IBA Karachi and OGDCL partnered to launch the Talent Hunt Program for promoting diversity
Institute of Business Administration (IBA), Karachi and the Oil and Gas Development Company Limited (OGDCL) have signed a Memorandum of Understanding (MoU) to launch the IBA OGDCL Talent Hunt Program for creating opportunities for students in marginalized communities. The program will be a joint initiative between the IBA and OGDCL, aimed at providing quality education, financial assistance, and mentoring to deserving students belonging from the selected districts* of Pakistan.
The program will target students from underprivileged backgrounds, with a focus on those who are financially disadvantaged and lack access to quality education.
| OGDCL Areas of Operation | ||||
|---|---|---|---|---|
| Sr. No. | Sindh | Punjab | KPK | Balochistan |
| 1 | Ghotki | Attock | Karak | Dera Bugti |
| 2 | Hyderabad | Chakwal | Kohat | |
| 3 | Sanghar | Taunsa | Lakki Marwat | |
| 4 | Sukkur & Khairpur | Rawalpindi | ||
| 5 | Tando Allahyar | |||
| 6 | Jamshoro | |||
| 7 | Thatta | |||
| 8 | Badin | |||
| 9 | Sujawal | |||
| 10 | Tando Muhammad Khan | |||
The OGDCLTHP program will be a fully funded scholarship scheme that aims to provide education to deserving students in various fields, including business, social sciences, mathematics, and computer science. The program will offer financial assistance to cover tuition fees, living expenses, and other academic expenses.
In addition to financial support, the program will also offer mentorship and career guidance to students. This will be done through a network of industry experts and senior professionals who will mentor the students, helping them to develop their skills and make informed decisions about their careers.
Dr. S Akbar Zaidi, Executive Director IBA, expressed that the IBA was delighted to partner with OGDCL to launch the IBA OGDCL Talent Hunt Program and said, “This initiative is a reflection of our commitment to promoting quality education and providing equal opportunities to students from marginalized communities. We believe that by investing in these students, we can help create a better future for them and Pakistan.”
Mr. Zia Salahuddin, Executive Director of OGDCL, also expressed his enthusiasm for the program and stated that “Empowering local communities and transforming lives is the core aim of Corporate Social Responsibility at OGDCL”.
The program is expected to have a significant impact on the lives of students from marginalized communities, providing them with the opportunity to achieve their dreams and contribute to the development of the country.
UBL delivers resilient performance in 2022 with strong shareholder returns
UBL delivered yet another solid performance generating a Profit Before Tax (PBT) of Rs. 68.3 billion for the year ended December 31, 2022, with a year on year growth of 31%. Profit after tax (PAT) was reported at Rs. 32.1 billion with Earnings per Share (EPS) at Rs. 26.19 (2021: Rs. 25.23). The Bank declared dividends of Rs. 9.0 per share for the fourth quarter of 2022, taking the overall dividend distribution to Rs. 22.0 per share for the full year which is significantly higher than the Rs. 18.0 per share declared in 2021. Despite economic challenges this year, UBL remained resilient in sustaining its leading position in the Pakistan banking industry.
UBL remains one of the largest financial institutions of Pakistan with a footprint of 1,335 branches in Pakistan and an asset base of over Rs. 2.8 trillion. Serving 11 million customers, with deposits of over Rs. 1.84 trillion and gross advances of Rs. 1.01 trillion as at December 31, 2022, UBL is at the forefront of banking and financial services in Pakistan.
We are proud of our highly dedicated and professional team of around 13,500 staff members and remain steadfast in our commitment of reaching remote areas of the country and providing access to banking facilities, thus serving the goal of financial inclusion for every citizen of Pakistan.
The Bank continues to build on its award-winning digital banking infrastructure which has repeatedly been recognized as one of the best in Pakistan in providing the most innovative banking solutions.
