Management Association of Pakistan holds 39th Corporate Excellence Awards
“The MAP’s Corporate Excellence Awards have set a benchmark for recognizing organizations that strive to achieve higher standards of governance, ethical business practices and sustained growth.” This was stated by the Sindh Chief Minister, Murad Ali Shah while addressing the 39th Corporate Excellence Awards (CEA) ceremony organized by the Management Association of Pakistan (MAP).
He added, “MAP’s leadership in advocating for these principles has helped foster a culture of transparency, accountability and integrity within Pakistan’s business community.” The Chief Minister commended the awards for establishing a framework where organizations operate under ethical guidelines and create an environment that encourages healthy competition and long-term success.
The Governor of Khyber-Pakhtunkhwa, Faisal Karim Kundi appreciated the work of the Management Association of Pakistan, encouraging them to visit Peshawar and work to upskill the corporate sector in the provincial capital.
Also appreciating MAP’s work, Sindh Minister for Energy & Planning Nasir Hussain Shah highlighted the importance of the Corporate Excellence Awards (CEA) as a means to reward excellence in management practices.
Addressing the event, the President of the Management Association of Pakistan, Senator Sarmad Ali highlighted that the Corporate Excellence Awards serve as a benchmark for companies striving to achieve excellence in their respective fields and encourage them to constantly evolve in the face of ever-changing business dynamics.
He continued, “These awards are not just a recognition of outstanding corporate performance, but a testament to the continuous improvement in management practices within our country. They highlight the pivotal role of leadership in driving success and underscore the need for our organizations to stay ahead of the curve by adopting cutting-edge strategies.”
The Corporate Excellence Awards are given to publicly-listed companies based on their financial performance, as well as management structures and practices, based on an in-depth evaluation criteria including an analysis of financial performance, a detailed questionnaire for eligible companies, and an in-depth interview for company management.
The event was attended by a host of corporate and industry leaders from across sectors, as well as representatives of the diplomatic corps, the Governor of Khyber-Pakthtunkhwa, Faisal Karim Kundi and Sindh Minister for Energy and Planning, Nasir Hussain Shah.
The two top trophies of the event were awarded to Fauji Fertilizer Company Limited in the Industrial Sector, and Meezan Bank in the Financial Sector. Other winners in the Financial category included Standard Chartered Bank (commercial banks category), Jubilee Life Insurance (life insurance category), Jubilee General Insurance (non-life insurance category), OLP Financial Services Pakistan (leasing companies category) and OLP Modaraba (Modarabas category).
Winners in the Industrial category included Feroze 1888 Mills Limited (textile composite category), Al-Abbas Sugar Mills (sugar and allied industries category), Cherat Cement and Lucky Cement (co-winners of the cement category), Hubco (power generation and distribution category), ARL (refinery category), PSO (oil and gas marketing company category), OGDCL (oil and gas exploration category), International Steel Limited (engineering category), Pakistan Cables (cable and electrical goods category), Millat Tractors (automobile assembler category), Thal Limited (automobile parts and accessories category), Engro Fertilizers (fertilizer category), Abbott (pharmaceuticals category), Archroma (chemicals category) and Security Papers Limited (paper and board category).
Other winners included Colgate Palmolive Pakistan (food and personal care category). HUM Network (technology and communications category) and Shifa International Hospitals (miscellaneous category). This year, the event also included a new award for the not-for-profit sector, jointly awarded to Shaukat Khanum Hospital and The Citizens Foundation.
Empowering Tharparkar through Livelihoods & Skills Development
Tharparkar is undergoing a remarkable transformation that sets it apart from other regions of Sindh, with measurable progress in areas of human development and economic prosperity to uplift the region of Thar.
Lives of people in Thar have improved as the investment in Thar Coal projects provided thousands of job opportunities. Additionally, it has paved the way for enhanced social development initiatives that are strengthening the employability of the local community.
One of the most impactful interventions by Block II entities, Khushal Thar—an initiative that prioritizes jobs and employment for locals—has facilitated employment for over 35,000 individuals across various projects in Block II, with approximately 80% of positions filled from Sindh. Furthermore, more than 3,000 Thari youth have received training in various technical skills, with around 250 specifically trained in mechanical and electrical courses.
Additionally, skill development programs are expanding, offering training in diverse fields ranging from technical education in areas such as welding, solarization, and IT, along with stitching and dressmaking.
Notably, the Government Polytechnic Institute (GPI) in Mithi, in collaboration with Thar Foundation, a CSR wing of Block II entities, offers Diploma of Associate Engineering (DAE) in mining, electrical, mechanical, and civil engineering. It has enrolled more than 600 students in its DAE Mining program, 40 students in tailoring, and 20 students in IT, marking significant strides in vocational education and training. The advanced labs and infrastructure provide students with hands-on experience, while solarization, PV technician, and vocational welding training programs equip youth with practical skills. Moreover, hospitality courses in housekeeping and cooking are being offered, further enhancing the skill set of the community.
Thar Foundation is also committed to empowering local entrepreneurs and vulnerable groups through the distribution of livelihood grants to support local entrepreneurs and differently-abled individuals. Approximately 130 grants have been provided to various beneficiaries including small and medium enterprises (SMEs) and low-income families who invested in tuck shops and livestock to enhance their livelihoods.
“These coordinated efforts have catalyzed significant transformation in Tharparkar, leading to measurable improvements in vocational skill training, employment opportunities, and overall community enhancement. By empowering the local population, these initiatives are not only uplifting individual livelihoods but also contributing to the broader economic and social development of the region.
Meezan Bank wins ‘Best Company in Financial Category’ Award at the 39th MAP Awards
Meezan Bank, Pakistan’s leading Islamic bank, has been honored with the prestigious ‘Best Company in the Financial Category’ award at the 39th Corporate Excellence Awards, hosted by the Management Association of Pakistan (MAP) at the Marriott Hotel, Karachi. The event brought together prominent government officials, dignitaries, thought leaders, regulators, and leading business community from across the country. Meezan Bank has won this prestigious award, for the third consecutive year, highlighting its contributions to the success of Islamic banking in Pakistan.
