Site icon Pakistan & Gulf Economist

Press Releases

Press Releases

Al-Huda CIBE hosts an exposure visit for National Bank of Ethiopia in Malaysia-Press-Releases

Al-Huda Centre of Islamic Banking and Economics (CIBE) a consultancy and advisory company for the development of Islamic finance industry with continuation of its legacy hosted an exposure visit of the Executive Management of National Bank of Ethiopia in Malaysia. It was the combination of Executive Training for the Regulators and exposure of practices in a well-established market.

National Bank of Ethiopia is the regulatory body for the financial sector in Ethiopia, the objective for this exposure visit is to grasp understanding for overcoming regulatory challenges to gear up the Islamic (interest-free) banking and finance industry. AlHuda CIBE is dedicatedly working for the development of Islamic-Finance around a decade in Ethiopia, it is not only limited to Ethiopia but in East, West, Central and southern part of Africa as well.

The exposure visit was from 4th -10th June 2023, the executive training was based on conceptual framework of Islamic (Interest Free) banking and finance, products based on trade, partnership, and rental, risk management, Takaful, Sukuk, Shariah framework, compliance, governance and accounting standards. The industry visits for the National Bank of Ethiopia were hosted by Islamic Financial Services Board (IFSB), International Shariah Research Academy (ISRA), International Centre for Education in Islamic Finance (INCEIF), May Bank, and Syarikat Takaful Malaysian AM Berhad. Being a regulator for the Financial Market it was a huge opportunity for learning about developed experience to execute in Ethiopian Islamic (Interest-Free) banking industry.

Muhammad Zubair the Chief Executive Officer of Al-Huda Centre of Islamic Banking and Economics said that he would like to thanks the National Bank of Ethiopia for choosing AlHuda CIBE, it is not only the value addition in our journey but it will have a positive impact on interest-free banking and finance industry in Ethiopia. He also said, their interest, appetite to learn, cross questioning about the challenges and upfront discussion about upcoming opportunities in this sector reflects the eagerness of the Ethiopian financial market to bring existing interest free financial set-up to the next level. AlHuda Centre of Islamic Banking and Economics is always equipped to set a long-lasting impact for the growth of Islamic finance industry development across the globe.

S&P global introduces ‘People First 10.0’ Initiative — an enhanced benefits policy

S&P Global has launched ‘People First 10.0’, the latest iteration of its enhanced global benefits policy across all its markets, including Pakistan. The policy commits to leading with care and empathy and enabling the company’s people to thrive at work, at home, and in life. ‘People First’ prioritized the needs of S&P Global colleagues to cover a variety of their personal, professional, and social requirements.

Mujeeb Zahur, Managing Director, S&P Global Pakistan, expressed enthusiasm for the People First 10.0, saying, “We are proud to unveil People First 10.0, which demonstrates our unwavering dedication to our colleagues’ well-being. We listen to our people and the continuous feedback inspires our approach towards people friendly policies with ‘People First’. We believe that when we lead with care and empathy, we empower our people to thrive.”

In the tenth version, “People First 10.0″ introduces multiple benefits to help people grow, feel engaged and fulfilled. Some of the new policies in “People First 10.0” include:

Samia Qamar, Director of People, S&P Global Pakistan, speaking about People First 10.0 said, “Initially introduced in 2018, the People First initiative has continuously evolved, incorporating feedback from employees through continuous conversations and the VIBE engagement survey. The idea of ‘People First’ was further reinforced during the pandemic, and it embraced a hybrid working model, strengthening the organization’s commitment to diversity, equity, and inclusion.”

S&P Global’s ‘People First’ policies (1.0-9.0) have evolved and adapted to the changing needs of S&P Global’s people over the past six years. The Policy is built on S&P Global colleague’s feedback and is derived from the company’s commitment to fostering a supportive and inclusive work environment, empowering colleagues to excel both personally and professionally. S&P Global divisions include S&P Global Ratings, S&P Global Market Intelligence, S&P Global Commodity Insights, S&P Global Mobility, S&P Global Sustainable1 and S&P Dow Jones Indices

IMF compliance only way to improve credit ratings: 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 said on August 9 that the country is going through a difficult period of economic instability, a low growth rate, and unbearable inflation.

Under these circumstances, full implementation of the IMF conditions is the only means of improving Pakistan’s credit rating, through which more loans, rollover of old loans and the initiation of foreign investment are possible, he said.

Mian Zahid Hussain said that an improved global ranking will enable access to cheap loans, which are essential for our survival.

Talking to the business community, the veteran business leader said that from January 2022 to June 2023, the value of the rupee has decreased by 62% against the dollar, which has eroded the purchasing power of the people.

