Bankislami achieves Euro Clearing Quality Recognition Award from J.P.Morgan
BankIslami recently won the “2024 Euro Clearing Quality Recognition Award” from J.P.Morgan for achieving an impressive MT202 STP Rate of 99.37%.
Mr. Amin Khowaja, CEO of J.P. Morgan Pakistan, presented the award to BankIslami’s President & CEO, Mr. Rizwan Ata, along with Deputy CEO Mr. Imran H. Shaikh and other prominent individuals of BankIslami. This award showcases the achievements of the bank while being fully Shariah compliant and aligning with the essential role it plays in financial institutions for its customers.
Mr. Rizwan Ata, President & CEO, said, “Obtaining recognition from a well-known financial sector entity like J.P. Morgan represents the efforts of every individual working as a BankIslami member and highly portrays the efforts we bring in as a team. We are focused on prioritizing new standards in the industry and providing great value and services to our stakeholders.”
Mr. Imran H. Shaikh at the event stated: “This achievement highlights how the bank keeps growing and enhancing its services while generating new ideas with seamless services, making sure to accommodate our customers’ evolving necessities.”
At BankIslami, our goal is to provide services for everyone to innovate with exceptional services and cater to their essential banking needs, making every individual feel equally valued by aligning with our tagline: Saving Humanity from Riba.
UBL Unveils the Visa Premium Plus Debit Card – A Groundbreaking Eco-Friendly Solution for a Sustainable Future
UBL (United Bank Limited) is proud to announce the launch of its Visa Premium Plus Debit Card, a pioneering financial product designed to cater to the evolving needs of eco-conscious customers while supporting the bank’s ongoing commitment to sustainability. The UBL Visa Premium Plus Debit Card is the first of its kind in Pakistan, made from recycled PVC, marking a significant step in UBL’s effort to push for environmental responsibility within the financial sector.
The UBL Visa Premium Plus Debit Card is a gold-tier offering, designed for high-net-worth individuals and those seeking enhanced financial flexibility. It offers higher daily spending and withdrawal limits allowing customers to make larger transactions with ease and security. Furthermore, the Card provides access to exclusive discounts across various categories through prestigious partnerships with top-tier brands. With this launch, UBL continues its vision to offer innovative and sustainable banking solutions that not only serve the financial needs of customers but also align with global sustainability goals.
UBL is excited to partner with Visa to launch this innovative product, which promotes eco-friendly financial solutions in emerging markets such as Pakistan, where environmental risks are significant.
The launch event for the UBL Visa Premium Plus Debit Card saw participation from Mr. Ijaz Farooq, Deputy CEO, UBL, Ms. Leila Serhan, Senior Vice President & Group Country Manager for North Africa, Levant & Pakistan at Visa, Mr. Umar Khan, Country Manager, Pakistan & Afghanistan, Visa, Mr. Muhammad Anas, Head of Consumer Banking, UBL and other senior executives from respective organizations.
These key leaders spoke about the importance of innovation in financial products and services that align with both customer expectations and sustainability goals. Their remarks highlighted UBL’s position as a forward-thinking institution that integrates environmental concerns into the heart of its business strategy.
Pakistan Cables wins the Prestigious Corporate Excellence Awards 2024 – fourth conseuctive win in a row!
Pakistan Cables Limited has once again achieved a remarkable milestone by winning the 39th Corporate Excellence Award 2024 in the Cables and Electrical Goods category. This marks the fourth consecutive year that Pakistan Cables has been recognized for its exemplary performance. The award was presented during a prestigious ceremony organized by the Management Association of Pakistan (MAP) in Karachi.
Mr. Waqas Mahmood, Chief Financial Officer of Pakistan Cables Limited, received the award on behalf of the company from Mr. Murad Ali Shah, Chief Minister of Sindh, who graced the occasion as the Chief Guest. This recognition reaffirms Pakistan Cables’ dedication to setting new benchmarks in corporate governance and operational excellence.
Mr. Fahd K. Chinoy, CEO of Pakistan Cables, also delivered the keynote address at the ceremony, highlighting Pakistan Cables as a case study on change management in the corporate sector.
The Corporate Excellence Awards was instituted by MAP in 1982 to recognize and honour companies in Pakistan that demonstrate outstanding performance, progress and enlightened management practices consistently.
Pakistan Paving Way for Islamic Financial Ecosystem: SECP Chief
CDC Pakistan, PSX, and NCCPL Host Dinner for Delegates of the Second International Islamic Capital Market Conference
Pakistan, through holding the international Islamic capital market conference, is paving the way to transition into a sustainable, equitable, and interest-free financial ecosystem.
This was stated by SECP Chairman Akif Saeed in his welcome address at a dinner jointly hosted by the Central Depository Company of Pakistan Limited (CDC), Pakistan Stock Exchange (PSX) and National Clearing Company of Pakistan Limited (NCCPL) for the delegates and speakers of the Second International Islamic Capital Markets Conference and Expo that started in Karachi today.
The Central Depository Company of Pakistan Limited (CDC), Pakistan Stock Exchange (PSX), and National Clearing Company of Pakistan Limited (NCCPL) proudly hosted a grand welcome dinner in honor of the esteemed delegates and speakers attending the Second International Islamic Capital Markets Conference and Expo.
In his welcome address, SECP Chairman Mr. Akif Saeed emphasized the remarkable progress of Pakistan’s Islamic finance industry and highlighted SECP’s pivotal role, alongside strategic partners such as CDC, PSX, and NCCPL, in promoting Shariah-compliant financial practices and fostering collaboration with international players.
Mr. Saeed remarked, “With initiatives like this conference, we are paving the way for Pakistan to transition into a sustainable, equitable, and interest-free financial ecosystem.”.
