Women in FocusPK: celebrating women of substance
The PAS 2017 award winner, FocusPK held its much-awaited annual event, Women in FocusPk successfully initiated last year and focusing on dynamic women who have contributed immeasurably to society and their country at large, here, at the Governor House, Sindh, earlier today. The exclusive event was attended by corporate personalities, celebs, socialites, media and enterprising women from various professions. These awards were held in support of breast cancer awareness as a national cause for women’s health in Pakistan.
The event was hosted by renowned TV and film actor and chairperson of FocusPK, Atiqa Odho. After recitation of the Holy Quran and national anthem, the host shared a background to the event. She said “This venture is very close to my heart as I feel women need to celebrate women and support one another – that is the only way to grow.” She then invited Misbah Khalid, project chair to the rostrum who spoke of her vision for the event.
Among the worthy award-winners were Noorul Huda Shah, Sultana Siddiqui, Mussarat Misbah, Shazia Sayed, Momina Duraid, Frieha Altaf, Fareshteh Aslam, Fizza Ali Meerza, Erum Bintay Shahid, Maheen Khan, Sheema Kirmani, Samina Ahmed, Ameena Sayed and Seema Taher Khan. Honourable Chief Guest present to witness the remarkable evening was Governor Sindh, Imran Ismail.
The programme ended with a tribute to two remarkable women, Fehmida Riaz and Asma Jahangir after which dinner and a live musical programme by Veru Shah and Fatima Shah followed.
The official media partner of Women in FocusPk was HUM TV, national media partner was Ptv and PR partner was Starlinks PR and Events. Event supporters were ICI, Atiqa Odho Cosmetics, TDAP, Arkadians, AKMAN RD and Odho Consultancy.
IBA launches dispute resolution forum
The Center for Executive Education (CEE), Institute of Business Administration (IBA), Karachi, launched IBA-Dispute Resolution Forum (DRF) at the City Campus to promote services such as mediation, arbitration and conciliation as effective means of resolving disputes, especially in the civil/commercial space. The IBA-DRF is inspired by the Harvard Negotiation Project; a project created at Harvard University, which deals with issues of negotiations and conflict resolution.
The IBA-CEE has launched this forum to support the business community, especially owners of family businesses, to take advantage of available alternative dispute mechanisms such as mediation for cost-effective and expeditious dispute resolution. DRF will seek to implement non-court based practices of dispute resolution and negotiation, by working on real world disputes, improving conflict intervention methods, providing education and training, writing and disseminating conflict resolution techniques and practices. The forum will provide services of a panel of experts in dispute resolution for commercial disputes and negotiations.
The Forum is spearheaded by an Alternate Dispute Resolution (ADR) team, comprising of Advocate of the High Courts of Pakistan and Chair ICC Mediation Commission Ms. Navin Merchant; General Consul, Company Secretary and Head Corporate Communications ICI Pakistan Ms. Nausheen Ahmad; Advocate and Assistant Professor IBA Karachi, Mohammad Sohaib Saleem; and Barrister at Ijaz Ahmed and Associates, Hardwicke Chambers in Lincoln’s Inn, London and Advocate High Court, Altaf Qureshi.
Addressing the audience, chief guest CEO Pakistan Business Council Ehsan Malik highlighted the issues faced by businesses in Pakistan. He stated, “Dispute resolution processes in Pakistan are lengthy and rarely conclusive, which stifles growth and innovation, impedes investment and results in red tape. Pakistan has been ranked 136 out of 190 countries for ease of doing business by the World Bank and on the index of enforcing contracts, the country was ranked 156.”
In his opening remarks Executive Director IBA Dr. Farrukh Iqbal said, “Through forums such as the IBA Dispute Resolution Forum, we can offer business expeditious and cost-effective means for dispute resolution, therefore increasing confidence and removing impediments.”
