The participating women will be taught to realize their irrefutable role in the well-being of their household, in case their families are faced with poverty. If women are empowered, they can achieve a greater degree of self-reliance and economic prosperity within their families, while raising their children with a better quality of life.
The President of Khushhali Microfinance Bank – Mr. Ghalib Nishtar stated: Our Skill-based training programs are a progressive step towards empowering underprivileged women, inspiring them to be independent and generate sufficient incomes to support their families. Through these series of training programs, Khushhali Microfinance Bank is making direct contributions towards the achievement of United Nations – Sustainable Development Goals #4 and #8, as the number of women with technical and vocational skills is being substantially increased, encouraging and enabling them for employment, so they can qualify for decent livelihoods and engage in productive entrepreneurship.
Thinking beyond financial profitability, to enable humanitarian wellbeing and national progress is an essential part of Khushhali Microfinance Bank’s corporate philosophy. Since poverty is one of the greatest challenges faced by Pakistan today, the need of the hour is to invest in our people, elevate their standards of living and inspire our deprived female segment to rise and contribute effectively towards socio-economic prosperity. Women’s active participation is critical for the sustainable development of the nation.
Jazzcash and Bank of Khyber enter strategic partnership for KPK’S Insaaf food programme
Pakistan’s leading fintech JazzCash, in collaboration with Bank of Khyber (BoK), is strengthening the country’s digital payments ecosystem. JazzCash users living in Khyber Pakhtunkhwa (KPK) will now be able to receive PKR 2,100 for the government’s Insaaf Food Programme through the JazzCash retail network and existing JazzCash customers will receive funds in their JazzCash mobile wallets.
The signing took place at the BoK office in the presence of Managing Director and CEO BoK, Muhammad Ali Gulfaraz, CEO JazzCash, Atyab Tahir and Chief Financial Officer Mobilink Microfinance Bank Limited, Sardar AbuBakr.
Through this strategic partnership, JazzCash and BoK will facilitate the Govt of KPK for their Insaaf Food Program, which requires BOK to distribute an amount of PKR 2,100 for 1,000,000 KPK individuals who fall within their criteria, for 3 years, every month. Families will be provided easy and convenient payments on their JazzCash Mobile Wallets and if they do not have a JazzCash account, the same will be transferred on their CNICs payments can be cashed out through JazzCash retail network.
Speaking at the occasion, Atyab Tahir, CEO JazzCash, said, “JazzCash executed over 1.7 billion transactions generating a volume of more than 3 trillion for the year 2021. We have a network of 17,000 agents across KPK, with an aim to grow our network even further. Through our mobile wallet, we have always prioritized financial inclusion (Particularly amongst women) in the country and to achieve this, key strategic partnerships like the one with BoK are critical. Through our facilitation of services like food subsidies, healthcare, etc, we are enabling a stronger financial ecosystem in Pakistan.”
MD and CEO BoK, Ali Gulfaraz, commented, “The Insaaf Food Programme is an initiative by the KPK government to facilitate 10 lac impoverished households. BoK through the JazzCash mobile wallet will enable quick and easy accessibility to these financial services for all the deserving families. Enabling an ecosystem of inclusion and promoting economic diversity in Pakistan.
“Financial Inclusion is at the core of Mobilink Bank’s ambitions and the agreement with BoK is another step in enabling this, especially for the people of KPK through the government’s Insaaf Food Programme. We are committed to reaching the masses and leaving no one behind,” said Chief Financial Officer Mobilink Microfinance Bank Limited Sardar AbuBakr.
Launched in 2014, JazzCash finished 2021 with 15 million+ monthly active users and 105,000 registered agents nationwide.
Standard Chartered goes live with RiskNucleus GRC solution
BenchMatrix has successfully facilitated Standard Chartered Bank Pakistan (SCBPL) in the installation and implementation of its RiskNucleus® GRC, with the goal to digitize the Bank’s compliance risk management processes.
