Sri Lanka Hosts Fortune-U.S. Department of State Global Women’s Mentoring Partnership Regional Gathering 2024
Sri Lanka proudly hosted the 2024 Fortune-U.S. Department of State Global Women’s Mentoring Partnership Regional Gathering, bringing together a distinguished group of women business leaders and entrepreneurs from South and Central Asia. This inspiring event marked the first time in six years that the regional gathering took place in this part of the world.
Held in Colombo, the gathering created a unique platform for visionary and strategic women leaders to connect, network, and elevate their leadership capabilities. Among the participants, was a Karachi based Industrialist, Farah Agha. Her participation highlighted the incredible talent and ambition that women entrepreneurs from Pakistan bring to the global stage. A proud moment for the country.
This regional event is part of the broader Fortune-U.S. Department of State Global Women’s Mentoring Partnership, an alumni initiative designed to foster connections between emerging women leaders and their peers across the region. The program links women entrepreneurs, including Sri Lankans, with American mentors from Fortune 500 companies, helping to further develop their leadership skills and expand their professional networks.
The gathering not only highlighted the growing role of women in business but also reinforced the importance of cross-border collaborations and mentorship in advancing women’s leadership across industries.
SLIC stands on strong footing with 2024 half-yearly results
The State Life Insurance Corporation of Pakistan (SLIC) closed its half yearly results (January – June 2024), reporting a Gross Profit of PKR +18 Billion showing an 80% growth compared to the same period last year. Mr. Shoaib Javed Hussain, CEO of SLIC said, “State Life continues to be the leader and driver of innovation in the insurance industry. More so, our strategic focus is increasingly on contributing to the financial stability and growth of Pakistan’s financial ecosystem.”
The results were announced in SLIC’s Annual Bhurban Convention where the determined efforts of is officers, staff area managers and field force were recognized and celebrated by the senior leadership. Mr. Hussain reiterated, “the key strategic pillar to our strategy is the ethos of fulfilling our promise to our policyholders. I extend my gratitude to our policyholders and business partners or their continued trust in State Life.”
Business Highlights (January – June 2024)
Earnings:
- Gross Premium Income: +PKR 165.24 Billion collected, increased by +18% compared to the same period in 2023
- Investment Income: +PKR 152.08 Billion, increased by +59% compared to the same period in 2023
Payouts:
- Claims: +PKR 102.80 Billion in claims paid to policyholders
Growth:
- Assets: +PKR 2.11 Trillion showing an increase by +23% compared to the same period in 2023
- Life Fund: +PKR 1.79 Trillion, indicating +18% growth compared to the same period in 2023
Shareholder Profit
- Gross profit: +PKR 18 Billion showing an 80% growth compared to the same period last year
- Net profit: +PKR 11.01 Billion marking an increase of 85% compared to the same period of last year
Outlook for 2024
With the launch of the new Platinum Plus individual life policy, sales momentum gained in June is expected to continue into the second half of the year, with new business sales anticipated to exceed growth objectives. The structural drivers of growth in Corporate Health, Group, Takaful and Bancassurance businesses remain strong, supported by ongoing demand for protection, long-term savings, and retirement solutions. SLIC is confident in achieving its 2024 financial and strategic goals, driven by dynamic business strategies and a commitment to technology and customer-centric services.
PQFTL becomes first company in Pakistan to introduce instant withdrawal facility in Takaful Industry
Pak-Qatar Family Takaful Limited (PQFTL), a leading provider of Family Takaful solutions and part of Pak-Qatar Group, Pakistan’s premier and pioneer Islamic financial services group, is pleased to announce a unique instant withdrawal facility for its Mahana Bachat customers. This innovative service allows participants to withdraw partial funds in case of emergencies in a matter of minutes with ease and instant access through PQFTL’s mobile app, ‘Pak-Qatar Financial Solutions’ (PQFS) or its online portal.
