UIT students celebrate the spirit of independence through wall painting drive
The students and faculty of Usman Institute of Technology (UIT), one of the country’s top technology institutions, got together to celebrate the spirit of independence through a wall painting drive in Karachi. Hundreds of UIT students converged on different street spots in Karachi to beautify the city walls and paint messages of love, peace, patriotism, and civic sense in a commendable effort undertaken in collaboration of the District Municipal Corporation (DMC) East.
In addition to powerful messages, the walls paintings displayed creations inspired by Pakistan’s culture, landscapes, and personalities in accordance with the occasion of the 72nd Independence Day. The drive also aimed at undoing the practice of illegal wall chalking that the city’s streets have suffered for countless years robbing the city of its real beauty and spreading vision pollution.
“We are Karachiites and we own our beloved city,” said Prof. Dr. Zahir Ali Syed, Usman Institute of Technology. “Through this wall painting drive, we are not only demonstrating our love and care for the city, but are also sensitizing others to follow suit and take cleanliness and beautification of the city more seriously. We have mobilized our students to get this powerful message through on this special occasion when we are celebrating our 72nd Independence Day. We will remain sensitive to the city in particular and society in general, making people realize that only they can improve lives for themselves and others living around them.”
UIT has been an active player when it comes mobilization and drives for social causes. The wall painting drive is a part of the institution’s continuous efforts to raise awareness about matters that affect us all either directly or indirectly. The institution not only creates individuals with strong academic profiles but also a stout sense of responsibility for society. Such drives and measures like wall painting are one of the ways UIT shows its care for the city and its surroundings.
SSGC removes more than 300 illegal connections
SSGC has intensified its gas theft drive and tightened rope against gas thieves in its franchise areas to eliminate the possibilities of gas theft that has been causing heavy financial losses to the company.
Task Force of Customer Relations Department conducted a raid on KDA Flats & Shadman, Surjani Town where more than 300 registered customers were involved in gas theft. Culprits were stealing gas by clamping SSGC main line through rubber pipes.
On other hand, The Task Force of SSGC’s Customer Relations Department conducted raid in different areas of Sindh. In a series of raids conducted in Wazirabad and old Saddar Mohalla of Shikarpur, Syed jo Goth Mehar, Village Masu Hub of Larkano, Jacobabad and Karachi West more than 50 illegal clamps were identified and removed that were made by the miscreants by puncturing SSGC’s main line. The gas supply was disconnected by SSGC team.
All material including rubber pipes, clamps and other articles that were being used in gas theft were taken in custody by the team. Fine against the load observed during the raids will be raised and appropriate legal action will be taken against the culprits.
Rupee devaluation impacts Shell Pakistan’s bottom line
The Board of Directors of Shell Pakistan Limited announced the second quarter results for the company on 21st August. The Company posted an after tax loss of PKR 1,704 million compared to the profit of PKR 247 million made in the same period last year.
While the Company was able to maintain and grow its market share in a declining industry, its overall financial results were impacted by some of the macro-economic challenges being faced by the country, primarily due to another unprecedented devaluation of the rupee and volatility in the international oil prices.
Being part of an import dependent industry where a large percentage of costs and payables are denominated in foreign currency, this devaluation had an impact on the cost base and, in turn, on financial performance. The Company continues its focus on driving competitive business plans to deliver top quartile business performance.
PMEX creates history – registers Rs105 bn daily trading volume
Pakistan Mercantile Exchange Limited (PMEX), the country’s only multi-commodity futures exchange, recorded the highest ever daily trading volume of PKR 105.619 billion on August 07, 2019, since commencement of its operations in 2007.
Commenting on the record daily trading volume, Mr. Ejaz Ali Shah, Managing Director, PMEX, said, “We are delighted to witness a significant surge in the daily trading volume. This increase exhibits the growing interest of market participants in using our diversified product suite to invest trade and hedge at a regulated platform. We are confident that trading volume will increase further over the years.”
Over the last few years, PMEX has made progress on many fronts i.e. upgrading technology infrastructure, expanding product suite, inducting new members and market makers, enhancing customer services and increasing its footprint by opening branch offices in Islamabad and Lahore.
Moving forward, the Exchange is working on developing e-trading platforms to connect with the local economy with special focus on agriculture. These platforms will also be used for the trading of electronic warehouse receipts, offering greater financial inclusion for the farming community through Collateral Management system.