The implementation of this comprehensive solution will assist Standard Chartered in holistically managing compliance processes and ensure regulatory compliance. The solution is a well-integrated system that allows risk managers to effectively assess and monitor identified risks and controls within the organization. The solution includes modules for management of regulatory change, risk assessment, regulatory correspondence, review observations and overall consolidated risk calculation, while enabling cross modular linkages and comprehensive functionalities.
Commenting at the occasion Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Pakistan said, “Our unwavering focus on managing risk and continued investment in building controls in an era of digitization and automation has led us to actualize this deployment. We are hopeful that the implementation of this comprehensive yet simplified solution will help the Bank grow its business sustainably, whilst effectively managing compliance processes and regulatory expectations.
On the occasion Taimur Kaleem, CEO of BenchMatrix, Pakistan said, “I would like to congratulate both teams on successful completion of the project. RiskNucleus® GRC will help to reduce the overall cost of compliance, fulfil regulatory requirements and eradicate operational gaps through automation of the Bank’s robust compliance framework.”
RiskNucleus® GRC solution is a web-based, modular fully configurable and integrated application that streamlines the process of Governance, Risk and Compliance, according to the organization’s needs.
BenchMatrix is now one of the leading solution provider for Governance, Risk & Compliance solution, serving almost 60+ clients globally with offices in Canada, KSA, UAE, Bahrain, Kuwait & Pakistan. It implements all its products with efficiency to ensure accelerated deployment timelines, owing to a vastly experienced staff in both, banking operations and project implementations globally.
24th convocation ceremony of Bahria University Islamabad campus
24th Convocation Ceremony of Bahria University Islamabad Campus (BUIC) was held at Ibn e Khuldoon Auditorium, Islamabad. During three days of Convocation Ceremony, degrees were awarded to graduates of Humanities & Social Sciences, Business & Management and Engineering & Applied Sciences programs.
Rector Bahria University, Vice Admiral (R) Kaleem Shaukat HI (M), Pro Rector (Admin), Pro Rector (Health Sciences), Pro Rector (Academics) and Pro-Rector (RIC) were the Chief Guests of the Convocation Ceremony and awarded degrees to graduating students of PhD, MPhil, Masters and Undergraduate programs.
During the Ceremony, a total of 970 degrees were conferred to the Undergraduate and Graduate students of Management Sciences, Humanities and Social Sciences, Computer Sciences, Law, Earth and Environmental, Electrical Engineering and Software Engineering Departments. Moreover, 70 Gold and 62 Silver medals were awarded to students who achieved top positions in their respective programs.
Speaking on the occasion, Rector Bahria University Vice Admiral (R) Kaleem Shaukat HI (M) offered his heartiest congratulations to all graduates upon completion of their degree programs successfully. He appreciated the mutual and collective efforts of students and BU faculty in achieving their goal through hard work and dedication. He also congratulated the teachers and parents whose efforts and continuous support had played a key role in making this journey a success. Rector Bahria University said to Gold and Silver Medal earners that their academic distinctions were testament to the hard work with integrity and sincerity due to which they had been able to achieve their dreams.
Earlier, during the welcome address, Director General, Islamabad Campus, Rear Admiral Naveed Ahmed Rizvi HI(M) emphasized on today’s need of preparing students for the national as well as international market and to become valuable citizens of the country and the world. He further added that Bahria University has gone all out for improvement in academic infrastructure, faculty development and revision of curriculum, in sync with global market trends. Upgradation of existing labs in addition to formal education, a significant amount of effort is made towards the overall grooming of students to make them useful citizens. Bahria University has established linkages with 44 foreign universities. These arrangements afford numerous academic benefits such as joint research, student exchange, credit transfer and fee discounts.
Three days Convocation Ceremony held at Islamabad was attended by Bahria University top management, serving Naval Officers, Registrar, HODs, faculty, parents and graduating students of BU.
NHA and FWO ink agreement for installation of electronic toll plazas on motorways
An agreement on installation of electronic toll plazas on motorways was signed between the National Highway Authority and Frontier Works Organization at the National Highway Authority headquarters here on June 27.
