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Global Takaful forum going to inaugurate in Turkey
Takaful is new destination for sustainable financial world, says CEO of Alhuda CIBE

AlHuda Centre of Islamic Banking and Economics along with its multilateral partner ICD- Islamic Corporation for the Development of the Private Sector has announced Global Takaful Forum on 26th – 28th August, 2019 in Istanbul, Turkey. The objective of the event is to provide adequate knowledge and benefits of Takaful industry to the relevant market. The platform will help analyzing the problems hindering rapid development of Takaful globally that would surely help increasing financial inclusion. It will be the ideal opportunity for international collaborations/partnerships with Takaful industry that will attract investors for investment. Two Days Post Event Workshops on Operational Aspects of Takaful, Micro-Takaful and Re-Takaful and Takaful for Regulators are planned on 27th – 28th August, 2019 respectively. The event will include the disbursement of Global Takaful Awards. Contact us to know more about its categories and eligibility criteria.

Muhammad Zubair Mughal, CEO, AlHuda Centre of Islamic Banking and Economics (CIBE) said that he is expecting tremendous audience from the globe. He is delighted to invite highly distinguished speakers and policy advisors to bring forth exceptionally handful of ideas to implement Takaful as a substitute to conventional insurance for the poverty alleviation especially for under developing countries. He further added that he would love to welcome all insurance industry including commissions, regulators, central banks, banking sectors, Takaful, composite, general, life, re-Takaful, reinsurance, brokers and actuaries to come up in order to offer a resolution for the sake of sustainable financial solution. Level of delegates are highly distinguished board of directors, presidents, governors of central banks, associations, regulators, CEOs, commissioners, CFOs, secretary generals, managers, technical advisors, consultants, insurance professionals and students.

He further motivated the industry players to play their role in the development of Takaful industry. As Takaful is the only solution to the poverty of the world. We are quite hopeful that more companies would join hands with us as there would be ample marketing opportunities during the event. The Takaful industry is an emerging trend in the emerging financial world and there is a great room for numerous Takaful, re-Takaful, actuaries, brokers and IT solution providers and many others to explore the untapped market under one umbrella.

Shell Advance awards Harley Davidson bikes to campaign winners

Shell Pakistan Limited has always kept their consumers at the forefront. A new campaign ’Namumkin se Agay’ was launched by Shell Advance, empowering consumers go the extra mile to achieve their ambitions and realize their dreams.

The campaign ran for 3 months with an instant cash prize on the purchase of Advance AX3, AX5 or Ultra. Additionally, there was an exciting opportunity to win Harley Davidson heavy bikes and 125cc motorcycles.

A total of 38 winners of 125cc motorcycles were announced throughout the country in regionally held ceremonies. A grand ceremony was held in Karachi at The Harley District. During the ceremony, Syed Tauha Hussain was presented his Harley Davidson. The event was attended by the winner and his family, bike enthusiasts, and partners and teams of Shell Pakistan.

Ms. Nadia Haseeb, Marketing Manager Lubricants of Shell Pakistan, in her opening note said, ’We are dedicated to continuously innovate our products to sustain the trust our consumers have placed in us over the years. Shell Lubricants brings world-class technological insights to its products, offering you the best formulations for your vehicle. We congratulate all the winners of Shell Advance ’Namumkin se Agay’ campaign. We would also like to extend our appreciation to all the consumers participating in the campaign.’

The winners of the two Harley Davidson bikes Syed Tauha Hussain and Zubair Mukhtar expressed their excitement on winning the coveted heavy bikes. They also extended their gratitude to Shell Pakistan for providing them this opportunity.

Pakistan cables appoints Fahd k. Chinoy as new Chief Executive Officer

Pakistan Cables last week announced that Mr. Fahd K. Chinoy, currently Deputy Chief Executive, has been appointed as the Chief Executive Officer of the company, effective July 1, 2019 in place of Mr. Kamal A. Chinoy who is stepping down from the role after 27 years.