The Chief Guest, Shaikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board of Trustees of the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) and the founding chairman of Meezan Bank, commended Pakistan’s dedication to advancing Islamic finance.
He inspired the audience with his insights on AAOIFI’s global efforts in developing standards for the Islamic finance industry and leveraging these achievements to further promote ethical and Sharia-compliant financial practices worldwide.
Mr. Badiuddin Akber, CEO of CDC and Chairman of the Asia-Pacific Central Securities Depository Group (ACG), Mr. Farrukh Sabzwari, CEO of PSX, and Mr. Imran Ahmed Khan, Acting CEO of NCCPL, presented traditional souvenirs to the conference’s distinguished speakers.
The Second International Islamic Capital Market Conference and Expo, organized under the auspices of SECP, represents a landmark effort to position Pakistan as a leader in Islamic finance.
Under the theme ‘From Tech Transformation to Realizing Sustainability: Building an Inclusive Islamic Capital Market,’ the conference will address critical challenges and opportunities in building a resilient, inclusive, and sustainable Islamic capital market.
More than 20 distinguished international experts and policymakers from various countries – including Bahrain, Saudi Arabia, Nigeria, Malaysia, Türkiye, Oman, Iran, and the United Kingdom will attend.
In addition to the main conference, several events will take place, including pre-conference workshops and an Islamic Finance Exhibition featuring 38 leading institutions.
Shan Foods and SHINE Humanity partner to provide accessible healthcare across Kunri
Pakistan’s leading food company, Shan Foods has partnered with SHINE Humanity to advance its goal of establishing an accessible and affordable healthcare infrastructure across the Kunri Tehsil in rural Sindh. Adhering to the UNSDG 3: Good Health and Wellbeing, this partnership is a part of Shan Foods’ larger initiative “Growing Flavor”, which aims to build a sustainable agricultural hub in Asia’s largest red chilli production site at Kunri.
Since the pilot phase of the initiative three years ago, Shan Foods has introduced and executed a comprehensive community development plan across Kunri. The company has successfully conducted trainings and workshops focused on sustainable farming skills, providing quality seeds for a higher quality harvest, as well as fruitful trade opportunities that can help the local labor earn better livelihood under better working environments.
“We have an all-encompassing, holistic CSR vision for Kunri, where we not only train farmers and agricultural professionals to improve their chilli harvest and trade systems, but by on-boarding CSR partners such as SHINE Humanity, we are also ensuring that these communities have an improved quality of life, including the basics of healthcare, right in their locality” said Sammer Sultan, co-chairwoman of Shan Foods.
The company plans to further fortify this initiative by ensuring a safe and secure welfare infrastructure across the region, including locally accessible, affordable, and high quality healthcare opportunities for its residents. This recent partnership with SHINE Humanity aims to bring healthcare services right into the village, specifically curated to serve the requirements and health concerns of the underprivileged communities.
“As we embark on this meaningful partnership with Shan Foods, we are committed to bringing quality primary healthcare to the rural community of Kunri, Sindh. Together we’re targeting to uplift the health and well-being of not only those people who work tirelessly in Shan Foods’ chilli farming operations, but the entire community as well by ensuring they have access to the care they need to thrive. The end goal is to create a healthier, more sustainable future, ensuring that those who contribute so much to our food industry are given the care and dignity they truly deserve” said Faheem Khan, Chief Operating Officer, SHINE Humanity.
By having SHINE Humanity as a healthcare partner, Shan Foods’ aims to cater to a community of nearly 1,000 underserved people, which is testament to the company’s broader plans for community empowerment across the region.
Business confidence increases despite challenges: OICCI survey
The Overseas Investors Chamber of Commerce and Industry (OICCI) has unveiled the results of its Business Confidence Index (BCI) Survey – Wave 26, conducted across Pakistan in October and November 2024. The survey reflects improvement in overall business confidence, which improved significantly by 9%, from negative 14% to negative 5% as compared to the previous wave conducted in March-April 2024.
The improvement in business sentiment is driven by positive economic growth, a stable exchange rate, and a notable decline in reported inflation. The Services Sector led the recovery, improving from negative 14% to positive 2%, followed by the Manufacturing Sector, which rose from negative 15% to negative 3%. Conversely, the Retail/Wholesale Sector registered a decline, dropping from negative 15% to negative 18%.
Commenting on the BCI Wave 26 survey findings, Yousaf Hussain, President OICCI, added, “The improvement in the Business Confidence Index reflects an overall improvement in the economic outlook and the resilience of Pakistan’s business environment amidst ongoing challenges. The government has taken bold confidence building measures in compliance with IMF EFF translating into improved country risk rating by international rating agencies, and a boost in FX reserves of the country which helped maintain a stable exchange rate, containing inflationary increase to record lows, all of which collectively led to a positive business environment”. However, OICCI President added, “the challenges of increasing cost especially of energy, high taxation and policy inconsistency need to be proactively managed through deeper engagement of policymakers with the industry. It would certainly enable the country to further improve business confidence, attract local and foreign investment, and ultimately boost job creation in the country”.
The survey highlighted optimism for the next six months, with 43% of respondents expressing positive expectations, up from 34% in the previous wave. Key contributors to this positive outlook include growth in the global market, better government policies, declining inflation, improved law-and-order conditions, and economic growth.
M. Abdul Aleem, Secretary General OICCI, further highlighted that, “The BCI Wave 26 feedback reflect cautious optimism among businesses, with significant gains in the services and manufacturing sectors”. Despite notable improvement on the overall BCI, Aleem added, “the new investment plans, overall, were negative 23% vs negative 12 % in the previous BCI 25, which is an area of concern and need to be addressed to boost economic growth and employment.”