Syed Amir Ali – Deputy CEO, Meezan Bank, received the award from the Chief Guest, Mr. Murad Ali Shah – Chief Minister of Sindh, in recognition of the Bank’s outstanding performance in Pakistan’s banking sector. The distinguished audience also included Mr. Faisal Karim Kundi, Governor of Khyber Pakhtunkhwa; Senator Sarmad Ali, President of MAP; and other notable dignitaries.
Recently, the Bank was honored by the CFA Society of Pakistan as the ‘Best Bank of the Year – Large Size Banks,’ marking its fifth consecutive year of receiving this prestigious award. Additionally, the Bank received awards for: ‘Best Islamic Bank of the Year,’ ‘Best Digital Banking Services of the Year,’ ‘Best Investor Relations (Runner-up),’ and ‘Best Transaction of the Year (Runner-up).’
Engro Corp reports solid 9-month results
Engro Corporation’s revenue from continued operations grew by 12% to Rs. 279 billion, compared to Rs. 250 billion in the same period of 2023.
Consolidated profit after tax (PAT) attributable to shareholders from continued operations stood at Rs. 10.6 billion (EPS: Rs. 19.68), up from Rs. 9.9 billion (EPS: Rs. 18.13) last year. Higher profitability is primarily driven by responsive pricing strategies and cost optimization.
The Company also announced an interim cash dividend of Rs. 5 per share in third quarter. This payout is in addition to the Rs. 19 per share dividend already announced in the first half, bringing the cumulative nine-month dividend to Rs. 24 per share.
InfraZamin Pakistan and Sunridge Foods Ink Deal for Agri-Infrastructure Sukuk
InfraZamin is pleased to announce a partnership with Sundridge Foods Limited in launching a PKR 2 billion Agri-Infrastructure Sukuk. This Shariah-compliant financing instrument will be issued by Sunridge Foods Limited, a subsidiary of Unity Foods Limited.
InfraZamin Pakistan, with a long-term credit rating of AAA, provides an additional layer of security for investors participating in the Sukuk. The Sukuk will be fully principle protected with InfraZamin’s Guarantee.
The proceeds raised through the Sukuk will fund Sunridge Foods’ Balancing, Modernization, and Replacement (BMR) initiatives, which aim to modernize production facilities with sustainable, high-efficiency technologies. Notably, the BMR also includes installation of 1 MW wind turbines, and a 0.5 MW solar plant to support Sunridge’s renewable energy initiative and construction of new silos and warehouses to significantly increase agri-produce storage capacity. The funds will also support working capital for key wheat and rice processing facilities in Karachi and Lahore, enabling increased production of staple foods items.
Maheen Rahman, CEO of InfraZamin Pakistan, expressed, “This transaction reflects InfraZamin’s commitment to supporting the development of Pakistan’s agriculture sector. By providing a 100% principal credit guarantee, we are facilitating access to capital markets and fostering sustainability through green energy initiatives and food security.”
Farrukh Amin, CEO of Unity Foods, commented on the partnership, saying, “Our collaboration with InfraZamin and the launch of Sunridge’s first agriculture infrastructure Sukuk is a transformative step for Unity Foods. This investment paves the way for us to enhance our facilities with cutting-edge, renewable energy solutions, enabling us to meet the rising demand for our products. It’s a bold stride toward operational efficiency and reflects our unwavering commitment to achieving Net Zero by 2050.”
The issuance of this Agri-Infrastructure Sukuk, will strengthen Pakistan’s agricultural landscape and drives long-term benefits for the environment and food security. The issuance of the Sukuk is subject to SECP approval and Sunridge Foods completion of all transaction related conditions.
Dawlance Wins Gold Award at ‘Dragons of Asia’ 2024 Event
Pakistan’s leading brand of Home-Appliances – Dawlance has been awarded the prestigious Gold Award at the Dragons of Asia 2024, for its impactful Father’s Day campaign: “Dawlance ka SALAAM, ACHAY FATHERS ke naam.” (Dawlance Salutes Good Fathers). Following its success at the Dragons of Pakistan, Dawlance achieved this significant milestone by competing against top campaigns from across the Asian region.
The Dawlance Father’s Day campaign was designed to honor the pivotal role of fathers in nurturing healthy, progressive, and enlightened families. It reflects Dawlance’s emotional connection with its consumers, inspiring respect and recognition for every father in their family. The campaign highlights the countless efforts, sacrifices, and contributions made by fathers to ensure the vitality and happiness of their families. By winning the Gold Award and raising the Pakistani flag at the Dragons of Asia and other international events, Dawlance is cementing its position as a trusted household name in the country.
Being a wholly-owned subsidiary of Arcelik – the 2nd largest manufacturer in Europe, Dawlance is following its ‘Progress Today – Preserve Tomorrow’ policy. It sponsors visionary initiatives for sustainable socio-economic growth. The company has invested over 240 million Dollars to achieve industrial leadership and operational excellence. It has a legacy of innovations to create revolutionary technologies and unmatched convenience, elevating the quality of life for its consumers.
The Chief Executive Officer of Dawlance, Umar Ahsan Khan, expressed his delight at winning this coveted award, stating: “I am grateful to the ‘Dragons of Asia’ forum for this honor & award, which is a testament to the creativity and dedication of the Dawlance team. Our brand remains committed to promoting family values, care, and affection for strengthening relationships across all segments of society.”
Since 2000, the Dragons of Asia have recognized the best results-driven marketing communication campaigns, evaluating the marketing activities of leading enterprises and advertising agencies across Asia. Over the decades, this annual awards ceremony has evolved into the most prestigious forum, highlighting outstanding achievements in strategic marketing, smart communications, and developmental initiatives.
JS Bank and BankIslami partner to expand home remittance payouts across Pakistan
JS Bank and BankIslami have announced a strategic partnership to enhance home remittance services nationwide, by combining the strengths and retail networks of both institutions. Through this alliance, JS Bank will leverage BankIslami’s branch network to provide swift, secure, and convenient remittance payouts for beneficiaries across Pakistan.
