Home / Press Releases / Press Releases

Press Releases

Petroleum levy enhanced to reduce revenue shortfall
Sales tax should not be increased to meet tax target
Rising growth rate can provide real relief to masses: Mian Zahid Hussain

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister, Mian Zahid Hussain on Wednesday said record hike in petroleum levy will help the government reduce revenue shortfall.

The government has not reduced petroleum prices as per the expectations which will help it raise few hundred billion rupees, he said.

Mian Zahid Hussain said that the petroleum levy will not be enough to cover entire shortfall therefore sales tax can be increased by one percent on various items.

Talking to the business community, the veteran business leader said that Russia, Saudi Arabia and other countries are trying to arrest the fall in oil prices, if it rebounds, the government will have to hike sales tax by two to three percent while a steep fall in oil prices will provide relief.

The Former Minister noted that Prime Minister has refused the IMF’s desire to introduce a mini-budget, revise energy prices and increase taxes but the revenue agreed with the lender target must be achieved.

A revenue target of Rs5550 billion was agreed with the IMF which was revised to Rs5238 billion which if scaled down again will do away with the need to increase the sales tax.

He said that it is very difficult for the FBR to collect more than Rs4461 billion which will be short of Rs777 billion which was talked by imposing highest every petroleum levy in the history of the country.

He noted that enhancing sales tax will politically difficult, it will trigger inflation, hit businesses and agitate masses.

Last year the private sector took Rs587 billion as loans which have been reduced to Rs179 billion which indicate economic contraction.

He said that social safety programmes for the poor are good but the masses will only get desired relief when the growth rate is triggered, exports are promoted and import curbs are softened, he said.

NBP records solid growth in balance sheet size and income generation
Total revenue 11.5pc up at Rs108.1 billion
PBT and PAT down by 5.7pc and 21.0pc

Meeting of the Board of Directors (BoD) of National Bank of Pakistan (Bank) was held on February 28, 2020 at the Bank’s Head Office in Karachi. The BoD approved standalone and consolidated financial statements of the Bank for the year ended December 31, 2019.

The Bank recorded solid growth in terms of both balance sheet size and income generation. Despite a generally difficult year for the banking industry, net mark-up/interest income closed 18.5% higher YoY at Rs. 71.9 billion (2018: Rs. 60.7 billion). NBP maintained its non-mark-up/interest earning at Rs. 36.20 billion. Accordingly, total income of the Bank closed at Rs. 108.11 billion i.e. 11.5% higher than Rs. 96.92 billion of prior year. Total expenses for the year amounted to Rs. 65.70 billion against Rs. 55.69 billion for the year 2018. This amount includes a total of Rs. 7.3 billion related to extraordinary items. Thus, the increase in operating expenses was only 5.0% and YoY growth in profit excluding extraordinary items and before provisions improved to 21%.

Reflecting the trend of asset quality deterioration observed across the industry this year, the Bank experienced a 11.4% increase in non-performing loans. During the year, the Bank provided against NPLs, diminution in investments and certain financial improprieties. Based on the above, provision charge amounted to Rs. 14.2 billion, and profit before tax stood at Rs. 28.00 billion, being 5.7% lower than Rs. 29.68 billion for the prior year. NBP has consequently focused on strengthening its Balance Sheet through this provisioning and through building contingency buffers for a total of Rs. 21.5 billion. Due to retrospective applicability of super tax, this year, the Bank’s tax burden amounted to Rs. 12.35 billion, resulting into the Bank’s profit after tax closing at Rs. 15.8 billion, 21% lower YoY. This translates into earnings per share of Rs. 7.43.

Total assets closed at Rs. 3,124.39 billion, depicting a 11.6% growth from Rs. 2,798.56 billion a year before. Gross advances increased by 8.7% to Rs. 1,151.31 billion, investment closed 12.1% up at Rs. 1,417.65 billion, and deposits grew by 9.3% to Rs. 2,198.05 billion.

The Bank is facing contingencies related to pensionary benefits of its retired employees, and has filed a review petition. Pending the decision for review petition, financial impact of the subject case has not been included in the instant financial statements as the Bank looks forward to a favourable outcome of the case.

