JazzCash monthly active subscribers cross 7 million mark
Emerging as the market leader for the third consecutive year, JazzCash proudly announces an active base that now stands at over 7 Million users. JazzCash is fast becoming the most popular and trusted digital financial services brand in Pakistan.
Transaction values have also increased by 42% compared to the previous year and have crossed the PKR 1 trillion mark; customers carried out 0.5 billion transactions through the service.
On this occasion Jazz CEO Aamir Ibrahim said, “JazzCash offers its users diversified financial services aimed at meeting their evolving financial needs. The traction we have gained in terms of the number of active users, the value and the volume of transactions is evidence that we have both made headway in terms of enhancing financial inclusion and also gained customer trust.”
JazzCash is on a mission to provide every Pakistani access to a range of financial services through secure and accessible channels with an easy to use USSD menu, user-friendly mobile app and over 80,000 agent touchpoints for transactions. With a growing number of subscribers using JazzCash for their day-to-day transactions, Pakistan is visibly progressing towards financial inclusion and upward economic mobility of communities.
The team at JazzCash is currently working on bringing more exciting features to be a part of their mobile account especially on the digital front, which is the JazzCash App. JazzCash App allows users from all networks to become a part of Pakistan’s most trusted and used mobile account.
Glitz, glamour and power packed performances: PPA all set to take Oslo by storm
IPPA (International Pakistan Prestige Awards), the biggest independent, star-studded Pakistani event taking place internationally, is all set for its third outing, this time in Norway, after two successful stints in the UK. The awards ceremony will be held at X Meeting Point, Oslo, Norway on December 7 and it is expected that the Pakistani diaspora will be in attendance as never before.
The first IPPA happened in 2017, celebrating 70 years of Pakistan, and since then there has been no looking back. With our media and showbiz industry supporting the Awards in great numbers in the past, this year too it is expected that many celebrities will be representing Pakistan and presenting a soft image of our country to the rest of the world by promoting Pakistani cinema, television, fashion and music.
Celebrities expected to grace the Red Carpet at IPPA this year are Humayun Saeed, Hania Amir, Sohail Ali Abro, Ayesha Omar, Sadaf Kanwal, Mani, Hira Mani, Mansha Pasha, Wahab Shah, Adnan Siddiqui, Aima Baig, Nomi Ansari, Neelam Munir, Sheheryar Munawar, Kubra Khan and many more.
The event, organized by Vision Events International and Lollywood Entertainment is presented by Bisconni Chocolatto, powered by Bio Amla, and brought to you by Olivia. Like every year, the PR of IPPA Awards 2019 is being handled by Starlinks PR & Events and the official media partner is HUM TV.
IBA Karachi awards degrees to 926 students on annual convocation 2019
First cohort of BS Economics and MS Journalism graduate also announced
The Institute of Business Administration (IBA), Karachi held its annual convocation 2019 at the main campus to confer degrees to 926 graduates. The graduating batch included 673 undergraduate students from six programs, 252 postgraduate students from seven programs, and one PhD scholar.
The Chief Guest of the ceremony was Advisor to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh. Minister for Food and Parliamentary Affairs, Mr. Nisar Ahmed Khuhro and Co-Founder, The Citizens Foundation (TCF) Mr. Mushtaq Chhapra attended as Guests of Honour.
Executive Director IBA, Karachi Dr. Farrukh Iqbal congratulated the graduating students and their families and announced that 80 percent of the Institute’s current graduating batch has attained employment of their choice within three months of graduation. Addressing the audience, Dr. Farrukh Iqbal announced that the first cohort of BS Economics and MS Journalism are graduating and will enter the job market. Furthermore, he said that the IBA is the first Institute to offer a specialized degree in Journalism.
Mr. Chhapra applauded the IBA’s initiative to start the Responsible Citizen Initiative (RCI) or Social Internship and many institutions of higher learning are following in the footsteps of the IBA. He highlighted the diversity at the IBA and mentioned that many graduates of TCF have obtained education from the IBA through its financial assistance program. He also said, “Life is not about being rich, popular or highly educated, it’s about being real. It’s all about being humble and being kind.”