The partnership was formalized at a signing ceremony in Karachi, which included senior leadership from both partners, including Imran Shaikh, Deputy CEO of BankIslami, and Atif Malik, Chief Operating Officer of JS Bank. The collaboration leverages the combined strength of both banks’ networks, totaling over 780 strategically located branches nationwide, to expand convenient, secure access for remittance beneficiaries, particularly those receiving funds from overseas. This alliance represents a significant step toward improving financial accessibility.
Sharing his thoughts, Syed Jafar Raza, Group Head of Investment, International & Transaction Banking at JS Bank, said, “Remittances play a crucial role in Pakistan’s economy. Through this partnership with BankIslami, we’re expanding the reach and accessibility of these essential funds, benefiting recipients across the country. With over $18 billion sent in remittances between January and August 2024 alone, we are committed to making the payout process as convenient, secure, and efficient as possible.”
Faisal Anwar, Group Head of Treasury & Financial Institutions at BankIslami, stated, “Our alliance further strengthens our commitment to financial inclusion, making essential financial services accessible to all. This partnership also aligns with our vision to provide Riba-free banking to communities across Pakistan, without discrimination. Through our collective remittance network, customers will have their funds readily available and easy to access.”
To ensure a seamless experience, JS Bank will provide BankIslami with specialized training, and technical resources. This initiative is designed to support a consistent and secure remittance payout experience, from urban hubs to rural locations. Additionally, the collaboration incorporates robust security measures, ensuring beneficiaries’ funds are protected at every point in the process.
Pakistan Cables Expands “ASCEND” Program to Empower Women in STEM Fields
Pakistan Cables announced partnering with two leading engineering universities of Pakistan for a second round of ASCEND, the Company’s flagship program to promote Science, Technology, Engineering and Maths (STEM) subjects among women in Pakistan. The program partners include NED University, Karachi for a second time and Mehran University of Engineering & Technology (MUET), Jamshoro for the first time. Through ASCEND, Pakistan Cables offers need based scholarships and internships to talents female students leading up to their graduation.
First launched in 2021 in collaboration with NED University, Karachi, ASCEND is focused to empower talented female electrical engineering students and offers industry exposure to students. The first batch successfully completed in 2024 following which the Company renewed its partnership with NED and expanded the program to Mehran University of Engineering and Technology, Jamshoro.
With the addition of Mehran University, Pakistan Cables aims to broaden its impact by providing more opportunities for female students to excel in STEM fields. The MoUs were signed between Pakistan Cables and the respective universities, reinforcing the company’s commitment to empowering women in engineering.
ASCEND is a pioneering initiative in the Industry and promises to contribute to the development of a stronger, more diverse workforce, fostering innovation and growth in Pakistan’s industrial sector.
Pakistan Cables pledges support to World Wide Fund for Mangrove Plantation
Pakistan Cables Limited pledged to support the World-Wide Fund for Nature (WWF) for its ongoing efforts for mangrove plantation. To kick off the plantation, the Pakistan Cables employees volunteered to participate in the mangrove plantation activity at WWF Wetland Centre, Karachi.
The Company will support plantation of 1,000 mangroves at a designated WWF site in Somyani. Through the collaboration, Pakistan Cables reaffirms its commitment to environmental conservation. The plantation drive reflects Pakistan Cables’ broader environmental goals, which include reducing carbon emissions and promoting green initiatives as part of its corporate social responsibility agenda. The Company’s carbon emission reduction targets were approved and validated by SBTi in 2023.
Islamic Fintech Experiences Rapid Growth: Zubair Mughal
The total volume of Islamic Fintech has reached USD 100 billion
The Islamic Fintech sector is rapidly evolving, reshaping financial landscapes by blending technology with Shariah-compliant financial services. As digital platforms and innovative tools gain traction globally, Islamic Fintech stands out as a vital force for economic inclusion, offering ethical and inclusive financial solutions to underbanked and unbanked populations across both Muslim and non-Muslim regions.
Currently, the 512 Islamic Fintech companies worldwide are segmented into several categories, reflecting the industry’s diversity and wide-ranging capabilities. Key categories include 72 companies focused on P2P, Payments, Remittance, and FX; 56 companies in Trading and Investment; 59 in Robo Advisor AI and Metaverse; 65 in Neo, Digital, and Challenger Banking; 58 in Crowdfunding; 44 in Blockchain, NFT, Cryptocurrencies, and CBDC; 33 in Islamic Enablers, Data, and Analytics; 109 in Personal Finance and Alternative Finance; and 16 in Taka tech and Banca Takaful. These categories illustrate the breadth of Islamic fintech and its dedication to providing comprehensive, Shariah-compliant financial services that cater to the unique needs of consumers worldwide. Islamic fintech stands as a bridge, connecting traditional finance with digital innovations that emphasize ethics, transparency, and inclusivity.
A recent report by Dinar Standard highlights the booming nature of this sector, showing that the global Islamic fintech market size reached USD 138 billion in 2022/23. It is projected to expand further at a compound annual growth rate (CAGR) of 17.3%, aiming to hit USD 306 billion by 2027—a rate significantly higher than the conventional fintech industry’s CAGR of 12.3%.
Finance” sector holding the largest volume at 224 companies, followed by “Save & Invest” with 103, “Give & Protect” at 31, and “Other” at 59. This categorization reflects the sector’s strong foundation in financial services, with increasing diversification across various financial solutions. Within the top sub-sectors, “Alternative Finance” leads with 64 companies, indicating high demand for crowdfunding and peer-to-peer lending. “Payment” services follow closely with 63 companies, demonstrating significant activity in digital payment solutions. The “Raising Funds” category, at 62 companies, shows growing interest in capital-raising mechanisms, while “Wealth Management” includes 57 companies focusing on Shariah-compliant investments. “Deposit & Lending” records 49 companies, showing the rise of Islamic banking solutions worldwide.
During the Money 20/20 event meetings and various dialogues, Mr. Zubair Mughal, the CEO of Alhuda CIBE, emphasized the transformative potential of Islamic fintech, stating, “The Islamic fintech industry is poised to reshape the future of finance by offering sustainable and inclusive financial solutions. This industry enables ethical innovation across sectors such as alternative finance, Blockchain, crowdfunding, and digital banking, enhancing financial inclusion while adhering to Shariah principles.”