Substantial revenue growth across both funded and fee based segments
The Bank earned net markup income of Rs. 103.2 billion in 2022, with a strong build up in the revenue base which is up 44% year on year. With consistent build up in the balance sheet during the year, markup earning assets averaged Rs. 2.2 trillion in 2022, growing by 13%. A timely repositioning within the asset book strengthened interest earnings driven by a well-diversified portfolio of fixed and floating rate investments. This resulted in a sharp increase in net interest margins (NIMs) from 3.8% in 2021 to 4.9% in 2022.
Non-Fund Income (NFI) recorded significant growth of 47% over last year, reported at Rs. 34.4 billion, and contributed 25% of the overall gross revenues of the Bank. The year witnessed an increase in Fee and Commission Income by 21%. Customer fees from branch banking operations stood at Rs. 2.3 billion, with an increase of 33%, driven mainly by business acquisitions across the retail network.
Income from cards of Rs. 3.1 billion was earned in 2022, up 21% on the back of the portfolio of active debit card customers growing to over 2.5 million, with 930,000 new acquisitions during the year. Home remittance commissions were a strong contributor with Rs. 2.0 billion earned during the year as UBL maintained its leadership as the preferred partner to the overseas Pakistani diaspora.
Given our strategic partnership with leading insurance companies, bancassurance remained one of the leaders with a 25% market share in the industry, generating fee income of Rs. 1.6 billion in 2022.
Branch Banking builds earnings base across the Bank
In 2022, the bank focused on building on its low-cost deposit base and onboarded 613,000 new current account relationships, leading to a robust growth of 13% in average current deposits, with volumes reaching Rs. 715 billion. The average current to total deposits ratio improved to 43.6% in 2022 from 42.1% in 2021, while savings accounts averaged Rs. 674 billion in 2022 (2021: Rs. 661 billion). The domestic cost of deposits came in at 6.4% as against 3.6% in the corresponding period of last year and remained well contained despite the sharp increase in interest rates during the year. In the Home Remittances space, UBL continues to be in the forefront with transactions growing by 20%, thus increasing the Bank’s market share to 21.6%.
As part of the Bank’s Diversity and Inclusion agenda, UBL further enriched its exclusive product for women, “UBL Urooj” with a dedicated debit card as well as targeted alliances to meet the specific needs of women. Since its launch, the portfolio has built up to over 21,000 account holders with Rs. 4.0 billion in deposits and winning a ‘Dragons of Asia’ Award in 2022.
UBL Ameen remains a core focus with strong growth
Islamic banking continues as one of the key strategic segments of the Bank expanding its footprint across the country. The Islamic network stands at 150 branches (2021: 145 branches), along with 219 Islamic Banking Windows (IBWs) within conventional branches (2021: 197 IBWs).
UBL strengthened its Islamic business with a strong performance of 87% growth in the Islamic loan book, which averaged Rs. 69 billion in 2022. UBL Ameen’s deposits averaged Rs. 178 billion in 2022, demonstrating strong average growth of 21% over last year.
The Bank views the Islamic segment as a key growth opportunity and will continue to aggressively expand UBL Ameen’s presence in this vitally important sector.
Significant growth in loan book while improving credit quality
Bank level gross advances closed at Rs. 1.01 trillion at Dec’22, with a strong growth of 39% led by the Corporate Banking Group. Commission income from cash management was recorded at Rs. 1.1 billion in 2022, growing by 14% year on year with higher throughput volumes across Corporate and SME customers. Income from trade and guarantee business was recorded at Rs. 2.0 billion, registering a strong growth of 58% with steady volumes across long standing customer relationships.
The Bank continues to expand within the mid-market segment as the average portfolio of SME and Agri loans recorded a 23% growth over last year with the aim of creating differentiation through customized financial solutions, digitization and a more partner driven approach.
