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Uber offers exciting cricket opportunity for fans

Following Uber’s deal with the International Cricket Council (ICC) to sponsor the upcoming Cricket World Cup (CWC), Uber, the world’s largest personal mobility company, is providing Pakistani fans an opportunity to win big. Through its ride-to-win and drive-to-win competitions, Uber is providing its riders and driver partners the chance to make the most of the World Cup by earning rewards through the Uber app. The idea is to give back to those who follow the global game by gamifying the CWC.

This competition for riders and driver partners’ builds upon Uber’s alignment towards the global game of cricket. It also allows millions of passionate fans, who treat cricket as a religion, the opportunity to earn rewards.

“Cricket is Pakistan’s favorite sport, which makes it only natural for Uber to support the sport’s biggest ever celebration this year, the Cricket World Cup,” said Saad Naveed Pall, Head of Marketing, Uber Pakistan. “Together with ICC, we are committed to driving the game forward by providing our riders and driver partners an opportunity to be part of the game itself. This World Cup, every ride is an opportunity to win amazing rewards, including the chance to support Team Pakistan on the biggest stage of them all.”

The competition will see Uber include fans in the World Cup experience. Riders can win various prizes for completing a pre-set target of runs starting from 20 runs to 500 or more. These runs will be earned through their daily trips via the Uber app. A similar competition is to be held for Uber’s driver-partners. For them to win rewards, they too need to make runs via their everyday trips with bonus runs awarded for special trip types and by achieving weekly trip targets. Weekly lucky draws will see a host of winners with leaders given a chance to travel to England to watch Pakistan take on other competing nations.

Uber’s partnership with The International Cricket Council, makes Uber the first mobility and food delivery app to strike a sponsorship deal with ICC for the Men’s Cricket World Cup.

Last year, in line with the company’s initiative to empower girls and women around the world, Uber supported the first ever standalone ICC Women’s World T20 in the West Indies. As a part of this partnership, Uber rolled out the #JerseyKnowsNoGender campaign in collaboration with sports personalities from different fields to encourage women’s participation in sports and to also generate support for the T20 Championship.

PIA and Askari bank to launch co-branded credit card

Pakistan International Airlines (PIA) and Askari Bank Limited have signed a Memorandum of Understanding for launch of Co-Branded Credit Card where both organizations will be offering their services for the benefit of large number of customers in Pakistan.

The signing ceremony was held at the airline’s Head Office where the MoU was signed by Air Marshal Arshad Malik – CEO PIA, and Mr. Abid Sattar – President & CEO Askari Bank.

According to the agreement, PIA and AKBL will launch a Co-Branded Loyalty Program which will be integrated with PIA Awards +Plus Frequent Flyer Program. The Co-Branded Credit Card will offer exciting benefits for PIA and AKBL customers, where they will be able to avail not only membership of the frequent flyer program, accrue miles on each Rupee spent, but also other associated benefits as prime customers.

Air Marshal Arshad Malik – CEO PIA while congratulating the team members of PIA and AKBL said that this agreement is another step forward in providing better services, value addition and bringing more convenience for the customers of both organizations.

Speaking at the occasion Mr. Abid Sattar, President & CEO Askari Bank said that innovative, technology-oriented products that offer convenience to customers is the key to success and this initiative is a step forward in the same direction.

Senior officials of PIA and AKBL were present at the occasion.

OLX & Edhi Foundation join hands for ’Sellfare se Welfare’ Ramadan welfare campaign

OLX, Pakistan’s No.1 marketplace for buying and selling of pre-loved items, with more than Rs20 Billion worth of goods being exchanged every month, has joined hands with Edhi Foundation for an innovative Ramadan welfare appeal, ’Sellfare se Welfare’.

According to Neilsen, a global research agency – an estimate of Rs140 Billion worth of used goods are stored in Pakistani household.

OLX and Edhi Foundation through this campaign ’Sellfare se Welfare’ are giving OLX users an exclusive opportunity to donate their pre-loved electronics, furniture, toys and other things to Edhi Foundation.

The users can post an ad on OLX with a price of Rs.786 and add “Ramadan 2019í in the title to differentiate the ad from the normal buy-sell ones. OLX will sell these goods and donate the resulting money to Edhi Foundation, one of the biggest charitable organizations of Pakistan.

Talking about the campaign, Ammar Hassan, Head of Marketing at OLX said, “OLX is bridging the affordability gap in the society where people can buy as good as new items at a great price. This Ramadan we want to celebrate the joy of sharing in this new sharing economy that we are creating.”

OLX is offering this opportunity to users all over Pakistan with the facility of donation pickup from sellers’ doorstep.

Strict Implementation on Axle Load Limit on National Highways and Motorways from June 01, 2019

According to Ministry of Communications, Government of Pakistan has decided to implement the Axle Load limit on National Highways & Motorways as provided in National Highway Safety Ordinance-2000, from June 01, 2019. To this effect, a series of meetings were held between Ministry of Communications and representatives of Goods Transport Agencies and Truck Drivers Associations hailing from Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan. Proposals presented by representatives of Transport organizations were included in the implementation plan. Representatives of the Goods Transport Agencies, Owners of Industrial units, Law Enforcing Agencies and Provincial Governments have assured to extend their full cooperation to abide by the rules and regulations concerning Axle Load Management, adding that over loading would be avoided. In case of violation, legal action may be taken against the violators.