Mr. Zubair Mughal further emphasized, “Islamic fintech is not only a financial solution; it is a bridge to a more inclusive economy. By combining ethical standards with technological advancements, we can create opportunities that extend beyond borders, foster entrepreneurship, and promote responsible investment.”
To support this industry’s growth, AlHuda CIBE has established a department specializing in Islamic fintech that provides comprehensive consultancy and Shariah advisory services for financial institutions and start-ups looking to develop Shariah-compliant fintech solutions. This department offers support in areas such as blockchain, digital banking, cryptocurrency, AI-driven robo-advisory, central bank digital currencies (CBDCs), regtech, and insurtech. With a focus on innovation and ethical financial solutions, AlHuda CIBE helps institutions build secure, efficient, and compliant Islamic fintech products, empowering them to thrive in a rapidly evolving digital landscape.
In further efforts to foster industry growth and collaboration, AlHuda CIBE is organizing the Global Islamic FinTech Forum 2024 on December 9, 2024, at the Dusit Thani Hotel in Dubai, UAE. This event will bring together industry experts, innovators, and stakeholders from around the world to discuss key trends, challenges, and opportunities in the Islamic fintech sector. The forum aims to serve as a platform for networking, knowledge-sharing, and developing new strategic partnerships, strengthening the Islamic fintech ecosystem at a global level.
Meezan bank partners with ITFC to support private sector
Meezan Bank, Pakistan’s leading Islamic bank has signed a new strategic partnership with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, under the ITFC Letter of Credit (LC) Confirmation product.
This product facilitates trade flow by allowing exporters and issuing banks to gain assurance from ITFC to secure payment and thus eliminate credit risks. It will support private sector clients, including SMEs, by working with local banks in Organisation of Islamic Cooperation (OIC) member countries to facilitate various import transactions.
The agreement was signed by Nazeem Noordali, Chief Operating Officer of ITFC, and Syed Amir Ali, Deputy Chief Executive Officer of Meezan Bank, in the presence of executives from both sides. Meezan Bank is the first bank in Pakistan to partner with ITFC for the LC Confirmation facility.
This Islamic trade facility will enable Meezan Bank to extend geographical coverage by leveraging the ITFC network, both in member and non-member countries. It will also enable the Bank to handle longer term LC Confirmation transactions (6 to 12 months).
Syed Amir Ali, Deputy Chief Executive Officer of Meezan Bank, highlighted the impact of this cooperation saying: “Today marks a significant milestone in our business relationship with ITFC as we solidify our partnership. This arrangement reinforces our Bank’s commitment to reliability, stability, and financial excellence. The Letter of Credit Confirmation Agreement strengthens our position in the market, enabling us to capitalize on new opportunities and facilitate international Islamic trade.”
M. Nazeem Noordali, Chief Operating Officer of ITFC, expressed his views on the partnership: “We are proud to strengthen our partnership with Meezan Bank through this Letter of Credit Confirmation Agreement, which reflects our commitment and support to private sector clients in our member countries”.
Childlife Foundation wins third consecutive best corporate report award
The Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) have recognised the ChildLife Foundation with the Best Corporate Report (BCR) Award 2023 in the Non-Profit Organisation (NPO) category. This marks the third consecutive year the foundation has been acknowledged for its dedication to excellence in financial reporting and corporate governance. The award ceremony was held recently in Lahore.
The BCR Awards for the NPO sector emphasize financial transparency, accountability, and adherence to best practices in governance. Maintaining these standards ensures that every resource is effectively utilized to support life-saving medical interventions. By managing funds responsibly and reporting openly, ChildLife Foundation maximizes its impact, channeling support directly into emergency healthcare services for children.
ChildLife Foundation provides free, around-the-clock emergency care to over 2 million children annually. Its network of Children’s Emergency Rooms (ERs) and Telemedicine Satellite Centers (TSCs) across Pakistan offers critical treatment, often in life-threatening situations. The partnership with government entities further amplifies the reach and efficiency of these services, ensuring timely care is accessible to children in need.
Dr. Ahson Rabbani, CEO of ChildLife Foundation, underscored the importance of these efforts: “Sound governance and transparency allow us to direct our resources where they are needed most—to save children’s lives. This recognition reflects our commitment to accountability and our mission to provide quality emergency care across Pakistan.”
Meezan-Trifit partnership brings premium fitness discounts
Meezan Bank, Pakistan’s leading Islamic bank, has recently entered into an exclusive partnership with Trifit Gym, a world-class fitness club in Karachi and Islamabad, to offer its premium cardholders a significant discount on fitness packages. Through this collaboration, Meezan Bank’s Premium Cardholders will be able to enjoy up to 50 percent discount on Trifit packages at any Trifit Gym location, giving them access to top-tier fitness facilities at a fraction of the usual cost—representing savings of over PKR 80,000 annually.
With this unique partnership, Meezan Bank is expanding its range of value-added services for its premium cardholders, providing not only financial benefits but also promoting an active lifestyle through Trifit’s accessible network.
Mr. Zia ul Hasan, Group Executive – Retail Banking & Operations expressed his gratitude for the successful partnership, stating, “At Meezan Bank, our customers’ well-being is our top priority, extending beyond just financial services. Through our partnership with Trifit Gym, we are able to offer our Premium Cardholders valuable savings and a healthier lifestyle, reflecting our commitment to enriching their lives holistically.”
Mr. Iftikhar Ul Haq, Group Head – Consumer Finance conveyed his appreciation for the collaboration, saying, “We understand that our customers seek value and quality in every partnership we offer. This exclusive discount in annual savings, is one of the many ways Meezan Bank distinguishes itself by delivering exceptional benefits to our Premium Cardholders.”
Mr. Ahmer Azam, CEO Trifit expressed his gratitude for the alliance, stating, “We are thrilled to partner with Meezan Bank to extend our state-of-the-art facilities and services to its Premium Cardholders at an unprecedented discount. Together, we aim to make a healthy lifestyle more accessible to everyone.”