The BoD is conscious of the fact that the shareholders look forward to receiving a dividend. The Board deliberated at length whether or not cash dividend should be recommended. Keeping in view the significance of the amount involved in the pension related case, the BoD considered it prudent to retain the profits for the time being to maintain & further strengthen capital base of the Bank. Accordingly, the BoD did not recommend any dividend for the year 2019.

Going forward, the year 2020 marks the Bank’s 71st year of service to the nation. The Bank’s business strategy is evolving to ensure a focus on inclusive development through reaching and supporting underserved sectors including SME, Microfinance, Agriculture Finance, and finance for Micro-Housing on a priority basis. This is in addition to the bank’s dominant role in dealing with public sector enterprises and its employees. Building a technology platform and digital banking capability will be a central part of this strategy as will the inculcation of a performance driven culture within the institution.

The emphasis for 2020 will be on building a strong platform in terms of processes and controls based on accountability and meritocracy.

ACCA holds moot on Faisalabad’s future-readiness in the digital age

ACCA (the Association of Chartered Certified Accountants) organized a multi-stakeholder corporate networking conference on the theme ‘Punjab: Pakistan’s Industrial and Talent Powerhouse’ here in Faisalabad to emphasis on the need for future-readiness of businesses to keep Faisalabad globally competitive and make it lucrative for foreign investors.

As a hub for industrialization in Pakistan, Faisalabad is on the cusp of a technological revolution and the need for organizations to be future-ready was never greater. At ACCA’s conference, prominent thought leaders and policy makers discussed and proposed recommendations on how to keep Faisalabad region up to speed amidst the Fourth Industrial Revolution by adopting a growth agenda based on the golden principles of inclusivity, integrity and innovation.

“As the global body for professional accountants, ACCA is a super-connector – seeing, facilitating and maximizing linkages across the profession for the benefit of our members, economies and society at large. Conferences like this allow us to share our future-focused Professional Insights and help organizations to think ahead and stay future-fit” said Assad Hameed Khan, Market Head – Business Development, ACCA Pakistan.

Senator Walid Iqbal was the Chief Guest at the event. He delivered a passionate speech on the future of Faisalabad region, emphasized on the role of business community in keeping ‘Manchester of Pakistan’ ahead on the global stage, and shared the government’s commitment. He also urged policy makers and regulators to facilitate investors and improve ease of doing business in the city.

The conversations remained focused on three key areas: Ensuring inclusivity and equality of opportunity to create an economy that serves everyone regardless of their background, building trust and earning global credibility for businesses in an environment of trust crisis by upholding highest standards of ethics, and to encourage innovation to truly transform and future-proof our manufacturing sector.

The conference also discussed how our manufacturing sector can adopt latest technologies and develop future-ready talent to compete and win globally.

Rana Muhammad Sikandar Azam, President, Faisalabad Chamber of Commerce and Industry shared with attendees his exclusive insights into the future of textile sector in Pakistan and shared how their member organizations are leading the change.

Speaking at the conference, ACCA’s Head of Business Development — Central, Muhammad Shahid Khan, said: “Faisalabad contributes significantly to our national GDP and its manufacturing sector is among the biggest employers. It’s crucial for organizations operating in the district to ensure their sustainability and future proof jobs by staying ahead of the curve when it comes to disruptive technologies.”

The conference offered local businesses, thought leaders, and policy makers an opportunity to sit together and form an actionable agenda to help the region realize its true economic potential.

The conversation leaders at the event included, Zia Ul Mustafa, President, Institute of Cost & Management Accountants of Pakistan (ICMAP), Dr Tanveer Hussain, Rector, National Textile University, Muhammad Iqbal Ghori, Director Finance & Strategic Planning, Sadaqat Limited, Syed Rehan Hussain, Chief Operating Officer, Akhuwat Foundation, Beau Seil, Partner Singapore Southeast Asia Investment Lead, Patamar Capital, Zunaira Riaz, Senior Manager Professional Qualifications and Career Development Centre, The Millennium Universal College (TMUC), Arslan Anwar, Head of Internal Audit, Master Tiles, Sarfraz Ahmed Nadeem, Chief Manager Faisalabad, State Bank of Pakistan, and Altaf Hussain, Depty Commissioner, Punjab Revenue Authority.