Digital Banking – Paving the way with growing penetration
UBL continues to be recognized as the industry leader in Digital Banking. For the third consecutive year, Asiamoney lauded UBL’s digital excellence by declaring it the ‘Best Bank for Digital Solutions’ in Pakistan for 2022. Alongside, Euromoney declared UBL as the ‘Market Leader of Digital Banking’ in Pakistan, especially based on its track record as the best in digital. In the year 2022, digital transactions have increased by 48% to 55 million with almost Rs. 2.6 trillion in payments throughput which is up 53% year on year. In addition, the Bank continued to increase its digital penetration with 49% of active bank customers registered on the digital app.
Keeping in line with our key strategy pillars, UBL aims to provide a seamless customer experience across all touchpoints and technology platform-based solutions. UBL continues to strive to create a more holistic payments ecosystem which will clearly transform the payments landscape in Pakistan. In 2022, we introduced distinctive features on the digital side to facilitate the users to execute all financial and non-financial transactions effectively and efficiently without visiting the branch. Digital Account Opening, Digital Cheque Deposit and the Urdu mobile app were some of the noteworthy breakthroughs in 2022.
Commitment to Technology and our Data Strategy – setting us apart
UBL continued its focus on technology, data and digitalization in 2022 which was responsible for our excellent uptimes and service levels across all of technology infrastructure and customer channels. We have embarked on a well-architected multiyear execution plan to embed technology and data DNA in the core of the organization. At the heart of this program is the implementation of our “Digital Banking Platform” which knits the customer onboarding and internet / mobile experiences across all customer channels. The platform is designed with a view to meeting the future needs of a tech-savvy and well-informed young population and is planned to be rolled out in the future.
In line with our strategy of being a data driven organization, UBL contributed towards developing a data community, by organizing the first of its kind “Datathon” which was well acknowledged on both local and international forums in the form of awards and media representations.
Leading by example – Stepping up our social responsibility in times of need
UBL is fully committed to setting benchmarks for the Environment, Social and Governance (ESG) standards in Pakistan though stronger compliance and control standards in line with international best practices. The Bank has focused on investing in green energy solutions and reforming its energy needs through solar energy which will ultimately reduce carbon emissions thus reducing adverse climatic effects and safeguarding natural resources. Through our focus on the United Nations mandated Sustainable Development Goals, the Bank has positively impacted millions of lives in the communities it serves. Post the aftermath of the recent catastrophic floods, UBL has been actively working to provide assistance to thousands of families displaced and affected by the floods under the Bank’s overall ESG agenda. Bestway Foundation, the charitable foundation operated by the Bank’s principal sponsors, raised over USD 2 million for flood relief which were used to provide sustainable relief to the scores of people tragically affected by the floods.
Commenting on the results, Mr. Shazad G. Dada, President & CEO of UBL said: “We are proud of our solid performance across all core segments and the resilience of our people and network in these challenging times. Our results reflect our focus on deepening and building customer relationships which reaped dividends with robust growth in fee income and a strong growth in deposits. Despite a high inflationary environment, we have worked diligently to contain costs which is evident from our low cost to income ratio. Our focus remains on investing in our branch network and our staff who are our two biggest assets, and with whom we serve our 11 million customers. As one of the systemically important financial institutions, we remain committed to fulfilling our responsibilities towards our customers, people and our shareholders. We are confident that with our honesty of purpose, commitment to excellence and the dedication of our staff, we will achieve even greater heights in 2023.”
Shell LNG outlook: European demand to drive competition with Asia
Europe’s increased need for liquefied natural gas (LNG) looks set to intensify competition with Asia for limited new supply available over the next two years and may dominate LNG trade over the longer term, according to Shell’s LNG Outlook 2023.
European countries, including the UK, imported 121 million tonnes of LNG in 2022, an increase of 60% compared to 2021, which enabled them to withstand a slump in Russian pipeline gas imports following its invasion of Ukraine. A 15 million tonne fall in Chinese imports combined with reduced imports by South Asian buyers helped European countries to secure enough gas and avoid shortages. Europe’s rapidly rising appetite for LNG pushed prices to record highs and generated volatility in energy markets around the world.