Despite the positive trend, 66% of respondents reported a negative outlook on business conditions over the past six months, though this figure marked an improvement from 76% in Wave 25. Challenges such as high inflation, political instability, rising fuel prices, and ineffective trade policies remain critical concerns.
The BCI of foreign investors, OICCI members, randomly participating in the survey BCI 26 showed a healthy increase to positive 6 % from negative 4 % in BCI 25, mainly due to improved global business situation and improved industry environment in Pakistan in the past six months.
The OICCI BCI survey is conducted periodically, incorporating feedback from key business stakeholders representing nearly 80% of Pakistan’s GDP. It covers the environment at regional, national, sectoral, and business entity levels. Respondents include 41% from the Manufacturing Sector, 35% from the Services Sector, and 24% from the Retail/Wholesale Sector.
In conclusion, Secretary General OICCI emphasised that while the improvement in business confidence is positive, actionable measures are needed to sustain the momentum. We are positive that all the key stakeholders will thoroughly undertake analysis of the BCI 26 feedback, and take timely measures to facilitate all segment of the economy through consistent, transparent policy framework, focused on ease of doing business so as to accelerate economic growth, investment, boost exports and employment in the country.Â
STEM for all: Thar Foundation and TDF ignite scientific curiosity in Tharparkar
Thar Foundation, in collaboration with The Dawood Foundation (TDF), organised a two-day ‘TDF MagnifiScience Thar Exhibition’ at the TF — Dr. Ashok Bakhtani Engro School Campus in Mithi, Tharparkar.
The exhibition featured over 30 innovative science projects presented by local students from government and private schools, along with exciting exhibits by renowned institutions like Aga Khan University, Pakistan Science Club, WonderTech, Essential Elements, and Sabza Hydroponics.
Syed Sardar Ali Shah, Minister of Education and Literacy for the Government of Sindh (GoS) attended the exhibition and said, “I am thoroughly impressed by the innovative scientific projects presented by the students at this remarkable exhibition organized by Thar Foundation and Dawood Foundation. The children of Thar possess extraordinary talent, and with the right training and support, they can compete with international students.”
The Sindh government has intensified its efforts to promote STEM education across the province. As part of this initiative, a series of science festivals under the banner “Science in Sindh” is being organized to inspire and engage students in scientific learning and innovation. These festivals aim to create a platform for young minds to explore and showcase their talent in science and technology while fostering a culture of critical thinking and creativity.
Amir Iqbal, CEO of SECMC & Thar Foundation, stated, “This exhibition exemplifies our mission to inspire critical thinking and foster a deep understanding of scientific concepts, bridging the gap between rural and urban education to empower the children of Tharparkar. We believe that such collaborative initiatives are vital in equipping the younger generation with the skills needed to contribute significantly to Pakistan’s development.”
Incoming CEO of The Dawood Foundation, Favad Soomro, said, “This exhibition is a testament to our belief that science knows no bounds — it transcends geography, class, gender, and age. By bringing TDF MagnifiScience to Tharparkar, we wanted to spotlight the immense scientific talent that exists in every corner of our country. We genuinely believe that inclusivity and accessibility in science education open doors to creating a brighter, more equitable future for Pakistan.”
Both The Dawood Foundation and Thar Foundation are committed to fostering science education and critical thinking in Tharparkar, ensuring that future generations are empowered with the right tools to thrive in a rapidly changing world.
The educational event focused on captivating themes including “Brainstorming,” “Animal Superpowers,” “The Mind’s Eye,” and “Physics in Action,” attracting a crowd of children, parents, and educators from across the region to explore scientific concepts.
IBA Karachi holds 4th Annual International Conference on ‘Rethinking Economics’
IBA proudly hosted the 4th Annual International Conference on “Rethinking Economics”, which was organized in collaboration with IBA’s School of Economics and Social Sciences (IBA-SESS) and the Center for Business & Economic Research (IBA-CBER).
In his opening remarks, Dr. S Akbar Zaidi, Executive Director, IBA Karachi, expressed gratitude and welcomed the participants to the conference. Dr. Zaidi emphasised the need for interdisciplinary and innovative approaches to economic challenges, inspiring academics, and policymaking, and for students to envision sustainable & inclusive solutions for the future. Kiyoshi Taniguchi, Regional Lead Economist & Marcel Schröder, Country Economist, Asian Development Bank (ADB), shared insights from the Asian Development Outlook, forecasting 5% growth for developing Asia in 2024. The priorities for Strategy 2030, focusing on climate action, private sector growth, and digital transformation were highlighted as the country’s pressing challenges.
Dr. Lubna Naz, Director, IBA-CBER, delivered the welcome address. She presented the vision of the conference and emphasized the significance of expanding on traditional economic thinking. She highlighted that IBA-CBER received a huge response to the call for papers and received 300 research papers while only 40 were selected after a rigorous review. The 25% of the panelists and presenters this year comprised women, reflecting on IBA’s commitment to promoting gender equality in economic research and thinking. Participants from 11 countries participated in the conference and 50 presenters and panelists from within the country, including highly marginalized areas of Pakistan.
The panel discussion “Rethinking International Trade in a Digitalized World” emphasized digitalization in trade, export competitiveness, reduced costs, and seamless operations. Key challenges included weak digital infrastructure, limited cross-border interoperability, and governance gaps. Economic experts in the parallel sessions emphasized innovation and reforms for Pakistan’s sustainable growth, spotlighting initiatives like Pakistan Single Window to modernize trade. Dr. Zaidi and Dr. Ali Cheema, Vice Chancellor, LUMS, discussed higher education challenges in Pakistan, highlighting issues like funding, talent retention, and quality control. They emphasized the role of economists as university leaders, institutional reforms, and nurturing critical thinking and innovation. The session explored globalization’s impact and fostering community engagement.