Furthermore, Associate Dean Faculty of Business Administration IBA Dr. Huma Baqai said, “Mediation is a very effective tool to assist businesses to get speedy enforcement of contracts and also to resolve their disputes amicably. When we conceived the project, we realized there was already a pool of trained experts available, as IFC had launched a project in 2016 under its ease of doing business pillar to promote mediation. We decided to build on this to institutionalize and provide a credible forum for dispute resolution”.
Ms. Merchant shared the benefits of mediation for dispute resolution and said, “Mediation is an empowering and effective means of alternative dispute resolution. Mediation especially for family businesses will be extremely beneficial as it maintains confidentiality, preserves relationships and promotes harmony. It is probably in acknowledgement of this that the Securities and Exchange Commission of Pakistan (SECP) has issued rules promoting mediation”.
UIT aims to develop Pakistan’s first indigenous open source processor
In a hallmark development, the students and faculty of Pakistan’s premium technology institution, Usman Institute of Technology, have developed the country’s first homegrown open-source microprocessor. The UIT team leveraged the RISC-V based open-source architecture to produce the said processor that may transform the local tech manufacturing industry.
Behind the remarkable development are UIT’s undergraduate engineering and computer science students, faculty, and a couple of international mentors. UIT is the only undergraduate institute in Pakistan to be teaching processor designing based on RISC-V in undergraduate program.
UIT’s single cycle RISC-V processor uses industry standard Chisel programming language. The institute is running RV32I processor core on FPGA and future development include complete RISC-V processor and semiconductor chip development by undergraduate students.
“We believe in industry academia linkage and the only way to progress our nation is to develop students for cutting edge industry,” said Dr. Zahir Ali Syed, Director UIT. “We are trying to get Pakistan’s share from the 500 billion dollar global semiconductor industry and trying to make our undergraduate students ready to cash in on that market.”
One of the mentors on this project is UIT’s adjunct faculty member Dr. Rumi Naqvi who has 17 years of IC design experience. In collaboration with Usman Institute of Technology, Dr. Rumi started Micro Electronics Research Laboratory (MERL-UIT) in June 2019.
Some other prominent names on the project include Dr. Ali Ahmed who is Assistant Professor and head of MERL at UIT, Engr. Asad Hussain who is making curriculum for undergraduate engineering students, Engr. Farhan who is teaching industry standard Chisel programming language and core development, and Hadir Khan who is a UIT graduate student leading undergraduate students in various classes.
UBL President, CEO awarded honorary doctorate by Kingston university
Ms. Sima Kamil, President and CEO UBL was recently conferred with the prestigious honorary degree of ‘Doctor of the University Honoris Causa’ by the Kingston University in London. The doctorate was awarded at the graduation ceremony of the Faculty of Business and Social Sciences held at the University. Ms. Kamil is a Kingston University alumna.
The honorary degree has been awarded to Ms. Kamil for her outstanding contribution to diversity in business leadership.
Vice Chancellor of Kingston University, Professor Steven Spier, while commenting on the occasion, said, “We are delighted and honoured to count Ms. Sima Kamil as one of our esteemed community of Honorary Graduates.
Ms. Kamil’s career and extraordinary success are an inspiration to all of our students, to have achieved what she has achieved in the culture in which she lives is impressive. She is a role model for aspiring women in business.”
Ms. Kamil has led an illustrious career in senior positions in the field of banking and is currently President & CEO of UBL, a leading bank of Pakistan. While receiving her degree she said that this is a singular honour. She talked about how her career in banking has been challenging and exciting and advised the students at the ceremony to work hard, be prepared, take risks and grab opportunities.
TPL Insurance and UBL to introduce installment plans for auto insurance premiums
TPL Insurance, Pakistan’s first direct insurance company, joins hands with UBL, a leading player in the banking and financial services sector in Pakistan. An MoU was signed between the two organizations recently, at the UBL Head Office, Karachi.