With reduced Russian pipeline gas, LNG is becoming an increasingly important pillar of European energy security, supported by the rapid development of new regasification terminals in north-west Europe. In contrast, China is evolving from being a rapidly growing import market to playing a more flexible role with an increased ability to balance the global LNG market.
“The war in Ukraine has had far-reaching impacts on energy security around the world and caused structural shifts in the market that are likely to impact the global LNG industry over the long term,” Steve Hill, Shell’s Executive Vice President for Energy Marketing, said. “It has also underscored the need for a more strategic approach – through longer-term contracts – to secure reliable supply to avoid exposure to price spikes.”
The drop in Russian pipeline gas flows prompted unprecedented policy and regulatory intervention as governments in Europe sought to bolster energy security and shield their economies from high costs, including prioritising LNG imports and quickly developing new import terminals.
In 2022, Europe’s LNG demand forced other buyers to reduce their imports and switch to other fuels, generating more emissions. High global LNG prices led to a drop in LNG imports in South Asia, with Pakistan and Bangladesh importing more fuel oil to minimise power supply shortages and India using more coal.
Total global trade in LNG reached 397 million tonnes in 2022. Industry forecasts expect LNG demand to reach 650 to over 700 million tonnes a year by 2040. More investment in liquefaction projects is required to avoid a supply-demand gap that is expected to emerge by the late 2020s.
Diverse new technologies to reduce emissions from gas and LNG supply chains will help to consolidate its role in the energy transition. And there is growing industry focus on the development and deployment of decarbonised gases – including renewable natural gas, synthetic natural gas, hydrogen and ammonia – to deliver more sustainable energy security in the future.
Standard Chartered Pakistan delivers record financial performance
Standard Chartered Bank Pakistan Limited (SCBPL) has delivered a record profit before tax of PKR 50.1 billion, registering an increase of 102 per cent year on year. Performance was driven by strong income growth, as well as continued cost and risk discipline.
Overall revenue grew by 68 per cent to deliver a highest ever top line of PKR 62.6 billion, with positive contributions from all segments. Despite a high inflationary environment and continuous investments in our infrastructure, operating expenses were well managed through efficiencies and disciplined spending with an increase of 14 per cent from last year. Moreover, reversal of Covid-19 general provision, coupled with lower impairments and strong recoveries led to a net release of PKR 1.3 billion during the year against a net charge of PKR 0.5 billion in loan impairments in 2021.
With a diversified product base, the Bank stands well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by PKR 91.7 billion (up 15%), whereas current and saving accounts increased by PKR 108.7 billion (up 19%) in 2022 and comprise 96% of the deposit base. The Bank continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient, and sustainable business. As a result, advances declined by 8% during the year.
During 2022, the Bank contributed around PKR 38 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.
The external environment remains challenging; however, the Bank remains fully committed to delivering a sustainable growth for our shareholders, bringing the best-in-class services and solutions for our clients and playing our part in the growth story of Pakistan. Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. At all times the Bank strives to maximise the contribution to State Bank’s initiatives. In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering, Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as subscribing to products and banking services online. Overall, the Bank’s transformation journey stands well-curated, closely aligned with the Pakistan’s landscape and helping lift participation through digitization.
Sustainable finance along with digital solutions for clients and their ecosystem stay as areas of keen focus for the Bank. The Bank continues with its efforts under the ‘Futuremakers by Standard Chartered’ initiative to tackle inequality and promote greater economic inclusion for young people in the community, and has also contributed USD 249,000 for Flood Relief projects in Pakistan in 2022. This amount has worked towards immediate relief and rehabilitation for floods victims, through leading charities in Pakistan to support our communities in need.
Commenting on the results, Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “We are pleased to share our results for the year 2022 which clearly reflect strong foundations, enhanced productivity and good headway towards achieving our strategic priorities. The results give us the confidence that we have the right strategy to deliver real value to our clients, our investors and the communities where we operate. We are thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates and colleagues for their commitment, passion and hard work in supporting the Bank in its journey.