Implementation of Axle Load limit will not only pave the way to control accidents on National Highways & Motorways network but it will also help protect the precious national asset of National Highways & Motorways, as heavy amounts are spent on construction and maintenance of National Highways & Motorways throughout the country. In order to keep safe this asset, a comprehensive course of action is being adopted with cooperation of all the stakeholders. It is worth to mention that a Monitoring Committee has also been formed headed by the Chief National Transport Research Centre (NTRC) wherein representatives of the Transport Organizations have also been included. The committee will ensure implementation of Axle Load Limit in the real sense. In case of some issue, matter will be set right through mutual consultation and cooperation.

Further, to this effect, an important meeting in chair of Additional Secretary Communications Dr. Tashfeen Khan was also held in the Ministry of Communications participated by senior officers from National Highway Authority, National Highways and Motorway Police and National Transport Research Centre (NTRC) in which Ministry of Communications decided to strongly control the trucks carrying load beyond the fixed limit on national highways. In the matter, Ministry of Communications has issued special instructions to National Highway Authority, National Highways and Motorway Police for undertaking all possible steps to control overloaded trucks on National Highways from June 01, 2019.

NBP Quarterly Financial Results for March 31, 2019 Pre-tax Profit 15% up YoY

Meeting of the Board of Directors (BoD) of National Bank of Pakistan (Bank) was held on May 22, 2019 at Bank’s Head Office in Karachi in which the BoD approved the financial statements of the Bank for the quarter ended March 31, 2019.

The Bank earned mark-up/interest income amounting to PKR 45.8 billion which is 45.9% higher than PKR 31.4 billion earned during the corresponding period last year. This growth is attributed to the increase in discount rate, as well as a volumetric growth in both investment and advances, YoY. Also, the Bank’s non-mark-up/interest income increased by 40.2% YoY and amounted to PKR 8.3 billion. The Bank’s unconsolidated pre-provision profit amounted to PKR 10.98 billion which is 45.2% higher than PKR 7.6 billion for the corresponding period last year. Pre-tax profit of the Bank amounted to PKR 8.7 billion as against PKR 7.6 billion for the corresponding quarter of 2018, registering an increase of 15.3%. After-tax profit for the period under review amounted to PKR 4.2 billion being 14.5% lower than PKR 4.9 billion earned during the corresponding period of 2018 due to imposition of super tax vide the Finance Supplementary (Second Amendment) Act 2019 for the tax year 2018 (financial year ended December 31, 2017). Earnings per share amounted to PKR 1.97 as against PKR 2.30 for the corresponding quarter ended March 31, 2018.

Total assets of the Bank as at March 31, 2019 stood at PKR 2,401.8 billion compared to PKR 2,798.6 billion as at December 31, 2018, registering a decline of 14.2%. Gross advances of the Bank amounted to PKR 1,046.1 billion which is slightly lower than PKR 1,059.5 billion as at December 31, 2018. However, YoY, total advances stand increased by PKR 176.6 billion or 20.3% as compared to PKR 869.5 billion as of March 31, 2018. Total deposits of the Bank as of March 31, 2019 amounted to PKR 1,778.7 billion, lower by PKR 232.7 billion (11.6%) as against PKR 2,011.4 billion as of December 31, 2018. The drop was observed due to withdrawal of deposits by certain financial institutions. Customer deposits that form the core of Bank’s funding pool however remained stable.

Moving into its 70th year of untiring service to the Nation, the Bank remains committed to delivering exceptional results to its shareholders in years to come. Its business strategy is underpinned by a renewed focus on customer service supported by significant upgrade of its technology infrastructure which is a key enabler.


Controlling of overloaded trucks from June 01, 2019

An important meeting in chair of Additional Secretary Communications Dr. Tashfeen Khan was held last week in the Ministry of Communications in which recommendations of the special committee on overloaded trucks were reviewed in detail. Senior officers from National Highway Authority, National Highways and Motorway Police and National Transport Research Centre (NTRC) participated. The Ministry of Communications decided to strongly control the trucks carrying load beyond the fixed limit on national highways from June 01, 2019. To this effect Ministry of Communications has issued special instructions to National Highway Authority, National Highways and Motorway Police for undertaking all possible steps to control overloaded trucks on National Highways from June 01, 2019.

The sole objective of this initiative is to protect the national highways from damaging effects of overloading.

Mobile connectivity of millions in Pakistan at risk warns GSMA

The GSMA raised serious concerns over the unreasonable fees set by the government and Pakistan Telecommunication Authority (PTA) on operators renewing mobile spectrum licenses in Pakistan, which it believes pose a significant risk to the mobile connectivity of millions of citizens.