Mr. Khuhro said that the skill set, which the graduates have learnt at the Institute will help them with the intricacies of life. He added that being graduates of the IBA makes them stand out from the rest and also endows them with a responsibility to perform well. He also said that, “With a legacy of more than 6 decades, the IBA has proven to be a hub of nurturing talents from which not only Pakistan but the whole world has benefitted. This esteemed Institution has produced nothing but the best leaders and professionals that not only lead but inspire.”
Chief Guest Dr. Abdul Hafeez Shaikh appreciated the efforts of the IBA and asked the students to value the virtues this Institute has empowered them with and urged the graduates to strive for excellence and said that, “No great institution, and great achievement has been possible without one person saying I don’t care about the odds. I want you to be those people, who don’t care about the odds and on the course to greatness.”
The convocation ceremony featured the position holders in various degree programs who were awarded cash prizes, medals, shields and certificates of merit. Graduating students excelling in the field of sports were also recognized. Performance awards were given to staff and faculty members including the Best Teacher and Best Researcher awards.
IBA Karachi to observe its annual convocation 2019
The Institute of Business Administration, Karachi will hold its Annual Convocation on December 7, 2019 to confer degrees to the graduating batch of 926 students (673 undergraduates from six programs, 252 post graduates from eight programs, and one PhD candidate).
The first batch of BS Economics and MS Journalism will graduate and enter the job market. The IBA is the first Institute to offer a specialized degree in Journalism. Eighty percent of the Institute’s current graduating batch has attained employment of their choice within 3 months of graduation.
The Chief Guest of the ceremony will be Advisor to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh. Minister for Food and Parliamentary Affairs, Government of Sindh Mr. Nisar Ahmed Khuhro and Co-Founder The Citizens Foundation (TCF) Mr. Mushtaq Chhapra will be attending as Guests of Honour. Patron IBA and Chief Minister Sindh, Syed Murad Ali Shah is also expected to grace the occasion.
This year a few of the medals and awards have been sponsored by the corporate sector and philanthropists, including Martin Dow, Pakistan Beverage Limited, PepsiCo, Sui Southern Gas Company Limited (SSGC), United Bank Limited, Pakistan Press Foundation and Aftab Associates and Mr. Mumtaz Hassan Khan.
With over 6 decades of legacy, the Institute has achieved prominence across national and international platforms due to the quality of its graduates and esteemed faculty which is well versed in numerous disciplines, where more than 60% of the faculty members hold a PhD degree.
Hyundai Nishat Motor starts booking of Hyundai porter h-100 pickup
Hyundai Nishat Motor (Private) Limited bookings for this highly anticipated local assembled Hyundai Porter H-100 Pickup opened from December 3, 2019, through its nationwide dealership network and deliveries would start from January 2020. The introductory launch price of Hyundai Porter H-100 would be PKR 2,449,000/- ex-factory.
This was announced in the launch ceremony held at a local hotel in Lahore by the management of Hyundai Nishat Motor (HNMPL).
Prospect customers can now book their favorite Hyundai Porter H-100 from our nationwide dealer network which cover cities of Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Multan and Peshawar.
The Hyundai Porter H-100, is a famed product in the Hyundai brand portfolio. Its previous model known as Hyundai Shehzore has always been high in demand in its segment. It is a three-seater Light Commercial Vehicle with a 1-Ton payload capacity. The pick-up is powered by the upgraded powerful New 2.6L Diesel Euro-II engine along with a 5 Speed manual transmission. It provides exemplary utility to commercial loading needs in its class and is a trusted business partner for commercial loaders and corporates usage.
Hyundai Nishat Motor is aggressively expanding its 3S Dealer Network all across Pakistan. In the first phase, (06) Hyundai 3S Dealers will become operational in 2019. More will be added in 2020. Hence, the Hyundai customers will conveniently get all kinds of facilities like; sales, service, spare-parts, most comprehensive warranty in Pakistan of 4 years and/or 100,000 km, whichever comes first. Moreover, company information can also be accessed, along with interactions through digital connectivity.