We are investing heavily in our people, giving colleagues the skills, they need to succeed, bringing in expertise in critical areas and evolving to a more innovative and agile operating model, as we strive to drive innovation and increase our operational efficiency further. This operational leverage allows us to create capacity to invest in the many exciting and potentially transformational initiatives as the Bank’s pivot to digital continues. Going forward we plan to build on this momentum.”
With a strong Return on Equity (ROE) of 23.7% for the year and a Capital Adequacy Ratio (CAR) of 18.68%, the Bank remains well positioned for future growth. On the back of a strong performance, the Board of Directors were pleased to announce a final cash dividend of 25% (PKR 2.50/- per share) resulting in highest ever full year dividend of 40% (PKR 4.00/- per share).
Indus Hospital’s union with CDA and Prince’s trust helps youth develop careers in healthcare
As a leader in Pakistan’s healthcare sector, Indus Hospital & Health Network (IHHN) not only strives for excellence and quality in healthcare, but it is also committed to preparing a legacy of exceptional healthcare professionals, who are ready to tackle the challenges of healthcare with empathy, compassion and dignity.
IHHN is thrilled to partner with Chanan Development Association (CDA) — a national youth-led organization — and Prince’s Trust International to deliver their programme. Prince’s Trust International was founded by His Majesty King Charles III, formerly The Prince of Wales, to help tackle the global crisis in youth unemployment. Now present in 18 countries, the organisation supports young people into sustainable careers through education, employment and enterprise programmes.
The Get Into Programme combines practical work experience and mentoring with facilitated learning to help young people develop skills for the modern workplace. The programme is carefully designed with employers to empower young people to grow confidence, develop their skills and realise their ambitions, whilst offering the opportunity to gain meaningful employment.
IHHN, CDA & Prince’s Trust International partnered one year ago, for students from the Indus College of Medical Technology & Allied Health (as part of the Indus University of Health Sciences) to build useful skills for employment through Get Into Healthcare. This landmark partnership was celebrated in a ceremony held on Monday, February 20, 2023 at the Indus Hospital, Korangi Campus, Karachi. The ceremony was attended by the first cohort of students who participated in the programme from the Indus College of Medical Technology & Allied Health, along with their family. Between September and December 2022, 24 young people started the programme, with 80% expected to be in positive outcomes after completing the programme.
Speaking at the ceremony, a student expressed “I have learnt so much through the Get Into Programme, which I am sure I will carry with me throughout my professional life. I am now really looking forward to entering my work with the new skills I have learnt”.
Key members of Prince’s Trust International were in attendance including their Chairman, Shabir Randeree, CBE. From CDA, Executive Director, Muhammad Shahzad Khan & Director Program Hira Naz Awan attended. From IHHN, CEO, Dr. Zafar Zaidi, Executive Director, Communication & Resource Development Directorate, Syed Mashhood Rizvi and Principal, Indus College of Medical Technology & Allied Health, Dr. Atiya Rohilla and other senior leadership were in attendance.
Dr. Zafar Zaidi, CEO, IHHN, appreciated Prince’s Trust International’s partnership and expressed “Partnerships such as the one we have with the Prince’s Trust International for the Get Into programme are so important to us and for our students to receive world-class training and global perspectives. I have seen how the skills our students have learnt through this programme have had such meaningful impact, and I look forward to continuing this landmark partnership”.
Chairman of Prince’s Trust International, Shabir Randeree CBE, commented “It has been great to meet with so many inspirational young people today and to see the positive impact of Get Into Healthcare. We hope that our partnership with Indus Hospital will continue to inspire many more young people to consider the sector, helping them to secure meaningful and sustainable careers”.
IHHN is delighted to partner with Prince’s Trust International, whose legacy of supporting every young person towards success no matter their background or challenges, continues to be a source of inspiration not only for us, but also for countless others. We pray that our partnership with them is only strengthened and that it continues to reinforce our noble mission.