This is the first time that a Takaful operator in Pakistan has offered such a facility, reinforcing PQFTL’s position as a pioneer in the industry. This integration will enable participants to easily draw their funds, enhancing convenience and accessibility for the users.
Mr. Waqas Ahmad, CEO of Pak-Qatar Family Takaful, expressed his enthusiasm: “We are delighted to offer this innovative instant withdrawal service. Our strategic approach not only enhances our end-to-end service delivery but also aligns with our vision to provide innovative and customer-centric financial solutions. We believe this facility will greatly benefit our participants by providing them with unprecedented ease of access to their funds.”
This unique facility represents a significant step forward in the evolution of Islamic financial services in Pakistan, providing customers with more flexibility and control over their financial assets. PQFTL remains committed to driving innovation and excellence in the Islamic financial services industry and this initiative is a display of PQFTL’s dedication to prioritizing customer satisfaction and convenience.
Indus Motor declares Rs15.07b profit after tax for 2023-24
Indus Motor Company Limited (IMC), announced its financial results for the year ended June 30, 2024.
The Company’s net sales turnover for the year ended June 30, 2024, decreased by 14% to Rs. 152.48 billion, as compared to Rs. 177.71 billion in the last year, due to decline in sales volumes.
Despite of challenging environment, the Company managed to increase Profit After Tax (PAT) by 36%, to Rs.15.07 billion, as against Rs. 9.66 billion in the last year. The increase was mainly attributable to reduction in input material costs on account of positive exchange rate movement, cost reduction measures and additional localization of parts. During the year, the Company launched the Toyota Corolla Cross, the country’s first locally manufactured Hybrid Electric Vehicle (HEV) with the highest-ever localized content, which have also contributed to the positive results. Return on deposits/ investments continues to remain a sizeable part of the company’s profits, owing to higher interest rates.
Ali Asghar Jamali, Chief Executive Officer of IMC, stated, “This year has been marked by significant progress in improving the trade balance, reducing imports, and curbing inflation towards year-end. The company has navigated a series of economic challenges, including persistent inflation, high interest costs, and reduced consumer purchasing power. In response, we implemented aggressive productivity improvements and adjusted our sales mix to align with market demand, particularly emphasizing the localization of Hybrid Electric Vehicles.”
The CEO further expressed, “Consistent with our commitment to increasing localization, the Board of Directors has approved an investment of PKR 4 billion over the past 12 months to develop local parts and advance the ‘Make in Pakistan’ initiative.”
We urge the government to create a supportive environment that fosters growth and localization within the automotive sector. Key measures include enabling the industry to operate at full manufacturing capacity and implementing tax reductions to improve affordability of products and also safeguarding the jobs of over 2.5 million, direct and indirect workers in the auto sector.
Based on the results, the Board of Directors announced a final dividend of Rs 43 per share, making the annual dividend for the year Rs 114.70 per share.
Governor Sindh lauds IEEEP fair for promoting international collaborations amid economic challenges
Governor Sindh Kamran Khan Tissori has said that the IEEEP Fair attracted more than 250 visitors from all over the world in this recessionary period, which would prove beneficial to the country.
“Pakistan’s engineering sector gets a boost with such kind of events. This exhibition has expanded well and today delegates from 45 countries participated in it,” said the governor while speaking as the chief guest at the closing ceremony of the fair.
He added that the commitment of the organizers of this exhibition for past many years has resulted in the trust of different many countries in Pakistan’s industrial sector.
“I also appreciate the organizers of this exhibition for providing 35 free stalls to the students of different institutes to showcase their projects to the international community,” said the governor.
He added that this gesture of the organisers would help our talented youth to get exposure and it would help them in future.
“We should promote our talent and our new generation to get out of economic crisis. I hope their commitment would guide us to fulfill our dreams of making Pakistan a great country,” said the governor, adding that their aim is to help Pakistan progress.
