NBP PRESIDENT VISITS QUETTA CHAMBER OF COMMERCE & THE BANK’S BRANCHES IN THE CITY
Saeed Ahmad, President and CEO of National Bank of Pakistan (NBP) visited the bank’s regional office and branches in Quetta to participate in town hall meetings, while also addressing a gathering of local businessmen at Quetta Chamber of Commerce. Highlighting NBP’s role in the development of Balochistan, Saeed Ahmad assured the members that the problems of the banking sector are his topmost priority and will be catered to at the earliest.
The effective meeting showcased that additional promotion of the Prime Minister Youth Business loan scheme will allow Baluchistan’s youth to tackle challenges at an individual, community and national level. The introduction of SME’s, Islamic Banking and other financial products was encouraged along with the provision of interest-free loans for the farmers to curb the issue of increasing unemployment in the province.
Speaking on the occasion, Saeed Ahmad, President, NBP, said: “It was a long time when I visited Quetta but am now committed to pay more regular and special visits to Quetta. Keeping in view the need for digitization of financial services, our plan is to introduce a system in the upcoming months to allow to pay their utility bills and challans for other services through mobile app. Moreover, we aim to link an ATM network to the system to provide our customers with more safety and comfort.”
“NBP will continue to play its part of in Balochistan, especially in case of issuing loans and will leave no stone unturned to address issues presented to me by the management of the chamber for our clients.” He further added.
On this occasion, Saeed Ahmad also announced that the NBP booth at Taftan would soon be transformed into a full-fledged branch. With reference to the CPEC, President assured the members of his full support to local traders. The members of the Chamber concluded the meeting by presenting an honorary shield to the President and thanked him for his visit.
INDEPENDENCE DAY FLAG HOISTING AT NBP
Pakistan is our real identity – we owe our best for its prosperity: Saeed Ahmad
In commemoration of Pakistan 70th Independence Day, a flag hoisting ceremony was held at National Bank of Pakistan (NBP) Head Office. The flag was hoisted by Mr. Saeed Ahmad President & CEO NBP along with executives and employees where they also prayed for the progress, peace and prosperity of the country and its citizens.
On this auspicious occasion, NBP also launched its 360 degree marketing campaign covering print, electronic and social media with the tagline of “Colors Of Prosperity” to further celebrate this opportune time of the year. Moreover, the NBP Building was also illuminated for last few days on the event of Independence Day.
“Pakistan was made as a premier Democratic Islamic Welfare state, a country where all segments of the society are provided equal opportunity to improve their lives without any dominating group depriving the others. We should not think what Pakistan gave us, instead we must ask what have we given to Pakistan” President and CEO of NBP Saeed Ahmad told a big gathering of employees who came to celebrate 14th August 2017 – Pakistan’s 70th Independence Day.
Speaking at the occasion, Mr. Saeed Ahmad, President and CEO, NBP paid tribute to Quaid-e-Azam, Allama Iqbal and other national heroes who struggled for the independence and creation of Pakistan. He reminded “The foundation of this great nation is based on three supreme principles given to us by the father of the nation, namely Unity, Faith and Discipline. Whichever religion, sect or province we belong to and whatever profession we pursue, we should put our country first because Pakistan is our real identity”. He said that the Quaid’s deeply felt desire was for a country where the poor and marginalised sections of society are not exploited and are provided with the same opportunities as the powerful and wealthy, and where minorities stand shoulder to shoulder with the majority groups. He emphasised that the founding fathers believed there should be no discrimination and all Pakistani brethren – Muslim as well as those of other faiths – must be treated equally in the eyes of the law and by society, and this is enshrined in the constitution. “
“He cited the examples of Prophet Muhammad (PBUH) and Hazrat Umar that contained the essence of equality and fairness to all members of society”
He cited the sacrifice made by millions of people in creation of Pakistan including some of his own ancestors who lost lives and limbs. “Today we remember our forefathers and pay our gratitude to them for making extraordinary sacrifices to give us an identity. We must continue to remind our younger generations the purpose of the creation of Pakistan and struggle through which we achieved this goal”, he said.