Tax measures increase pressure on masses: 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 February 17 said tax and other measures will comfort the government but add to the problems of the masses.
The tough decisions of the government will help it borrow from IMF but will not help address the economy’s fundamental flaws, he said.
Mian Zahid Hussain said that in the remaining four months of this fiscal year, the government’s deficit will be reduced by the new taxes of 170 billion. Details released about the decision include raising the sales tax from 17 to 18 percent and increasing duties on the cigarette industry, air travel, and beverages, among other measures.
Talking to the business community, the veteran business leader said that an increase of 40 billion rupees in the funding of the Benazir Income Support Program, which has been increased from 360 billion rupees to 400 billion rupees is welcome.
He said that contrary to the claims the new tax measures will affect people because the government is still preferring indirect tax instead of direct tax, which affects the people and poverty increases rapidly.
Even in this critical situation when the country is going bankrupt there is no possibility of increasing the tax net which is sad.
Mian Zahid Hussain said that increasing the tax rate is not a permanent solution to the problems, but a temporary effort that will not bring the economy out of ICU.
The size of Pakistan’s economy is 300 billion dollars, from which 10 thousand billion rupees should be collected in taxes, but on the contrary, only 7 thousand billion rupees are collected as taxes, 80 percent of which consists of direct taxes, he said.
Concrete and lasting steps have to be taken to improve the economy. It is necessary to eliminate circular debt, electricity and gas theft, and losses of government institutions which are not possible without political stability.
Mian Zahid Hussain said that the implementation of the IMF conditionality is improving the financial position of the government while improving the value of the rupee, which is reducing the cost of doing business, but many manufacturers have not reduced the price of their produce.
There has been no reduction in the price which needs to be noticed so as to provide relief to the people suffering from inflation, he demanded.
Making electricity expensive will reduce its use, increase theft: 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 February 20 said utilization of electricity is very low due to its high cost which is hindering social and economic development.
A hike in power tariff will further reduce the pace of the country’s social and economic development, he said.
Mian Zahid Hussain said that due to a further increase in the price of electricity, its consumption will further decrease and theft will increase which will damage the economy.
The whole electricity system is in the control of elites which can only be improved through the involvement of the local communities.
Talking to the business community, the veteran business leader said that full involvement of the local community in the electricity sector is being ensured in many developed countries, which has yielded positive results.
However, in Pakistan, this sector is occupied by political elites and bureaucracy which has been bled white due to incompetence and mismanagement.
He said that public participation has become essential in power generation, distribution, governance, and other matters.
Mian Zahid Hussain said that by 2030, the demand for electricity in Pakistan will increase from 25,000 MW to 40,000 MW, for which arrangements are needed.
He noted that electricity theft has never been controlled in the country’s history and according to the official data, electricity worth 380 billion rupees has been stolen during this year, which can reach 520 billion rupees with the increase in tariff.
Out of the stolen electricity, 200 billion rupees worth of electricity was stolen through kundas and 80 billion through meters.
Electricity is being stolen all over the country, but Bannu Mardan and Sukkur are leading in this regard. Electricity thieves include people from all walks of life including ordinary consumers and government officials.
Now, regular businesses have opened to help with electricity theft, which is in great demand.
According to an estimate, 20 percent of the electricity is stolen and 10 percent of the electricity bills are not paid. About seven thousand megawatts of electricity is lost from the system every month, which causes a loss of billions of rupees.
The losses are passed on to consumers in the name of line losses, which make electricity expensive, increase business costs and make Pakistani exporters lose their competitiveness in the international market.
Due to the incompetence of the officials, the honest consumers and the state are suffering.
SLIC announces best ever business results in its 50 year history
State Life Insurance Corporation of Pakistan (SLIC) held its Annual Marketing Convention in Pearl Continental Bhurban on February 4 to congratulate its vigorous workforce and determined management team; as well as to celebrate the strongest annual results since its inception. Despite challenges posed by macro-economic and market volatility, SLIC delivered the strongest business numbers in its history and grew its premium revenue to Rs. 279 billion, increasing by 64% from last year.