Day 2 featured a panel discussion “Institutions, Laws, and Development”. The panelists included Adeel Malik, Associate Professor, Oxford Department of International Development; Asad Khan, Partner, Ashtar Ali LLP; Sultan Mehmood, Professor, New Economic School, and Laila Farooq, Assistant Professor, IBA-SESS. The experts discussed the perspectives of the laws and institutional development in Pakistan & other countries and the role of laws in building societies. Technical sessions on inflation, growth, digitalization, and innovation, and a roundtable on global academic partnerships with foreign faculty, and HEC Sindh Chairman were held.
Engro eyes global telecom expansion after strategic deal with Jazz: Samad Dawood
Tough measures taken by the Government have helped achieve macroeconomic stability and revived investor confidence in Pakistan, leading to Engro’s largest transaction in Pakistani rupee terms, said Samad Dawood.
Last week, Engro Corporation announced a strategic partnership with Pakistan Mobile Communications Limited (Jazz) and its parent company VEON Group, to expand Engro’s footprint in the mobile tower-sharing business. Through a scheme of arrangement, Jazz’s telecom infrastructure assets, housed under its wholly owned subsidiary Deodar (Private) Limited (Deodar), will vest into Engro Connect, a subsidiary of Engro Corporation. Engro will guarantee the repayment of Deodar’s debt of USD 375 million and provide Jazz with an additional USD 187.7 million. The transaction is subject to corporate, legal, and regulatory approvals.
“The actions taken in Pakistan over the last few quarters, along with hard decisions for macroeconomic stability, have led to this deal. The incoming macro stability and IMF’s seal of approval has a huge impact on foreign financiers to look at Pakistan as an invest-able market,” said Samad Dawood. He added that a decline in interest rates and inflation, along with Pakistan’s ongoing IMF programme, have helped improve the investment climate as well.
The companies plan expanding tower sharing coverage to other operators and looking into to other use cases, which could include electronic vehicle charging and drone landing.
“Pakistan is a very large market in terms of telecom, which keeps growing larger,” according to Samad Dawood, Vice Chairman of Dawood Hercules Corp, which owns 40% of Engro Corp. “This infrastructure business, with scale, allows us to utilise telecom infrastructure better in Pakistan and eventually also serve international markets as well,” said Dawood, identifying countries from “the Atlantic coast of Morocco all the way to Central Asian states” as potential markets.
Engro entered the telecommunication infrastructure sector in 2018 and provides essential infrastructure to all Mobile Network Operators (MNOs) in Pakistan. By utilising Engro’s enhanced infrastructure, MNOs will reduce capital and operational expenditures, allowing them to focus on delivering enhanced services and expanding coverage. This cost efficiency will enable operators to reach underserved areas, improving connectivity for millions of Pakistanis and supporting the nation’s digital transformation.
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Youth impact awards spotlight Pakistan’s leaders in social development
An award-winning not-for-profit dedicated to developing purposeful and character-driven young social leaders, hosted its first-ever Youth Excellence Awards in Karachi. The ceremony celebrated individuals and organizations at the forefront of social change in Pakistan, empowering youth, providing growth opportunities, strengthening communities, and fostering innovation to build a brighter, more inclusive nation.
Founded 13 years ago with the goal of empowering youth leaders, Youth Impact has touched and transformed more than 128,000 lives. Its experiential learning initiatives, outdoor classrooms, and social action projects have created lasting impacts on young changemakers worldwide. Prestigious institutions like the Higher Education Commission have been among the beneficiaries of Youth Impact’s programs.
The Youth Excellence Awards 2024 are a reflection of this mission, offering a platform to honor those who exemplify leadership and social responsibility in their communities. Dr. Abdul Bari Khan, Founder of Indus Hospital, was the Patron-in-Chief of Youth Excellence Awards.
The awards recognized organizations across various sectors. Al Khidmat, Indus Hospital, The Citizens Foundation, Special Olympics Pakistan, and Green Crescent Trust were honored for their tireless efforts in healthcare, education, and community welfare. Kiran Foundation, Generations School, NUST, IBA, and IoBM were celebrated for their transformative role in education and fostering future leaders. In the corporate sector, Toyota Indus Motors, Hubco, Agriauto, Multinet, FFC and Careem were acknowledged for their innovative and sustainable practices. Additionally, Orange Tree Foundation and Akhuwat were commended for their impactful social and economic initiatives that empower underserved communities. CSR Club, Scents & Stories, and Pakistan Human Capital Forum partnered in the conduct of these awards.
The Youth Excellence Awards 2024 serve as a testament to Youth Impact’s dedication to youth empowerment, leadership, and social responsibility.
On this occasion, Youth Impact also launched ‘Markaz’ – a world-class outdoor leadership center to be established in the lower Himalayas, which will serve as the basecamp for the scalable and sustainable youth development vision of Youth Impact.
AKUH wins global excellence award for healthcare workers’ wellbeing at IHF 2024
The Aga Khan University Hospital (AKUH) has been honoured with the prestigious American Hospital Association Excellence Award for Healthcare Workers’ Wellbeing at the International Hospital Federation (IHF) Awards 2024 in the silver category. This recognition underscores AKUH’s dedication to fostering a supportive and nurturing environment for its employees, promoting their well-being through innovative and effective strategies.
The award ceremony took place in Rio de Janeiro, Brazil, where the IHF celebrated the best in global healthcare excellence. The award was received by Ms Shehreen Ali, Nurse Manager, on behalf of Employee Health, Department of Family Medicine, the Aga Khan University Hospital.