“It is indeed an honour and moment of great pride for all of us that we are celebrating our independence day. We shall further boost quality of services offered by National Bank pf Pakistan and make it truly a “Nation’s Bank”. He said that all of the employees at every level are like a family and we all have to strive hard to make this bank most successful organization of the industry. ì He further added.
He said that we owe to Pakistan to work hard and fulfil our duties not just for our own advancement but for the prosperity of our beloved country.
This was the first time that NBP had such an intensive program on the Independence Day where a very large number of employees and their families got together including more than 120 children of all ages who took part in national songs and performed on stage to amaze the audience.
The president further saluted and thanked the countrymen and NBP Employees to make him and the Bank proud.
KHUSHHALIBANK CELEBRATES 17 YEARS OF MICROFINANCE BANKING IN PAKISTAN
Pakistan’s largest microfinance bank, Khushhalibank Microfinance Bank (KMBL), celebrated its 17th anniversary to rejoice its vision of rebuilding lives and creating employment opportunities by financing small businesses across Pakistan thereby contributing towards a prosperous future.
In its 17th year, with a nationwide network of branches and having serviced more than 5 million relationships KMBL is confidently looking towards greater outreach to a largely unbanked but a potential market fostering financial Inclusion and social impact. Khushhali Microfinance Bank remains committed towards expanding and deepening its presence in Pakistan through new branches and alternate delivery channels to serve the clients and regions where it operates dedicated to people’s economic opportunities by strengthening financial services to small businesses.
Speaking on the occasion, Ghalib Nishtar, President, Khushhali Microfinance Bank, said: “KMBL’s journey from 2000-2017 is an accomplishment, which the KMBL fraternity is privileged to be associated with, KMBL has been a pioneer and set a precedent of providing microfinance banking being the first licensed bank in Pakistan.”
“Increasing finance to small business and creating job opportunities is fundamental to sustainable economic growth and during this remarkable journey, the Bank witnessed the business aspirations of countless Pakistanis enabled, and the enrichment of millions of lives. Today, KMBL marches forward challenging new frontiers and developing markets for formal financial services.” he further added.
Inaugurated in 2000, Khushhali Micro Finance Bank has expanded its network to 147 branches and 20 service centers in Punjab, covering all of Pakistan, with 1.5 million, and growing, active clients and over 5.5 million loans disbursed, making it the largest microfinance bank in Pakistan today.
K-ELECTRIC FACILITATES CUSTOMERS & PROMOTES ENERGY CONSERVATION AT 4TH ABAD EXPO
Aimed at facilitating customers seeking new electricity connections and promote energy conservation practices, K-Electric has set up facilitation stall at the 4th Association of Builders and Developers of Pakistan (ABAD) Expo 2017.
KE facilitation stall at ABAD Expo 2017 created a direct interaction opportunity between KE team and customers regarding pertinent information on acquiring new power connections. During the exhibition, KE also raised raise public awareness around energy conservation and actively promoted energy efficiency initiatives.
Per KE spokesperson, “In line with KE’s customer centric approach and commitment towards promoting energy conservation practices, we are glad to be a part of this exhibition today. Our collaboration with ABAD is yet another testament of KE’s unwavering commitment to greater consumer care and further strengthens our position as a progressive power utility. We will continue to extend all possible support to ABAD in the future as well.”
KE offers a wide range of customer care touch points from call center, centralized handling of complaints via web to dedicated customer care offices in 29 IBCs. In addition, KE also offer live chat service via SMS and complaint resolution 24/7 via email and social media forums. The power utility mobilizes mobile vans across the city to facilitate consumers at their doorstep. K-Electric is also committed to energy conservation and carries out a robust public awareness campaign to help preserve the country’s precious resources. To date more than 1.3 million consumers have been reached through these campaigns, including more than 50,000 school children.
