Sep 17 - 23, 2001
Preston University, Pakistan organized a moot of its program
directors and faculty to review the university's vision and mission, assess how
far they were achieved, discuss how much more was needed to be done to sustain
what had already been accomplished, and move forward to do what remained to be
It is Preston University's vision to become, in the next ten
years, a premier international university at the forefront of knowledge creation
and dissemination, and be regarded with respect and credibility in the global
community. This was stated by Dr Abdul Basit, President Preston University and
Chancellor/Rector of Preston Institute of Management, Science and Technology (PIMSAT)
Karachi, while addressing a one-day Moot of the university's program directors
and faculty organized at its newly built campus in Islamabad.
To create a teaching as well as work environment in which its
students felt proud to pursue academic learning and personal development, and
its employees and faculty felt satisfied and motivated with challenges and had
the opportunity to develop their personal and professional potentials to the
fullest extent, was yet another very important aspect of Preston's vision, Dr.
Basit further said.
Talking about the mission of Preston University, Dr. Basit
maintained that it was Preston's mission to commit itself to provide university
education of the highest quality to prepare students for professional and
managerial positions. He said it was also a part of the university's mission to
offer students the opportunity for personal growth and development, skill
enhancement, or professional job advancement through provision of high quality
education. In his concluding remarks Dr. Basit said yet one more significant
mission of Preston was to know and understand what its customers would want ten
years hence, and to be able to develop appropriate degree and research programs
to fulfil those needs perfectly. He said for successful attainment of this and
other objectives highlighted in the university's vision and mission, its program
directors, faculty and staff will have to work altruistically, and with utmost
integrity and perseverance.
The Moot, besides a large number of regular and visiting
faculty members of the university's Rawalpindi and Islamabad campuses, was also
participated by the Program Directors of Preston Multan, Faisalabad, Lahore,
Peshawar, Quetta, Rawalpindi and Islamabad campuses.
ADB GUARANTEES POLITICAL RISK FOR TRADE FINANCE
At a ceremony arranged by Standard Chartered and Asian
Development Bank (ADB), the latter signed an agreement with the Government of
Pakistan and 8 international banks, to guarantee political risks associated with
trade financing for small and medium sized enterprises (SMEs) in Pakistan.
Standard Chartered Bank is the facility agent for the Political Risk Guarantee
whereby ADB is guaranteeing a volume of $150 million for a period of up to six
years. This marks the first time ADB has used its recently revamped Political
Risk Guarantee to support trade finance.
Under this facility, ADB will guarantee payment to
international banks confirming Letters of Credit (LCs) issued by banks operating
in Pakistan. The guarantee applies if the issuing bank fails to pay under the
L/C as a result of certain events, such as foreign exchange inconvertibility or
transfer blockage. The guarantee will help lower the financing cost of imported
raw materials for export production, and will ultimately help Pakistan become
more export competitive. This will also help to keep Pakistan country limits
open for international banks confirming import L/Cs, and ensure continued access
to finance at competitive terms by Pakistan SMEs during periods of high
"Without this facility, offshore suppliers that sell
much needed imports to Pakistan may during periods of perceived political
uncertainty encounter difficulties in obtaining confirmation of certain L/Cs
issued by Pakistani Banks, or will do so at a high cost, thus penalizing
Pakistan companies versus their international competitors due to political
factors beyond their control," said Martin Endelman, ADB's Export Credit
"An innovative aspect of this facility is that we are
stripping out country risk from the LC and transferring this risk to ADB. Thus,
ADB assumes the political risk while the banks carry the commercial risk. This
makes best use of ADB's and the banks' respective strengths," said Werner
Liepach, Senior Financial/Capital Markets Specialist and Mission Leader for this
project. "Some of the international banks participating in the facility
would not be here if they weren't covered by ADB's guarantee. Other banks are
welcome to join us."
There are a total of 8 initial "founding banks" who
have entered into a Master Risk Participation Agreement with ADB and Standard
Chartered Bank, who has been appointed to manage the operational aspects of this
facility out of its Dubai office on behalf of ADB.
"Standard Chartered Bank (SCB), through its Dubai
operations, was chosen to be Asian Development Bank's preferred Agent for its
Political Risk Guarantee (PRG) Facility in Pakistan after a careful and
objective review of the proposals from a large number of international banks and
political risk insurers. Reason for ADB's choice is SCB's extensive presence in
ADB's Developing Market Countries (DMCs) as well as in the major international
financial centers. SCB's long established service and extensive network in
Pakistan was also a decisive factor in selecting SCB. ADB's evaluation process
has been thorough and extensive to determine the Facility Agent which can
sufficiently and effectively manage the Facility in behalf of ADB. This will
ensure maximum accessibility to the facility by both international banks
confirming eligible L/Cs and to Pakistani LC issuing banks and their
customers" stated Martin Endelman, ADB's Export Credit Specialist.
Speaking at the ceremony, Azhar Hamid, Senior Group
Representative, Standard Chartered Pakistan, emphasized the bank's commitment to
Pakistan and the region, "Pakistan is an extremely important market for
Standard Chartered. We are privileged to be part of such a unique project
involving a partnership between ADB, the Government of Pakistan and 7 other
international banks. We hope that this will enable exporters to enter new
markets, improve product and price competitiveness resulting in the enhancement
of Pakistan's exports."
The participating banks are Credit Agricole Indosuez,
Deutsche Bank, ING Bank, Societe Generale, Standard Chartered Bank, Sumitomo
Bank, Hong Kong & Shanghai Banking Corporation and Wells Fargo.
