Aug 15 - 21, 2005

 

STANDARD CHARTERED OPENS 2ND ISLAMIC BANKING BRANCH IN LAHORE

Standard Chartered Bank launched its second Islamic Banking Branch at Gulberg, Lahore. Present on the occasion were the bank's valued customers, members of the State Bank of Pakistan, renowned Islamic Banking experts and Shariah scholars Dr. Abdul Sattar Abu Ghuddah from Saudi Arabia and Sheikh Nizam Yakubi from Bahrain, besides Pakistani press and staff members.
Commenting on the future of Islamic Banking in Pakistan, Mr. Badar Kazmi, Chief Executive Standard Chartered Pakistan, stated: "We strongly believe that the future of the Islamic Banking industry in Pakistan is extremely promising and with the support of our partners, especially the State Bank of Pakistan through its proactive regulatory and promotional 

 

 

policies, we are strongly positioned to take the lead in this market. We believe that Islamic Banking products are very important facilities for our customers and the offering of these products is therefore a key initiative for Standard Chartered Bank."

Speaking on the occasion, Mr. Raheel Ahmed, Head of Consumer Banking said, "we were the first international bank to receive an Islamic Banking branch licence from the State Bank of Pakistan in 2004. Starting today we open our doors at our dedicated second Islamic Banking branch at Gulberg to customers offering them a range of products such as current accounts, auto finance and home finance. This is a state-of-the-art branch where customers can find Shariah-compliant solutions to all their financial needs."

The Islamic Banking branch offers a wide range of products to its customer base, which includes Islamic current account, Islamic auto finance and Islamic home finance on the consumer side.

To cater to the Shariah-compliant financial needs of our esteemed corporate clients, he said, the bank is offering the following top-of-the-line Islamic Corporate Banking products and services:

* Short-term Murabaha Financing
* Islamic Import Financing

Standard Chartered's presence in almost 60% of the Muslim world provides a unique ability for the bank to understand, structure and deliver Islamic solutions suitable for its customers. The bank takes guidance from renowned scholars and all its products are supervised and reviewed by an independent Shariah Supervisory Committee.

Standard Chartered Bank's Shariah Committee comprises well-known Shariah Scholars having international Islamic financial expertise.

"Our independent Shariah Committee provides guidance on our Islamic Banking operations and approves all Islamic products. The process of product development and Shariah reviews ensure that our products are Shriah compliant, Mr. Raheel Ahmed said.

PROMINENT SHARIAH SCHOLARS VISIT PAKISTAN

Renowned Islamic Banking experts and Shariah scholars Dr. Abdul Sattar Abu Ghuddah from Saudi Arabia and Sheikh Nizam Yakubi from Bahrain participated in the "Meet the Scholar" programme organized by Standard Chartered Bank for prominent Shariah scholars, officials of the State Bank of Pakistan, heads of Islamic Banking divisions of different financial institutions and key customers.

The objective of the "Meet the Scholar" session is to provide a forum to the local players of the Islamic Banking industry to exchange their experiences with the world-renowned scholars and develop strategies to meet the future challenges facing the Islamic Banking industry.

Dr. Abdul Sattar Abu Ghuddah and Sheikh Nizam Yakubi, members of Standard Chartered Bank's Shariah Supervisory Committee, were in Pakistan primarily to attend the launch of second Islamic Banking branch at Gulberg, Lahore.

Dr. Abdul Sattar Abu Guddah is currently a member of the Shariah supervisory board of several Islamic institutions in various parts of the world, including Middle East and Europe. Dr. Sattar holds positions of Shariah Advisor and Director, Department of Financial Instruments at Al-Baraka Investment Company of Saudi Arabia. He has also served at Ministry of Awqaf, Kuwait. He holds a PhD in Islamic Law from Al-Azhar University, Cairo, Egypt. He is an active member of the Jeddah-based Islamic Fiqh Academy and was a member of the Fatwa Board in the ministry from 1982 to 1990.

Since 1976, Sheikh Yaqubi has taught Tafsir, Hadith and Fiqh in Bahrain. He is also the author of several articles and publications on Islamic Finance and other sciences in English and Arabic. He was educated in the Classical Shariah Sciences in his native Bahrain and in Makkah.

