Sep 05 - 11, 2005

 

ADAMJEE INSURANCE
Dewan Mushtaq Group signed an agreement with Adamjee Insurance Company Limited as leaders for their insurance for the year 2005-2006. Mr. Dewan M. Yousuf Farooqui, Chief Executive of Dewan Mushtaq Group and Syed Jawad Gillani, Managing Director and Chief Executive of Adamjee Insurance signed the agreement. Seen in the photograph is Ms. Nasreen Rashid, Deputy Managing Director of Adamjee Insurance, with the Senior Executives of both the institutions.
FLAG HOISTING CEREMONY AT MCB TOWER
A simple and impressive Flag Hoisting Ceremony was held at MCB Tower, Karachi. Mr. Ali Munir, Senior Executive Vice President, MCB Bank Limited, hoisted the National Flag. All members of MCB team sang the National Anthem alongwith the nation.

PAK OMAN INVESTMENT COMPANY LIMITED

The 20th Board Meeting of Pak Oman Investment Company (Pak Oman) was held in Lahore. The meeting was chaired by H.E. Yahya Al-Jabri, and attended by Dr. Waqar Masood Khan, H.E. Nasser Al-Jashmi, Mr. Ahmed Al-Wahaibi, Mr. Humayun Murad and Mr. Zafar Iqbal.

To date, the Board of Director has approved total financing of Rs 3.6 billion (US$ 60.2 million) spread across a diversified client and sector base. The Board appreciated Pak Oman's risk evaluation measures that have facilitated a recovery rate of almost 100% during the year.

The Board also approved the half-yearly accounts for the period ended June 30, 2005.

The salient points of discussion included the MD Mr. Zafar Iqbal's briefing on the status of various projects and ventures. The MD was proud to inform the Board of the soon-to-be inaugurated Pak Oman Micro Finance Bank, which he said was a major realization of Pak Oman's development goals. A country-wide entity, the Pak Oman Micro Finance Bank would serve as a vehicle in the creation of sustainable income opportunities for the under-privileged, particularly for women. Moreover, the bank would supplement the government's efforts to alleviate poverty in the country.

The progress on the establishment of Pak Oman Asset Management Company was discussed in detail. Pak Oman will be initiating this venture in partnership with Oman National Investment Company, Bank Muscat and the National Logistics Cell.

The establishment of Pak Oman's Muscat Branch was also one of the high points of the meeting. The branch is expected to be operational by the end of September 2005 and will play an instrumental role in facilitating/promoting bilateral trade ad investment between Sultanate of Oman and Pakistan. Pak Oman is the first Joint Venture Company to take the initiative of establishing an international office.

Discussions moved on to Pak Oman's recent triumph of receiving a 'Certificate of Merit for the Best Corporate Report Award-2004' in the unlisted category by the forum of Institute of Chartered Accountants of Pakistan and Institute of Cost & Management Accountants of Pakistan.

Pak Oman has a credit rating of AA+ (Double A plus) for medium to long term and Al+ (A One Plus) for short term. Pak Oman has also assigned a corporate governance rating of CGR-9 by JCR - VIS Credit Rating Company Limited.

SEMINAR ON INTEREST-FREE BANKING

Banking Skills Development Centre, established by Dr. Ahsan H. Khan, a senior banker and former Chief Executive & Director of UBL Assets Management Co., organized a seminar on "Interest-free Banking - from Concept to Action at Sheraton Hotel in association with M. A. Jinnah University. It was inaugurated by HE Zahid Hussain, Ambassador of Pakistan to Kenya. The Chief Guest at the seminar was H.E. Mr. Aqeel A. Al-Jassem, Secretary General, Islamic Chamber of Commerce & Industry.

