Dr. Ishrat Hussain, Governor State Bank
of Pakistan (SBP), has awarded licence to Dubai Islamic Bank (DIB) for the
establishment of its operations in Pakistan.
Speaking on the occasion Dr. Ishrat
Hussain, Governor SBP, said that the State Bank is encouraging the participation
of reputable local and foreign investors in the field of Islamic Banking with a
view to develop a competitive and viable Sharia'ah-compliant financial system in
the country. He said that Islamic Banking is growing at a fast pace in the
country; with present assets of Islamic Banks standing at around Rs. 60 billion
which is 1.6% of the total banking industry assets. He further added that SBP is
working on the formulation of a number of rules and regulations to provide a
level playing field to Islamic Banking institutions in the country and is
offering human resource training. He further expressed the hope the DIB Pakistan
will also address the issue of shortage of trained human resource in this field.
Pervez Saeed, Advisor to SBP Governor
on Islamic Banking, said that the progress of Islamic Banking in Pakistan has
been commendable during the last two years.
MCB SIGNS CONTRACT FOR ADDITIONAL ATMS
MCB Bank Ltd. signed a contract with
NCR to buy 40 ATMs to further strengthen its ATM network across the country.
Mohammad Aftab Manzoor, President and
CEO of MCB and Syed Bader-ul-Islam, Managing Director, NCR Pakistan, signed a
contract in a ceremony held at MCB Tower, Karachi. While addressing the meeting,
Mohammad Aftab Manzoor, said: "With increasing customer demands, rapid
technological changes and competition, we need to keep abreast of the latest
trends impacting the banking industry."
The Bank has the largest network of
ATMs all over Pakistan and also owns and runs the MINET SWITCH which is
connected to 13 local and foreign banks and transacts for ATM and POS Services.
The Bank has established online connectivity at more than 500 branches, enabling
customers to transact freely.
The Bank is in full swing with its
automation drive. With 15 branches converted into the new symbols core banking
platform, plans are well underway to automate the remaining branches by the end
The Bank launched internet banking as a
new product under the title 'MCB Virtual Banking' as another value added service
for its customers to enhance the banking experience of 24 x 7 x 365 from any
corner of the globe by just logging onto the bank's website www.mcb.com.pk.
The contract signing ceremony was
attended by Stelion Fragkos, (Area Vice President NCR, East Mediterranean,
Middle East and Africa), Haider Wahab (Head financial solutions Division-NCR,
Pakistan), Rukhsana Hasan, (Accounts Manager-NCR, Pakistan), Saleem Rafik,
(Chief Information Officer - MCB Bank Limited), Saulat Mujtaba, (CEO-MNET
Services PVT Limited), Kafeel Burney, (Head of Public Affairs, MCB Bank
HIGH ON STYLE
Each year as the wedding season
approaches fashion addicts across the Sub-continent have one question in mind:
What will be the colors, cuts and styles of the season. Bridal Asia, the biggest
fashion event of the region, may have the answer. This year TV One flew down
their team to India, New Delhi, to cover this exclusive high fashion event that
mixes haute couture fashion with vibrant traditions.
Not just for fashionists alone, the
show promises something for everybody with a stunning eclectic collection of
bridal wear, footwear, accessories, and jewelry all at one time. By bringing
this show on satellite this year, TV One has taken the initiative to showcase
bridal fashion and styling, giving all viewers a front row seat. A dizzying
array of designs comprise the dazzling collections being shown by the designers
at Bridal Asia, ranging from ultra chic simplicity to beautiful traditionalism.
Mixing the sensuality of the East with the high class glamour of the West, this
four-day fashion extravaganza features the top names of the fashion industry
from India, Pakistan and Bangladesh such as Nilofer Shahid, Rockey S, Aneela
Haque, Shantanu Goenka, Sonya Battla, Honey Waqar, Surily Goyal, Rina Dhaka,
Hemant Trevedi for Sheetal, Bhairavi Jaikishan, Prriya Awasthy and Sabyasachi
A combination of modernity and class,
Bridal Asia is part high wedding fashion, part a lifestyle exhibition. This
event is also highly notable for its initiative to bring together top designers
from the three countries of the subcontinent. Bridal Asia gives these designers
a rare and much needed opportunity to present their take on fashion form a
unified and cultural view point to the world and to foster cross cultural pride
With diversity fast diminishing among
private TV channels, it is appreciated that TV One is jazzing up its programming
with a significant and meaningful event instead of taking the usual route. We
look forward to more such celebrations of cultural heritage and cross cultural
exchange in the fashion and media world by TV One.
SHENGEN VISA: DHL SIGNS DEAL WITH
DHL, the world's leading express and
logistics company, and the Italian Consulate-General in Karachi have signed an
agreement to facilitate business and leisure travellers seeking Shengen visas.