The two companies have collaborated to launch ‘Assure Finance’, an insurance premium financing project for mutual customers of TPL Insurance and UBL. In the wake of a 42% reduction in automobile sales in Pakistan, this collaboration aims at providing convenient, affordable and easily accessible Auto Insurance solutions to customers.
Present at the signing ceremony, from TPL Insurance were, Muhammad Aminuddin – Chief Executive Officer, Syed Ather Abbas – Deputy Managing Director, Syed Kazim Hasan – Chief Operating Officer, Aurangzeb Javed Siddiqui – Head of FIG and Waheedullah Shah – Manager Sales, FIG. Representing UBL were Tauqeer Mazhar – Group Head Branch Banking, Shaheryar Saeed Khan – Head of Consumer Banking, Sharjeel Raza Khan – Head of Consumer Loans and Faheem Ahmed Haleem – Product Manager.
This partnership is in line with TPL Insurance’s pursuit of providing seamless insurance services to customers through its 24/7 call center and digitally integrated insurance solutions.
Timesaco offers lifetime discounts on taxi service
Timesaco offers lifetime discounts on using its taxi service. Timesaco has started online Taxi service in 10 major cities including Islamabad, Rawalpindi, Lahore, Karachi, Peshawar, Multan, Faisalabad, Sialkot, Abbottabad, and Gujranwala, and now extending to other cities.
Timesaco offers 10 percent lifetime discount on all services to the employees of public and private organizations working in major cities. It has already offered 10 percent discount for the students, teachers, doctors, senior citizens, security personnel, lawyers and journalists.
The company has also offered discounts for people, who are traveling to education institution and health centers including hospitals, schools, and universities, and also to the marriage halls. Chief Executive Officer of the Timesaco Donald Li shared with journalists here on Tuesday at Islamabad. He said, Human Resource Departments of all public and private organizations can create groups for their employees on Timesaco’s customer Application and can get the lifetime discount for employees.
Replying to a question, Donald Li shared that Timesaco has taken thousands of drivers onboard from all major cities and also thousands of customers are using Timesaco taxi service on daily basis. Timesaco has planned to build internet based Chinese model “Public Transportation Network” in Pakistan and using IOT Technology, to provide the best services to public and private sector. He said, Timesaco intends to work with Government of Pakistan and will provide its services to build an IOT based “Transportation Network” in near future.
He shared that his company intends to invest $20 million in services sector and supporting Pakistan through creating thousands of jobs and businesses opportunities. Timesaco’s mission is to build Smart Transportation and Easy Logistics ecosystem, and let local business and life more convenient and comfortable.
Standard Chartered Pakistan announces results for the period ended 30 September 2019
Standard Chartered Bank (Pakistan) Limited today announced its results for the nine months period ended 30 September 2019.
A strong performance by the Bank led to a growth of 56per cent in profit before tax to PKR 19.8 billion. Overall revenue growth was 41per cent, whereas client revenue increased by 32per cent year on year with positive contributions from transaction banking, corporate finance, treasury markets and retail products.
Operating expenses continue to be well managed through operational efficiencies and disciplined spending with a decrease of 5per cent from comparative period last year.
Momentum in advances (net) continued with 16per cent growth since the start of this year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.
On the liabilities side, the Bank’s deposits grew by 6per cent, whereas current and saving accounts grew by 8per cent since the start of this year and are now 95per cent of the deposits base. The optimal funding structure of the balance sheet continues to support the Bank’s performance.
Commenting on the results, Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank said, “The Bank continues to perform exceptionally well in 2019. We continue to make significant progress on our strategic pillars enabling the franchise to deliver positive results. As we move forward in our journey to bring state of the art, innovative digital solutions for our clients, we will further strengthen our control and compliance environment and strive to become a stronger, leaner and more efficient organisation.”
SSGC EOGM elects 11 new directors
An Extraordinary General Meeting (EOGM) of SSGC’s shareholders was held in Karachi to elect eleven directors of the Company for a term of three years.