Mr. Naveen Naidoo, COO Trifit highlighted his appreciation, commenting, “This partnership reflects Trifit’s dedication to providing high-quality fitness experiences and aligns perfectly with Meezan Bank’s vision for customer wellness. We look forward to welcoming their cardholders and supporting them in achieving their fitness goals.”
Dawlance launches innovative Prima Line and D’Solar Line for Pakistani consumers’ modern needs
At the Dealers Convention 2024, Dawlance, Pakistan’s leading home appliance manufacturer, proudly launched two groundbreaking product lines, the Dawlance Prima Line and D’Solar Line. These new offerings are designed to meet the unique needs of Pakistani consumers, addressing both modern lifestyle aspirations and the pressing energy challenges facing the country.
The Dawlance Prima Line – Designed for Better is a premium collection that blends cutting-edge technology with sophisticated design. Crafted with European standards to cater to the Pakistani market, the Prima Line includes a No-Frost Refrigerator engineered for reliability in Pakistan’s challenging energy landscape. With frequent power fluctuations and load shedding in mind, these refrigerators are built to ensure optimal cooling performance while offering energy efficiency.
Other products in the Prima Line include Pakistan’s first bottom-load water dispenser, a locally manufactured top-load washing machine, dishwashers, and air conditioners featuring advanced air purification. Together, these products embody Dawlance’s commitment to enhancing the lifestyles of its customers by offering a combination of functionality and modern aesthetics.
Simultaneously, Dawlance introduced the D’Solar Line, a collection of DC appliances that can operate directly on solar power. This innovative line responds to the country’s ongoing energy crisis, offering sustainable, affordable solutions to consumers. The D’Solar Line’s initial offerings, including DC refrigerators and freezers, are designed to make solar-powered appliances accessible for households across Pakistan. This initiative not only supports consumers in reducing energy costs but also aligns with Dawlance’s vision for a sustainable future.
Dawlance’s transformation into a pioneer of energy-efficient technology in Pakistan is supported by Beko, the flagship brand of Turkey’s Koç Group and Europe’s largest appliance manufacturer. Since Beko’s acquisition of Dawlance, more than 300 million Euros have been invested in Pakistan, fostering a local R&D center that leverages Turkish engineering expertise. This collaboration has enabled Dawlance to develop European-quality products suited to the specific demands of Pakistani households. These efforts also reflect Dawlance’s ongoing commitment to energy conservation, with appliances that can save up to 60 percent in energy consumption.
Mr. Umar Ahsan Khan, CEO of Dawlance, expressed his enthusiasm at the convention, stating: “Today’s launch of the Dawlance Prima Line and D’Solar Line is a milestone in our mission to redefine home appliances in Pakistan. These new product lines symbolize our dedication to providing quality, sustainability, and innovation that enhances the everyday lives of our customers.”
With the debut of these two product lines, Dawlance is poised to continue its legacy as a trusted leader in home appliances, while promoting energy conservation and self-reliance. As the company expands its product portfolio to meet the unique needs of Pakistan, Dawlance remains at the forefront of technological advancement and sustainable development in the region.
Mian Zahid praises economic progress, calls for aggressive rate reduction
The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on November 7 that the fourth reduction in interest rates since June is welcome.
However, he said the move fell short of the business community’s expectations.
Mian Zahid Hussain said the interest rate should have been reduced to 5% instead of 2.5% to encourage the private sector. Still, this time, the central bank again acted with unnecessary caution.
Talking to the business community, the veteran business leader said that the country’s economy has come out of danger. Apart from IPPs, tax issues, and energy prices, many serious problems are being solved, and indicators are rapidly improving.
He observed that the rupee’s value against the dollar has been stable for a year and a half due to the control of dollar smuggling and exchange companies, but the central bank’s caution remains beyond comprehension.
Mian Zahid Hussain said that according to the central bank, inflation is decreasing faster than expected. Many economic critics believe that this is more a result of the people’s reduced purchasing power than government measures, but this idea is not correct.
He noted that a seven percent reduction in interest rates over four months is positive but still too high compared to neighbouring countries.
If inflation is in the single digits, the interest rate needs to be reduced by the same ratio so that economic affairs improve, businesses can run, and people can get jobs.
Mian Zahid Hussain said that as long as the interest rate remains high, the private sector cannot take loans, resulting in reduced production, exports, employment, and revenue.
At present, he said, no comparison is possible between government loans and private sector loans. In the last financial year, the private sector took only Rs 106 billion from banks, while the federal government took Rs 8564 billion.
Unless the government reduces borrowing from local banks, the private sector will not be able to grow as banks also prefer to lend to the government.
Mian Zahid Hussain further said that the decrease in inflation is visible in the data, while nothing is becoming cheaper due to market profiteering, which is unfortunate.
Consumer goods continue to be expensive, with prices skyrocketing for many items and testing the patience of people with low incomes.
He said that per capita income in the country has decreased compared to last year. The people are facing the wrath of inflation, and something should be done to relieve the masses so that the country can progress in real terms.
Bankislami’s vision of ‘Saving Humanity From Riba’ resonates with Pakistan’s diverse communities
BankIslami, a leading Islamic financial institution in Pakistan, has launched a significant initiative to promote its riba-free (interest-free) banking services to individuals of diverse backgrounds and faiths underscoring the bank’s commitment to ethical and inclusive banking practices.
Riba, or interest, is prohibited in many religions due to its perceived unjust nature. By offering riba-free solutions, BankIslami aims to foster transparency and trust, creating a system where every citizen feels empowered to achieve financial stability. This approach appeals to people of all faiths, promoting inclusivity by providing fair and transparent financial alternatives.
The global Islamic finance industry, valued at over $3 trillion, continues to grow, reflecting the rising demand for ethical and Shariah-compliant financial solutions. In Pakistan, the State Bank has outlined a plan to convert all commercial banks to the Islamic banking system in the coming years, reinforcing the country’s commitment to a fully Shariah-compliant financial sector.
The launch event was attended by prominent figures, including the Governor of the State Bank of Pakistan, Jameel Ahmad, who stated, “At the State Bank, we envision a Pakistan where we have a fair and modern financial system, accessible to all, regardless of background or financial status. BankIslami’s vision of ‘Saving humanity from Riba’ highlights a commitment to making banking inclusive for all.”
