Executive Directors, Mr. Muhammad Javed Khan, Mr.
Zafar Mahmood, Mr. Zahid Murad besides Regional Chiefs, Zonal Heads,
Senior Corporate and Marketing Executives were present on the
occasion. Mr. Rasool Bakhsh Baloch while highlighting the corporate
performance of State Life during the first quarter of 2004 informed
that the Life Fund of State Life stood at Rs.98 billion while its
market value has reached to Rs. 125 billion. Chairman State Life said
that Rs. 6.25 billion were paid as bonus to policyholders during 2003
on the basis of actuarial valuation of previous year. The valuation of
2003 is currently underway, he elaborated. Mr. Rasool Bakhsh Baloch
said that State Life has paid more than Rs. 2 billion as death and
maturity claims that has benefited 26,707 policyholders and their
families during the period 2003. Mr. Rasool Bakhsh Baloch reiterated
that State Life will continue to serve its valued policyholders by
providing quality financial services at their doorstep. Chairman State
Life said that the total target of Rs.12.32 billion for 2004 includes
Rs.8.9 billion as individual life premium, Rs.2.85 as Group premium
and Rs.543 million as international business. He hoped that the
marketing force will achieve the business targets by the end of the
4th quarter of 2004 with dedication, zeal and commitment.
Earlier, Mr. Zafar Mahmood, Executive Director
Marketing highlighted the business performance of 1st quarter 2004 and
said that business wise Central Region topped by securing Rs.12.39
crore as First Year Premium (New business) followed by South Region
Rs.10.25 crore, North Region Rs.10.14 crore and Multan Region Rs.5.86
crore. The Executive Director (Marketing) added that Multan Region
topped by showing an increase of 44.96% as compared to 2003 during the
same period, while South Region stood at 41.03%, North Region 32.39%
and Central Region 30.41% respectively. Mr. Zafar Mahmood said that
our elite marketing force is fully geared to achieve the business
target of Rs.12.32 billion in 2004. Mr. M. Jawaid Khan, General
Manager (Marketing) while making his presentation informed that the
rules for convention 2005 have been laid down according to which State
Life will arrange one corporate convention and four Regional
Conventions for the qualifiers on the basis of the business contest.
The General Manager (Marketing) congratulated the
entire marketing force on achieving their respective business targets
during Q1 of 2004. Shields were awarded on the outstanding business
performance amongst the qualifiers.
ELECTION OF DIRECTORS: PAK GULF LEASING
The three-year term of the sitting Directors of
Pak-Gulf Leasing Co. Ltd. expired on April 20, 2004. In compliance
with the relevant company law, an Extra Ordinary General Meeting of
the company's Shareholders was held on April 20, at the Registered
Office of the company to elect new Directors. Representatives of THK
Associates (Pvt.) Ltd., the Share Registrar of the company supervised
the election of the Directors. According to the election results, the
following were re-elected as Directors of the company for the next
Sohail Inam Ellahi
Mr. Fawad S. Malik
Mr. Inam Ellahi Shaikh
Mr. Shaikh Aftab Ahmed
Mr. Yousuf Jan Mohammad
Mr. Shaikh Mohammad Jawed
Mr. Shaheed H. Gaylani
Mr. A. B. Shahid .
MEEZAN ISLAMIC FUND EARNS RS.200 MILLION IN EIGHT
The Board of Directors of Al Meezan Investment
Management Limited, the Management Company of Meezan Islamic Fund (MIF),
in its 21st meeting approved the financial results for MIF for the
third quarter ended March 31, 2004.
MIF earned a total income of Rs.220 million for the
period August 08, 2003 to March 31, 2004. Major sources of revenue
were surplus on revaluation of held for trading investments of Rs.
96.3 million, Capital Gains amounting to Rs. 71.4 million, and
dividend income of Rs. 40 million. After accounting for expenses of
Rs.20 million, the net income for the period stands at Rs.199.97
million, which translates into earnings of Rs.10.51 per unit.