HNMPL’s new manufacturing facility occupies 67 acres in Faisalabad with an annual production capacity up to 15,000 units, while creating thousands of jobs for economic progress. HNMPL is a joint venture company among three leading international businesses — Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Ltd. Hyundai Motor Company (Korea) has partnered with HNMPL with a vision that HNMPL becomes the leading manufacturer, marketer and distributor of automobiles in the country, and realize Hyundai’s vision of being a lifetime partner in automobiles and beyond!
Alhuda’s 9th global Islamic microfinance forum successfully concluded in Lahore
Under the Theme of Financial Inclusion through Enterprise Development for Poverty Alleviation
The 9th Global Islamic Microfinance Forum was successfully concluded at Governor House Lahore, Pakistan. The purpose of that forum was to promote, strengthen and unite the organizations of Islamic microfinance (IsMF) with the theme of Financial Inclusion through enterprise development for poverty alleviation.
Eminent speakers and industry professionals from well serving organizations related to Microfinance, Islamic microfinance, micro insurance and NGOs participated in the event. The aim of the forum was to discuss the outreach strategies, financial inclusion enterprise development by gathering stakeholders under one roof. The forum was organized by AlHuda Centre of Islamic Banking and Economics in association with Akhuwat Pakistan and Punjab Development Network, in partnership with multilateral organization Islamic Corporation for Development of Private Sector (ICD).
AlHuda arranged an impressive lineup of speakers from different countries with the revealing sessions on the subject matter to explore more options for Islamic Microfinance industry. Dr. Amjad Saqib, Founder of Akhuwat Pakistan inaugurated the forum by saying that Islamic microfinance is the need of the time and this can be used as a weapon for the poverty alleviation. He further explained how Akhuwat model and different products are playing its role to alleviate the poverty in Pakistan. He also appreciated the efforts of AlHuda Centre of Islamic Banking and Economics. Dr Amjad Saqib, highlighted the ways of poverty alleviation through qard-e-hasna in Islamic microfinance through which Akhuwat is providing small loans to more than 5 lac people across Pakistan. The services of Akhuwat, Pakistan is not only limited to Pakistan rather in other countries of the world. The research on Akhuwat Model in different universities of the world is the best example of it. He further added that poverty is a world phenomenon and mostly growing in the Muslim countries. It is recommended that we chalk an international strategy to alleviate poverty from Muslim world through means which could be near to the Islamic traditions and religious norms and Islamic microfinance is the best solution of that.
Addressing to the inaugural session, the Chief Guest of the Ceremony H.E. Chaudhry Muhammad Sarwar, Governor of the Punjab said: Islamic Microfinance should be utilize as system of poverty alleviation for Muslims and Non- Muslim world, he pursued the participants “There are various challenges among the Muslim World, but if we look at our figures we can see the opportunities therein. Islamic Microfinancing is a catalyst to empower enterprise development and a viable and sustainable vehicle for inclusive economic growth”
By addressing the event participants, Mr. Dato’ Abu Ubaidah Kemin, Founder- Bankwaqf International, Malaysia, discussed about the Islamic microfinance challenges and opportunities. To attract the attendees he talked about how IsMF institutions can balance among donors, clients and governments. Mr. Sheikh Mohamed Issa, Technical Resource Person- Center for Islamic Finance, Compliance and Advice (CIFCA), Dar es Salam, Tanzania explained about the necessity of Islamic microfinance by focusing on economic justice. He further present the different aspects of Islamic microfinance. He also explain the reasons of poverty and its solution through Islamic microfinance and discussed about the relevant IsMF product to alleviate the poverty in order to enhance the living standards of poor along with its implementation strategy.