Dr Farhat Abbas, CEO, AKU Health Services, Pakistan, expressed his pride in the team’s achievement, stating, “This milestone is a testament to the hard work and dedication of our Employee Health team who take care of the wellbeing of our entire staff at AKUH. We are committed to upholding the highest standards of care not just for our patients, but also for our healthcare workers, who are the backbone of our institution. I urge all stakeholders in Pakistan to support the healthcare industry and its workers, as their wellbeing is the building block of our nation’s healthcare infrastructure.”
AKUH’s selection as a winner in the IHF Awards 2024 places it among the top healthcare institutions globally. The award celebrates AKUH’s innovative approach to employee health, emphasizing strategies that ensure the long-term wellbeing of its healthcare workforce.
In addition to this recent win, AKUH was also nominated for the Ashikaga-Nikken Excellence Award for Green Hospitals in the IHF Awards 2023. This nomination recognised AKUH’s commitment to sustainability and environmental responsibility.
The International Hospital Federation (IHF) Awards are recognised globally as a symbol of excellence in hospital management and leadership. The scoring for the seven Excellence Awards is based on five key criteria: originality and innovation, intended impact, adaptability and scalability, scientific rigour, and clarity.
This year, the IHF received over 500 entries from hospitals and healthcare organizations across 37 countries and territories. Out of these entries, 49 finalists were shortlisted for the seven contested award categories. AKUH was the only hospital from Pakistan to be named a finalist.
By prioritising the well-being of its healthcare workers, AKUH ensures that its staff across the system receive the support they need to provide the highest quality care to patients.
As a regional pioneer, the hospital not only delivers world-class care but also fosters a positive, supportive work environment for its dedicated team.
Pathways to development conference concludes third edition at LUMS
The Pathways to Development Conference returned for its third year and was hosted at LUMS from December 16–18. The flagship 3-day event featured in-depth dialogue with scholars, policymakers, and practitioners from across the world on critical challenges faced by developing economies.
This annual event is jointly organised by the Chaudhry Nazar Muhammad Department of Economics and the Mahbub ul Haq Research Centre (MHRC) at LUMS as well as the Centre for Economic Research in Pakistan (CERP), Institute for Development and Economic Alternatives (IDEAS), Institute of Development Studies at University of Sussex (IDS), Consortium for Development Policy Research (CDPR), and International Growth Centre (IGC).
Speaking about the conference’s unique contribution to development discourse in Pakistan, Dr. Sanval Nasim, Assistant Professor at Colby College, said: “Pathways to Development brings together some of the top researchers across the globe working on Pakistan and development issues in South Asia, creating a vital space for knowledge exchange between researchers and policy practitioners.”
This year’s theme, Governance and Inclusion, examines the role of equitable governance in addressing crises such as fragmentation and unequal access to resources such as health, education, and justice. The conference seeks to unravel the complexities inherent in building resilient and inclusive societies. At the same time, it attempts to bridge the research-policy divide by engaging with practitioners and stakeholders beyond academia. The event highlights the importance of intellectual exchange and evidence on what works (and does not work) while promoting interdisciplinary discussions to address the socio-economic challenges facing the country.
The plenary sessions this year include: From End of History to Hell in a Handbasket: Framing the Current Development Challenge with Lant Pritchett (London School of Economics, School of Public Policy); Climate Justice: Legal and Policy Challenges in the Face of a Climate Emergency with Justice Syed Mansoor Ali Shah (Supreme Court of Pakistan), Saad Gulzar (Princeton), Maira Hayat (Notre Dame), and Ghazala Mansuri (World Bank); and The Non-Filing Dilemma: Base Broadening and Deepening in Pakistan with Mazhar Waseem (University of Manchester).
Building on the conference’s reputation for contributing to evidence-based policymaking, Dr. Stefan Dercon from Oxford University, a previous keynote speaker, emphasised: “Maybe we can be more influential with our evidence if we begin to understand better what drives policymakers—what are the things we can do within these constraints, and how can we nudge those in power towards sensible growth and development strategies.”
TCL hosts first-ever event in Wuhan, showcasing leadership, innovation
TCL, Pakistan’s No. 1 LED TV brand and global leader in consumer technology ranked amongst the top two TV brands and a prominent pioneer in home appliances, successfully hosted its first-ever exclusive industry gathering in Wuhan, China. Bringing together notable dealers, media representatives, and influencers from the Middle East & Africa region the TCL Air Conference – “Air to Future, Sail to Success,” this milestone event showcased TCL’s technological excellence, revolutionary air conditioning innovations, and precision engineering of its cutting-edge Wuhan Intelligent Manufacturing Centre.
“This event is a testament to TCL’s position as a global leader in innovation and manufacturing excellence,” said Ms. Sunny Yang, General Manager of TCL Middle East & Africa Business Group. “By opening the doors of our Wuhan Intelligent Manufacturing Centre to our MEA partners, we are demonstrating the scale, precision, and innovation that drive TCL’s global success. TCL remains committed to delivering advanced solutions tailored to the needs of regional markets, underscoring our leadership in the air conditioning industry.”
Product innovation at the core
The FreshIN 3.0 AC series prioritizes health-conscious living through advanced air purification, odor removal, and QuadruPuri filtration, ensuring improved indoor air quality. Equipped with an A+++ energy rating and AI-driven algorithms, FreshIN optimizes temperature control while achieving up to 36% energy savings.
The TCL VoxIN AC series complements FreshIN 3.0 with next-generation AI voice control technology. Featuring offline voice control, AI-driven energy management, and long-distance airflow capabilities, TCL VoxIN offers a reliable and sustainable cooling experience, even in extreme climates. Together, these innovations underscore TCL’s dedication to merging cutting-edge technology with user-centric design.