The campaign’s television commercial (TVC) features individuals from diverse religious communities. Arjun Singh, a member of the Sikh community, expressed, “This initiative gives us hope,” highlighting the campaign’s impact on fostering inclusivity. Similarly, Lorna Fernandez noted, “Seeing our stories represented makes us feel included,” highlighting the importance of ethical banking practices that resonate with personal beliefs.
The campaign has garnered positive feedback on social media platforms. Users have praised BankIslami for its commitment to ethical banking and inclusivity. One user commented, “BankIslami’s new campaign is a breath of fresh air. It’s great to see a bank promoting services that align with diverse ethical values.” Another user shared, “As someone who values interest-free banking, I’m glad to see BankIslami making it accessible to everyone, regardless of faith.”
BankIslami’s commitment to inclusivity and ethical banking practices positions it as a bank for the people, offering financial solutions that align with the values and beliefs of a diverse clientele.
OICCI leads Pre-COP29 dialogue on private sector climate action
As Pakistan confronts the pressing challenges of climate change, the Overseas Investors Chamber of Commerce and Industry (OICCI) organized a high-level dialogue at the 27th Sustainable Development Conference to foster private sector-led solutions for green financing and climate resilience. The Pre-COP29 Policy Dialogue, held in Islamabad, brought together leaders from the private sector, government, and international organisations to address the role of corporate investment in advancing Pakistan’s climate goals.
Highlighting the private sector’s role in climate action, OICCI Senior Vice President & Nestlé Pakistan CEO Jason Avanceña called for a strategic response from the business community. “Climate change is a reality we cannot ignore,” Avanceña said addressing the session. “As we prepare for COP29, the private sector has a critical role to play, and OICCI remains committed to mobilizing the investments and technologies necessary to make Pakistan more climate-resilient. Our goal is to bridge the $152 billion adaptation financing gap by making green finance and sustainability a core focus.”
As one of the world’s most climate-vulnerable countries, Pakistan faces mounting risks from floods, heatwaves, and other extreme events that threaten food security, public health, and economic stability. The devastating 2022 floods, which displaced nearly eight million people and caused $15 billion in damages, underscore the urgency of investing in sustainable solutions. OICCI Secretary General M Abdul Aleem reinforced the need for private investment in these areas. “Climate change is not just an environmental issue but an economic and social challenge that threatens our stability,” he stated. “OICCI has a longstanding commitment to sustainability, and through green financing, our members can be part of a solution that benefits both the planet and our economy.”
Dr Abid Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI), emphasized the value of public-private partnerships in achieving Pakistan’s climate objectives. “Our shared goals can only be realized through a concerted effort,” Suleri remarked. “By creating policies that incentivise investment and enable the private sector, we can close critical financing gaps and strengthen Pakistan’s climate resilience.”
The dialogue included keynotes from prominent figures like Samuel Rizk, Resident Representative of UNDP Pakistan, who shared insights on innovative financial instruments to attract climate capital. Panelists from leading corporations such as Unilever Pakistan, Coca-Cola Company, HBL, and Engro Foundation discussed their sustainability initiatives and explored ways to enhance public-private collaboration in green finance.
The event underscored OICCI’s significant contributions toward climate action, including its role at COP28 and its commitment to advocating for sustainable practices. OICCI members collectively contributed over Rs13 billion to corporate social responsibility in 2023, with Rs1.5 billion specifically earmarked for environmental protection. As Pakistan heads toward COP29, the OICCI remains committed to supporting national climate goals through actionable steps. With plans to continue advocating for sustainable business practices, the organization aims to leverage this platform to drive meaningful change.
Global experts urge end to lead use in landmark health study
Aga Khan University’s Dr Zafar Fatmi has co-authored a new paper published in the Lancet Planetary Health, highlighting the urgent need to eliminate lead from the global economy. The study, led by Stanford University and co-authored by experts from renowned institutions including AKU, Johns Hopkins Bloomberg School of Public Health, University of Southern California, and the Centre Scientifique de Monaco, presents compelling evidence for a swift global phaseout of lead.
“Why do we allow trillions of dollars of damage to human health, entire ecosystems, and the global economy to accrue for the sake of $100 billion in benefits?” asks Dr Fatmi, Section Head of Environmental, Occupational Health, and Climate Change at AKU’s Community Health Sciences. The authors argue that despite its limited economic value, lead’s impact on health, productivity, and ecosystems is staggering, affecting life expectancy, cognitive development, and environmental health worldwide.
The paper reveals that 5.2 million tons of lead entered the environment in 2022 alone, largely driven by demand for low-cost lead-acid batteries. Lead pollution endangers ecosystems and harms organisms across the food chain, from plants and animals to humans, contributing to 5.5 million premature deaths annually from cardiovascular disease and resulting in 765 million lost IQ points among children. Beyond health impacts, lead is responsible for significant losses in productivity due to its neurotoxic effects, including reduced brain function, cognitive impairment, and behaviour changes.
Lead, classified as a potent neurotoxin, is no longer necessary for the global economy. The paper asserts that readily available, safer alternatives make lead’s continued use and production both outdated and economically unwise. Notably, lead-based products generate less than $100 billion annually, an amount dwarfed by the economic and societal costs of lead-related health burdens, premature death, and lost productivity.
The authors urge a comprehensive approach to lead removal, including a proposed phaseout by 2035, a tax on lead products, and international regulations to classify lead as toxic waste. Given the limitations of current recycling practices in many regions, particularly low- and middle-income countries, the paper advocates for a paradigm shift, pushing for safer, lead-free alternatives and enhanced regulatory frameworks.
“The data is clear: the cost to human health and the environment is simply too high to ignore,” Dr Fatmi emphasizes. The study also suggests that a global treaty could inspire a multi-pronged approach, including donor-funded research into alternatives, policy initiatives, and investment in low-cost substitutes.
This collaborative work signifies a growing movement among scientists and policy experts to end lead exposure and foster a healthier, more sustainable global economy.