Federal Minister for Communications and Postal Services Mr. Asad Mahmood was the chief guest on the occasion. The Federal Secretary for Communications and Chairman National Highway Authority Capt (R) Muhammad Khurram Agha, Director General of Frontier Works Organization Maj. Gen. Kamal Azfar, Inspector General of National Highways and Motorways Police Mr. Khalid Mahmood and the Senior Officers of Ministry of Communications and NHA also attended. Director IT Frontier Works Organization Brig (retired) Asif Siddique gave a briefing on the Electronic Toll Collection System.
Muhammad Azhar, Member Finance from National Highway Authority (NHA) and Brig (retired) Mr. Asif Siddique, Director IT from Frontier Works Organization (FWO) signed the agreement.
Speaking on the occasion, the Federal Minister for Communications and Postal Services, Mr. Asad Mahmood said, that the duration of this agreement for the collection of motorway toll tax through electronic system is 7 years, which can be extended for another 3 years. The tolling system includes the installation of modern machinery, operational and management services and other related services.
The purpose of this fiber connectivity is to collect accurate data regarding toll revenue through utilization of modern technology i.e electronic collection instead of manual payment of toll tax.
Mr. Asad Mahmood said that the main objective of e-tolling is to keep traffic and commercial activities flowing and to ensure complete safety of passengers. Connecting and coordinating all the toll plazas on the motorways will save time and smooth flow of traffic will be ensured. He said that electronic toll system would be gradually extended to the national highways of the country. He hoped that the plan for electronic collection of toll tax on motorways would be completed in 8 months. Ongoing projects of the National Highway Authority should be completed as soon as possible with national spirit, he added.
It is pertinent to mention here that FWO has the capability and experience to install and operate the electronic toll tax collection system on technical basis. The toll tax is being done electronically on certain lanes at Islamabad, Ravi, Kala Shah Kaku and Sambarial toll plazas by the Frontier Works Organization. Implementation of the contract will ensure collection of toll tax electronically on motorways network of the country.
Finally, Federal Secretary Communications and Chairman National Highway Authority Capt (R) Muhammad Khurram Agha presented special shields on behalf of NHA to Federal Minister for Communications and Postal Services Mr. Asad Mahmood and Director General Frontier Works Organization Major General Mr. Kamal Azfar.
On behalf of Frontier Works Organization, Director General FWO Major General Mr. Kamal Azfar presented shields to Federal Minister for Communications and Postal Services Mr. Asad Mahmood, Federal Secretary Communications and Chairman NHA Capt. (R) Muhammad Khurram Agha and Inspector General National Highways and Motorways Police Mr. Khalid Mahmood.
Mian Zahid urges to take prompt steps for food security
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 June 29 said the whole world including Pakistan is facing a serious food security threat.
Urgent steps are needed to avoid food insecurity in Pakistan otherwise the situation will be out of control, he said.
Mian Zahid Hussain said that the Russia-Ukraine war, climate change, untimely rains, water shortages, and skyrocketing prices of seeds, pesticides and fertilizers are pushing the whole world and Pakistan towards food security threats.
Talking to the business community, the veteran business leader said that unseasonal snowfall, rains and floods have also worsened the situation in many agriculture exporting countries while crops are being affected all over the world including Pakistan due to rising fuel prices.
Mian Zahid Hussain said that the current state of agriculture in the world has never been seen in the past and even if the whole world works together to tackle it, it could take many years to restore it.
Maize production around the world has also been severely affected, which will also push up the prices of meat and poultry as it is widely used as animal feed, he said.
Ukraine’s share in global wheat exports is 11 percent and maize exports 17 percent and even if the war ends today which is unlikely, it will take many years to restore its agriculture as its infrastructure is destroyed, he observed.
The business leader further said that despite the food crisis, the process of making fuel from agricultural commodities is also going on which is unfortunate.
