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Feb 11 - 17, 2002


Muslim Commercial Bank Limited signed an agreement with IBM which will allow MCB ATM card holders to use it as a Debit card at point of sales terminals all over Pakistan. This is an another facility which MCB will soon be offering to its valued customers allowing them to pay for their shopping via existing ATM Card covering an extensive network of shops and merchants nationwide.

This state of art solution is based on proven IBM iSeries (AS/400) powered with the award winning IBM DB2 Database and Euronet's application software.

Mr. Mohammad Aftab Manzoor, President of MCB and Mr. Humayun Bashir, Country General Manager of IBM signed the agreement.

Commenting after this agreement, President of MCB stated that the bank is committed to offer superior and value added services to its customers/deposit holders.

By providing this facility MCB will fill a much needed requirement of making shopping and other day to day payments in a convenient manner for its customers.

MCB is currently operating with a largest ATM network in Pakistan and with most international and private banks as its partner. This product would also be available to all the banks sharing MCB's MNET switch should wish to avail this facility.

MCB recently declared the BEST BANK in Pakistan by Euromoney by its use of technology to deliver value added services to its customers.


The International Finance Corporation (IFC) signed a syndicated term financing facility agreement worth US$14.6 million, for the DG Khan Cement Company Limited (DGKCCL). The facility forms an integral part of the restructuring of the IFCs long-term loan to DGKCCL. This is the first restructuring of its type done by the IFC in Pakistan. This guarantee structure is now being replicated in other similar transactions.

Specifically, this facility enables the DGKCCL to partially hedge its IFC "A" category loan liability and to reschedule the company's foreign currency debt. Under the facility's terms, a total Pak Rupee equivalent to US$ 14.6 million is drawable upto July 15, 2004, and with a tenor period of 8.5 years.

Other financial institutions taking part in the syndication are Standard Chartered Grindlays Bank, Deutsche Bank A.G., Credit Agricole Indosuez, Standard Chartered Bank and ABN AMRO N.V., with the latter institution acting as the agent bank, lead arranger, and documentation agent for the guaranteed syndication.

DGKCCL is the largest cement factory in Pakistan, and is part of the Nishat Group of Companies. Other companies in the group include Nishat Mills Ltd. The group is the largest business house in Pakistan, and the single largest exporter of textiles out of Pakistan.


Syed Tahir Hussain General Manager Marketing & Sales for EBM is conferred the Award of Excellence from Marketing Association of Pakistan on his outstanding performance.

The objective of the Award is to recognize and honor outstanding contribution in the field of marketing and sales. Under the guidance of Syed Tahir Hussain as GM Marketing & Sales, EBM has reached numerous milestones in two years time, which is a major achievement in this highly competitive industry, keeping in view the current economic scenario of the country.

Mr. Hussain has been associated with marketing and sales since the past 18 years in various multinational organizations such as Sara-Lee, Philips, UDL/Procter & Gamble and now EBM. He has to his credit numerous successful sales and marketing campaigns.

This is a significant achievement in any respect but especially for EBM it carries even more weight. The Award is given to him due to his contribution through his aggressive approach and strategic planning, not only for EBM but also for the entire industry during the last two decades.

Meezan Bank Limited

First scheduled Islamic Commercial Bank

At a ceremony held at State Bank of Pakistan on January 31,2001, the license for the first scheduled Islamic Commercial Bank was awarded to Pak Kuwait's sponsored Al-Meezan Investment Bank (AMIB). The name of the commercial bank will be Meezan Bank Limited (MBL), this was reported to the press by Mr. Zaigham Mahmood Rizvi, Managing Director of Pakistan Kuwait Investment Company (Pvt) Limited.

This license has been awarded in the backdrop of 1999 Supreme Court of Pakistan's historical verdict related to elimination of interest (Riba) from the economy of Pakistan. At the ceremony, the Governor, State Bank of Pakistan stated the fact that the establishment of Meezan Bank Limited is in compliance of the decision of the Supreme Court. Creation of Meezan Bank Limited is a ground breaking event, which is a history in itself. MBL will be a role model for establishment of other Islamic Commercial Bank in the country.

Meezan Bank Limited is a concept initiated and nurtured for implementation by Pakistan Kuwait Investment Company (PKIC) and it has support of financially sound and well reputed financial institutions including Shamil Bank of Bahrain, Islamic Development Bank and Kuwait Awqaf Foundation.

PKIC, a joint venture between the Government's of Pakistan and Kuwait is a leading Developmental Financial Institution and is the first financial institution of Pakistan to have obtained "AAA" credit rating. The establishment of a Islamic bank has been PKIC's long standing vision and the institution has been working on the mission to promote Islamic mode of financing In the country. With this mission and vision AMIB was established as an investment bank in 1997 and it was ensured that the bank must operate purely on the basis of Shariah regulations.

Mr. Zaigham Mahmood Rizvi, Managing Director of Pakistan Kuwait Investment Company (Pvt), Limited paid rich tributes to Mr. Irfan Siddiqui, the Chief Executive of AMIB, for his dynamic leadership to Al-Meezan Investment Bank and for developing and introducing a wide range of Islamic financial products. Under his leadership, AMIB, has achieved major successes and as a consequence, Al-Meezan Investment Bank is now professionally groomed to meet the challenges ahead of establishing the First Islamic Commercial Bank of the country.

Motorola launches NEW mobile phones in Pakistan.