PQAMC asset management announces dividend of Pkr 1.9730 per unit for Pak-Qatar monthly income plan
Pak-Qatar Asset Management Company Limited (PQAMC) is a leading dedicated Islamic Asset Management Company in Pakistan, and part of Pak-Qatar Group, which is Pakistan’s Pioneer and Premier Islamic financial services group. PQAMC has recently announced the monthly dividend of Pak-Qatar Monthly Income Plan (PQMIP) under PQAMC’s Shariah-Compliant Income Fund. The plan is also amongst the highest return paying plan/funds in the category.
PQMIP announced dividend of PKR 1.9730 per unit for the month of October’24 with an annualized return of 20.97% YTD, earned as on October 31, 2024. PQAMC is rated AM2 with ‘Stable Outlook’ by PACRA. The PQMIP plan is also rated A+ with a ‘Stable Outlook’ by PACRA.
The Chief Executive Officer of Pak-Qatar Asset Management Company Limited – Mr. Farhan Shaukat has approved the distributions of dividends for the month of October 2024, under the authority delegated to him by the Board of Directors.
Mr. Farhan further stated that: “We are pleased to announce this distribution to the unit-holders of PQMIP. This reflects strong, steady performance and our commitment to delivering value and excellence to Participants of PQMIP. We thank our investors for placing their trust in us as we continue to drive success in the market”.
Pak-Qatar Group has a vision to add value to the economy of Pakistan by making valuable investments and creating innovative and Halal financial ventures and services for sustainable growth.
The stakeholders can also review the performance of Pak-Qatar Monthly Income Plan on the website of the Mutual Funds Association of Pakistan (MUFAP).
Meezan Bank and Cashnow to develop Pakistan’s first Digital Islamic supply chain finance product
Meezan Bank, Pakistan’s leading Islamic bank, has entered into a strategic alliance with CashNow, Pakistan’s pioneering supply chain finance platform, to revolutionize Shariah-compliant supply chain finance. A Memorandum of Understanding (MoU) was signed at Meezan Bank’s Head Office in the presence of senior management from both organizations.
This partnership, the first of its kind in Pakistan, enables CashNow — a cutting-edge fintech platform — to power a fully integrated digital Islamic supply chain finance solution for suppliers, developed in collaboration with Meezan Bank. Through this initiative, Meezan Bank’s customers will gain access to digitally streamlined Shariah-compliant financing.
Under the terms of this MoU, Meezan Bank and CashNow have co-developed a digital Islamic product for finished goods financing. The CashNow platform integrates with Meezan’s core banking system to fully digitize the transaction process, offering the Bank’s customers rapid access to Shariah-approved working capital.
“Meezan Bank is committed to fostering growth across all business sectors, with a strong focus on supporting SMEs & Supply Chain finance,” said Syed Tanveer Hussain – Group Executive Corporate, Commercial & Investment Banking, Meezan Bank.
“We are honored that Meezan Bank has entrusted CashNow with this pivotal Supply Chain Finance initiative,” remarked Saeed Iqbal – Director/Co-Founder, CashNow.
This collaboration is a significant step towards advancing financial and operational excellence in supply chain management. Through this initiative, new standards in supply chain finance are being set, driving innovation, and supporting the country’s economic growth.
ICT thanks leaders for trade modernisation support
International Cargo Terminals Pakistan (Pvt.) Limited (ICT) expresses heartfelt appreciation and acknowledgment for the issuance of the operating license, which marks a pivotal milestone in our mission to advance Pakistan’s cargo handling and trade infrastructure. ICT is honored by the support and dedication that went into making this possible.
ICT would like to extend its deepest thanks to the distinguished Finance Minister of Pakistan, Muhammad Aurangzeb, for his vision and continued commitment to foster economic growth and strengthening the Pakistan’s logistics capabilities. His support is instrumental in our effort to build a robust trade network that positions Pakistan as a key regional and global trade hub.
Our gratitude also goes to the State Secretary for Foreign Policy, HE Ms. Lisbet Zilmer-Johns, and the Ambassador of Denmark to Pakistan, HE Jakob Linulf. Their dedication in enhancing bilateral relations and advancing mutual trade interests has been a vital pillar in this journey. The active engagement and efforts from Denmark have made this achievement possible and underscores the shared goal of promoting sustainable economic growth.
ICT would also like to acknowledge the critical role of Mr. Wajid Ali, Member, Customs Policy, FBR for presenting the license. His unwavering support and meticulous guidance have provided a strong foundation for the regulatory framework that underpins this collaboration.
Finally, we are profoundly grateful to Secretary Mr. Jameel Ahmed Qureshi of the Special Investment Facilitation Council (SIFC) for his tireless efforts and dedication. His instrumental role in aligning all relevant stakeholders has enabled a smooth process and set the stage for a thriving partnership in the logistics sector.
ICT has established a first ever, a state-of-the-art Custom Freight Station (Off-Dock Terminal) in Pakistan which will be based on Green Environment principles, aligning with the global standards.
This license will empower ICT to further modernize and enhance its operations at Port Qasim and Karachi Ports, facilitating efficient, secure, and scalable cargo handling. We are committed to upholding the highest standards in line with Pakistan’s economic objectives and look forward to contributing to the Pakistan’s development.
ICT once again thanks all esteemed stakeholders for invaluable contribution and steadfast commitment. ICT is eager to proceed with this important work, confident that our combined efforts will yield lasting benefits for Pakistan’s trade and logistics landscape.
Pakistan’s future hinges on balanced, digital tax system: Mian Zahid
The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on November 14 taxes on people according to their resources.
He said that Pakistan has no future without a balanced and digital tax system as the current system is not working.
Mian Zahid Hussain said that a policy of placing the entire burden of taxes on the salaried class, corporate sector and industrial sector can never succeed.
Talking to the business community, the veteran business leader said that huge sectors of the economy have been exempted from taxes or are undertaxed, which is why people are inclined towards these non-productive sectors instead of industrialization.
Due to this tendency, neither industry nor exports develop in Pakistan, and unemployment is increasing.
Mian Zahid Hussain said that the Finance Minister has revealed that no country wants to keep its capital in the State Bank of Pakistan and is not ready to roll over the debt.
He said that friendly countries also want Pakistan to stand on its feet now. He said the IMF is also uneasy due to Pakistan’s failure to meet its quarterly revenue target.