China is also importing food products heavily which is also stoking shortages, he said, adding that Pakistan has imported $17 billion worth of agricultural products in the current financial year, including ten billion dollars worth of food items, $ two billion worth of cotton, $4 billion worth of edible oil and one billion dollar worth of tea.
This amounts if converted into Pakistani currency becomes Rs4300 billion which can be used for boosting agri production, introducing a corporate agriculture system and supporting farmers.
He said that farmers should be lured to plant wheat, pulses, canola, tea, rice olives etc. to ensure an industrial and agricultural revolution otherwise famine will engulf the country soon.
Mobilink Microfinance Bank to offer Adamjee Life Assurance products to customers across its nationwide branch network
Mobilink Microfinance Bank (MMBL), Pakistan’s largest digital bank has signed a Term Life Insurance Memorandum of Understanding (MoU) with the country’s leading insurance service provider, Adamjee Life Assurance. This strategic partnership is designed to promote enhanced access to premium insurance products from Adamjee’s portfolio for customers in unserved and underserved regions through MMBL’s vast nationwide branch network. The arrangement is well-positioned to positively impact the financial inclusion landscape of the country.
Senior members from both organizations gathered earlier this week for the signing of the agreement at the MMBL Head Office in Islamabad. Speaking at the occasion, President and CEO, MMBL, Ghazanfar Azzam, opined “We are excited to collaborate with Adamjee Life Assurance, to collectively drive our vision of providing quality services to our customers and promote financial inclusion. MMBL’s widespread branch network, amassing upwards of 100 branches, will greatly aid in realizing our shared agenda and consequently accelerate economic growth.”
These insurance products and services will be notable additions to the ones already an active part of MMBL’s portfolio, which includes life and health insurance for customers, and animal insurance for livestock loans. Adamjee Life Assurance will primarily offer three key products under this partnership, including Adamjee Life ‘Sehat Kafalat’, Adamjee Life ‘Nigraan’, and Adamjee Life ‘Mustaqbil Ki Zamanat’. Initially, these offerings will be made available through Adamjee Life Assurance desks at designated MMBL branches nationwide. Existing and walk-in MMBL customers can explore and subscribe to the product solutions per their requirements. For added convenience, MMBL will facilitate seamless payments directly to Adamjee Life through existing payment channels as well as its one-stop digital financial platform – DOST.
President and CEO of Adamjee Life Assurance, Manzar Mushtaq, while stressing the importance of the subject collaboration, stated “We are excited to partner with MMBL, the country’s largest digital bank, to promote our flagship insurance products across the country. Our Life, Health, and Pay continuation products are exclusively tailored to fulfill the needs of the masses. We hope that we will be able to make them more accessible to prospective customers through our alliance with MMBL”.
As Pakistan’s leading digital financial institution, MMBL is currently serving over 40 million registered users, including 15 million monthly active mobile wallets and has over 100 branches across Pakistan. The Bank strives to facilitate customers by streamlining nationwide access to simplified and convenient financial solutions. MMBL, over the past decade, has introduced multiple innovative and customized digital and financial initiatives, such as digital onboarding of customers, self-service banking through the DOST App (available on both iOs & Android), Internet Banking, the Women Inspirational Network (WIN) program, and the Humqadam program to provide employment opportunities to the differently-abled and much more.
LNG crisis engulfing the country: 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 on June 27 said a serious LNG crisis is engulfing the country which can be tackled through controlling wastage and rationing.
Pakistan cannot afford to import costly LNG and sell it cheaply as the balance of payments situation is not favourable, he said.
Mian Zahid Hussain said that the government is trying to buy cheap LNG but the chances of success are slim as its price in the world market is constantly rising due to high demand.
Talking to the business community, the veteran business leader said that Pakistan was already in a crisis of payments so expensive LNG purchases could not be made.
The Coronavirus and the subsequent war between Russia and Ukraine have affected the whole world and the LNG market has also been in turmoil.
The shortage of LNG in the country will not only increase load shedding but also affect industrial production and the price of electricity will also go up which will break the backs of the people who are already caught up in merciless inflation.