Addressing to the audience, the organizer of 9th Global Islamic Microfinance Forum, Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that there is no religion of poverty but it can be alleviated through methods defined in religion and Islamic microfinance is the best example of this. Muslims and non-Muslims can equally take benefit of this micro-financing. He added that in Muslim world, poverty is rapidly increasing to its dangerous level. The main reason of this is the non-availability of such sources which are near to their religious values. He said that recent researches of World Bank and international organizations show that there exist chances of poverty in the non-Muslim world and the only solution is Islamic Microfinance. If Islamic microfinance is over looked in such a way then there are no chances United Nations Organization meets the Millennium development Goal.
In the forum, delegates from Ansar Financial & Development Corporation- Canada, Finmaal, Dubai – UAE, Azam Foundation, Pakistan, Bankwaqf International Malaysia, Westminster International University, COMSATS University Islamabad UK and many other delegates from different countries participated in it. In the forum Financial Inclusion, Outreach Strategies and Innovations, Shariah Structuring for the development of Islamic microfinance, Sustainability, and FinTech were discussed in the broader perspective. At the end of the forum Islamic Microfinance product and a book was launched by one of the Islamic micro-financial institution from Pakistan. The Global Islamic Microfinance Forum was held in Turkey, Azerbaijan, Pakistan, Malaysia, and Kenya before.
The Forum is followed by Two Days “Post Event Workshop on Operations and Practices of Islamic Micro and Agriculture Finance” dated for December 12-13, 2019. This Workshop covered a variety of allied topics.
JBS Inks mou with EFU Life for provision of hpe storage solutions
Jaffer Business Systems (JBS) and EFU Life Assurance recently signed a Memorandum of Understanding (MoU). According to the MoU, JBS has partnered with EFU Life for providing Hewlett Packard Enterprise (HPE) Storage Solutions that include HPE 3PAR, Storage Switches and HPE Backup Appliance.
HPE delivers an intelligent data platform that prevents issues before they occur by learning and adjusting in real time. This platform was developed with hybrid infrastructure in mind, meaning the data is accessible and usable across all cloud environments.
While signing the MoU, Zain Ibrahim –Executive Director, EFU Life Assurance– expressed his views on the subject, “We share the same ideology as JBS, as we keep upgrading ourselves in order to stay ahead of the competition. IT structure within organizations need to be improvised in order to have more potential and fulfill that potential as well. As an insurance company, we feel that we have to make sure that the abundance of data that we have is utilized completely to provide better propositions to customers. I’m glad to be partnering with JBS as it fulfills our aim. JBS is not only providing us with IT solutions, but in fact we look at them as partners because they are helping us grow.”
Veqar ul Islam, CEO, Jaffer Business Systems stated: “We already have a successful working relationship with EFULife and it gives me great honor to expand and work with them in new areas. As I have said numerous times, we go out of the way to provide the best value added services and we will continue to do so.
Like many of JBS’ previous initiatives, this partnership is yet another step ahead towards technological transformation and innovation.HPE Storage products are not just cost-effective enterprise-level storage solutions but also keep businesses moving forward by protecting the data and making deployment and management simple.
The occasion was a two-way celebration as JBS also presented an appreciation award to Mr. Ashfaque Ahmed –General Manager, EFU Life Assurance – for having been selected amongst the 10 Best CIOs to Watch 2019 by one of the most trusted business and technology publications issued from the United States, The Silicon Review. This makes Mr Ahmed the only Pakistani to have received this honor.
Berger paints sports event
Berger Paints organized its 13th Inter Departmental Cricket Tournament on December 7, 2019 at Model Town Whites Cage Cricket Club – E Block, Model Town, Lahore. It was day & night event and all the departments participated in the event and showed great interest. After the series of matches, final was played between Production and MIS, Purchase & Supply chain department. Production department won the tournament after an exciting and thrilling match.
UBL hosts b2b seminar for CPEC delegation
0000UBL has been a leading supporter of both Pakistan and China’s strategic economic interests under the CPEC initiative. In this regard, UBL hosted a B2B Seminar in Lahore on 26th Nov 2019, for the IGEA (International Green Economy Association) delegation from China. The Delegation consisted of members of the IGEA organization, Chinese Consulate and 21 Chinese investors and companies that are interested in investing in Pakistan.