JAHANGIR SIDDIQUI GOVERNMENT SCHOOL OPENS IN THATTA
Mahvash & Jahangir Siddiqui Foundation (MJSF) & Uqaily Family & Friends Association (UFFA) have collaborated to uplift an existing government school at Mori, district Thatta. The inauguration event of the Jahangir Siddiqui Government School was attended by many prominent personalities from all strata’s of society especially from the educational sector. MJSF and UFFA jointly seek to support the right of education, for the underprivileged children.
The project has been undertaken through the cooperation of Sindh Education Foundation along with Education & Literacy Department Sindh. The school will cater to the educational needs of 200 children with state of the art facilities being provided such as modern computer and audio visuals labs, library & sports ground. JS Group conducts its Corporate Social Responsibility through a series of independent charitable foundations that operate nationwide led by the Mahvash & Jahangir Siddiqui Foundation.
Mr. Jahangir Siddiqui, entrepreneur and Chairman JS Group inaugurated the school and stated “We are committed to providing support for all sectors of the society with a special focus on education.”
Mr. Abdul Aziz Uqaily, Secretary Education Sindh mentioned “We are thankful to MJSF and particularly to Mr. Jahangir Siddiqui for supporting the education sector.”
Mahvash & Jahangir Siddiqui Foundation was established in 2003 to address challenges related to poverty through sustainable development across the areas of Education, Healthcare, Social Enterprise and Disaster Relief and Rehabilitation. Through MJSF’s various initiatives, we aim to create opportunities and provide support to empower disadvantaged members of society. In addition to projects directly managed by MJSF, we have partnered with key international organizations including various United Nations agencies, Acumen and Oxfam.
ORIENTATION CEREMONY OF THE INTERNATIONAL ENTREPRENEURSHIP SUMMER SCHOOL
The inauguration of the second edition of The International Entrepreneurship Summer School (IESS) was held at Aman CED, IBA Main Campus. The IESS hosted by the IBA Aman Center for Entrepreneurial Development (CED) stands apart in its diversity; aiming to instill experiential learning, The IESS is a 10-day program designed to inculcate and promote entrepreneurship, preparing the students for the challenges they could face pursuing their entrepreneurial goals. In order to promote the diversity necessary for entrepreneurship to prosper in a globalized world, the program incorporates participants from different cultures and nationalities. IESS 2017 aims to give its participants a practical experience to South Asian perspective of social entrepreneurship, while aiming to portray a better image of Pakistan.
The program has attracted aspiring entrepreneurs and students as participants from China, Indonesia, Netherlands and Czech Republic with international faculty’s teaching experiences ranging from South Korea, to Germany, USA and Singapore.
The inaugural commenced with the recitation of holy verses from the Quran, followed by an introductory speech by Dr. Shahid Qureshi, Program Director Aman CED, IBA. Dr. Shahid said that, “Entrepreneurs must be meticulous, persistent and they must believe in themselves to succeed”. He told the students that entrepreneurship in this part of the world is unique as it not only helps people but also benefits the whole society as entrepreneurs create jobs for the people. After that the Acting Dean & Director, IBA, Dr. Nishat, welcomed all participants of IESS-2017. He appreciated the team efforts of IBA Aman-Center for Entrepreneurial Development (CED) for organizing such wonderful programs related to entrepreneurship. He also urged the students to learn and benefit from this course as entrepreneurs and valuable citizens of the society.
Dr. Shahid Qureshi started academic session of IESS-2017 by describing The Effectuation Theory of Entrepreneurship and discussed a few case studies. In the end Dr. Najam Anjum conducted an interactive team-building activity i.e. marshmallow activity.
The international students were hosted in a welcome ceremony by the Aman CED Team with traditional food to acquaint them with an enriching cultural exposure.
The CED Team aims to reach new heights of success as compared to its first edition last year and the progress is evident in the diversity that is reflected in the program with a combination of international as well as national participants along with international faculty.
ONTARIO PREMIER, PARLIAMENTARIANS, PAKISTANI COMMUNITY ATTEND INDEPENDENCE DAY FUNCTION IN TORONTO
The Consulate General of Pakistan organized a solemn ceremony to mark the 70th anniversary of Pakistan’s independence. At the invitation of the Consul General, Mr. Imran Ahmed Siddiqui, the Premier of Ontario, Hon. Kathleen Wynne, members of Parliament and members of the Pakistani community, attended the ceremony.