Mian Zahid Hussain said that Pakistan has paid up to 30 dollars per unit of LNG but this gas is not available even at 40 dollars per unit while the government has also rejected many offers of expensive gas.
He noted that until Russia achieves its war goals, it is impossible to stabilize the prices of energy and many other commodities in the international market.
Developed countries have also started gas rationing while efforts are being made to increase oil production in order to normalize the energy situation which will affect the targets of global warming.
Mian Zahid Hussain added that the best solution to the global energy crisis is to lift sanctions on Iran, which is not being expedited.
He said that as long as imports do not decrease, the rupee will continue to depreciate. Now the rupee cannot be artificially stabilized as there are not enough dollars in the country to meet the demand.
Exports and remittances should be increased while focusing on agriculture which can help the country reduce agri import bill by 10 to 12 billion dollars, he said.
IB students in Pakistan receive International Baccalaureate Diploma Programme (DP) results
173,878 students worldwide, including 264 students from Pakistan, receive their Diploma Programme (DP) results from the May 2022 examination session. Pakistan’s DP total points average is 31.14.
In Pakistan, students who participated in the May 2022 session will be subject to the revised conversion formula as per the updated Inter-Board Committee of Chairmen (IBCC) Equivalence Committee guidelines for International Baccalaureate (IB).
Olli-Pekka Heinonen, Director General of the International Baccalaureate, said: “Our students have shown outstanding resilience and dedication to learning. The pandemic has thrown up challenges at almost every step of their educational journey and yet they have overcome them. I am proud of every single one of them.
To recognise these challenges the IB provided adaptions to our programmes – but it is the IB World Schools and teachers who deliver our programmes that have also been incredibly resilient and dedicated to help their students get to this point. Today is an incredible day for the whole IB family and I salute everyone involved in making it this far. The character on display illustrates everything the IB stands for.”
The IB understands that students globally continue to face disruption to their lives and their teaching and learning as a result of the global pandemic. To ensure that all students could continue to the next step of their learner journey and achieve valid results, the IB made adaptations to help address the challenges caused by the pandemic, including adjustments to learning, teaching, and assessment, for the May 2022 examination session.
The IB also developed a procedure to award grades without written examinations as a contingency measure for the circumstances preventing exam administration.
The impact of the pandemic on students was deeply considered throughout the grade awarding process for the May 2022 examination session and appropriate grade boundaries were set to account for the disruption to education. A review of results was undertaken to ensure the IB mitigated the disruption students face.
The IB is immensely proud of all IB students who have reached this milestone. Throughout the DP two-year learning journey students have acquired the knowledge and skills to thrive and make a difference in the world. This achievement has been reached through the incredible efforts and ongoing support of the whole school community.
The IB is offered by 5,603 schools in 160 countries around the world, and 31 of these schools offering 48 programmes are located in Pakistan. In addition, the IB is widely recognized by prestigious universities globally and employers alike, for the depth and breadth of its programmes.
Reforms only option to end borrowing: 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 July 1 that rising inflation is resulting in severe hardship for the people. Still, it is better than the bankruptcy of the country. Because of the recent tough decisions, the rupee is strengthening, and the dollar is depreciating, which will lead to a decline in inflation, he said.
Mian Zahid Hussain said that there is a limit to the cooperation of friendly countries, now they have run out of patience and the only option for Pakistan is to become self-reliant.
Talking to the business community, the veteran business leader said that the government would have to make some more difficult reforms to save the country, including eliminating subsidies, privatizing failed government companies, and eliminating theft and losses of electricity and gas.
He said that the government could save Rs3400 billion by focusing on the promotion of agriculture while ignoring reforms will bankrupt the country and people will not find necessities as things expensive today will become scarce tomorrow resulting in a civil war.
Presently affairs are being run on loans and by eliminating subsidies, but the government must balance the tax system, make industry and agriculture more profitable than other sectors, reduce the profits of non-productive sectors and distribute wealth among the people.