MCB — Opened a new centralized trade finance
centre at Faisalabad
The Muslim Commercial Bank has opened a new "Centralized
Trade Finance Centre" at Faisalabad, to facilitate trading activities such
as LCs involving Foreign Exchange etc in keeping with the latest international
banking trends to bring over-all efficiency in the trading activities.
The first such MCB Trade Finance Centre was opened in
Faisalabad, Sheikh Mukhtar Ahmad, Director of the Bank and leading local
businessman performed the inaugurating ceremony.
Mr. Shafiq A. Khan, Head of Operations of MCB, speaking on
the occasion said that the first Centralized Trade Finance Centre would cater
for the needs of branches in Faisalabad, Sahiwal, Sargodha, Jhang and Okara
regions. The primary aim of the trade centre is to improve delivery standards
and turn-around time. The opening of trade centres in other cities will soon
follow and MCB is expected to centralise the entire Trade Finance activities in
a handful of similar units across the country by middle of 2002. He hoped that
the trade centre would help the traders in solving their problems promptly,
ensure security and bring efficiency in operations. He stressed that opening of
such centres would foster the MCB's resolution to remain the "Number
One" service provider in the country.
Inbox Wins Intel Marketing Award
Inbox Business Technologies, manufacturers of Inbox brand of
computers, was recently awarded the Intel Premier Provider Program Marketing
Award at the Intel Solutions Summit 2001 ceremony in Singapore. The award was
presented to Mir Nasir, Director Product Development & Network Solutions,
Inbox Business Technologies.
Being an Intel Premier Provider, Inbox qualifies as a
contestant for the annual Intel Premier Provider Program Marketing Award. The
award presented by Christian Morales VP/GM Asia Pacific, Intel Semiconductor
Ltd. recognized and approved the extensive marketing initiatives taken by Inbox
and singled out the company from a comprehensive group of Intel Premier
Providers in the entire Asia-Pacific region.
Mir Nasir stated that the awards' importance and relevance
could not be overlooked. "This recognition will go a long way for us at
Inbox. Intel's recognition reaffirms our approach to addressing the computing
needs of the Pakistani geography and motivates us to deliver more than what is
"Inbox was determined to undertake an extensive
advertising and marketing campaign to strengthen the brand identity.
Manufacturing and assembling computers locally was a huge development in the
national computer industry. This progress was highlighted through a well-planned
and well-laid out marketing plan — which included advertising campaigns as
well as direct mailing and other initiatives. Our marketing approach was
strategically developed keeping consumer needs in mind — we wanted to inform
the public that they now had a choice while purchasing a branded machine,"
said Moin Iqbal, Director Marketing, Inbox.
Inbox Business Technologies designs, develops, manufactures
and markets computer hardware and software solutions and services. The first
company to achieve Intel®
Premier Provider (IPP) status in Pakistan, Inbox is certified, trained and
tested on 'end-to-end' technological solutions and has the advantage of early
access to latest technology and information. For more information on the company
and its products and services visit www.inboxbiz.com
HUSSAIN BASRAI ELECTED PRESIDENT OF ICAP
Mr. A. Hussain A. Basrai, Partner, Taseer Hadi Khalid &
Co. has been elected as President of the Institute of Chartered Accountants of
Pakistan (ICAP) for the term 2001-2005.
He was elected to this position by the Council of ICAP in its
first meeting held on September 6, 2001.
Other office bearers elected for the year 2001-2002 in the
meeting are: Mr. Mujahid Esahi (Vice President - North); Mr. Abdul Rahim Suriya
(Vice President - South).
Earlier elections of the Council of ICAP were held in which
the following were elected as members: Mr. Imran Afzal; Mr. Syed Ahmad; Mr. A.
Hussain A. Basrai; Mr. Mujahid Eshai; Mr. Nasimuddin Hadier; Mr. Fazal Mahmood;
Mr. Khaliq-ur-Rahman; Mr. Zafar Iqbal Sobani; Mr. Abdul Rahim Suriya; Mr. Asad
Ali Shah and Mr. Mohammad Shabber Zaidi.
HUBCO Donates Fans to Government Boys High School
The Hub Power Company Limited (HUBCO), the largest
independent power producer in Pakistan, recently donated ceiling and bracket
fans to the Government Boys High School, Hub Chowki, as part of its commitment
to the local community.
The provision of the fans will fill the gap for required
equipment at the local school, which caters to hundreds of young boys from the
While presenting the fans to the Acting School Headmaster,
Operations Director of HUBCO, Paul Chapman, said, "HUBCO has a commitment
to the local community and this is fulfilled from time to time through various
contributions such as this one. We are happy to be part of Pakistan and to be
part of this very special community."
The Acting School Headmaster, Mr. Abdul Sattar, while
expressing his gratitude to the Hub Power Company Limited, said, 'We are
grateful to the management of HUBCO for their generosity and commitment to the
people of Balochistan".
HUBCO is also an active participant in most activities of the
local community around the Hub region and is popular among the locals for its
continuous efforts to support and uplift the people of the region.
KASBIT 1st IT varsity to offer jobs
Khadim Ali Shah Bukhari Institute of Technology (KASBIT) has
become the first IT university in Pakistan, which has entered into an agreement
with an international placement company to arrange jobs for all its qualifying
graduates internationally and mainly in the United States, Canada, Europe and
the Middle East, according to a press release.
KASBIT, being a part of the K.A.S.B. Group of Companies, has
further been sanctioned 100 scholarships for qualifying students by the Khadim
Ali Shah Bukhari Foundation.
KASBIT is recognized by University Grants Commission and
chartered by the Government of Sindh as a degree awarding institute.