The IMF is uncomfortable; otherwise, it would not have imposed such strict conditions, and an early review would not have been needed.
Mian Zahid Hussain said that before approving the loan, the IMF had imposed a condition to roll over deposits and loans from friendly countries, which was implemented with incredible difficulty.
He warned that this facility could end at any time, which is worrisome because a large part of foreign exchange reserves consists of deposits from friendly countries.
During the PTI regime, the IMF suspended its program, prompting friendly countries to take strict action. As a result, Pakistan’s confidence in the global market was severely affected, and the value of the rupee was eroded.
The IMF is worried about the revenue shortfall, and the government is also considering various options, including mini-budgets and increasing the burden on taxpayers.
In these circumstances, the business community wonders whether the recent interest rate cut will be helpful. Mian Zahid Hussain further said that according to the promise made to the public, no special environment has been created for domestic and foreign investment, and the tax base has not been widened.
The best option for the government is to make the tax structure fairer to reduce the tax burden on the middle class while bringing the under-taxed sectors into the tax net and digitizing the economy. Tax collection efforts through enforcement will only increase corruption instead of taxes.
Hutchison Ports Pakistan kicks off 4th year of mangrove plantation
Hutchison Ports Pakistan has launched the fourth year of its “Go Green” tree plantation campaign, with a goal to plant 100,000 mangrove saplings in Sonmiani. This campaign, initiated in 2021 in collaboration with WWF-Pakistan, aims to plant a total of 500,000 mangroves across 250 hectares by 2025, underscoring the company’s commitment to the United Nations Sustainable Development Goals (SDGs).
“Our Tree Plantation campaign demonstrates our commitment to advancing the United Nations SDGs by contributing to climate change mitigation, restoring coastal ecosystems, enhancing marine biodiversity, protecting critical habitats, and conserving vital natural resources,” stated CS Kim, General Manager and Head of Business Unit at Hutchison Ports Pakistan.
The Go Green project focuses on planting mangrove species such as Avicennia, Ceriops, Rhizophora, and Aegiceras in Pakistan’s coastal areas, achieving a remarkable 90% survival rate over the past three years.
Beyond its ecological impact, the initiative is also fostering economic growth by creating job opportunities for local communities, from sapling plantation to ongoing care and monitoring efforts.
Thar Foundation and Sindh Integrated Emergency & Health Services Partner to Enhance Healthcare in Tharparkar
Thar Foundation (TF), the CSR wing of Thar Block II entities, and Sindh Integrated Emergency & Health Services (SIEHS) have signed a Memorandum of Understanding (MoU) to collaboratively enhance healthcare and emergency services in District Tharparkar.
This strategic partnership aims to streamline support for district administration, and local stakeholders in developing and implementing targeted solutions for the region’s healthcare challenges.
The MoU outlines a robust plan to strengthen pre-hospital emergency care, medical assistance, and healthcare outreach for local residents, workers, and travelers within the district. The collaboration also focuses on public awareness, expanding healthcare infrastructure, and developing healthcare funds.
Amir Iqbal, Chief Executive Officer of Sindh Engro Coal Mining Company (SECMC) and Thar Foundation, said, ” This partnership with SIEHS marks meaningful progress in ensuring timely and effective healthcare for Tharparkar’s communities. By working together, we will be able to further strengthen healthcare support systems and emergency services in the region.” He added,
“Thar Foundation remains at the forefront of enhancing health and well-being in the region. Since 2017, it has collectively provided essential healthcare services to over 300,000 patients.”
At the signing ceremony, Brig. Tarique Quadir Lakhiar, Chief Executive Officer of Sindh Integrated Emergency & Health Services, said, “Our collaboration with Thar Foundation is a step forward in advancing healthcare delivery in Tharparkar. This partnership will help us bring essential healthcare services closer to those who need them, empowering the region with improved access and support.”
Sindh Integrated Emergency & Health Services (SIEHS-1122) is strengthening the pre-hospital care ecosystem across Sindh, providing compassionate, community-centered healthcare beyond hospital walls.
Thar Foundation continues to serve the community through its five advanced facilities including, the Thar Foundation Hospital in Islamkot, Marvi Clinic in Block II, the Mother & Child Healthcare Clinic in Gorano, the New Sehri Dars Clinic, and three mobile health units.
BankIslami Launches New Mobile App, Setting New Standards in Secure and Accessible Banking
BankIslami, one of Pakistan’s top Islamic banks, has introduced its redesigned mobile app, aiming to elevate the mobile banking experience with state-of-the-art security and user-friendly features tailored for customers across Pakistan. This upgraded app makes banking more accessible and convenient, empowering users to manage their finances with ease and confidence.
The new app brings powerful functionality to everyday banking, with tools for viewing transaction histories, make real-time payments to merchants through Raast P2M, and transfer funds instantly across banks. Designed to meet the needs of users from all backgrounds, the app’s intuitive layout ensures a smooth experience for everyone, whether they’re seasoned digital users or trying mobile banking for the first time.
Security is central to BankIslami’s commitment to its customers. The app’s updated registration process includes both fingerprint verification and a simple document upload option, making onboarding secure and straightforward. A new Mobile App Root Detection feature prevents unauthorized access, and enhanced password protections add further layers of defense, setting a high bar for data protection in Pakistan’s banking industry.
The app’s interface, available on both iOS and Android, is redesigned to deliver a consistent, easy-to-navigate experience across devices. A built-in, step-by-step guide supports users in setting up, verifying, and fully utilizing the app’s features, making digital banking accessible to all.
This app release reflects BankIslami’s commitment to pioneering Islamic banking with solutions that prioritize safety, simplicity, and accessibility. In line with the State Bank of Pakistan’s vision of inclusive financial services, BankIslami has prepared its nationwide team to provide customer support throughout the transition.
BankIslami’s revamped app represents a milestone for Islamic banking in Pakistan, offering a secure and inclusive digital experience that meets the demands of an increasingly mobile world. More than just a tool, this app is a vital part of BankIslami’s mission to bring financial services to every corner of Pakistan, with a commitment to Islamic principles at its core.