SSGC’s Board of Directors elected at the EOGM includes, Dr. Shamshad Akhtar, Muhammad Raziuddin Monem, Faisal Bengali, Nida Rizwan Farid, Dr. Ahmed Mujtaba Memon, Dr. Sohail Razi Khan, Manzoor Ali Sheikh, Zuhair Siddiqui, Ayaz Dawood, Sher Afgan Khan and Capt. (R) Fazeel Asghar. The Directors were elected unopposed in accordance with the provisions of Section 159 of the Companies Act, 2017
The EOGM was attended by shareholders, senior management and executives of SSGC.
SSGC crackdowns on hefty defaulting government owned entities
SSGC has launched crackdown on hefty defaulting government owned entities. In Karachi, the Company disconnected gas supplies of Abbasi Shaheed Hospital, Sindh Government Hospital North Nazimabad, Trauma Centre of Ruth Pfau Civil Hospital and other defaulting entities.
SSGC’s spokesperson informed that Abbasi Shaheed Hospital was continuously defaulting its current as well as past gas bills and the previous arrears had reached to significant level. On the last disconnection by SSGC, the managements of Karachi Metropolitan Corporation and Abbasi Shaheed Hospital submitted an undertaking in which they assured that the hospital will ensure to pay the current monthly bill along with one million rupees on monthly basis from its outstanding amount. After this undertaking the gas supply of the hospital was restored by SSGC.
SSGC’s spokesperson also said that in contrary to this undertaking, the hospital management did not pay the amount which they had agreed; rather they used to make payments after 3-4 months according to their own comfort to offset the current bill amount, whereas the outstanding amount kept on increasing. According to SSGC’s spokesperson, timely disconnection notices were served to the hospital management and many official meetings were also convened in this regards but there was no serious response seen from the hospital management to settle the outstanding dues. As a last resort, the gas supply of Abbasi Shaheed Hospital had to be disconnected as the arrears had amounted to alarming level.
The outstanding amounts of Sindh Government Hospital North Nazimabad and Trauma Centre of Ruth Pfau Civil Hospital also other hospitals also rose to considerable levels as due to which their gas supplies were also disconnected by SSGC.
SSGC spokesperson reiterated that Company will continue to crackdown all government and private owned defaulting companies by disconnecting their gas supplies.
The Americana group signs mou with Punjab skills development fund
Middle East’s largest restaurants group, The Americana Group, has signed a memorandum of understanding (MoU) with Punjab Skills Development Fund (PSDF) with the aim of hiring trained workforce from Punjab for their Quick Service Restaurants (QSR) business division that operates 1,800 restaurants in the Region. The agreement was signed between Mr. Sai Gandhi, Chief People Officer, Americana Group and Mr. Jawad Khan, Chief Executive Officer, PSDF at the Americana Group Head Office, Sharjah, UAE.
The two parties are committed to creating a successful long-term partnership and give the youth from Punjab a chance to build their careers with one of the leading organizations in the Middle East. In accordance with the MoU, PSDF will fund the training of the workforce, while The Americana Group will employ the eligible candidates across their QSRs in UAE and KSA.
Mr. Sai Gandhi, Chief People Officer, Americana Group said, “Our partnership with the Punjab Skills Development Fund is to attract young talent and grow our pipeline of talent in the Americana business.”
Mr. Jawad Khan, CEO, PSDF said, “PSDF is playing a leading role in partnering with the best organizations in the Middle East and helping them meet their skilled workforce needs from Pakistan. After the success achieved with Atlantis the Palm and Rotana Groups in the hospitality sector, PSDF is very proud to partner with The Americana Group and meet their skills needs in the QSR space. We look forward to growing our mandate with Americana in other areas of their business.”