On 25 May, the licenses of two of the country’s largest mobile operators – Jazz and Telenor – are set to expire. Under the current conditions operators are being asked to pay $450m to renew their licenses (more than double the dollar price at which operators originally acquired licenses at auction in 2004), or discontinue operations, which would mean disconnecting millions of customers. A third operator, Zong is also due to renew its license this year.

The GSMA warns that the high fees proposed for renewing these licenses will slow the development of Pakistan’s digital economy and seriously affect operators’ ability to invest and support affordable services. The mobile industry association raised its concerns today in a letter to the PTA and Frequency Allocation Board (FAB).

“It’s consumers that will lose out from imposing unfair conditions that put operators’ businesses in jeopardy,” said Brett Tarnutzer, Head of Spectrum, GSMA. “We’ve already seen the damaging consequences that high spectrum prices have on coverage and quality of service in other countries. It’s important that Pakistan doesn’t repeat these mistakes, and place gaining inflated revenues from spectrum licenses above the connectivity of its citizens.”

Safeguarding mobile connectivity

Mobile technology is the primary means of communication for millions of Pakistanis, and enables the delivery of vital education, healthcare and financial services. Recent GSMA Intelligence research estimates the total economic impact of mobile to Pakistan’s GDP is $17 Billion (5.4% of total GDP).

To safeguard the continuity of mobile services for citizens the GSMA calls for the government in Pakistan to extend the deadline for agreeing license terms for all MNOs on a 3-month rolling basis at no cost, until it can reach a decision with operators.

High Spectrum Prices

The GSMA also calls for the high spectrum fees to be reconsidered. High fees make it difficult for operators to provide and expand affordable services and impact investment in network infrastructure that benefits the wider economy. The government in Pakistan should not focus on short-term revenue maximisation through raising spectrum fees. The renewal price should take into account the current market and seek to enable the laudable policy vision and goals in the Digital Pakistan Policy, not further burden operators as they seek to connect the citizens of Pakistan.

Burdensome Taxes

In addition, operators already face many taxes and fees, which should be considered when setting further financial obligations on them. In 2017, the total direct tax and fee payments by the mobile sector were estimated at $950 million (29% of operator revenue). The mobile sector makes a large contribution in taxes and fees relative to its economic footprint with around 12% of its revenue going to sector-specific tax and fee payments. Moreover, the wider mobile ecosystem contributes to the fiscal income of Pakistan, with a total of $1.9 billion in direct and indirect taxes in 2018.

“These high fees work against Government efforts to bridge the digital divide and build the digital economy,” added Tarnutzer. “Spectrum prices and taxes should be set at a sufficiently low level that allows operators to deliver affordable services and deploy mobile broadband widely. We are committed to engage in an open dialogue to help the Government achieve its policy objectives and facilitate sustainable investment in Pakistan’s digital future by all mobile operators.”

AlHuda CIBE signed MOU with Uzbekistan Lessors Association to promote Islamic Leasing

Uzbekistan Lessor Association (ULA) signed a Memorandum of Understanding (MoU) with AlHuda Center of Islamic Banking and Economics (CIBE), to implement promote Islamic leasing business in the country with the help of its association members.

According to this Memorandum of Understanding both organizations will draw a strategy to promote Islamic leasing business enabling environment and to organize trainings and capacity building programs in the country. The main purpose of the great initiative is to mold the expertise, scholastic ideas and international best practices according to the international standards into reality. MoU signing ceremony was held in the headquarter of Uzbekistan Lessor Association (ULA), Tashkent – Uzbekistan that was signed by Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE and Mr. Zafar B. Mustafaev, General Director, Association of Uzbekistan Lessors, Uzbekistan.

On this occasion, Mr. Zafar B. Mustafaev, stated: Islamic leasing along with Islamic Banking, is also growing with rapid pace in CIS countries and particularly in Uzbekistan where it has enough potential. He added that AlHuda CIBE’s entry in CIS is a constructive initiative which will strengthen the diversified Research, Trainings and Shariah advisory in Islamic Finance industry in CIS countries.

The MoU will nurture the Islamic finance industry with a new service.

Muhammad Zubair Mughal, said that these moments are very rejoicing when AlHuda CIBE and ULA enter in joint collaboration, we will pool our expertise and resources to achieve the optimum goal of promotion of Islamic leasing and finance in Uzbekistan specially and CIS countries. This step will surely benefit Islamic leasing and finance in the financial industry. He further added that we will not only be confined to the only agreement rather this relation will be extended to other stakeholders of Islamic finance industry.

He added that according to this MoU, both organizations will work together for the improvement of the legal framework governing leasing services in the Republic of Uzbekistan, development of soci-economic public policy regarding the Islamic leasing business in Uzbekistan. He further said that both organizations will also work to strengthen the abilities of Islamic leasing in Uzbekistan, and to provide technical and Shariah advisory, research, trainings and other related services. He said that AlHuda CIBE is keeping an eye on Islamic leasing of CIS countries and AlHuda CIBE and ULA will mutually conduct training workshops on Islamic leasing and finance by mutual consent.

About AlHuda CIBE: AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

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