Wuhan intelligent manufacturing centre: A symbol of excellence
A key highlight of the event was the exclusive tour of TCL’s Wuhan Intelligent Manufacturing Centre, a world class facility that exemplifies the company’s technological prowess and precision manufacturing. Attendees observed firsthand how cutting-edge automation, advanced engineering, and stringent quality control processes create TCL’s globally acclaimed air conditioning solutions.
Engaging industry stakeholders
The event highlighted TCL’s groundbreaking advancements, such as the FreshIN 3.0 technology, TCL VoxIn, and the latest commercial AC series, while providing attendees with an opportunity to experience its cutting-edge solutions firsthand. Reinforcing its strategic vision for the region, TCL emphasized its commitment to delivering superior comfort, energy efficiency, and innovation, solidifying its position as a market leader in air conditioning across MEA markets.
Majid Khan Niazi, Director of Marketing for TCL Middle East and Africa, stated, “By combining our Intelligent Manufacturing Centre capabilities with revolutionary air conditioning solutions, we are reinforcing TCL’s dominance in the industry and our commitment to delivering tailored solutions for modern living.”
A Vision for the Future
The event underscored TCL’s dedication to addressing the specific needs of Middle East & Africa markets, including harsh climate conditions, health-conscious living, and energy efficiency. TCL’s focus on delivering customer-centric solutions aligns with its mission to enhance comfort, sustainability, and performance for homes and businesses worldwide.
Khurram Zafar appointed CEO of PMEX
Pakistan Mercantile Exchange Limited (PMEX) has appointed Mr. Khurram Zafar as the Chief Executive Officer, who has already taken charge.
Mr. Khurram Zafar joins PMEX with a robust background in business, technology, and capital market leadership in Pakistan, Europe, and the United States.
Prior to his appointment at PMEX, Khurram led a Pakistan focused venture capital fund, founded the LUMS Center for Entrepreneurship, and served on the Board and Digital Financial Services advisory committee of Karandaaz Pakistan.
He has also served as the Chief Information Officer at the Lahore Stock Exchange and has consulted for Merrill Lynch, Visa, and Bank of America during his professional life in the US.
Zong 4G collaborates with Alkhidmat Foundation to deliver free healthcare services in Sindh
Zong 4G, Pakistan’s leading telecom operator, continues to demonstrate its unwavering commitment to corporate social responsibility by addressing critical healthcare challenges faced by underserved communities. On December 7th, Zong’s Sustainability Team visited Kotri Jamshoro to observe the operations of a mobile health unit established in collaboration with the Alkhidmat Foundation.
This remarkable initiative is aimed at providing free healthcare services to underserved communities in the remote areas of Sindh. This initiative offers vital medical assistance, including free consultations and medications, ensuring that basic healthcare reaches those who need it the most. The program has already made a significant difference, positively impacting the lives of over 3,000 individuals who often struggle with limited access to hospitals and the prohibitive costs of medical treatment. Through the deployment of a mobile health unit, Zong has bridged the healthcare gap, delivering essential medical care directly to these communities.
During the visit, Zong’s team interacted with local residents who shared heartfelt accounts of how the initiative has significantly improved their lives. From general check-ups for common ailments like fever and body pain to follow-ups for chronic conditions, the mobile health unit has become a lifeline for many in the region.
An Alkhidmat Foundation representative highlighted the dire need for healthcare in these areas, stating, “At Alkhidmat Foundation, we believe in breaking barriers to healthcare access, ensuring that no community is left behind. Through our Mobile Health Unit initiative, we’re reaching underserved areas with essential medical services. This partnership with Zong represents a powerful collaboration, uniting technology and humanitarian efforts to create lasting change. Together, we’re not just delivering healthcare — we’re delivering hope.” Said Dr. Syed Tabassum Jaffri – President Alkhidmat Foundation Sindh.
Andleeb Aslam, Dy. Director Communications and Sustainability at Zong 4G reinforced the company’s commitment to bridging this gap, remarking, “Access to healthcare is an issue that must be taken seriously. While we can’t help everyone, we try to reach as many as we can through our partnership with Alkhidmat. This initiative is just one step in our journey towards creating a healthier, more equitable future for all.”
By addressing the pressing issue of inadequate healthcare access in remote areas of Sindh, this initiative sets the foundation for sustainable improvements in community health and well-being. Over time, the program can create a ripple effect by reducing the prevalence of untreated illnesses, enabling individuals to lead healthier lives, and enhancing the productivity of local communities. Moreover, this initiative serves as a model that can be replicated in other underserved regions, amplifying its impact across the province and beyond.
P&G, Imtiaz, Akhuwat join forces to empower women micropreneurs
P&G Pakistan, Imtiaz Group, Pakistan’s largest retailer and Akhuwat Islamic Microfinance, a leading not-for-profit organization, have joined forces by signing a Memorandum of Understanding (MoU) last week to empower women micropreneurs through interest-free loans. This initiative underscores a shared commitment to nurturing local entrepreneurship and driving economic growth within communities. By offering these interest-free loans, the partnership aims to unleash the potential of women, enabling them to establish thriving businesses that not only enhance their own lives but also contribute positively to their families and society as a whole.
The collaboration will launch with in-store activations and a donation-match program for employees of both P&G Pakistan and Imtiaz Group, aiming to raise approximately Rs. 1 crore. This initiative seeks to transform the lives of over 500 women while creating employment opportunities for around 800 individuals, igniting a ripple effect of empowerment and economic growth that benefits families and communities across Pakistan. From December 27–29, 2024, consumers who purchase Ariel, Pampers, Always, Gillette, Head & Shoulders, Pantene, or Safeguard will contribute to this cause with every purchase.