The standard of living of the masses has to be raised because if the people are starving for bread, how will they buy other things and where will the factories sell their products?
Mian Zahid Hussain further said that policymakers know that every foreign debt increases the burden on the people but they are addicted to it which has made it difficult to get rid of it.
Because of IMF loans, the economy always shrinks, jobs and business opportunities are reduced, fuel and electricity become more expensive, the currency depreciates and interest rates are raised, which breaks the backbone of the people.
The previous government had taken the same path while the present government has not yet started the real reforms which are evident from its first budget. If the reforms are further delayed, the country’s poor economy will remain the same, he said.
THF, SBTE sign MOU to create a skilled Pakistan
The Hunar Foundation (THF), Pakistan’s largest Not-For-Profit Organization in private TVET sector, and Sindh Board of Technical Education (SBTE) recently signed a Memorandum of Understanding at the THF Korangi Corporate Office.
While The Hunar Foundation (THF) prioritizes opportunities for underprivileged and marginalized segments of the society to train and equip them with in-demand and employable skills, the SBTE’s vision is to provide a certified skilled workforce for the economic development of Sindh province and the country by providing quality assessment and well-recognized certification and facilitate competency-based training as per employer/industry needs.
Moreover, the purpose of the MoU is to strengthen and promote productive working relationship between THF as the training provider and SBTE. It also aims to prepare skilled workers and trainees for Recognition of Prior Learning (RPL) by providing them with trade knowledge & practical competencies, life-skills, understanding about health & safety, and work ethics etc. Both the Institutions also agreed to formalize their collaboration and association for “Professional Training/Seminars/Workshops” to train, develop, and polish trainees’ skills and their competencies.
The ambit of the MoU covers all the THF institutes in Sindh province including THF Delhi Mercantile Society Technical Institute – Tariq Road; Saeeda Naseem Technical Institute – Korangi; Rashid Arshad Aslam Shahid Institute of Emerging Technologies – Korangi; Central Vocational Institute – Saddar and THF Hajiani Ashraf Khatoon Technical Institute – Rashidabad, Tando Allahyar.
Present at the occasion were Mr. Aslam Khaliq (Chairman THF), Dr. Masroor Shaikh (Chairman SBTE), Mr. Muhammed Nasir Uddin (THF – Head of Grants & Industrial Links), and Ms. Alia Fatima (Secretary – SBTE)
No damaged KE pole or broken wire at unfortunate incidents in Karachi
Utility is Working to Ensure Power Supply to its Customers Remains Available And Safe.
Spokesperson, K-Electric while expressing sympathies over the unfortunate incidents across Karachi, categorically stated there was no utility infrastructure involved in these regretful accidents. KE teams immediately reached the vicinity upon receiving a complaint and secured the area as per safety protocols. No broken wires or damage to KE infrastructure was observed.
Initial investigations into an incident reported on social media about a motorcyclist in Dhoraji, confirmed by eye-witness accounts and representatives of the locality revealed that the mishap occurred due to a streetlight pole situated on a green belt. The installation, operation, repair, and maintenance of streetlight poles is outside of KE’s domain.
Similar investigation of another unfortunate incident reported in the Dawood Chali area of Landhi involving a minor girl showed that all KE infrastructure in the area was safe and compliant with standard safety protocols. In addition to complete grounding of KE’s poles, Aerial Bundled Cabling has also been installed in the area. No traces of broken wires nor current leakages were detected in KE’s poles at the site of the incident.
Usage of water motors inside homes during rains also led to at least 3 reported accidents in Korangi 100 quarters area as well as Azam Basti.
Urging caution, Spokesperson KE stated “Our heartfelt sympathies and condolences are with the affected families during this difficult time. Safety is a core priority for K-Electric and we request our valued customers to keep a safe distance from all electricity infrastructure at all times and especially during the rains. Emergency electricity complaints may be routed to our call center 118 which tackles such matters on a priority basis against a prescribed protocol. We request that citizens use this service judiciously.