MUSLIM COMMERCIAL BANK SIGNS DEBIT CARD/POINT OF
SALES SOLUTION WITH IBM
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
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
D.G. KHAN CEMENT
The International Finance Corporation (IFC) signed
a syndicated term financing facility agreement worth US$14.6 million,
for the DG Khan Cement Company Limited (DGKCCL). The facility forms an
integral part of the restructuring of the IFCs long-term loan to
DGKCCL. This is the first restructuring of its type done by the IFC in
Pakistan. This guarantee structure is now being replicated in other
Specifically, this facility enables the DGKCCL to
partially hedge its IFC "A" category loan liability and to
reschedule the company's foreign currency debt. Under the facility's
terms, a total Pak Rupee equivalent to US$ 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
EBM MARKETING PERSON RECEIVES AWARD OF EXCELLENCE
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.
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
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
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
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
"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
"The Motorola portfolio, launched includes
four handsets, which are the Vader series, V60, V66 and in T-series
T191, T192,"added Mirza.
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
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
"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
"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
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
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.
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.
GUESTS RATE SHERATON WORLD'S BEST HOTELS
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