The Technical Session was chaired by Mr. Liaquat Durrani, Managing Director, State Bank of Pakistan Banking Corporation. A large number of bankers and delegates from different corporations attended the event. Eminent speakers included Mr. Zaigham Mahmood Rizvi, Chairman House Building Finance Corporation, Najmul Hasan, General Manager Meezan Bank, Mahmood Shafqat Mufti from the State Bank and Shariah Advisors of Muslim Commercial Bank and Al-Barka International Bank. Prof. Dr. Abdul Wahab, President M.A. Jinnah University welcomed HE Aqeel AI-Jassem and HE Zahid Hussain, whose services to the cause of education were eulogized by both of them.

In his presentation, Dr. Ahsan H. Khan, former Advisor Islamic Banking UBL emphasized upon Islamic banks the need to introduce market-friendly, competitive and innovative products and services.

UNION BANK DECLARES HALF-YEARLY RESULTS

Union Bank Limited has announced its six-monthly results for the period ending June 30, 2005. Union Bank's spreads have kept a healthy trend as a result of high yielding consumer assets.

Profit before tax aggregated Rs. 1,282 million, a healthy increase of 120 percent over the same period last year.

Profit after tax amounted to Rs. 800 million, as compared to Rs. 358 million, over the corresponding period.

Focus on the core banking business of interest income has resulted in an increase of 60 percent on gross revenue at Rs. 4,356 million, compared to Rs. 2,718 last year.

When compared to June 30, 2004, deposits grew by 17 percent, whereas advances recorded a growth of 24 percent.

Equity has registered an increase of 49 percent crossing Rs. 4,118 million, as against Rs. 2,758 million last year.

Total assets stand at Rs. 87,939 million, as compared to Rs. 78,368 million last year, registering a growth of 12 percent. Half-yearly earnings per share is Rs. 3.30 as against Rs. 1.49, with a growth rate of 121 percent.

Union Bank has firmly established itself as one of the premier financial institutions in Pakistan, offering a wide array of financial products under one roof. These products range from saving/current accounts such as Mahana Izaafa and Business Account, to financing facilities, such as Business Power, UniCar, My Home and Ready Cash, to the world's most respected American Express credit and charge cards. Union Bank has also a separate SME Banking Group, serving the specific needs of the SME segment.

The Pakistan Credit Rating Agency (PACRA) upgraded Union Bank's long term rating to AA- (Double A Minus) and short term rating to A1+ (A One Plus)

PAKTEL GSM INTRODUCES INTERNATIONAL CALLS AT LOCAL RATES

Pakistan's leader in innovative technology, Paktel GSM has once again taken the market by storm. The cellular giant shall now charge a uniform local call rate for international calls to a dozen key international destinations around the globe.

Paktel GSM customers can now enjoy local call rate of Rs. 3.75+ tax to a dozen international destinations by simply adding '123' before the number to be dialed for international calls. All customers need to do is to dial '123-00-country code-city code-desired number' and talk to their loved ones around the world.

"This is a remarkable achievement on our part," Xavier Rocoplan, CEO, Paktel said, adding: "This is the first time in the history of cellular services in the country that a mobile company has introduced local calling regime for international calls and access charges have also been abolished for all international calls. Working on our innovators' platform, it is our obligation to our customers to give them the best convenience and services that makes a positive impact in their lives."

"Paktel is committed to eliminate distances and move towards with a vision of 'One World, One Rate' because we believe that Dil tou Aik Hai and hence there should be no barriers to communicate with our loved ones wherever they may be around the planet earth," Mr. Rocoplan added, "With this ground breaking initiative, people can stay in touch with their family and friends in major destinations of the world with the ultimate ease of getting connected on a single touch of a button rather than through a tedious process of dialing a prompt or going through gateways and international exchanges."

This fantastic service is offered for major countries like Australia, USA, Canada, China, Denmark, France, Germany, Hong Kong, Japan, Singapore, Thailand, and United Kingdom.

STANDARD CHARTERED CHAIRMAN VISITS PAKISTAN

Mr. Bryan Sanderson, Chairman of Standard Chartered PLC, arrived in Islamabad on a two-day visit to Pakistan. This is the first time Mr. Sanderson is visiting Pakistan. His visit is a strong reflection on the Bank's growing commitment to the country.