MUSLIM COMMERCIAL BANK

Pakistan Kuwait Investment Company (Pvt) Limited (PKIC) achieved a successful financial close of PKR 500 million loan facility in the form of Privately Placed Term Finance Certificate ("PPTFC") Issue. A ceremony to mark this event was held at MCB Tower, Karachi, which was attended by senior officials of MCB Bank Limited and PKIC. A memoranda to commemorate the financial close of the transaction was signed between MCB Bank Limited and PKIC. Mr. Mohammad Aftab Manzoor, President and Chief Executive of MCB Bank Limited and Mr. Istaqbal Mehdi, Managing Director PKIC signed the memoranda on behalf of their respective institutions. The purpose of the long term facility is to finance expansion of business operations.

MCB Bank Limited acted as the advisor and arranger of this Issue. Speaking on the occasion, Mr. Mohammad Aftab Manzoor, reaffirmed MCB's support and commitment for the development of Pakistan's financial sector. The President expressed complete confidence in PKIC's management for efficient utilization of the funds and hoped that this transaction will further strengthen the business relationship between the two institutions.

Pak Kuwait Investment Company is a joint venture between the governments of Pakistan and Kuwait. The company was incorporated in 1997 and the objective of the company is to profitably promote industrial investment in Pakistan.

INDUS MOTOR INDUCTS APPRENTICE TEAM

Indus Motor Company Limited has achieved yet another milestone with the induction of its 50th batch of Apprentice Team Members (ATM).

Since its initiation in November 1992, 280,000 man hours of training has been imparted under the ATM program.

Apprentices, who are selected after a series of tests and interviews, go through extensive classroom and on-job training where they are taught the basic values, knowledge and various systems of IMC and Toyota by a qualified and experienced faculty of Indus Motor Company.

Hundreds of such apprentices, after successful completion of the Apprenticeship Program are manning the company's production line. These jobs also help in raising the standard of living of their families and of society in general.

As a responsible corporate citizen, IMC not only makes a significant contribution to Human Resource training but has many other social projects in the educational, health, environment and other sectors.

MTI AT AFGHANISTAN TRADE FAIR

The exhibition was held from June 8 to 13 at the Loya Jirga Convention Center - Kabul. There were around 96 participating companies from 19 nations, including: Afghanistan, Australia, China, Canada, Finland, Germany, Qatar, Iran, India, Italy, Japan, Malaysia, Pakistan, South Korea, Turkey, United Arab Emirates, United States of America, United Kingdom and Uzbekistan.

The event was inaugurated by Mr. Hidayat Ameer Arsalah, the Minister of Commerce of Afghanistan. Dignitaries from various embassies and the Afghanistan government also visited the exhibition.

The company was represented by Mr. Adnan Zafar Khawaja (Assistant Manager Marketing/Strategy & Planning), Mr. Usman Ahmed (Regional Service Eng. - Afghanistan) & Mr. Iftikhar Ul Hassan (Regional Service Eng. - Afghanistan). The event proved successful since MTI was able to strengthen its ties with its existing business partner i.e. Rabita - Roshan; the company is a GSM payphone operator for Roshan Telecommunication (a premier cellular company in Afghanistan). It also helped the company explore the market for its other products including Electronic Energy Meters, Tracking Systems and others. The company also held fruitful discussions with the Ministry of Energy & Power and the Ministry of Telecommunication and some of the market players in the region. In the coming years it is hoped that MTI will play an important role in the reconstruction activities of Afghanistan in different sectors.

DHL WINS SECOND AWARD FOR ITS AD CAMPAIGN

DHL, the worldís leading express and logistics company, has received the silver award in the Best Marketing Campaign For Regional Brand Development category at the 2005 Asian Brand Marketing Effectiveness (ABME) Awards, in recognition of its "No One Knows Asia Pacific Like We Do" advertising campaign.

This prestigious annual award recognises the advertising campaign's creative execution and marketing effectiveness in contributing to DHL's business performance. DHL is the only business-to-business entity among the entrants to win an award, with the rest of the winners coming mainly from the fast moving consumer goods industry.