Peek Freans offers peek freans emerging artist prize to encourage budding artists at Karachi Biennale 2019
Peek Freans is dedicated to spreading joy among their consumers and they do so not only through their products, but also through other alignments and initiatives. Their latest award launched in collaboration with Karachi Biennale Trust this year, aims to recognize young artists who have shown exceptional talent and potential. This year’s winner, Arsalan Nasir, was presented with a unique medallion at the inaugural ceremony of Karachi Biennale 2019 for his work.
The Karachi Biennale is held every two years to provide a platform for emerging artists to show case their work. This year, the event showcased multiple artists from all over Pakistan as well as several other countries. The theme for this year was the devastating ‘development footprint’ on ecology.
While speaking to the media, Arsalan talked about the dangers of rapid urbanization in our part of the world, particularly with regards to the environment. Through his art, he wanted to depict the first and foremost repercussion of rapid urbanization – the birds of our city. These birds are in danger every day due to the rapid increase in the prevalence of tall buildings, communication towers and wires around the city.
Speaking about the award, Dr Zeelaf Munir, Managing Director & CEO EBM, said “Art is the best medium to help raise social awareness and EBM wants to use that to help drive focus towards the most pressing issue of our time. Keeping in line with EBM’s history of nourishing the environment and championing positive change, we are doing our part by encouraging youngsters to use their creativity to help raise awareness about the environment.”
Karachi Biennale, termed as the largest international contemporary art event by its organizers, kicked off on 26th October, 2019.
Nestlé reports revenue of rs87 billion
Nestlé Pakistan Limited recorded better sales – a 3.4% sales growth – in the third quarter of 2019 as compared to same period last year despite the broader macro-economic challenges and high inflationary environment.
The growth in sales was a result of focused demand generation activities, introduction of new products and continuous investment behind brands. The results were announced upon the conclusion of the meeting of the Board of Directors on Oct 29, 2019.
The revenue of the company was recorded at PKR 87 billion for the nine months ended Sep 30, 2019, a decrease of 4.2% as compared to the same period last year.
Net profit for the same period decreased by 36.7% to PKR 5.4 billion primarily due to higher input and energy costs and the imposition of sales tax and federal excise duty on milk powders and beverages.
Despite the tough economic environment, the management remains committed to meeting consumer expectations by offering quality and value-added products while remaining focused on optimization of the value chain.
NBP’s nine-months financial results for September 30, 2019
Meeting of the Board of Directors (BoD) of National Bank of Pakistan was held on October 29, 2019 at the bank’s Head Office in Karachi in which the BoD approved financial statements of the bank for the nine-months period ended June 30, 2019.
For the nine-months period, total income of the bank amounted to PKR 79.4 billion which is 20.3% higher than PKR 66.0 billion YoY. While net interest income closed at PKR 53.9 billion, non-mark-up / interest income closed at PKR 25.6 billion, up by 23.7% and 13.7% respectively. With an increase of 26.2% YoY, the bank’s profit before taxation amounted to PKR 29.2 billion as against PKR 23.1 billion for September 2018. After-tax profit for the nine-months period amounted to PKR 16.3 billion being marginally 1.0 % higher than PKR 16.2 billion earned during the corresponding period of 2018. The drop in after-tax profit is mainly attributed to higher taxation charge of 44.0% as compared to 30.0% for the corresponding period last year. Net profit translates into earnings per share of PKR 7.68 as against PKR 7.60 for the corresponding nine-months period of prior year.
Total assets of the bank amounted to PKR 3,025.4 billion which is 8.1% higher than PKR 2,798.6 billion as at December 31, 2018. These represent ~13.8% of the banking industry total assets. The bank’s market share in deposits, advances and investment is around ~14%, ~12%, and ~15% respectively. Representing ~12.0% of the total industry loans, gross advances of the bank amounted to PKR 1,093.4 billion, marginally higher than PKR 1,059.5 billion as at December 31, 2018. However, compared to PKR 953.3 billion of September 2018, gross advances stand increased by PKR 140.1 billion or 14.7%. As of September 30, 2019 deposits of the bank amounted to PKR 1,938.0 billion, depicting a drop of PKR 73.3 billion or 3.6% as against PKR 2,011.4 billion as of December 31, 2018. Deposits constitute translate into ~13.5% share in total banking industry deposits. Customer deposits that form 87.5% of the bank’s total funding pool remained stable during the period and amounted to PKR 1,695.0 billion (2018: PKR 1,674.12 billion).
