Nov 22, 1999
International Design Contest Launched in Pakistan
The Gold Virtuosi International Design Contest was launched in Pakistan
recently by the World Gold Council and AngloGold.
This contest is the latest development in the international gold market
and its intention is to promote the use of Gold Jewellery. It is open to the general
public as well as jewellers and amateur and professional jewellery designers. There is no
restriction on age, sex or professional qualification. Each participant can submit three
design in this contest.
The designs submitted by contestant in Pakistan will be forwarded to
London to be Judged by an International Panel of Jewellery experts. All designs should be
submitted through the World Gold Council's office in Pakistan. No designs submitted
directly to London will be entertained. The last date of submission of designs is December
After preliminary judging, contestants whose sketch have been selected
will be asked to submit made up pieces of their designs and the final winner will be
chosen from amongst them. To ensure fairness and impartiality, the judges will not be
given the names or the nationalities of the entrants.
The World Gold Council is a non profit organisation representing the
interest of Gold producers worldwide. Its primary objective is to identify markets with a
high potential for gold consumption and to increase the global off-take of gold.
SEMINAR ON " BANKING TODAY AND TOMORROW" AT HAMDARD
INSTITUTE OF MANAGEMENT SCIENCE Islamabad
The Hamdard Institute of Management Sciences, Islamabad organized a
national level Seminar on "Banking Today & Tomorrow". The Seminar was
inaugurated by Mr. R. A. Chughtai, Deputy Governor, State Bank of Pakistan and attended by
a good number of senior bankers from different Banks & Financial Institutions,
educationalists & students. The evening session was presided over by Mr. Budruddin
Khan, President, GuIf commercial Bank Ltd .& Mr. Tasadduq Hussain, Executive Director,
State Bank of Pakistan. In reply to welcome address Mr. R. A. Chughtai Said:
"The environment in which banks operate is rapidly changing - the
agents of change being new technology, new market practices and new alliances. Only those
banks and Financial Institutions, which can adapt and develop new strategies in response
to these new circumstances, will survive. Predicting both the direction and the pace of
these changes will itself be a challenge for the banks" said Mr. R. A. Chughtai,
Deputy Governor State Bare while adds easing a seminar on the subject of "Banking
today and tomorrow" arranged at Hamdard Institute of Management Sciences . Islamabad.
In his address Mr. Chughtai briefly identified the causes for
deterioration in the financial sector: the objectives of the financial rector Reforms
undertaken since 1990, the pressures generated by the globalisation, technology and
deregulation on the shape of financial system in the 21st century and its likely effects
on the do financial markets.
Speaking on the future out look of the financial market he was of the
view that despite the development of skill to measure credit risk with sufficient
accuracy, capital requirement as a cushion for losses is likely to increase keeping in
view the risk involved in the back drop of the recent financial crises, both within and
outside the country. Besides the process of consolidation will gain momentum under the
pressure of increasingly competitive environment both domestically as well as
internationally. The issue of transparency will engage particular attention of the
regulatory authorities in coming years. "It will, therefore, be absolutely critical
for the regulatory authorities and auditors to have continued access to current and
accurate information about the institutions under their responsibility to formulate
appropriate response", he said. He emphasized that changes in the financial services,
both geographically and transactional are imminent in view of the impact of recent
developments in Information Technology, which would place more stress on supervisory
process and growing emphasis on strengthening the core elements of regulation i.e.
Prudential Surveillance, accurate repenting, compliance and enforcement. This will
necessitate on strengthening the conventional role of Board of Directors of the
bank/financial institutions which are, primarily concentrated on managing the overall
affair on the institution at present. He also said that notwithstanding try application of
the company law, the obligations of the banks to the society need more emphases, for which
barking laws may esquire review for outing such responsibilities on the Directors and
management of the Bared/Financial Institutions.
He observed that the Board of Directors of the batik, in addition to
its traditional duties/responsibilities towards shareholder, regulatory authorities and
market, have to share the responsibilities on account of accuracy in financial reporting,
arid institution of a competent and independent internal audit function. SBP would look
towards such efforts from banking sector ensuring required capabilities to meet and ensure
the soundness of financial system, effective governance and management system.
He also emphasized that: the role of tine consumer of the financial
services would be key to ensure high standard of financial services through strong
supervision, internal control and effective management. For the purpose they have to
assess the risk to be assumed by them which in turn would depend on their level of
expertise/knowledge. This will require increased consumer awareness, with a simultaneous
comfort to the small depositor.
Concludingly the Deputy Governor appreciated the Hamdard Institute of
Management Sciences for arranging a Seminar on such an important topic and contribution of
the Hamdard Management in promoting knowledge in the field of Banking and Finance. He
expressed the hope that such programmes would be frequented so as to benefit the banking
community at large.
Kodak prize Draw
Kodak Gold Promotion "Kodak Kay Rang, Sonay Kay Sang" has
been a roaring success with both amateur and professional photographers.
Kodak has received thousands of entries in response of this promotional
scheme. The Prize draw program will be telecast soon on a local television network.
Kodak's Gold Promotion 'Kodak Kay Rang, Sonay Kay Sang' has not only
been a source of great publicity for Kodak, it has also promoted photography in Pakistan
as a whole.
Governor at KIET
A bog meeting was held on 16 November 1999 at the City Campus of
Karachi Institute of Economics and Technology (KIET) which was chaired by Air Marshal
(Rtd) Azim Daudpota the Governor of Sindh who is also the Chairman Board of Governors of
KIET. The meeting was attended by the Chancellor, Dr. Izhar-ul-Hasan, Professor Farman
Fatehpuri, Dr Zaki Hasan, Mr. Abdul Raziq Khan, Mrs. Tazeen, Mrs. Rafia Safi and a host of
The Governor Sindh Air Marshal Azim Daudpota was very hopeful about the
future of the Institute and assured the Board of Governors of his fullest support, as the
City of Karachi in particular and Sindh in general needs Institutions of this cadre to be
formed and promoted to fill in the gap in the field of higher education.
In his welcome address Dr. Izhar the Chancellor welcomed Air Marshal
Azim Daudpota and congratulated him on behalf of his colleagues on his appointment as the
Governor of Sindh.
Mr. Adnan-ul-Arabi the President of the Institute, presented his report
and briefed the BOG about Institute's progress and the future plan and course of action to
be adopted for the development and the establishment of the Institute.
Mr. Adnan informed the board that they have finalized a custom made
campus to which Institute will be moving in the year 2000 which has ample facilities to
cater future needs for 15 to 20 years.
On this the Governor commented, that he has no doubts that this
Institute will be one of the best in the near future.