The silver ABME award is the second win in the month for DHL's innovative advertising campaign, following the Gold EFFIE awarded earlier in the same month at the EFFIE Singapore 2005 Awards. In 2004, the same campaign had won the Media Magazine's Marketer of the Year award, and was also acknowledged as the International Print Campaign of the Year at the Sixth Annual Singapore Advertising Hall of Fame Awards.

"We are indeed honoured to receive this latest accolade," said Daniel McHugh, Senior Vice President - Commercial, DHL Express Asia Pacific. "This multi-award winning campaign successfully captures the DHL hallmarks of speed, reliability and local knowledge, and underscores our commitment to deliver outstanding quality and value to our customers. DHL is delighted that our regional audiences have given two thumbs up to this campaign, as evident from the numerous awards it has garnered."

The advertising campaign - incorporating the tagline No One Knows Asia Pacific Like We Do -was rolled out across DHL markets, using various media such as TV, print, radio, and online, in the region from May last year. The advertisements highlight DHL's intimate knowledge of local markets in the region and underline the growing importance of Asia Pacific in DHL's global business portfolio - the region is DHL's fastest growing market to date, registering strong double-digit growth over the last few years.

Organised by Media Magazine, the AMBE awards received a record 350 entries from across Asia Pacific this year, and its judging panel comprised 13 senior marketing and advertising practitioners from the region. Now in its third year, the awards recognise marketing campaigns that have effectively contributed to overall improved business performance, as well as the bottom line gains that can be achieved when a company differentiates its product or service as a brand.

Porf. Dr. Anwar Ali Shah G. Syed, former Director, IBA, University of Sindh, Jamshoro and Founder Director, IBA Sukkur (affiliated to IBA Karachi) and now Dean Faculty of Commerce & Business Administration, University of Sindh, Jamshoro, Sindh, Pakistan.

WORKSHOP IN INDUSTRIAL RELATIONS AT IBA UNIVERSITY, JAMSHORO

The Manager of Industrial Relations is a key person in any factory/mill; his prime objective is to sustain industrial peace within the organization. The target may be achieved through maintaining health relations with union.

To have a practical grasp on the subject of industrial relations, a workshop was held on 20th May by the students of MBA (evening), 5th semester at IBA, University of Sindh, Jamshoro, under the supervision of Prof. Dr. Syed Anwar Ali Shah G. Syed, Dean of Faculty of Commerce & Business Administration.

Industrial Relations Manager must have comprehensive knowledge and experience about their line of field. They should have sound communication skills to deal with the union leader. CBA negotiates with the top management or a charter of demand is submitted by the union.

In that Workshop, likewise, a charter of demand was submitted by the president of union, IBA Textile Mills. They had 20 different kinds of demands relating to their genuine problems towards management of IBA textile mills.

The management, consisting of CEO and other top management first discussed on various issues mentioned in the charter of demand; then they sat together with the union and other office staff. The negotiations started through collective bargaining agent and the solution of union problems mentioned in the charter of demand was formed out.

The actual work of CBA is to make negotiations with management to resolve the union problems, along with the object for reaching at joint agreements.

Prior to starting negotiation with management, some of the union leaders protested and raised slogans against the Management of AWK Textile Mills, in the premises of IBA, University of Sindh, Jamshoro. Then all participants sat in the IBA library for negotiations. The workshop was presided over by Prof. Dr. Anwar Ali Shah G. Syed, Dean of Faculty of Commerce & Business Administration. It started with recitation of Holy Quran. Then MD delivered welcome speech and also appreciated the union's cooperation for getting their various issues resolved through negotiations rather than going for strike directly. As the charter of demand was already submitted earlier than the meeting, as a result, management too accepted their various demands by discussing to each other.

Finally, negotiations were held keeping in view the financial position of the factory and to the satisfaction of union too.

 

 

The members of management and union leaders were given the chance to present their views in a very peaceful atmosphere, but for a while one of the union leaders showed rage during talks on medical facilities at IBA Textile Hospital with MS of hospital.

Hence, in the end, both Management and Union agreed upon all the discussed matters in joint meeting and an agreement was also signed by CEO and president of the union through Manager Industrial Relations, in which MD got assurance for union leaders for not to raise any other demand till the two-year agreement period expires.