After the approval of the standby programme from the IMF and the acquisition of a loan of 1.3 billion dollars, the foreign exchange reserves in the State Bank have exceeded 8 billion dollars, the interest rate has been increased to 22 percent, and import restrictions have apparently been removed.

But clearance of imported merchandise is slow, while dollar deregulation has been lifted and the Pakistan Stock Market has crossed 48 thousand points, which shows the confidence of the business community.

Mian Zahid Hussain said that inflation has come down from 39% to 29%, while the country’s global ranking has also improved slightly. The fiscal deficit has been 7.6 percent from July 2022 to June 2023, due to which new taxes have been imposed in the budget.

He informed that by June 2024, Pakistan has to pay off $25 billion in foreign debt, which will need to be rolled over and will be impossible if the IMF is annoyed by Pakistan violating the agreement.

After the election, Pakistan will need a long-term IMF programme, during which real economic reforms can reduce electricity prices in Pakistan, thereby reducing the cost of doing business and increasing Pakistan’s exports, he said.

As the economy improves, global rankings will improve, making it easier to get loans and restoring investor confidence, he said, adding that Pakistan is one of the ten most vulnerable countries in terms of climate change.

Last year, the country lost 31 billion dollars due to floods, so strong measures are needed to prevent such events in the future, for which there are no resources.

We should not wait for the international community to help flood victims and rebuild infrastructure because this is our problem and we have to solve it, he said.

Syngenta Pakistan awarded ‘employer of choice’ gender diversity award 2023

Syngenta Pakistan Limited, a leading agriculture innovation and technology company that provides crop protection, seeds, biologicals and digital services to millions of Pakistani farmers, has been awarded the “Employer of Choice” Gender Diversity Award 2023 by the Pakistan Business Council (PBC) and International Finance Corporation (IFC) in a high-powered award ceremony which was held in Karachi.

This award is a recognition of Syngenta Pakistan’s strong commitment towards Diversity & Inclusion (D&I), which is reflected through a range of initiatives that the organization has implemented to promote gender diversity.

Speaking on the occasion, Zeeshan Hasib Baig – Country GM Syngenta Pakistan – emphasised the importance of gender diversity as a key lever for a successful organisation and a healthier society as it is not just a moral imperative but is also a business imperative and reiterated his commitment of taking bold actions to disrupt the status quo and achieve greater representation of women in leadership roles. He further congratulated his team on this great achievement.

The “Employer of Choice” Gender Diversity Award by PBC and IFC is based on the Gender Diversity and Disclosure scorecard which encourages business leaders in Pakistan to voluntarily participate in sharing best practices in gender diversity for the country’s private sector. Participating companies were evaluated and scored along 5 Gender Equity Principles (GEPs) that capture gender mainstreaming practices including Leadership and Accountability, Gender Diversity (Workforce Representation), Gender Pay Gaps (Compensation and Benefits), Optimal Workplace Culture and Coaching and Mentoring for Female Employees. A total of ten employers were awarded this award for 2023.

Pakistan Cables wins 46th FPCCI best merit performance export award 2022-23

Pakistan Cables won the 46th FPCCI Merit Export Award organised at a ceremony held in Karachi. The Chief Guest at the occasion was the Governor of Sindh, Kamran Tessori who conferred the award to Aimen Agha, Executive Export Sales, Pakistan Cables Limited.

Pakistan Cables Limited is the only cable manufacturer in Pakistan to win the Best Export Performance Award 2022-2023, in the exports category. Prior to this, the Company won the Merit Export Award successively during 2016, 2017, 2018, 2019, 2020 and 2021.

Founded in 1953, Pakistan Cables is the premiere and most reputable cable manufacturer in Pakistan. Being the only wire and cable manufacturer listed on the PSX since 1955, it is also a member company of the Amir S. Chinoy group. The company has the largest geographical footprint in Pakistan with presence in over 200 cities. It is ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 certified and various cables type tested by KEMA, Netherlands.

Rehmat Ali Hasnie appointed as President of NBP

The Federal Government has appointed Mr. Rehmat Ali Hasnie as the President of National Bank of Pakistan. Mr. Hasnie has served as the Acting President of National Bank of Pakistan since May 2022 and in this period the Bank has grown to become Pakistan’s largest and strongest bank.

He has been with NBP since 2010 and has headed investment banking, corporate banking and priority sector lending also over 25 years of work experience in economics research, capital markets, investment banking, treasury and credit markets at various institutions in Pakistan. He is a financial markets professional with MA Degree in Development Banking from The American University (USA) and represents NBP on Board of Pakistan Mortgage Refinance Company (where he is the Chairman). He has also served on the Boards of Pakistan Mercantile Exchange Limited, First National Bank Modaraba, First Credit & Investment Bank, Agritech Ltd, and Fauji Akbar Portia Marine Terminals as a nominee director of NBP.