Pakistan cables wins best corporate report award 2018
On 20th August 2019, Pakistan Cables Annual Report 2017-18 won the Merit Award for the Best Corporate Report of 2018. ICMA Best Corporate Report award are held annually to recognize best corporate reporting practices. Mr. Waqas Mahmood – Senior Manager Finance at Pakistan Cables received the award on behalf of the Company.
Karandaaz Pakistan’s new findings
Karandaaz Pakistan conducted a study to find, substantiate with data evidence, and showcase factors that currently hinder the growth of digital payments at the retail level in Pakistan. The findings were shared with the stakeholders including the representatives of merchants, operators, banks, and regulators.
JS Bank and WWF-Pakistan initiate 100,000 mangroves plantation drive
To mitigate the impact of climate change and increase tree cover, WWF-Pakistan and JS Bank launched a drive to plant 100,000 mangrove saplings along the coastal belt of Balochistan. This campaign aims to mitigate climate change, regulate water cycles and increase green cover across the country.
During the launch event, saplings were planted at Miani Hor which is a hotspot of mangroves, marine dolphins and various species of coastal birds.
Basir Shamsie, President & CEO JS Bank stated, “JS Bank has long had a strong focus on environmental protection and conservation. By partnering with renowned organizations, we have successfully worked to mitigate decreasing tree cover, strengthen communities dependent on natural resources and improve the food security chain.” He went on to add that JS Bank had also implemented the WWF Green Office protocol at its head office to reduce waste and conserve resources.
Speaking on the occasion, Dr. Babar Khan, Regional Head Sindh and Balochistan WWF-Pakistan said that Pakistan is recognized as having the 7th largest mangrove forest in the world. These forests are one of the primary features of coastal ecosystems and are widely spread across the coast of Pakistan. He said that Miani Hor covers a large area which comprise of dense mangrove forests. This is the only area in Pakistan where three species of mangroves, such as Avicennia marina, Rhizophora mucronata and Ceriops tagal occur naturally. These mangroves provide an ideal habitat for growth of marine plants and animals. He also shared that mangroves are the first line of defence against cyclones, strong surges, tsunami and other natural calamities impacting the coastal areas of Pakistan.
This plantation campaign is a joint initiative of WWF-Pakistan and JS Bank with the aim to increase mangroves forest cover with active participation of different stakeholders mainly local communities and passionate individuals.
Jazz wins top place for fastest internet speed, third year in a row
Jazz, Pakistan’s leading digital communications company, has been conferred the Speedtest AwardsTM by Ookla@, for the third consecutive time. The results were announced after Ookla compared user-initiated tests taken on the Speedtest iOS and Android mobile apps from all major mobile operators in Pakistan during Q1-Q2 2019. The award marks a major achievement for Jazz for staying significantly ahead of its competitor telecom networks.
In the test, Jazz achieved a Speed ScoreTM of 14.97, with average speeds of 15.95 Mbps for download and 11.60 MBPS for upload. This Speed Score of 14.97 is significantly higher than other competing networks during Q1-Q2 2019.
CEO of Jazz, Aamir Ibrahim said on the occasion, “It is an honor to receive the Speedtest Award for the third time in a row. Jazz has cemented its position in mobile broadband performance and remains committed to delivering the best service to its customers through the country’s largest spectrum holding and superior network.”
“With millions of tests taken using Speedtest every day, Ookla has developed a robust and comprehensive view of worldwide internet performance. It is our pleasure to recognize Jazz as the fastest mobile network in Pakistan based on our rigorous analysis. This award is a testament to Jazz’s exceptional performance, as experienced by their own customers,” said Jamie Steven, Executive Vice President of Ookla.
IBA Karachi welcomes class of 2023
The Institute of Business Administration (IBA), Karachi welcomed its batches of undergraduate, graduate, and post graduate programs through an orientation ceremony held at both the campuses.
The IBA has offered admission to more than 1200 undergraduate students in 6 undergraduate programs and more than 600 graduate students in 8 graduate programs, while 5 students were enrolled in 2 post graduate programs.
Head of Corporate Relations and Communications Department, Ms. Malahat Awan welcomed the student body by giving them an overview of the IBA experience.