The seminar was conducted to showcase business opportunities in Pakistan and initiate joint ventures with local corporates of Pakistan. The Seminar was also attended by the Punjab Board of Investment officials, as well as the top Local Business Corporates of Pakistan.
Sustainable urban transport and mobility in urban Pakistan discussed at the IBA Karachi
The Karachi Urban Lab (KUL) held a panel discussion titled, Sustainable Urban Transport and Mobility in Urban Pakistan at the Institute of Business Administration (IBA), Karachi Main Campus. The discussion focused on assessing current projects and future potential for transportation in Pakistan. The event was moderated by Director of the Karachi Urban Lab and Professor of City and Regional Planning IBA Karachi, Dr. Nausheen H. Anwar.
Executive Member of Shehri-Citizens for a Better Environment, Mr. Farhan Anwar gave a presentation about the need to design cities around sustainable methods of transportation such as public transit and walking or cycling. Mr. Anwar critiqued the model of transportation planning that focused on personal vehicles and stressed the need for transit-oriented development (TOD) in Karachi.
Moreover, Director Transportation Engineering Department, Exponent Engineers Private Limited, Mr. Ashar Lodi shared insights and proposals on public transit in Karachi, specifically the ongoing bus rapid transit (BRT) projects. He presented his ambitious imagining of BRT as an accessible, effective, and cost-efficient way of transforming public transit and mobility in Karachi.
Associate Professor in the School of People, Environment and Planning, Massey University, New Zealand, Dr. Imran Muhammad spoke about his research in Curitiba, Brazil, where the BRT system largely remains a success story and model for sustainable transport projects in the Global South.
The discussion ended with a Q&A session, led by Dr. Anwar, where the discussants talked about gender inclusivity, data collection, and the role of international institutions.
SSGC’S fight against gas theft in full throttle
Sui Southern Gas Company’s Security Services and Counter Gas Theft Operations (SS & CGTO) Department pulled out all the stops in bringing gas thieves to justice in its franchise provinces of Sindh and Balochistan through regular raids and prosecution.
The SS and CGTO team secured yet another prosecution success against the culprits stealing gas. The other day, three individuals involved in gas theft were convicted by the Honourable Gas Utility Court, Larkana. Each culprit was fined Rs. 10,000 and would face 15 days additional imprisonment in case of default.
On the same day, Sindh High Court dismissed a bail application of a culprit for directly stealing gas for commercial purposes at a hotel in Hawke’s Bay, Karachi. Another raid, jointly carried out by Intelligence Wing along with SS & CGTO Police in Society Zone, Central Region identified 28 houses involved in bulk gas theft in an apartment building in Bahadurabad. Gas supply was immediately disconnected and claims against culprits were raised.
SSGC is committed to continue its fight against gas thieves and will see to it that they will be punished for their misdemeanor. SS & CGTO Department will double its efforts in the coming weeks and intensify crack down on those miscreants who are depriving SSGC’s loyal customers from this natural resource.
NCMPR holds historic seminar on world fisheries day at Baba Island
National Centre for Maritime Policy Research (NCMPR) the Karachi segment of National Institute of Maritime Affairs (NIMA), Islamabad organized a seminar to mark the celebrations of World Fisheries Day 2019. The event was held on the 3rd of December 2019, at Baba Island Karachi.
The event was distinguish in a sense that it was the first time ever being held at the door-step of the fishermen’s community not only to facilitate their maximum participation but also to acknowledge their services provided in this important sector of the national economy. Mr. Abdul Bari Pitafi Minister of Livestock and Fisheries, Sindh graced the event as the Chief Guest. The theme selected by NIMA/NCMPR for this year’s celebration was “The Tales of the Fishermen”.