Ovais Ather Yousuf, Chief Executive Officer of P&G Pakistan, stated, “We are dedicated to advancing gender parity by expanding sustainable economic opportunities for women. Our collaboration with Imtiaz Group and Akhuwat Islamic Microfinance aims to empower women in marginalized communities and foster their financial independence as entrepreneurs.”
Globally, women’s financial inclusion is on the rise, with more women stepping into roles as entrepreneurs and business leaders. However, in Pakistan, women’s contributions remain largely societal rather than economic, with their status ranking among the lowest worldwide. A World Bank report underscores the need for increased access to financial resources to help women initiate and grow their businesses. This initiative aligns with the United Nations Sustainable Development Goals #1 (eradicating poverty) and #5 (gender equality).
Speaking at the occasion, Umer Imtiaz, Chief Executive Officer of Imtiaz Group, added, “As a community-oriented retailer, we believe empowering women micropreneurs goes beyond supporting individual businesses—it’s about creating a ripple effect that uplifts entire communities. By inviting our customers to join this transformative initiative, we aim to drive meaningful change, helping women unlock their potential and contribute to sustainable economic growth for everyone.”
Danish Aman, Chairman Council of Patrons Sindh, Akhuwat Islamic Microfinance, emphasized, “Poverty is not just about lack of resources; it’s about deprivation of social networks, justice and hope. Aiming to eradicate poverty in marginalized communities, these loans are designed to empower women entrepreneurs, enhancing their living standards and uplifting society as a whole”.
P&G is committed to advancing its Equality & Inclusion mission in the country. It is leveraging the strengths of its business operations as well as its scale and advertising voice to address gender bias, enable education for girls and promote women’s economic empowerment.
Zindigi and Islamic Relief Pakistan partner to transform humanitarian aid through digital innovation
Zindigi, powered by JS Bank, has partnered with Islamic Relief Pakistan to transform delivery of humanitarian aid through advanced digital solutions across Pakistan. This initiative streamlines disbursements, ensuring transparency and efficiency for beneficiaries across four provinces, 40 cities, the federal capital, and Azad Kashmir, making aid faster, more reliable, and impactful for vulnerable communities.
Beyond digitizing disbursements, the collaboration is rooted in addressing systemic challenges, with an emphasis on Corporate Social Responsibility (CSR) and engaging with the Global Climate Fund (GCF). Together, the two organizations plan to expand their reach into critical areas such as healthcare, women’s empowerment, climate change, food security and livelihoods, access to clean water, and targeted programs for orphans and youth.
Central to the partnership is the integration of Zindigi’s Human Resource Management System (HRMS), which will optimize HR operations and payroll management for Islamic Relief Pakistan.
“This partnership exemplifies Zindigi’s commitment to harnessing the power of digital technology to make a meaningful impact,” said Atif Ishaque, Chief Business Officer at Zindigi. “By partnering with Islamic Relief Pakistan, we are not just enabling operational efficiencies; we are amplifying the scale and effectiveness of their humanitarian efforts across the country.”
Both organizations share a vision of leveraging technology as a tool for transformative change. The partnership is positioned to deliver a dual benefit: improving the transparency and efficiency of aid distribution while empowering communities to overcome systemic challenges. With a focus on sustainability and scalability, Zindigi and Islamic Relief Pakistan aim to set a new standard for impactful collaborations in humanitarian and development work.
This strategic alliance underscores the growing importance of technology in addressing complex social challenges and highlights the potential for public-private partnerships to create meaningful, long-term solutions.
Thar Foundation launches skill development plan for export-quality garments
Thar Foundation, the CSR wing of Thar Block II entities, has joined hands with the Sindh Technical Education and Vocational Training Authority (STEVTA) and Shahid Afridi Foundation (SAF) to sign a Memorandum of Understanding (MoU) aimed at collaboratively launching a transformative skill development programme in the Tharparkar region.
The MoU focuses on empowering and equipping Thari women with cutting and stitching skills to meet export standards in Pakistan’s garment industry. Under this program, seasoned industry trainers will annually train multiple batches of women, offering hands-on guidance and industry insights. To date, 49 trainees have enrolled, gaining expertise that aligns with the demands of the export garment market.
Amir Iqbal, Chief Executive Officer of SECMC and Thar Foundation said, “This collaborative effort is a testament to our commitment to empowering and enhancing the livelihoods of the community of Thar. By partnering with STEVTA and SAF, we aim to unlock economic opportunities for local women and contribute to Pakistan’s growing garment sector.”
Munawar Ali Mithani, Managing Director of STEVTA, said “This MoU marks a significant first step in fostering collaboration among key stakeholders for the development of technical education and vocational training in Sindh. STEVTA is committed to furthering these efforts, as we aim to bring about lasting improvements in the region. By strengthening our partnerships with TF and SAF, we will not only enhance skill development but also create better opportunities for the youth of Sindh. This initiative is just the beginning, and we have much more in store to contribute to the betterment of the area and the entire province.”
Zafar Malik, Chief Executive Officer of Shahid Afridi Foundation said, “Through our partnership with Thar Foundation and STEVTA, SAF is transforming lives by empowering people with skills development program. The more we prioritize skill development, the more competent our youth will become. This initiative creates sustainable opportunities for families and strengthens Pakistan’s industries.”
Drop in interest rates good for economy, says Mian Zahid Hussain
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, on December 18 welcomed a cut in the interest rates.
He said that the policy rate reduction proves that the government focuses on the economy and that the country is coming out of problems, not due to statements but practical steps.
Mian Zahid Hussain said that the economic situation is improving rapidly, so there was scope for a reduction in interest rates of up to five hundred basis points instead of two hundred basis points.
Talking to the business community, the veteran business leader said that the interest rate should be in the single digits so that businesses grow, people get jobs, and the government gets taxes.