GFS and Sindh Premier League organise Karachi Ghazi’s team franchise signing ceremony

GFS Builders and Developers and Sindh Premier League jointly organised the Karachi Ghazi’s Team franchise signing ceremony at the Marriott Hotel in Karachi.

Speaking on the auspicious occasion, Chief Guest, Minister for Local Bodies, Nasir Hussain Shah said that SPL would provide opportunity to the youth of the province. There is no dearth of talent in our province, we just need to nurture them. CEO of GFS Builders and Developers, Irfan Wahid, is doing a great job and we hope he would do the same in SPL.

Addressing the ceremony, CEO of GFS Builders and Developers, Irfan Wahid, said that Karachi Ghazi is now GFS’ team and this team will be the winner of the league. It is GFS commitment to provide opportunities to the youth in the province of Sindh.

Advisor for Sindh Sports, Arbab Lutfullah also appreciated the efforts of GFS and hoped that GFS would provide opportunity in future to promote the talent of youth in Sindh.

President of Sindh Premier League, Arif Malik, said that there are many leagues functional in most of the countries in the world. We are trying to promote the culture of Sindh through Sindh Premier League that is going to be one of the best leagues in the world.

The event was attended by the politicians, social activists, renowned businessmen, anchorpersons, media representatives, and dignitaries from different walks of life, sportsmen, including Additional I.G, Sindh, Javed Alam Odho in particular.

Dawlance ‘rags-to-bags’ sustainability initiative promising great results

Dawlance is Pakistan’s leading producer of innovative home appliances. In line with its vision for sustainability, it combines technological leadership with the preservation of nature. This resourceful enterprise has collaborated with the Hunar Foundation, for the “Rags2Bags” initiative, to produce Tote-bags, by using recycled Panaflex-skins acquired from billboards. These bags contribute in multiple ways: they Protect the environment, provide income for impoverished students of Hunar Foundation (HF) and supply durable bags for daily usage.

Promotional materials are usually printed on PVC sheets – a non-biodegradable material that causes long-term pollution. RAGS TO BAGS will prevent almost 400 to 500 square feet of PVC from being thrown away. Young women and HF students, hailing from low-income households, will be engaged to recycle the promotional plastic waste and convert it into reusable Tote-Bags. This initiative in its first year will continue to empower underprivileged women, besides reducing waste and pollution.

Hunar Foundation is a resourceful NGO and vocational-training institute with decades of experience training young students with valuable skills that can help them generate respectable income for themselves. This humanitarian organization is renowned for playing a positive role in the socioeconomic development and growth of the nation.

The Chief Executive Officer of Dawlance – Umar Ahsan Khan stated that: “We are thankful to students of Hunar Foundation for helping us deliver our brand’s promise: “Progress Today, Preserve Tomorrow”. Dawlance is a wholly owned subsidiary of Arcelik – the 2nd largest manufacturer in Europe. Hence, we are pursuing Arcelik’s global vision for sustainability in every business operation.”

Dawlance and Hunar Foundation are collaboratively creating tote bags from recycled materials, inspiring other industries to prioritize eco-friendly practices for a healthier planet and responsible waste disposal.

This project aims to minimize waste using recycling, protect the environment, and provide affordable tote bags. It embodies the circular economy, emphasizing sustainable sourcing, manufacturing, and innovative, stylish end-products.

SSGC honoured

In acknowledgment of its commitment to environmental protection, SSGC was conferred with prestigious NFEH’s 20TH Annual Environment Excellence Award. DGM Incharge HSE&QA Mr. Shamail Haider received this award from Consul General of United Arab Emirates, Bakheet Ateeq Al Remeithi in NFEH’s Annual Environment Excellence Awards 2023 ceremony held at a local hotel.

Annual maintenance shutdown in gas field, SSGC’s supplies to be substantialy affected

OGDCL has issued an Annual Turnaround Plan 2023 for its Kunnar-Pasakhi Deep (KPD) gas field whereby it will be undergoing planned maintenance for 16 days in three phases, i.e. from August 12-27, 2023. According to the schedule, one full ATA of 8 days leading to a complete gas shutdown of the field and two partial ATAs of 4 days each, have been planned by OGDCL. As a result, SSGC will face an estimated shortfall of 107 mmcfd during the full ATA period and 50 mmcfd each during the two partial ATAs.

Since the demand-supply gap of natural gas is already effected due to the constant depletion of gas reserves, this ATA will further widen this gap as due to this planned maintenance job, many customers and especially those located at the tail-end of SSGC’s gas distribution lines may face low gas supplies and pressure.

SSGC will be closely monitoring the situation and will do its utmost to effectively manage the gas load by ensuring maximum available supplies to all categories of its customers. Moreover during these three phases of the ATA, SSGC would keep its customers in Sindh and Balochistan informed on the developments from the supply side.

Exit mobile version