Shengen visas cover 15 countries of the European Union. These are: Austria,
Belgium, Denmark, Finland, France, Germany, Iceland, Italy, Greece, Luxembourg,
Netherlands, Norway, Portugal, Spain and Sweden.
DHL Pakistan's new service Passport
Express provides comprehensive information on visa requirements required by
Shengen countries, as provided by the Italian Consulate-General in Karachi.
Shengen visa applicants can drop off their visa applications and passports at
designated DHL Pakistan offices for express check, forward and return pick up.
DHL's personalized customer service and tracking system can also provide updated
information to all visa applicants.
TRAKKER LAUNCHES FLEET MANAGEMENT
Keeping in line with the demands of the
modern fast paced business, Trakker launched its Fleet Management Services (FMS)
at an informative seminar arranged at a local hotel. The seminar was attended by
leading organizations from distribution, transportation and freight management,
and oil marketing sector.
Speaking at the occasion Mr. Omar Hatmi,
Chief Operating Officer Trakker, informed the audience the need for detailed
reports and analysis to effectively and efficiently manage transportation
fleets. Every organization wants to operate at optimum levels, with cost
controls and effective utilization of the available resource. He said that by
efficient use of different C-track products, coupled with Trakker Bureau
Services, the organization not only benefits by keeping a complete check on
their fleet movement, but can also reduce cost with the help of comprehensive
and customized reports. The services are available to any organization having a
fleet of at least five cars.
At the end Mr. Ali Jameel, CEO Trakker
(Pvt) Ltd, distributed shields for Best Practices Awards to different
organizations. The award is a gesture of goodwill to appreciate the best
practices followed in the logistics and fleet management areas. Mr Jameel,
speaking on the occasion, lauded the work of the winning companies and shared
his hope that other companies from the industry will also soon join the
professional fleet management to further enhance their operations.
TERADATA ACQUIRES DECISIONPOINT(R)
Teradata, a division of NCR Corporation
(NYSE: NCR), announced the acquisition of DecisionPoint Software (DPS), a global
software company focused on providing an integrated data foundation for
financial and performance management.
"Market need is driving this
acquisition," said Bob Fair, chief marketing officer for Teradata.
"Finance organizations are facing mounting pressure to provide faster, more
flexible financial reporting, to actively manage performance and to meet
compliance requirements. Our customers look to us to help them build an
accurate, integrated data environment to meet their business performance needs -
and to do so in a timely and cost effective manner. The DPS acquisition helps us
Over the past two years, Teradata and
DPS have partnered to optimize the sourcing process primarily from Oracle
Financials. DPS tools capture and move continuously changing data from the
financial source systems into a data warehouse, automatically reconfiguring the
analytic environment as needed. "This acquisition extends our existing
financial management solution by enhancing our ability to speed the
implementation of financial warehouses, resulting in improved data quality and
greater visibility into financial results at reduced cost," said Fair.
solution is enabling us to shave months off of the sourcing and integration of
our financial and nonfinancial data in the Teradata warehouse," said
Jeremy Koslow, enterprise data
warehouse program manager, Harvard Pilgrim Health Care, an award-winning health
plan. "Understanding our cost drivers by different dimensions such as
physicians, procedures, geographies, members and provider networks allows us to
hone in on ways to more effectively provide differentiated services to our
customers at a lower cost."
The combined Teradata-DPS solution
integrates data from financial and nonfinancial sources in near real-time and
gives users faster access to detailed information for more actionable analysis.
"Today's finance executive needs
deeper insight into growth drivers and greater transparency to assure
compliance. Key to success in these endeavors is better data governance,"
said John Van Decker, senior vice president and principal research analyst for
the Robert Frances Group, business advisors to technology executives in Global
2000 enterprises. "Teradata and DecisionPoint Software's highly
complementary capabilities in sourcing and managing data should give the CFO
community improvements when integrating and consolidating results from ERP
sources as well as promote the integrity of critical financial
Financial terms of the acquisition were
Government of Pakistan has nominated
Mr. Sher Afgan Malik as member Board of Directors of The Karachi Stock Exchange
(Guarantee) Limited. Mr. Malik is a Fellow member of The Institute of Cost &
Management Accountants of Pakistan. He has worked as President of The Institute
of Cost & Management Accountants of Pakistan and Managing Director, Pakistan
International Airlines Corporation. Prior to that he worked at several senior
positions in Saudi Arabia and United States. He was Chief Executive of Al-Tuwairqi
Group Dammam, Saudi Arabia, Chief Executive of Rashed Abdulrahman Al-Rashed
Group of Companies, Alkhobar, Saudi Arabia and Vice President of The Tumpane
Company Inc. Vancouver, Washington, U.S.A. Presently he is working as Managing
Director of International Spectrum Development Inc. and also serving The
Institute of Cost & Management Accountants of Pakistan as member of The
National Council several important Committees.