NIMA/NCMPR also acknowledged the fishermen for their services and work in the fisheries sector. The selected distinguished fishermen were awarded with certificate of recognition for their remarkable input and support for this segment of the blue economy. Some eminent women who have excelled in education and are role models to the young generation were also presented shields to acknowledge their contribution to being a source of motivation for the girls in the fishermen community.
As the world Fisheries Day Seminar for the first time was being conducted at the Baba Island, special arrangements were made to take all the relevant stakeholders from concerned departments were taken to the island to see and observe the issues faced by the fishermen communities living there for developing a better understanding of the on ground situation. Through the seminar the work and means of the traditional fishermen were highlighted through their experiences and life stories. A tableau was also presented by the Island children on the theme “Our Oceans, Our Future”.
Director National Centre for Maritime Policy Research, Commodore (Retd) Ali Abbas SI (M) emphasized the importance of the fisheries sector and its sustainable development. He further said that fisheries have secured a vital standing in our daily life and serve as a substantial part of our food chain.
Mr. Abdul Bari Pitafi in his address said that the fisheries sector plays a significant role in creating employment opportunities and prosperity of life through exploring and exploiting the sea in an ecologically balanced manner. He said the theme of the day provides us an opportunity to identify and promote the fishermen who have contributed several decades of their lives in this industry. He further assured that the Government of Sindh will take all possible measures to address issues of the fishermen community. The Chief Guest appreciated efforts of NIMA and NCMPR for organizing the seminar and providing a platform to discuss the life and experiences of fishermen in Pakistan. Apart from the local fishermen, the event was attended by various prominent dignitaries from the maritime sector, serving and retired naval officers, government officials, intellectuals, researchers and students.
Leveraging influencers in pr can generate talkability for brands
Pakistan PR Influencers’ Chat (@PakistanPR) which is a Twitter based forum to facilitate conversations amongst Public Relations professionals in Pakistan, had its third online conversation under the hashtag #PakistanPRchat. The PR exclusive interaction which was hosted by Warda Iqbal, Head of Client Services at BBPR and Events, discussed the role of influencers in PR and how it’s evolving with the passage of time and advancements in technology.
The discussion started from what all a brand should see while taking an influencer on-board and how they can leverage that influencer’s following to bring out their message. Seamless brand integration with influencer and content designed keeping the audience in mind is important.
Influencers are like opinion makers, they mould and steer their followers, the way they want to but their personality should match with brand or corporate personality. They also play a vital role in increasing sales of a product, as most people wait for feedback from their favorite influencers before making a purchase. Therefore picking the right ones can help in creating a positive brand image.
Moreover in Pakistan the trend of Micro and Nano influencers is slowly emerging and a lot of companies are shifting from macro to Micro and even Nano influencers as they are effective, economical and have the ability to reach more people. Different ways to check the effectiveness of a KOL (Key Opinion Leader) was also discussed and the use of unique discount codes by companies these days that help them identify the success of a blogger by the number of times the code has been used.
Employees as influencers were also discussed during the chat session. This is one segment which is usually ignored by the organizations. Recent trends have revealed that employee advocacy is gaining momentum as consumers tend to believe employees of a company more than anyone else. Given the nature of social media, tapping into the power of employees should be a consideration for all brands. Employee posted content not only generates more reach and response, but it is also seen as more authentic and likely to inspire action.
Pakistan PR Influencers’ Chat is a twitter based forum which came into being with a goal to discuss unrecognized role of PR and communications in improving different aspects of business and society. It is operating with twitter handle @pakistanpr and conversations are available under the hashtag #PakistanPRchat.–PR
Asian Development Bank visits PSX stockbrokers association
The delegation comprise of Mr. David White & Ms Michelle Parnell of Asian Development Bank (ADB), accompanied with Mr. Akif Saeed who is currently serving as consultant to ADB, visited PSX Stockbrokers Association (PSA) on December 2, 2019. The meeting was led by the President of PSA, Mr. Basharat Ullah Khan and was attended by Managing Committee and Ex-Office Bearers of PSA.