Mr. Kamal A. Chinoy has been the company’s Chief Executive since 1992 and worked relentlessly to position the company as Pakistan’s most trusted wire and cable company. During his tenure, the company grew through expansion across market segments, product innovation and technical collaboration with foreign partners. Its focus on sustained growth led to meeting stakeholder expectations consistently as the company’s revenues grew from Rs. 300 million to Rs. 9.6 billion, which strengthened its position as the country’s leading brand. The market capitalization of the company expanded from Rs.130 million in 1992 to Rs. 5 billion in 2019.

Mr. Fahd K. Chinoy has nearly 18 years of experience and most recently served as Executive Director and Deputy Chief Executive at Pakistan Cables. He joined Pakistan Cables in 2008 and has helped lead and execute many of the company’s investments and strategy decisions and has been on the forefront of several landmark transactions for the company. He carries an MBA degree from INSEAD and did his Bachelors degree from the University of Pennsylvania. He has previous experience working internationally in the US and Canada in the banking sector.

Pakistan Cable’s Chairman Mr. Mustapha Chinoy said, “Kamal’s vision combined with his commitment to serve the long term interests of the company, have fortified Pakistan Cables in the industry today. He leaves a legacy of strong ethics and excellence that’s much needed in the evolving business environment today. I’d like to thank him, on behalf of the Board, for his contribution to the company. The Board is pleased to appoint Fahd K. Chinoy to the role. Having worked for Pakistan Cables in a variety of senior management roles, Fahd has demonstrated a deep understanding and passion of our business and the industry. The Board warmly welcomes Fahd to the role and wishes him every success.”

Given Mr. Kamal A. Chinoy’s vast experience in the industry, the Board of Directors has proposed that he assumes the role of an Advisor and assist the Company’s other initiatives.

Khushhali Microfinance Bank helps set up children camping site

In an effort to uplift the natural environment of the capital city, Khushhali Microfinance Bank, helped to set up a Children camping site near trail 5 at Margalla Hills, Islamabad on Wednesday. The project is an initiative of the Islamabad Wild Life Management Board (IWMB) and aims to provide opportunities for recreation to the younger lot of the capital city.

KMBL is an active supporter of environment-friendly initiatives and undertook this partnership with the capital’s wildlife board as part of its Corporate Social Responsibility. The initiative is also in line with the Prime Minister’s vision for a clean and green Pakistan.

At the inauguration, President KMBL, Ghalib Nishtar, expressed his views, “The purpose of this initiative is to provide a safe outdoor environment for the younger segment of the society and offer them a unique teamwork experience which will assist in the development of their physical, mental, social and emotional capabilities”.

The initiative will also help preserve the wildlife in the National Park. National park is an area set aside by the government for the protection and preservation of the fauna and flora of the area and to provide recreational activities for the public. MHNP is uniquely positioned to serve all types of outdoor adventures for people of all ages and offers varying levels of experiences.

On the occasion, Chairman IWMB, Dr. Anis ur Rahman appreciated the support offered by the bank to establish a children camping site that will teach the growing campers about virtues of responsibility, courage, and caring for nature and wildlife.

Earlier this year, KMBL worked with IWMB team to clear alien invasive species from an area of one hectare for regeneration of indigenous tree species at Margalla Hills National Park (MHNP). The Bank staff also volunteered for plantation of 100 indigenous and fast growing local tree species of Amaltas, Phulai and Kachnar in the National Park.

IBA, Karachi Executive Director Dr. Farrukh Iqbal to quit

Dr. Farrukh Iqbal, the Executive Director of the Institute of Business Administration (IBA), Karachi, informed staff last week that he would be leaving at the end of the calendar year.

He said that it had been an honour to serve IBA since June 2016 but personal reasons compelled him to leave before the end of his present term in June 2020. He hoped that the six-month interval would allow for a smooth transition between him and his successor.