During the period under review, units worth Rs.1.17
billion were issued and units worth Rs. 204.3 million were redeemed.
The net assets of the Fund as on March 31, 2004 stand at Rs.1,151.5
million. The Net Asset Value per share of MIF increased from Rs.50 to
Rs.60.51 during this period, depicting an increase of 21% for the
period or 31.5 % on an annualized basis.
SINGAPORE TRADE DELEGATION VISITS ICCI
Dr. Balaji Sadasivan Minister of State of Singapore
and leader of the visiting trade delegation said that Pakistan and
Singapore will hold negotiations on Free Trade Agreement between the
The delegation represented real estate,
infrastructure, engineering services, health care, trading, IT, info
technology and textile sectors has met the relevant businessmen in
Islamabad Chamber and President ICCI Zubair Ahmed Malik.
Dr. Balaji called upon the Pakistani entrepreneurs
to use Singapore as a springboard to the ASEAN, China and the rest of
the South East Asian regions as Singapore has excellent connectivity
to the region and the rest of the world. He said that Singapore
already has free trade agreement with the U.S.A, Japan, Australia, New
Zealand and the European Free Trade Association. Pakistani companies
seeking to export their goods and services to the region can use
Singapore as a base. He informed that Pakistan is 13th largest trading
partner of Singapore and we want to improve this ranking.
US VISA ARTICLE
US government's new federal rule 67 FR 76711 has
sparked job security scare among Pakistani seamen. Being Pakistani
& Muslim seamen, they were already worried for the loss of their
jobs owing to American branded Islamic terrorism, the new federal rule
coming in force from June 16th 2004, will replace the existing Crew
List Visa (22 CFR Part 41, 42) where by all crew members seeking to
enter United States in that capacity will be required to apply for
individual crew visa.
This move is in progress without realizing its
impact and time constraint. This US rule would adversely affect those
nations where visa-obtaining process is lengthy, Pakistan being one of
the strong and effective ally of the US is among those countries and
deserves preferential treatment from the United States and H.E. the
Ambassador to Pakistan. The USA government on one hand is calling
Pakistan a close alley and a Non-Nato member status is being accorded
by US Secretary of State Mr. Collen Powell. On the other hand such
federal rule referred above, deprives employment opportunity to
skilled seamen of an ally which must be considered with caution and on
The fact that many Pakistani seafarers are serving
vessels trading on US routes and it would not be possible in the given
time to replace them with Pakistani seafarers holding US visa unless
the process is accelerated. As observed lately, the time to obtain
crew visa in Pakistan takes about five to six months. The USA visa
office at Pakistan has already been directed to scrutinize documents
of Pakistani applicants thoroughly, this takes 4-6 months till
clearance received from US State department. While very few crew
members are in possession of Valid US Crew Visa, the time available to
comply with the rule is indeed insufficient. Thus it would be tough
for local shipping companies to obtain US Crew Visa for their entire
fleet in the given time unless the process is accelerated or it is
issued on a priority basis. This also makes seamen & various
sponsors (Manning agent/principals) to submit list of seamen demanded
by Principles for US voyage to US embassy for visa, four to six months
Although many countries including USA take decision
as same suites to their interest without caring for even skilled
foreign labour force. There could be dozen of solutions for resolving
this threatening issue. The government of USA in collaboration with US
Embassy in Pakistan and interaction/interest of Pakistani foreign
office can come up with as many solutions as they can! Where there is
a will, there is a way. However the suffering seamen community for a
time being, can offer a single solution to Ambassador of USA in
Pakistan. A dedicated window/cell for seamen community for visa may be
arranged where documents for seafarers may be processed and visa
applications may be decided in favour or against, at the maximum of
We hope US - Government, US Ambassador in Pakistan
and our foreign office will come up with more convenient solutions or
least agree to our proposed solution stated above.
HP BRINGS RELIABLE OFFICE DOCUMENT
HP (NYSE:HPQ) unveiled an extended portfolio of
multi-function products and print solutions enabling small and medium
businesses (SMBs) of all sizes to get more from their imaging and
printing, helping to position them for continued business growth. The
new multi-function devices released include three new HP LaserJets and
two HP Officejets, which each combine the functions of scanning,
printing, copying and faxing in one reliable business device.