New business: 173 billion increasing by over 161% from 2021
- Individual Life – Highest ever premium collection since inception
- Group Life and Health – Highest ever new business since inception
Earnings:
- Premium Income: Over Rs. 279 billion collected – increased by 64% from 2021
- Investment Income: Over Rs. 122 billion – Investment yield 10.5%
Payouts:
- Claims: Over Rs. 167 billion in claims paid to policyholders – Highest ever since inception
- Bonus allocated to policyholder: Over Rs. 95 billion – Highest ever since inception
Growth:
- Assets: Over Rs. 1.56 trillion – increased by 15% from 2021
- Pak Life Fund: Over Rs. 1.4 trillion – increased by 15% from 2021
The convention held at Pearl Continental Hotel in Bhurban focused on the developments made under Shoaib Javed Hussain, Chairman of State Life and speaking at the occasion; he reiterated, “In any country, the existence of a vibrant and growing insurance industry is essential for the growth of its economy. State Life has surpassed last year’s results and delivered exceptional results in 2022; making SLICs 50th year a truly golden year. This has only been achieved due to the dedication of our professional workforce, across our officers, staff, and sales force cadres as they implemented the innovative vision and competitive strategy of our dynamic corporate leadership. Insurance becomes even more important during challenging times and difficult circumstances. Behind these incredible business results lie the true essence of our work, which is to provide security and protection to our policyholders. Whether it is for health, saving, children’s education or retirement, State Life is a partner in an individual’s life journey, and we are here to be their support in making key life decisions. I want to thank our policyholders, business partners, and shareholders for putting their trust in State Life; I am confident that with their support we will continue to lead the evolving life and health insurance landscape.”
SLIC’s dynamic and visionary business strategies focused on technology and customer centric services continues to drive the organization. SLIC’s revitalized policies are designed to fit the needs of every citizen and wider diaspora of Pakistan, making them the leaders in the insurance industry.
Almoiz Group bags six prestigious awards at the NFEH Annual CSR Summit 2023
Almoiz Group of Industries, a leading conglomerate with diversified businesses in sugar, steel, power, food, and animal feed, has recently won six awards at the National Forum on Environment and Health (NFEH) Annual CSR Summit 2023. The event took place at Serena Hotel, Islamabad, and was attended by representatives of various industries that have excelled in various areas of Corporate Social Responsibility (CSR) in their respective industries. These awards were presented to companies that performed outstandingly in the year 2022.
Almoiz Industries competed in six categories this year for the first time, including Community Development and Services, CSR Projects, Education and Scholarships, Green Energy and Initiatives, Social Impact and Sustainability, and Waste Management and Recycle. The company made a significant contribution during the COVID-19 pandemic and recent floods, and it also invested significantly in various other CSR projects throughout the year.
Almoiz Industries was able to win awards in all six categories, making it the company that bagged the highest number of awards in the competition compared to all the participating companies. The awards were distributed by Mr. Ahsan Iqbal, the Federal Minister for Planning and Development, Government of Pakistan, who was the chief guest at the event.
While speaking about this achievement, Mr. Nauman Khan, Managing Director of Almoiz Group said, “We are proud to receive these awards and are committed to continue our contribution towards corporate social responsibility in the future as well. We thank NFEH for organizing this event, patronizing CSR and recognizing the efforts of various organizations that strive to make a healthy impact on our society.”
NFEH is a non-governmental, non-profit, and voluntary organization that aims to sensitize corporations about their responsibilities towards their employees and the community. The organization also facilitates, promotes, and creates environmental, healthcare, and education awareness among the general public, particularly youth and children. NFEH is the only organization which promotes and patronizes CSR activities in Pakistan and holds CSR competitions every year between industries which excel in various categories of CSR activities.