Associate Dean, Dr. Sayeed Ghani, emphasized the institute’s core values – tolerance, humility, truth and integrity and urged the students to seek guidance from these values while making everyday decisions.
Executive Director Dr. Farrukh Iqbal cited the competitive nature of the various programs by highlighting how only 15% of more than 10,000 applicants were selected. He also highlighted the diverse nature of IBA’s curriculum by emphasizing how students have opportunities to take electives from other departments. “You should immerse yourself in a culture that may be different from the ones that you have been used to, as the IBA’s culture is conducive to broadening your educational and intellectual capacities”.
Later, the various program directors emphasized about the features and interdisciplinary nature of their respective programs which allows students to diversify and broaden their skillset.
The sessions culminated with a question and answer session followed by a campus tour for the freshmen.
Alhuda Cibe Certifies first Islamic banking operations in Uzbekistan
AlHuda CIBE has certified first Islamic banking product based on Musharkah of Hi-Tech Bank’s Islamic banking window operations. This will be the first product based on Islamic finance in Uzbekistan which also has secured the approval from Uzbekistan Central Bank and Ministry of Finance.
Musharkah is a partnership based financing mode under the Shariah law. Hi-Tech Bank has introduced first of its kind product in Uzbekistan.
According to the Islamic finance partnership based product by the Hi-Tech Bank, a client will arrange at least 25% funds of the project cost at his own in accordance with his business plan and the Bank will contribute remaining 75% funds to make the project operational.
AlHuda CIBE has reviewed and certified as it is a Shariah compliant partnership based Islamic finance product. The partnership agreement of the financing entered by the subject of the contract followed by term of the contract, grade of the contract, settlement procedure, share based partner, force-majeure cases and other conditions.
In Musharakah, a joint enterprise formed for conducting some business in which all partners share the profit according to a specific ratio while the loss is shared according to the ratio of the contribution. It is an ideal alternative for the interest based financing with far reaching effects on both production and distribution. For the purpose of clarity in the basic concepts, it will be pertinent at the outset to explain the meaning of each term, as distinguished from the other.
’Shirkah’ means ’sharing’ and in the terminology of Islamic Fiqh, it has been divided into two kinds called Shirkat-ul-milk (partnership by joint ownership) and Shirkat-ul-Aqd (partnership by contract).
Mr. Muhammad Zubair Mughal- CEO of AlHuda CIBE, expressed his views that many new Islamic Finance markets are seen to be emerging on the horizon in the world including Commonwealth Independent States (CIS) countries. Uzbekistan is one of the emerging markets aggressively working for Islamic finance promotion and implementation. The total population of Uzbekistan consists of 32 million inhabitants and 88% of them are Muslims, which is the supportive indicator for the growth of Islamic finance industry.
He further said that Hi-Tech Bank has taken the step forward and introduced the first of its kind Islamic finance product in the country which will get the first mover advantage to tap the Islamic banking market. Moreover, Uzbekistan plans to introduce Islamic Banking and Finance regulations which will definitely increase the financial inclusion in the country, attract the foreign direct investment (FDI) and will provide the new range of Banking and Financial products in the country.
The Government of Uzbekistan is also planning to introduce the issuance of different tenure Sukuk (Islamic Bonds) to address the long-term and short-term liquidity and investment requirements of Islamic finance industry. Insurance companies are also working to start Takaful operations to meet the need of the Islamic financial market in the country. These collective efforts make the Uzbekistan viable for Islamic Finance which will attract the foreign direct investment.
Mr. Zubair has started putting his research, advisory, consultancy and capacity building services in CIS countries for Islamic banking and finance industry from 2006 and in different countries of the world as Global CEO of AlHuda CIBE from last 15 years. He is hopeful that the volume of Islamic finance industry will increase by 100% in next five years which will also strengthen the global Islamic finance industry. AlHuda CIBE also certify the Islamic finance products by offering Shariah certificate in order to ensure the Shariah compliance in the banking transactions.
Dawlance opens new production lines
Prime Minister’s Adviser on Commerce, Textile, Industries & Production and Investment, Abdul Razzak Dawood; Turkish Consul General in Karachi, Tolga Ucak and the CEO, Dawlance Arcelik in Pakistan, Umar Ahsan Khan along with the other Dawlance staff are present at the inaugural ceremony, of the two new production lines – one for manufacturing automatic washing machines and one for manufacturing water dispensers, in Karachi.