July 14 - 20, 2003 



Tajwar Sultana School, a girls' high school formerly on a frontline in Kabul, became the first educational institution in the country with state-of-the-art computing facilities, including multimedia and Internet access.
Focus Humanitarian Assistance (FOCUS), an affiliate of the Aga Khan Development Network announced the completion of totally rehabilitated and refurbished school buildings, integrating a new library, new sports and recreational facilities and reconstructed pavements. The project was funded by the UK Department for International Development and supported by donations from various sources including the Rotary Club of Calgary East in Canada and the students of Col. Scott Elementary School in Calgary whose student body includes a number of children from Afghanistan.




Muslim Commercial Bank Limited and IBM signed an agreement for the acquisition of IBM state of the art P Series Hardware Platform for the MCB's E-banking and Core banking systems.

Mr. Mohammad Aftab Manzoor, President, Muslim Commercial Bank Ltd and Mr. Humayun Bashir, Country General Manager, IBM signed the agreement. Also present on the occasion were Mr. Amjad Farooq, Mr. Javed Adhi, Mr. Saulat Mujtaba of MCB and Mr. Shoaib Khan & Ms. Erum Azher of IBM.

An Event was recently held on "Inspiring Solutions for the Manufacturing Sector" by Jaffer Business Systems (JBS). The purpose of the event was to emphasize upon the combination of Intel, Oracle and JBS as a winning solution for any manufacturing business. Seen in the picture are Osman Maqbool, Strategic Relations Manager Intel Pakistan Corporation and Danish Yaqub, Business Manager Oracle Pakistan Corporation, addressing the occasion.

Khushhalibank recently held a signing ceremony to mark the induction of HANDS into Khushhalibank Alliance Network to outsource social service intermediation. Seen in the picture are Ghalib Nishtar, President Khushhalibank and representatives of HANDS and State Bank of Pakistan.

Mian Abdul Sattar Laleka, Federal Minister for Labour, Manpower & Overseas Pakistanis awarding degree to a graduating student at the 30th Convocation of Preston University, Islamabad Campus.


The Federal Minister for Labour, Manpower & Overseas Pakistanis, Mian Abdul Sattar Laleka has said that adequate and sustained investment in education is the need of the hour, and this is mainly the reason why the present government attaches great importance to this sector. The Minister said this while addressing the graduating students, senior management and faculty of Preston University, educationists, intellectuals and high-ranking officials of the civil bureaucracy at the 30th Convocation of Preston held at a local hotel in the capital, recently. More than 200 graduates were awarded Masters degree on the occasion. Mr. Laleka congratulated the graduating students for successfully accomplishing a very important goal in their educational career. He also eulogized the role played by the faculty and management of Preston University in making the students attain this significant goal in their lives by coaching and mentoring them with unwavering dedication.


To honour listed companies that come up with the 2002 annual accounts that were best in accounts, information, style, content and colour, a "Best Presented Accounts Awards" ceremony will be held on July 25 at Karachi.

Federal Minister for Finance and Economic Affairs Shaukat Aziz would give away the awards/certificates to the Chief Executives of the winning companies.



The "Best Presented Accounts" Awards were instituted and presented to companies in 2000 with a view of promoting good governance in the corporate sector. The Joint Committee of the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) had requested all the companies, listed on Stock Exchanges to send their publish accounts for the year 2002. The Joint Committee had also circulated the criteria for selection for Best Presented Annual Report Awards.

The entire corporate sector has been divided into six sectors namely (i) Services, (ii) Textiles, (iii) Chemicals & Fertilizer (iv) Engineering, (v) Fuel & Energy and (vi) Miscellaneous.

The Published annual reports for 2002, which were received for the contest were evaluated by a Sub Committee comprising members of the two Institutes and representatives of the Securities & Exchange Commission of Pakistan (SECP).


United Money Market Fund declared its first annual dividend of more than Rs. 148 million in the form of bonus units to it's unit holders. The fund has already demonstrated a tremendous growth in it's first financial cycle, making UMF the biggest Money Market fund in Pakistan, by crossing Rs. 1.8 billion land mark.

The United Asset Management Company Limited (UAMCL), pursuant to its 6th Board meeting held on July 7,2003, declared 8.9875 units for every 100 units held and translates into an annualized yield of 10%.

The relevant period for profit distribution was from 7th August to 30th June 2003. Thus the income represents a period of 10 months and 24 days. The results were based on the income statement certified by the auditors within 7 days of the close of the financial period on 30th June 2003.

In a statement made by the UAMCL Chief Executive Mr. Shaharyar Ahmad "In our effort to provide maximum returns at minimum possible risk, the fund has been efficiently investing in all money market and debt instruments like T-Bills, Government Securities, and Term Finance Certificates (TFCs), having a low investment risk. Despite, the fact that UMF is a low risk and fairly liquid fund, it has managed to distribute an annualized profit at the rate of 10%".




Rotary Karachi has undertaken a project to construct a prestigious school in the low-income area of Lyari on a territory that belongs to Pakistan Navy and measuring 2,730 square yards, to be built at a cost of 11 million rupees. This educational institution would be known as Rotary Club of Karachi/Pakistan Navy Secondary School, with two-shift schooling from Grade 1 to 10 for both boys and girls.