2019 is NBP’s 70th year of service to the Nation, and it continues to deliver strong results. Its business strategy is evolving to ensure a focus on inclusive development through reaching and supporting underserved sectors including SME, Microfinance, Agriculture Finance, and finance for Micro-Housing on a priority basis. This is in addition to the bank’s dominant role in dealing with public sector enterprises and its employees. Building a digital banking capability and a technology platform will be a central part of this strategy as will the inculcation of a performance driven culture within the institution. For achieving the strategic goals of the bank, certain functions at the Head Office level have been re-organized to create synergies and enhance risk controls.
Metro & Star Farm join hands to address youth unemployment
In a bid to address the issue of unemployment in Pakistan, METRO Pakistan & Star Farm led a training programme in collaboration with PSDF and Generation to train youth holding intermediate degrees and looking for jobs. The first batch of Retail Sales Associates training programme graduation ceremony took place recently at METRO Pakistan’s Head office in Lahore.
Most of the candidates lack basic skills for the jobs they apply or do not have the understanding of how to prepare and pass the interview. This lack of knowledge and less focus towards the root cause of unemployment has never been addressed before.
Mr. Zeeshan, COO of Star Farm officially welcomed all the guest and participants. Ms. Sadaf Country Director of Foundation for Youth Employment Pakistan motivated all the participants’ congratulated and equipped them with the tips that will help in their upcoming phase of life. Mr. Marek Minkiewicz, Managing Director, METRO Pakistan, shared his requirements from the retail sales associate with his extensive experience in the same industry. Mr. Jawad CEO of Punjab Skill Development Fund shared his thoughts and stories with the participants.
Mr. Ishaq and Ms. Sadia, graduates from first batch, enlightened all the honourable guest with their heart-warming life stories and experiences of how this training programme has revolutionised their lives. All the participants were confident that they will pass the interview which was aligned for the next day.
2500 customers served at KE’S customer facilitation camp in Landhi
K-Electric (KE) recently organised a Customer Facilitation Camp in Babar Market area of Landhi, where residents could conveniently apply for New Connections, redress their complaints and avail payment solutions. In addition to this, an awareness session was also held where the safety hazards of power-theft through illegal kundas were highlighted and residents received free medical treatment at a health camp organized in collaboration with Layton Rehmatullah Benevolent Trust. To promote energy conservation, LED bulbs, which consume 60% less electricity than conventional lightbulbs, were also distributed among the visitors. Over 2500 area residents visited the Camp where they were facilitated by the KE staff and over 350 patients were treated at the medical camps.
Speaking at the occasion, K-Electric’s Chief Executive Officer, Moonis Alvi, talked about the power utility’s efforts to combat theft as a means to safe and reliable power supply for communities. “Through technological upgrades like the theft-resistant Aerial Bundled Cables and a collaborative approach with communities, we have successfully exempted over 70% of Karachi from load-shed. We are committed to serving this city and investing in its growth and prosperity; our presence in Landhi today is a testament of our efforts to get closer to customers by serving them at their doorsteps.”
KE says digitalization, automation of processes improved customer facilitation
K-Electric has taken several initiatives aimed at reducing the turnaround time for the provision of new industrial connections in Karachi. These include a faster and simpler process for applying for new connections, which can be submitted online as well. The number of required documents has also been reduced, and consumers can avail an e-payment option for their new connection estimate. Consumers can also use KE’s online cost calculator and online case tracking to get the tentative cost and track the progress of their new connection application.