Chief Executive Badar Expo Zohair Naseer thanked Kmaran Khan Tissori, the Governor of Sindh, for taking time out to support the IEEP Fair.
“Your presence has truly elevated this event. I also extend my gratitude to all the esteemed guests who have attended and contributed to the success of this fair,” said Zohair.
He added that our valued exhibitors have gained significant benefits from this event with numerous B2B engagements over the past three days.
“I sincerely hope that these engagements and knowledge-based deliberations during the seminars, particularly on critical energy solutions for industries, translate into successful financial outcomes for the participants,” said Zohair.
He added that the involvement of Sindh’s Energy Minister Syed Nasir Hussain Shah has been instrumental in the success of the fair.
It is pertinent to mention here that the 13th edition of the IEEEP Fair took place from September 10-12 at Karachi Expo Centre in which over 285 national and international brands and companies from China, Poland, Malaysia, Brazil, Germany, and the Netherlands participated.
Mian Zahid cautions against delays in reform as IMF loan approval approaches
The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, the President of Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on September 13 that it is encouraging that the IMF consider approving a loan of $7 billion for Pakistan this month.
He said the IMF’s softening stance comes after two-billion-dollar loan guarantees, which may improve the overall economic situation.
Due to strict measures, Mian Zahid Hussain said the economy is ready to take off, but political stability is necessary.
Talking to the business community, the veteran business leader said that political instability is currently the biggest obstacle to economic development. Volatility is considered necessary for the survival of a political party that always prefers politics of protest and unrest.
He said that the people of Pakistan have made a big sacrifice to get a loan from the IMF. The cost of electricity has increased drastically, tax revenue has increased by a record forty percent, and other measures have also been taken.
Due to these measures, Pakistan’s financial condition has improved, and its global credit rating has increased.
Mian Zahid Hussain said that inflation has also reduced. Still, business activities will not resume until interest rates are reduced further, which is necessary to drive the economy and increase employment.
Investment growth is only possible once interest rates fall further. He said that assurances of financial help from various sources have been given, which is why the IMF is ready to help Pakistan.
The business leader said Pakistan’s administrative structure has become an enormous burden. The country is overcrowded with ministries and departments, many of which are dysfunctional and unnecessary.
Political recruitment has damaged many institutions, and pensions have become a problem. Limited resources, senseless expenditure, lack of financial planning, and the policy of making economic decisions on political grounds have shaken the foundations of the country, he underlined.
He said that due to the wastage of resources, health, education, and other facilities are not provided to the people as they have a right to, and the country has to run through borrowing. He warned that if politically difficult decisions are not taken and time is wasted, a mini-budget will have to be introduced in a few months, and Pakistan will never be able to get out of the debt trap.
Standard Chartered launches Scwomenintech Cohort 6
Standard Chartered Pakistan, launched the 6th Cohort of the Standard Chartered Women in Tech programme (WiT) in partnership with INNOVentures Global (Pvt.) Limited.
This programme was first launched in Pakistan in 2019 and was designed to address gender disparity in the technology sector. This initiative not only supports innovative business ideas but also addresses the financial barriers women often face in launching and scaling their ventures. By offering tailored mentorship and financial backing, Standard Chartered is committed to fostering an ecosystem where women can thrive as successful entrepreneurs, driving economic growth and social change in the country.
Standard Chartered’s WiT is an integral component of the Bank’s entrepreneurship offering within Futuremakers by Standard Chartered, a global initiative to tackle inequality and promote economic inclusion.
Commenting on the launch, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Pakistan said, “Standard Chartered’s Women in Tech programme is aligned with the government’s agenda of supporting small businesses, promoting financial inclusion, and enhancing financial education, with a focus on women and technology. I am proud to announce the launch of Cohort 6 of this programme, designed to break down barriers, create opportunities, and advance financial inclusion for women in Pakistan. Over the past five years, this program has become a vital platform for aspiring women entrepreneurs by providing critical funding, and focused mentorship on global project organisation, network building and investment readiness. To date, out of the 1300+ participating enterprises, more than 100 women founders have graduated, and 33 have received seed funding. This initiative reinforces Standard Chartered’s commitment to expanding women’s access to entrepreneurial finance and embodies the core of the Bank’s Futuremakers sustainability strategy.”