The event began with a flag hoisting ceremony. The Consul General raised the flag of Pakistan to the tune of the national anthem while the Premier and other guests sang Pakistan’s national anthem. At the largely attended function, the Consul General read the messages of the President of Pakistan and the Prime Minister of Pakistan, respectively, and thanked the guests particularly the Premier for celebrating the day with the Pakistani community at the Consulate.
The Premier thanked the Consul General for inviting her to the Consulate to celebrate the anniversary and citing Quaid e Azam’s various speeches appreciated Pakistan’s efforts to create a welfare state where everyone’s rights are respected. At this occasion, Members Parliament, Mr. Rob Oliphant, Ms. Salma Zahid and Ms. Iqra Khalid also spoke and thanked the Consulate for providing exemplary services to the Pakistani community in GTA and Ontario.
It may be mentioned here; to mark the 70th anniversary of Pakistan, the Consulate General of Pakistan, Toronto has planned a year-long calendar of events in 2017. The first in the series was an art exhibition at the Ontario Parliament followed by two Pakistan Studies lectures as well as Pakistan’s cultural pavilion at Toronto’s Annual Muslimfest. The Consulate will hold additional exciting events in the months ahead.
BANK ALFALAH POSTS IMPRESSIVE RESULTS FOR THE FIRST HALF OF 2017
The Board of Directors of Bank Alfalah Limited in their meeting held on 17 August 2017, approved the Bank’s half yearly un-audited financial statements for the period ended June 30, 2017. The Bank posted Profit before tax of Rs. 8.470 Billion for the half year, higher than the corresponding prior period by 11.6 percent. Earnings per Share were reported at Rs. 3.04.
The Bank’s Net Interest Income after provisions improved by 5 percent to Rs. 14.956 Billion, despite the consistently low interest rate regime and impact of maturities of high yielding government bonds affecting core revenues. This growth was also aided by improved recoveries in the current period against NPLs as the Bank recorded a net reversal of Rs. 136.085 million against classified assets for the current half year as against a net charge of Rs. 408.462 million considered in the corresponding prior period.
The Bank’s Non-markup income also improved by 9.6 percent against the corresponding period, with core Fee, Commission and Brokerage income, as well as foreign exchange income growing by 18.4 percent and 21.2 percent respectively.
Administrative Expenses grew moderately by 2.4 percent as all non-essential costs continued to remain in check. At the period end, the Bank’s coverage ratio stands improved to 89.3 percent, whereas the NPL ratio has improved to 4.2 percent.
Total deposits at the period end were reported at Rs. 656.53 billion, improving by 2.43 percent from the year end level. The Bank has continued to focus strongly on re-profiling its deposit base, with current accounts registering a growth of 15.5 percent year on year, while fixed deposits were reduced by 16.6 percent year on year. At June 2017, the Bank’s CASA mix stands improved at 82.9 percent.
Total assets were reported at Rs. 958.007 billion, improving by 4.4 percent against December 2016. With Gross Advances reported at Rs. 426.723 billion, the Bank’s ADR stands at 65 percent, one of the best in the industry.
The Bank is led by Nauman Ansari, a seasoned banker with strong professional acumen, who has recently taken over from the outgoing CEO, Atif Bajwa.
IBA KARACHI BECOMES MEMBER OF ARTNET
We are pleased to share that Institute of Business Administration (IBA), Karachi is now a member of Asia Pacific Research and Training Network on Trade (ARTNet).
The Asia-Pacific Research and Training Network on Trade (ARTNeT) is an open regional network composed of leading trade research institutions and think-tanks across the Asia-Pacific region. It was established by ESCAP in 2004 with the support of the International Development Research Centre (IDRC), Canada.
We look forward to enriching our academic content for trade with this membership. Dr. Aadil Nakhoda from IBA is the point person for coordination with ARTNeT.