Initiatives like the launch of online portals for new commercial/industrial connections which made getting electricity easier, and announcement of tariff changes in advance have also been acknowledged by the World Bank as Pakistan has emerged among the top 20 reformers globally with initiatives in six indicators under the Ease of Doing Business score including the Getting Electricity indicator as well.
According to Spokesperson KE, “The power utility is committed to provide reliable and quality power supply with customer-friendly processes. We have been at the forefront of introducing the latest technology to enhance the experience of our customers. Exempting industries from load-shed since 2010 has fueled industrial growth and economic prosperity in the city. Moreover, we are upgrading our infrastructure to meet growing power demand of new industrial consumers. In partnership with the Board of Investment, National Electric Power Regulatory Authority, World Bank and other concerned authorities, KE will continue its efforts to further enhance the overall business environment in Karachi.”
Over the years, KE has taken several initiatives towards digitalization and automation of its processes, enabling it to improve its operations and facilitate customers thus making it easier to do business. The power utility also extends complete facilitation to industrial associations in terms of operational queries as well as new power connections.
6th african Islamic finance summit set to open in Tanzania
Africa is new destination for Islamic finance which will attract FDI in the country: Zubair Mughal
AlHuda Centre of Islamic Banking and Economics (CIBE) is honored to organize 6th African Islamic Finance Summit in Tanzania. The event is successfully held for many years in Tanzania for the betterment of the socio-economic conditions of the rural and urban areas of the country. It will be held at Hyatt Regency – The Kilimanjaro, Dar-es-Salaam, Tanzania on 04th – 05th November 2019. The summit will be followed by Post Event Workshops on Operational Aspects of Islamic Banking and Takaful on 06th – 07th November 2019.
More than 20 international speakers would give their valuable contribution in the topics of discussion. The banking and financial industry of Tanzania and the surrounding areas will actively participate in the conference to gain ample knowledge of the Islamic financial sector and solutions to the escalating problems of the society. The event is supported by SPM Consulting and London School of Modern Studies and there are many supports in queue. Sponsors of the event include Islamic Corporation for the Development of the Private Sector (ICD), Amana Bank, International Trunkey System (ITS). The event will be inaugurated by the esteemed chief guest H.E Dr. Ashau K. Kijaji (MP) Deputy Minister from the ministry of finance. Participants are high profile personnel for 20 countries e.g. from central banks, banking and financial sectors of Tanzania and rest of the African countries, microfinance and insurance industry.
Mr. M. Zubair Mughal, CEO, AlHuda CIBE (the organizers of the event) thanked the supporters and the sponsors in advance for their continuous trust on them and the unprecedented support for the event that is much needed to achieve the milestone. Tanzania has a largely rural population, which makes access to financial services a challenge and digital solutions ideal. The World Bank reports 70% of the population resides in rural areas, and Financial Inclusion (FI) data shows that less than one-third (29%) of the rural population have active accounts (used in the last 90 days), whereas urban citizens are twice as likely to have actives accounts (61%). Approximately 76% of Tanzanians live on less than $2 per day, with three-quarters of Tanzanians employed in the agriculture sector, according to World Bank data. Making gains among these groups is key to improving Tanzanians’ financial lives. He said that Islamic banking and finance is the best alternative to change the lives of the poor. Investing in Islamic Banking and Finance could mean greater foreign investment that could result in enhanced global connectivity, improved job creation, socio-economic development and poverty alleviation.
The main objectives of the summit include e.g. recognizing significant developments in Islamic Financial Infrastructure of Africa, linkages of African Islamic Finance industry with international financial market, demonstration of the flexibility of Islamic Financial markets during recent financial crisis, share the best practices of the international Islamic banking market with African Islamic finance Industry, assessing innovations in Islamic financial markets through the growth of newly developed research based products etc. The event is open for the public with very nominal entrance fee. It is highly recommended that more and more organizations, companies and banks join the summit in order to gain the maximum benefit from this international event in Tanzania.