Additionally, three newly launched HP print solutions offer SMBs added
security, mobility and form automation.
By consolidating imaging and printing functions,
businesses can save time, reduce supplies and lower maintenance costs
by as much as 30 percent (Gartner Group). The products enable users in
Small Offices and Home Offices (SOHO), Small and Medium size
Businesses (SMBs) and workgroups in enterprises to benefit from the
versatility of multi-function products at an impressively affordable
"SMBs can trust HP to provide high-quality
network-ready imaging and printing devices, supplies, connectivity
solutions, services and support that are easier to acquire, use and
manage at all stages of their business growth," said Tan Lee
Chew, Vice President, Shared Printing & Imaging and Digital
Publishing, HP Imaging Printing Group, Asia Pacific/Japan.
"Improving efficiency is a priority for businesses whatever their
size. This is a real opportunity for cost-sensitive businesses to reap
the benefits of consolidated workflows, reduced costs and increased
productivity. For functionality, price and competitiveness, the new
range of all-in-ones delivers tailored solutions to businesses of any
size, from micro businesses to enterprise. Coupled with the new print
solutions to help them do more, customers are able to maximise the
return on their investment."
PAKISTAN RECEIVES EXPORT ORDER FOR CALL CENTER
A leading cellular phone service provider in
Tanzania, East Africa known as M/s Mobitel, MIC has placed an order
for Voice Transaction Recording and Monitoring solution with ZRG
International (pvt) Ltd., a Pakistani-based telecom solutions.
M/s Mobitel last year awarded a major contract to
ZRG International for the installation of a state-of-the-art customer
services and support Call Center. The recent order for adding Voice
Recording and Monitoring capabilities into their Call Center
constitutes the next phase of the project. For this expansion order,
bids from various international solution providers were considered.
The evaluation and selection criteria included
factors such as price-performance ratio, feature richness, scalability
and ruggedness of the systems as well as the company track record of
prompt support, flexibility and market references. After detailed
evaluation, M/s Mobitel selected ZRG's solution for their customer
services call center.
With this order, ZRG not only earned foreign
exchange for the country but also contributed towards the Software
Export efforts of Pakistan and paved the way for other Pakistani
technology firms into the international market.
The received export order is a direct endorsement
of the world class quality and acceptance of telecom solutions from
Pakistan. ZRG International is already turning this initiative into a
strategic penetrative move into the largely untapped East African
markets for customer service tools and solutions.
ZRG International (pvt) Ltd (www.zrg.com) is a
market leader in Pakistan that has been providing Call Center
solutions to some of the largest and busiest Call Centers of Pakistan
including Mobilink, Instaphone, Paktel, Bank Alfalah, etc.
PKR 1.4 BILLION SBLCS FOR AES LALPIR & AES PAKGEN
IN AN HBL LED SYNDICATE
A signing ceremony to commemorate the establishment
of two SBLCs for AES Lalpir and AES PakGen respectively, was held at
the AES Oasis Regional Office in Dubai. The subject transactions were
Habib Bank Limited in a consortium consisting of
Faysal Bank Ltd. National Bank of Pakistan, Saudi Pak Commercial Bank
and Habib Bank Ltd. According to bank sources a PKR 713.9 mn SBLC was
issued favoring WAPDA on behalf of AES Lalpir (Pvt) Ltd, and a PKR
690.5 mn SBLC was issued favoring WAPDA on behalf of AES PakGen (Pvt)
Co. Speaking on the occasion, Mr. Atif R Bokhari SEVP, HBL said that
the syndicate was pleased to close this landmark deal which was the
first of its kind in Pakistan from the point of view of sccuritization.
Mr. Shehzad Qasim, CEO AES Oasis, thanked the consortium banks and
hoped that this new relationship would grow in the future. Corporate
banking heads of the paricipating banks along with senior executives
were also present at the occasion.