POLITICAL TURMOIL MAY HARM THE ECONOMY: APBF CHEIF
The ’All Pakistan Business Forum’ (APBF) has expressed its concerns about the possible negative economic impact of the current political conflict, if it prevails for an extended period of time. The association has urged the political forces of the nation to resolve their differences, to ensure peace, stability and economic growth in the country.
The President of APBF – Mr. Ibrahim Qureshi informed the media: “At this critical juncture, Pakistan has fortunately become the focal region for large-scale foreign investments. A historical trans-national initiative – China Pakistan Economic Corridor (CPEC) – worth over 55 Billion US Dollars is being built to revolutionize our economy. Therefore, Pakistan must ensure the most favorable environment for business-growth over the coming years. We cannot afford or allow any kind of political turmoil or adventurism, to shake the investors’ confidence. “Pakistan desperately needs bold-decisions to accelerate progress on multiple internal and external fronts, especially increase in exports and decrease in imports. In case of prolonged political-unrest, the common man will be the biggest victim, while every segment of Pakistani citizens will have to bear the brunt.
Pakistan’s political forces need to avoid unnecessary confrontations and let the democratic process run smoothly, to enable transparent and peaceful General Elections, expected to be held in June 2018. This way the nation can choose their favorite, eligible and capable leadership to run the country”.
The former Federal Minister of Finance – Dr Hafiz Pasha had also stated during a recent forum that: “The ongoing political turmoil does not augur well for the economy, democracy and developmental-indicators in every sector”.
APBF is a vibrant business association which promotes and protects the interests of the business community and industries in Pakistan. Numerous leading entrepreneurs and business experts are a part of this vibrant association. It also advises the government on; policy formulation, regulatory realignments, economic reforms and implementation.
AL-HAJ FAW MOTORS TO LAUNCH V2 HATCHBACK IN PAKISTAN
FAW V2 is the first Chinese passenger car to be assembled in Pakistan. The Managing Director of the company, Mr. Bilal Afridi hosted the event, which was attended by all of their nationwide dealers and vendors.
FAW is the fastest growing Chinese automotive company formed in collaboration with Al-Haj in 2007. The 50,000-sq. m factory of 600+ employees is built on 105,000-sq. m land with a capacity of 10,000 units pa/single shift.
Mr. Bilal Afridi mentioned in his speech about the initial investment of 2.5 billion Rupees made to set up the company and a further investment of 1.3 billion Rupees for an improved local assembly setup and ED Paint technology in their cars.
He talked about the commitment of his company to continuous advancement in technology, premium 3S customer service and dealership network, in all major cities of Pakistan in addition to 3 years/60,000km warranty.
FAW claims that their local assembly will help them serve its customers better and give them quality assurance of the vehicles. The company aims to increase their production to 15,000 units per annum by year 2020 and introduce new models in Pakistan.
The V2 hatchback with 1300cc engine is currently being imported as Completely Built Unit (CBU). Introduced in our market in 2014, the V2 has gained a satisfactory reputation among the consumers and the demand is steadily on the rise.
The company started its operation here in Pakistan with 7 acres land and now is proud to have an operating land of 27 acres. This shows the commitment of the company & is definitely not among those who come & leave.
“Our vehicles bring another category in the market where we provide luxury features of a car at affordable prices. We are now being recognized for quality, economy and technological brilliance. Our products ranging from heavy vehicles to light vehicles cater every need of our commercial and domestic sector and we are rapidly gaining people’s trust.”
He further stated: “As a result of good response and with encouragement of our customers, we have further invested rupees 1.3 billion in new assembling process and ED paint technology to improve our V2 with local assembly right here in Pakistan.”
A locally assembled V2 would likely mean lower prices compared to the CBU while a lower displacement engine would also ease out buyers in taxation & registration costs. V2 is probably the most fuel efficient 1.3L car available on Pakistani roads. The current in-city average is about 15-16km, and on highways it reaches 18km in a liter. By end of 2017, Al-Haj FAW expects to produce 500 V2 units a month. We Have further plans to export our right hand drive cars in China and other international markets.