FWBL’s declared rates from 1st January to 30th June 2019

Declared rates from 1st Jan to 31st Jan 2019

Declared rates from 1st Feb to 31st Mar 2019

Declared rates from 1st Apr to 31st May 2019

Declared rates from 1st June to 30th June 2019

Special Notice Time Deposits

7 Days SNTD

1.50%

1.50%

1.50%

1.50%

30 Days

1.50%

1.50%

1.50%

1.50%

Savings

PLS Savings

8.00%

8.25%

8.75%

10.25%

Hyper Profit Scheme

8.00%

8.25%

8.75%

10.25%

Term Deposits

3 Months

8.00%

8.25%

8.75%

10.25%

6 Months

8.15%

8.40%

8.90%

10.40%

1 Year

8.50%

8.75%

9.25%

10.75%

2 Years

8.75%

9.00%

9.50%

11.00%

3 Years

9.00%

9.25%

9.75%

11.25%

4 Years

9.25%

9.50%

10.00%

11.50%

5 Year

9.50%

9.75%

10.25%

11.75%

Senior Citizen/Pensioners

1 Year

9.30%

9.55%

10.05%

11.55%

2 Year

9.50%

9.75%

10.25%

11.75%

ACCA holds survey

Accountants in Pakistan must work with govt to tackle its infrastructure gap

Infrastructure is critical for economic and social development around the world. From the transportation networks that enable people and goods to move around safely and effectively, to the utility systems providing power and services essential to survival. And these systems rely heavily on investments and funding.

ACCA (the Association of Chartered Certified Accountants) has partnered with the Chartered Professional Accountants of Canada (CPA Canada) on a report called: ’How accountants can bridge the global infrastructure gap’. The project has produced findings and recommendations based on international good practice to help governments close their infrastructure gap with accountants playing a central, collaborative role.

The term ’global infrastructure gap’ identifies the difference between infrastructure investment needed and the resources available to meet that need. In 2018 alone, the investment gap grew by over $400 billion and it is set to grow to a staggering $14 trillion by 2040.

Respondents from the survey2 (based in South Asia) identified three major barriers to meeting the infrastructure needs of their respective countries:

  • Eighty nine percent cited corruption as playing a major part;

  • Seventy five percent of respondents quoted a lack of political leadership;

  • And 48 percent said it was down to planning and regulatory barriers.

ACCA’s head of Pakistan, Sajjeed Aslam, says: “Pakistan still has a way to go in tackling the infrastructure challenge and China-Pakistan Economic Corridor (CPEC) is a great opportunity for the country to bridge this gap. We make a considerable contribution to our infrastructure and must do more to meet our needs.

Globally, solving the infrastructure puzzle is crucial to achieving a better more sustainable future for all, as it tackles global issues such as inequality, poverty and climate change.

Infrastructure is the foundation on which our social and economic well-being is built. All around the world – federal, provincial and local governments make decisions that serve the public and play a critical role in building and maintaining important infrastructure investments. Forces such as demographics, rising cyber threats, urbanisation and climate change are all increasing the global demand for quality infrastructure. The accountant is well-placed to tackle many of the major challenges humanity faces in the 21st century and beyond.”

Arif Masud Mirza, ACCA’s Regional Head of Policy says: “Professionals like ACCA members working across public sector infrastructure projects can greatly help with improvements in planning, efficiencies and cost-effectiveness. Firstly through their ethical values, professionals combat bribery and corruption, secondly professionals remain objective and can provide strategic leadership vision to projects and lastly professionals anticipate and manage business, operational and financial risks to allow major projects to be delivered on time and within budget.

Accounting is central to successful decision-making and professional accountants can provide relevant analysis and guidance, especially when it comes to building accountability into the process. Having an accountant’s skills and perspectives on an infrastructure project team can mean the difference between success and failure.”

The report offers 20 recommendations to close the infrastructure gap. The top five are listed below:

  • Governments should enforce effective whistle-blowing legislation and professionalise the public sector finance function to allow public servants to challenge unethical behaviour and practices that can disrupt infrastructure projects.

  • Governments should direct supreme audit institutions to monitor the interaction of off balance sheet liabilities and fiscal targets in order to improve the efficient allocation.

  • Governments should adopt full accrual accounting and maintain a public sector balance sheet to support decision-making on infrastructure policies.

  • Governments should also separate expenditure on projects to report both maintenance and new project spend.

Accountants can advise on the distributional impact and regional growth outcomes of selecting particular projects.

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