Mr. Khan welcomed the Honorable Guests and thanked them to have interaction with the representative body of Trading Right Entitlement Certificate (TREC) Holders of Pakistan Stock Exchange. Mr. Khan, followed by the presentation, highlighted the issues being faced by the TREC Holders. Stock Market being fully documented and tax compliant should be promoted but unfortunately the investors and the TREC Holders in the Capital Market are subject to unreasonable tax and compliance burden.
He further apprised the guests that the TREC Holders are inundated with the never-ending Regulatory Compliances that they do not find time for marketing their business. The guests shared their perspective regarding the Stock Market and assured the house that they will take measures for the development of the Capital Market and to promote investment in Stock market, the investors will be encouraged.
The house hoped that the concerns and issues will be resolved in due course. In addition to it, the recently floated concept note of New Broker Regime was also made part of the discussion, wherein, views were exchanged in different aspects. The ADB further clarified that they never demanded for any change in existing Broker Regime. In conclusion, PSA thanked the Honorable Guests and stated that we look forward to you and your office to plead our case with the Government and Regulatory Authorities. We look forward to your support in this matter.
IGEA delegation met NBP’S senior officials to sign ‘strategic cooperation agreement’
A delegation comprising of 45 Chinese Officials headed by Mr. Sha Zukhang, Former Deputy Secretary-General of the United Nations, President of Pakistan Friendship Association of China and Honorary Chairman of the International Green Economy Association, visited National Bank of Pakistan, to sign a Strategic Cooperation Agreement, for provision of banking facilities by NBP to IGEA members. The agreement was signed by Mr. Deng Jihai, IGEA & GBO-Global, and Mr. Arif Usmani, NBP President &CEO.
International Green Economy Association is a non-profit social organization operating out of Beijing, winning qualification of “4A evaluation rank” for Chinese social Organizations. IGEA is committed to promoting green development. It has more than 5,000 members and cooperative enterprises in green manufacturing, green architectures, ecological agriculture, energy conservation and environmental protection, new energy, new materials and other green industries. As an advanced professional organization in green economy. GBO-GLOBAL, is the operating platform of IGEA, with focus on organizing Chinese enterprises to work with Pakistan.
President NBP also hosted a dinner in honor of the visiting delegation where selected corporate customers of the bank were invited to hold B2B meetings with the members of the visiting delegation. Business community from both the countries held initial business dialogue to create joint ventures and enhance business relationships.
Moody’s upgrades NBP’S outlook to stable, affirms ratings
Moody’s Investors Service has affirmed the B3 long-term local currency deposit ratings of National Bank of Pakistan (NBP) and upgraded the outlook from negative to stable.
The rating action follows Moody’s decision on December 2, 2019 to affirm the B3 rating for the Government of Pakistan and change the outlook on the sovereign rating to stable from negative and reflect reduced external vulnerability risks and ongoing fiscal reforms.
The rating action reflects improvements in the operating environment in Pakistan and in the country’s sovereign credit profile. The primary driver of Moody’s decision to change the bank’s outlook to stable is the extensive interconnectedness between the bank’s balance sheet and sovereign credit risk, owing to the bank’s high exposure to government securities. The high direct exposure to government credit risk, in addition to the primarily Pakistan focus of its operations, links the bank’s credit profile to that of the government. As a result, the improvements in the operating environment and in the sovereign credit profile have eased pressures on the bank as well.
The stable outlook assigned to the bank’s local currency deposit ratings also reflects Moody’s expectation that the government’s capacity to support banks in case of need will not deteriorate. This is reflected by the stable outlook on Pakistan’s sovereign B3 bond rating which is driven by reduced external vulnerability risks on the back of policy adjustments and currency flexibility, as well as ongoing fiscal reforms that will mitigate risks related to debt sustainability and government liquidity.
A team of Moody’s had a meeting with the CEO and CFO of National Bank Pakistan on November 22nd and discussed the latest macroeconomic indicators, macro-financial risks and new opportunities for growth in Pakistan.