The Standard Chartered WiT was first launched in October 2014 by Standard Chartered Americas as a local community project.
Economic recovery stalled by high interest rates, warns Mian Zahid
The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, President of Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, as well as former provincial minister Mian Zahid Hussain, said on September 18 that banks profit from high interest rates while companies and masses suffer. He said that economic recovery requires a significant interest rate drop, which policymakers should consider seriously.
Mian Zahid Hussain said that economic stagnation would continue with present interest rates, disappointing the business community and damaging the fragile economy.
Talking to the business community, the veteran business leader said that banks are taking advantage of high interest rates while the business community feels the pinch.
He added that a significant reduction in interest rates is needed to revive business activities, which will increase productivity and reduce unemployment while boosting exports.
He said that economic stagnation would not end without reducing the interest rate, while its reduction would relieve distressed people.
Mian Zahid Hussain said that the economy cannot be run only for the profit of commercial banks. He demanded that if the government and central bank claim that inflation has been reduced and improved economic indicators are valid, its benefits should also reach the people.
Mian Zahid Hussain said that the central bank should meet the expectations of the business community so that they can play their role in the economy. The interest rate is currently 17.5%, which is very high despite the recent reduction.
The state bank wants to cut interest rates gradually rather than sharply so that neither inflation nor imports increase, which could weaken the rupee.
The business leader said that the business community needs more capital, which has caused paying employees on time to become a big problem. At the same time, the increase in production cost has also become unbearable, which has affected their ability to compete.
The government and the central bank should relax some policies to revive the industry if inflation has come down. Mian Zahid Hussain said that inflation was in the single digits in October 2021 while the interest rate was 7.25 percent. Therefore, if inflation returns to a single digit again, as claimed, interest rates should be reduced.
An immediate reduction in the interest rate to at least 3% is necessary at this time to prevent excessive reduction in imports, which is affecting exports as well, and that is why the FBR has also failed to achieve its target, which will result in a mini-budget any time soon.
Mian Zahid Hussain further said that many industries and other businesses have closed due to a lack of capital. At the same time, investment and employment have decreased, and the financial burden on the people has increased dramatically. There is a need to overcome the current frustration in the industrial and business circles so that they can play their role in economic development.
IBA Karachi and Stanford Life Design Lab Collaborate to Transform Pakistan’s Educational Landscape
Scotts Valley, California: In a landmark event, the partnership between the Institute of Business Administration (IBA), Karachi and Stanford University’s Life Design Lab was unveiled by Director, Alumni Communications and Corporate Relations (ACRC) IBA, Ms. Malahat Awan, and Assistant Professor, School of Business Studies (SBS), IBA, Dr. Azam Ali, setting the stage for a transformative shift in Pakistan’s educational landscape. Through the application of design thinking, this collaboration aims to tackle Pakistan’s educational challenges by focusing on sustainable, context-driven solutions, fostering long-term growth and innovation.
The event featured an insightful panel discussion led by the Chief Minister of Sindh and Patron IBA Karachi, Syed Murad Ali Shah, who was joined by the Executive Director, IBA Karachi, Dr. S Akbar Zaidi, Executive Director, Stanford Life Design Lab, Mr. Bill Burnett and Co-Founder of Designing Your Spiritual Life, Stanford Life Design Lab, Mr. Junaid Aziz. Their conversation explored the significance of this collaboration and how it brings globally renowned expertise to Pakistan while remaining deeply attuned to local realities. A key takeaway from the panel discussion, emphasized by the Chief Minister, was the crucial role of IBA alumnus who now serves as a senior faculty member at Stanford’s Life Design Lab, Mr. Aziz’s firsthand knowledge of both IBA’s context and Stanford’s cutting-edge methodologies, acts as a pivotal link between the two institutions. The Chief Minister highlighted that this unique connection ensures that the collaboration is not just an academic exchange but a meaningful, locally relevant effort to address Pakistan’s educational challenges. IBA alumni’s dual understanding of Pakistan’s specific needs and Stanford’s innovative approaches was repeatedly underscored as a cornerstone of the partnership’s success.