MANAGEMENT TEAM

1. Shakeel Ahmed

CEO

2. Mohammad Imran Kahn

MD

3. Abdul Wasay Korejo

Manager Industrial Relations

4. Nadeem Akhtar

Manager Technical

5. Faisal Ali Soomro

Manager Finance

6. Nazir Ahmed Channa

Manager HRD

7. Dr. Ghulam Ali

Medical Superintendent

8. Haq Nawaz Khaharo

Manager Safety

9. Miss Raheela

Manager Productions

10. Irfan Ahmed Rajput

Manager M.I.S

11. Musadiq Ali Qureshi

Manager Marketing

12. Raheel Qamar

Manager Quality Control

13. Irfan Ali Chandio

Manager Transport

14. Jawaid Ali Pirzada

PRO

15. Miss Shabana Brohi

PS to CEO

 


 

UNION TEAM

1. Ghulam Qadir Odho

President

2. Zakir Hussein Kirio

Vice President

3. Muhammad Anwar

General Secretary

4. Waqar Ahmed Kashmiri

joint Secretary

5. Zafar Ali Sheikh

finance Secretary

6. Nisar Ali Shah

Press Secretary

7. Tehseen Ali Memon

Union Leader

8. Muhammad Shahnawaz

Coordinator

9. Waqar Ali Sethar

Councilor

10. Mohammad Amir

Councilor

11. Mohammad Sajid

Councilor

12. Saifullah Soomro

Councilor

13. Azhar Nadeem

Member

14. Abdul Mughni Sheikh

Member

15. Mohammad Siraj Sheikh

Member

 


 

PRESS

1. Miss Saima

Journalist

2. Miss Shagufta Qureshi

Journalist

3. Masroor Akhtar Bhatti

Journalist

4. Amir hussein

Journalist

ADAMJEE INSURANCE ACHIEVES HIGHEST PRE-TAX PROFIT

A meeting of Board of Directors of Adamjee Insurance Company Limited was held on August 10. The Board approved the half yearly accounts for the half year ended June 30, 2005. The Company achieved the highest pre-tax profit of Rs. 575.9 million in its history. The underwriting profit has also improved significantly to Rs. 293.7 million as compared to Rs. 84.1 million in the same period of last year, showing a rise of 249%. The eaming per share of the Company stood at Rs. 5.52 as compared to Rs. 2.15 in June 2004.

The Board was informed about the various policies implemented and measures taken, which resulted in the increase in pre-tax profit by 127% from June 30, 2004, when the pre-tax profit was Rs. 253.7 million. The Board of Directors appreciated the efforts made by the management and the staff for achieving such excellent results.

MCB APPROVES HALF YEARLY ACCOUNTS

A meeting of the Board of Directors of MCB Bank Limited was held at Lahore. Mian Mohammad Mansha chaired the meeting to approve the half yearly accounts ended 30th June, 2005.

The Board of Directors reviewed and approved the results as follows:

FINANCIAL HIGHLIGHTS

 

(Rs. In million)

June 2004

Profit before taxation

4,227.2

2,204.2

Profit after taxation

3,039.6

1,289.0

Earning Per Share - (Half Year)

Rupees 7.43

3,17

PERFORMANCE REVIEW:

The first half of 2005 was very promising for MCB, as the bank has achieved pre tax profits of Rs. 4.2 billion, compared to Rs. 2.2 billion for the same period in 2004. Profit after tax has more than doubled compared to the corresponding period for 2004 and exceeds Rs. 3 billion-highest ever profit in the history of MCB. This translates into earning per shares of Rs. 7.43.

Advance and deposit increased to Rs. 156 billion and Rs. 241 billion reflecting a growth of 14% and 10%, respectively. Additionally the bank's assets expanded by 16% during the half year ended 2005 and crossed Rs. 300 billion mark.

Bank's equlty (capital and reserves) increased by 41% during the half year, which was due to issue of right shares and retained earnings. Increase in equity would improve the lending limit and provide opportunity for significant growth of the bank's balance sheet. This will also help meet capital requirement under Basel Accord II, which will be effective from 2007. We would like to thank the shareholders for the trust they have posed in their bank by subscribing to the right issue.