The business leader said that the confidence of the local and foreign business community is continuously increasing, so the government should continue the series of reforms and not allow anyone to derail it.
Mian Zahid Hussain further said that the economic deterioration caused by incompetent rulers’ policies had shaken the country’s foundations. The value of the rupee had been lost, and the highest inflation in the country’s history had taken away the desire to live for millions of people.
At that time, everything was becoming expensive daily. The prices of many items had increased manifold, but people’s incomes had not increased, which made it difficult for millions of people to manage food.
He noted that when Pakistan was rapidly going towards bankruptcy, the change of government and the determination of the military and political leadership changed the situation.
With their hard work, the rupee’s decline was stopped, smuggling decreased significantly, and tax revenue increased, which increased the confidence of domestic and foreign investors and important institutions.
Mian Zahid Hussain said that the reform process should be continued so that things can improve and the people can get some relief.
He noted that the central bank shows unnecessary caution in reducing interest rates, disappointing some business segments.
Some sections of the business community are calling the 2% reduction in interest rates disappointing. He said that if the interest rate is brought to 13%, keeping in mind the continuous decline in inflation, it will not positively impact the economy.
However, if interest rates are brought to single digits, not only will economic activities accelerate, but the tendency to borrow from banks will increase, which will encourage the expansion of industries and the establishment of new industries.
He said that government incentives for industrialization are insufficient and urgent measures should be taken to reduce business costs.
Gas price hikes affect consumers and businesses: Zahid Hussain
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 December 29 that the increase in gas tariff due to IMF pressure will affect the public and the industrial sector.
He said the move will also increase electricity consumption, which will reduce the losses of the bleeding power sector.
Mian Zahid Hussain said that increasing the price of gas will increase the public’s burden by at least Rs 847 billion, but at the same time, the gas sector’s circular debt will also be reduced.
Talking to the business community, the veteran business leader said that, on the recommendation of OGRA, the gas tariff for Punjab and Khyber Pakhtunkhwa has been increased by 8.7 per cent, after which the price of gas will be Rs 142.45 per MMBTU.
Meanwhile, the gas tariff for Balochistan and Sindh has been increased by 25.78 per cent or Rs 361 per MMBTU, which will be implemented in February.
He informed us that the gas price had been increased by 8.7 and 25.78 percent, while the SSGC demanded an increase of at least 200 percent.
The gas price hike will be made before the arrival of the IMF mission, due to which the second instalment of the loan will be available, and if this were not done, the IMF program would have gone sour, he said.
Mian Zahid Hussain said that this increase has been done thoughtfully, which will balance the price of gas across the country because industrialists and consumers of the two provinces used to get gas more expensive than the other two provinces, which they complained of discrimination.
Mian Zahid Hussain said that although its price continuously increases to reduce losses in the gas sector, significant efforts are not being made to eliminate corruption, mismanagement and politics, which is regrettable.
Mian Zahid Hussain said that, on the IMF’s demand, gas connections of Captive Power Plants will also be disconnected from next month so that gas-based power plants can use grid electricity. However, this may affect production and exports because interruptions in the power supply are common.
Disconnecting gas from Captive Power Plants will add additional gas to the system while gas-supplying companies will also have to bear financial losses. This will make gas more expensive for domestic consumers.
By cutting off the gas supply, the industries will no longer bear the burden of domestic gas consumers, which will improve matters eventually.
On the other hand, the use of LNG will also be reduced, creating a gas surplus. Mian Zahid Hussain further said that along with increasing the gas price, the authorities should also focus on other issues to ease the crisis instead of increasing.
Zindigi brings dynamic cash on delivery payments
Zindigi, in collaboration with PostEx, is solving real-world challenge faced by logistic companies by digitizing cash-on-delivery payments in Pakistan. Powered by RAAST, the Dynamic QR feature empowers riders to swiftly generate the QR from their PostEx application and can collect payments securely and seamlessly using multiple banking applications, revolutionizing the logistics sector.
With cash-on-delivery (COD) accounting for 90% of e-commerce transactions in Pakistan, the reliance on cash has long posed inefficiencies for customers, merchants, and delivery riders. Using cash comes with inherent risks, including the possibility of loss or theft in unpredictable situations.
This innovative payment method ensures end-to-end cashless transactions, bringing unparalleled convenience to e-commerce shoppers while reducing the operational burden on merchants and logistics providers. This initiative is being launched as a pilot project across six major cities, with the goal of fostering trust in digital payments, reducing dependence on cash, and paving the way for a cashless economy.
The partnership introduces two groundbreaking projects that are set to redefine the logistics and e-commerce experience in Pakistan. The Wallet Integration initiative enables the seamless incorporation of digital wallets, allowing for fast and secure transactions, while the Dynamic QR (Digitized COD) project focuses on transforming COD payments.
Atif Ishaque, Chief business officer Zindigi added: “This partnership with PostEx reflects our vision of leveraging technology to enhance everyday financial interactions. By empowering customers with convenient, secure, and cashless payment options, we are not only simplifying transactions but also contributing to the broader goal of financial inclusion and digital transformation in Pakistan.”
Jawad Mirza, CEO of Logistics at PostEx, remarked: “Incorporating QR payments into the last-mile delivery process is a game-changer for the logistics industry. Partnering with Zindigi ensures this technology becomes accessible to all our customers. Using QR payments simplifies cash collection for riders, accelerates settlement for merchants, and provides customers with a seamless payment option at their doorstep. By digitizing cash-on-delivery, we are driving the logistics sector toward a more tech-enabled ecosystem.”
This collaboration reaffirms Zindigi and PostEx’s shared commitment to creating a tech-driven and financially inclusive ecosystem that benefits businesses and consumers alike.