Telecommunication giant Motorola launched its mobile handsets in Pakistan during a press conference in Karachi. The launch was announced by Orient Group of Companies, Motorola's distributor in Pakistan.

Orient Group of Companies is a second ranking organization in consumer goods industry, particularly in electric and electronics. In 1985, the Group started marketing operation of different items and has always introduced many international companies in Pakistan such as Osram Lighting Systems, Mitsubishi Air Conditioners, Yashica Cameras, Solaris Color Films and Mitsubishi Color Films.

"I am delighted to announce the launch of Motorola handsets in Pakistan. Orient Group of Companies has always strived to bring high quality brands to Pakistanis, it is with great pride that we now offer them Motorola handsets," said Orient's Director Ahmad Fazal.

"All our Motorola handsets are offered with a one-year warranty along with original accessories," added Fazal.

"Motorola is pleased to associate itself with Orient Group of Companies in Pakistan," said Bahjat Mirza, Area Business Developrnent, M. E and Pakistan, Motorola Middle East and Africa.

"The Motorola portfolio, launched includes four handsets, which are the Vader series, V60, V66 and in T-series T191, T192,"added Mirza.

NIT's new strategy

New strategy devised by NIT with focus on enhanced market activity and portfolio restructuring has paved the way for the institution to reap the benefits of hospitable movements at the market.

Under portfolio restructuring plan, initiated in Ochober last, NIT recorded substantial headway towards realizing short term objectives of the Fund, stated Chairman, National Investment Trust Mr Tariq Iqbal Khan here Thursday.

The market value of total funds under management has also ascended by 38.2% to Rs 18.45 billion, Mr. Tariq said reiterating that NIT's major role remains that of a guardian of public interest.

"Our primary goal is always to enhance the value of our portfolio to the benefit of our unit holders while safeguarding the interest of all minority shareholders in any transaction that we undertake", stated NIT Chief.

The block deals, undertaken so far in the current fiscal year, have all been transacted at a substantial premium to market price, thus indicating that the intrinsic value of listed equities is invariably higher than the market price, observed the Chairman.

"It is our endeavor to have market prices, which are more reflective of the intrinsic prices of shares so that all minority shareholders can benefit" he maintained.

New strategy pursued by NIT, he viewed has paved the way for the institution to achieve both short and medium term goals with prime focus on defending the interests of minority shareholders.

Traffic sense, safety of lives an important issue: Sindh Governor

The Governor of Sindh, Mian Muhammad Soomro, Wednesday said that traffic sense and safety of lives were important issues that could not be ignored.

Inaugurating the first KaravanKarachi PSO RoadSense programme at the PSO House, Governor Soomro said that to solve traffic issues, both the government and the public should get together.

Highly appreciating the programme, the governor said that it should also continue in the rural areas of the province where many accidents occurred on the highways.

Appreciating the spirit of the event, the governor warmly welcomed the participation of a large number of children in the programme.

Mr Tariq Kirmani, Managing Director, PSO, said the company was fully aware of its corporate social responsibilities. "We support a host of charitable institutions through our donations and other constructive gestures that continue the entire year," he said.

Mr Kirmani said that it might be the right time for children to be given an opportunity to visit the PSO House podium and Atrium. "We are deliberately embarking on this goal as we deeply care for the public who are our major customers," he said.

The Inspector General of Police, Sindh, Syed Kamal Shah, said that there were more than a million vehicles on the city roads while there were only 2,500 policemen to manage them. He said that of the 7,000 people killed in road accidents throughout the country each year, around 700 died in Karachi alone.

Mrs Yasmin Lari, the Chairperson of HeritageWallay, in her speech said the programme, whose purpose was to save lives and improve the society, was open to all the schools in Karachi. Lari said that she wanted to create a healthy relationship between the children and the police. "The underlying message of KaravanKarachi's first social empowerment initiative for 2002 is that citizens and government institutions need to work together for the betterment of civil society," she said.

The KaravanKarachi PSO RoadSense programme seeks to inculcate traffic sense among the children of the city. It comprises high profile monthly events that include exibition of posters by children at PSO House and five-day traffic safety workshops in a large number of public and private schools.

PSO makes record HSFO sale to Wapda

Pakistan State Oil, during the month of January 2002, made record sale of 171,000 metric tons of High Sulphur Furnace Oil (HSFO) to the Water and Power Development Authority (Wapda).

This is the largest quantity of the product sold by any oil marketing company to Wapda since the oil sector deregulation in July 2000. Wapda awarded this volume to PSO through competitive bidding in which PSO quoted the lowest rates.

The overall PSO sales of Furnace Oil during January 2002 were around 690,000 tons as compared to over 550,000 tons sold during the corresponding period last year.

In January 2002, PSO also did extremely well in other products and sold additional volumes of more than 14,000 tons of HSD, about 3,000 tons Mogas and 6,000 tons of LDO as compared to corresponding period last year. The total sales of these products during January 2002 were to the tune of more than 310,000 tons of HSD, 38,000 tons of Mogas and 22,000 tons of LDO.

The total market share of PSO in all products has risen to 73.33 percent.


The Sheraton hotel group has been voted "Best Hotel Chain Worldwide" by readers of Business Traveller, the authoritative international magazine. They also declared Sheraton the "Best Hotel Chain in North America", and chose Starwood Preferred Guest as the "Best Hotel Loyalty Scheme." Starwood Hotels & Resorts Worldwide is Sheraton's parent company. The Business Traveller awards are highly regarded in the industry because they are based on extensive polling of the quality publication's influential readership.