Present in the Middle East & Pakistan region for over 140 years, Standard Chartered Bank has played a leading role in the growth and development of the banking industry. Mr. Sanderson's visit not only endorses Standard Chartered Bank's growing role in Pakistan's economy but it is also an affirmation of the Bank's future growth plans in the country.

Mr. Bryan Sanderson stated: "Our commitment to Pakistan is absolute and we wish to take a lead role in participating in the development of the banking sector here by leading the way with superior performance, service excellence and engaged people.

"We are the leading International Bank with a network of 31 branches spread across all four provinces and 9 major cities of Pakistan.

"Today, we are extremely pleased to announce that we will be increasing our branch network to 46 branches by the end of the year. This will help support convenience and enhance accessibility to our customers."

During his visit, Mr Sanderson, accompanied by Mr. Badar Kazmi, Chief Executive, Standard Chartered Pakistan, had one-on-one meetings with His Excellency, President Pervez Musharraf and His Excellency, Prime Minister Mr. Shaukat Aziz. They discussed the Bank's commitment to Pakistan and its leading role in the economic development of the country.

Commenting on the Chairman's visit to Pakistan, Mr. Badar Kazmi, Chief Executive, Standard Chartered Pakistan said, "We are looking to cement our already strong relationships in order to ensure that, going forward we will be leading the way in assisting the economic growth of Pakistan".

He said: "The government and central bank of Pakistan have been very supportive of our business expansion and I would like to thank them on behalf of our Bank."

Mr. Sanderson joined the Board of Standard Chartered PLC on 9th December 2002 as a Non-Executive Director and became the Chairman on May 8th 2003. The previous Chairman of Standard Chartered PLC, Sir Patrick Gillam, visited Pakistan in 1999.

REVELATION MARKETING'S TRAINING SEMINAR

Revelation Marketing, Inc. is scheduled to hold a training seminar entitled: 'Brand New Ideas', on September 7. The workshop aims to provide an insight into the future of marketing, advertising and the media. Speakers from leading marketing companies will be addressing the occasion and will shed light upon various aspects that will determine the future course of marketing in Pakistan. The workshop has been designed for company CEOs, Marketing Directors, Marketing Managers, Brand Managers, Advertising Agency Professionals, Students and anyone interested in the field of marketing, advertising and media.

Prominent speakers present at the occasion will be Shoaib Qureshy, Chief Strategy Officer, Bulls Eye; Sohail Ansar, CEO, Mindshare; Shahzad Nawaz, Creative Director, GEO & Jang Group; Iqbal Mahmood, Chief Executive, RFM Loyalty; Aziz Jindani, Brand Manager, P&G; Owais Zaidi, COO, Arwen Technologies; Khalid J Siddiqui, Country Head, ACNeilsen Pakistan; and Shahbaz Jamote, Head of Content Development, AKNM Technologies.

The focus will be on recent ideas that have been successful and also on ideas which are applied globally but still new to our market. Case studies showcasing brands that have successfully used new strategies and technologies to their advantage will be presented. Other than these, changes in the overall structure of advertising, marketing and media with respect to technological advancements, new tactical approaches and consumer insights will be presented in the workshop. From concepts like brand activation to wireless communications, from branded programs to loyalty marketing to new media realities, a wide horizon of topics will be covered to give the audience fascinating marketing insight.

Revelation Marketing Inc. is part of the Revelation Group, which includes Revelation CPF Inc., an advertising agency & Revelation Media Inc., the publishers of Mr. Magazine. Revelation Marketing Inc. has been established with a simple aim in mind: to act as a source of information and provide a platform for professionals in advertising, media and marketing. In the course of fulfilling this objective, Revelation Marketing Inc. is the only Pakistani company to bring you specialized industry based events. It fills a void in the marketing, advertising and media industry in Pakistan by providing a ready source of information, debate, contacts, developments, etc.

The event will be held on Wednesday, 7th September, at the Crystal Ballroom, Marriott Hotel, Karachi, between 9:00 am and 6:00 pm PST. The last date for registration is 5th September.