Throughout the dialogue, the Chief Minister stressed that this is not about implementing pre-packaged solutions but about Stanford’s faculty immersing themselves in Pakistan’s challenges to co-create solutions alongside IBA. He emphasized that the presence of Stanford’s experts at IBA’s Karachi campus is vital to developing solutions that resonate with the local environment, driving home the importance of solving Pakistan’s problems within its own borders.
Echoing these sentiments, Mr. Burnett explained that he sees this collaboration as a reciprocal learning experience. Not only will Stanford contribute its expertise, but it will also draw inspiration from Pakistan’s unique challenges. The transfer of knowledge, and this collaboration will enable IBA to serve as a hub for innovation, supporting the next generation of Pakistani leaders by equipping them with the tools to tackle complex societal issues through human-centered design. Mr. Burnett stated, “IBA is more than an academic leader; it is a catalyst for societal transformation, with the power to shape the future of Pakistan. Together, we must embrace this responsibility and strive for excellence.”
Dr. Zaidi noted that this collaboration stands out because it is rooted in context and designed for long-term impact. By embedding this new pedagogy into the educational framework at IBA, the center will provide a space for nurturing innovation, testing ideas, and developing solutions that are both practical and sustainable.
As the panel concluded, the Chief Minister reaffirmed that this partnership, driven by the leadership of IBA alumnus now at Stanford, is a testament to the power of local insight paired with global expertise as this is a key factor ensuring the collaboration remains relevant and grounded, enabling the creation of solutions that will drive Pakistan’s educational and societal progress for years to come. This partnership represents a bold step forward for IBA and Pakistan, as it bridges the gap between local challenges and world-class innovation, marking the start of a new era in Pakistan’s educational journey.
Earlier in the day, the Chief Minister, accompanied by Dr. Zaidi, and Dean IBA-SBS, Dr. Abdullah Z. Sheikh, and Senior Professor, Dr. Ali made a pivotal return to his alma mater, visiting Stanford’s Life Design Lab. During their visit, they engaged in a focused discussion with Mr. Burnett and Mr. Aziz to strategize the critical mechanics of knowledge transfer between Silicon Valley and Karachi. The conversation centered on how the Life Design Lab will directly train and upskill IBA faculty in this cutting-edge approach to education, ensuring that the benefits of this collaboration flow swiftly and effectively to both faculty and students. The dialogue highlighted concrete plans to fast-track the integration of this innovative teaching process through faculty workshops, curriculum enhancements, and hands-on involvement from Stanford experts. The overarching goal is to ensure that IBA students start experiencing the transformative impact of this partnership immediately, equipping them with world-class skills that will position them as future leaders and innovators in Pakistan and beyond.
During this visit, the Chief Minister was also invited to explore avenues of collaboration by Director, ViRx@Stanford, Stanford Biosecurity and Pandemic Preparedness Initiative, BioLab, Dr. Jeffrey S. Glenn. The meeting included Dr. Aijaz Ahmed MD and covered the topic of readiness for future pandemics and building a global alliance to quickly ready and develop vaccines to save lives. The team discussed Sindh government’s numerous measures to quickly control the COVID crisis and how it was able to save countless lives. The lab expressed its interest in working with regional research facilities and the Chief Minister expressed his support for making collaborations and cross-geographical projects possible.