The event was supported by ACCA’s partner organisations including, Akhuwat Foundation, British Deputy High Commission Karachi, Sadaqat Limited, Khas Holding, Lahore Grammar School, TMUC, SKANS School of Accountancy, Sitara Labels, University of London, Adroit Accountancy, OBOX Accounting, and SOS Security.

ACCA will also be hosting a corporate networking conference on similar conversation themes in Multan on March 13, 2020.

Hike in petroleum levy help govt reduce revenue shortfall: Mian Zahid Hussain

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister, Mian Zahid Hussain on Wednesday said record hike in petroleum levy will help the government reduce revenue shortfall.

The government has not reduced petroleum prices as per the expectations which will help it raise few hundred billion rupees, he said.

Mian Zahid Hussain said that the petroleum levy will not be enough to cover entire shortfall therefore sales tax can be increased by one percent on various items.

Talking to the business community, the veteran business leader said that Russia, Saudi Arabia and other countries are trying to arrest the fall in oil prices, if it rebounds, the government will have to hike sales tax by two to three percent while a steep fall in oil prices will provide relief.

The Former Minister noted that Prime Minister has refused the IMF’s desire to introduce a mini-budget, revise energy prices and increase taxes but the revenue agreed with the lender target must be achieved.

A revenue target of Rs5,550 billion was agreed with the IMF which was revised to Rs5,238 billion, which if scaled down again will do away with the need to increase the sales tax.

He said that it is very difficult for the FBR to collect more than Rs4,461 billion, which will be short of Rs777 billion, which was talked by imposing highest every petroleum levy in the history of the country.

He noted that enhancing sales tax will politically difficult, it will trigger inflation, hit businesses and agitate masses.

Last year the private sector took Rs587 billion as loans which have been reduced to Rs179 billion, which indicate economic contraction.

He said that social safety programmes for the poor are good but the masses will only get desired relief when the growth rate is triggered, exports are promoted and import curbs are softened, he said.

Standard Chartered Pakistan posts higher-ever profit of Rs27.2bn (before tax)

Standard Chartered Bank (Pakistan) Limited, the country’s largest and oldest International bank, last week announced its Annual Results for 2019.

The Bank had a record year of performance in 2019 and delivered a Profit Before Tax of PKR27.2 billion, which is 47 per cent higher than last year. Profit After Tax registered a growth of 43 per cent to close at PKR16 billion; highest ever since its incorporation.

A strong and diversified business performance drove an all-time high income of PKR39.1 billion; a growth of 37 per cent YoY. Operating expenses were well controlled with an increase of only 2 per cent YoY, well below the country inflation rate, resulting in all time low cost to income ratio of 30 per cent.

All businesses have a positive momentum in client income which grew 31 per cent year on year with strong growth in underlying drivers. Momentum in advances (net) continues with 29 per cent growth since the start of the year. This was the result of a targeted strategy to leverage our brand, client relationships and strong global network in building profitable and high-quality portfolios.

The Bank continued to maintain its leadership in low cost deposits with CASA to Deposits ratio of 93 per cent despite strong competition. Total deposits recorded a growth of 10 per cent, with CASA growing by 8 per cent in 2019.

The bank won several awards and accolades in the year including ‘Best Commercial Bank’ by Management Association of Pakistan, ‘Best Foreign Bank in Pakistan’ by Finance Asia, ‘Best International Bank’ by Asia Money and ‘Best Islamic Bank’ by the Banker Magazine.

During 2019, the Bank contributed around PKR18.6 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED/Provincial Sales Taxes.

For the year 2019, the Board of Directors have recommended a final cash dividend of 17.5 per cent (PKR1.75 per share). This is in addition to the 12.5 percent (PKR1.25 per share) interim cash dividend announced during the year; thereby taking the total dividend pay-out to a record high of 30 per cent (PKR3.00 per share).

Commenting on the results, Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am delighted to announce that the Bank has performed exceptionally well and has delivered its highest ever profit. 2019 has been a significant year, with developments that have contributed directly to the growth of the country franchise. These results are testament of our commitment to delivering a consistent and continued performance. Having strengthened our foundations on controls and conduct, we recognise the importance of sustained growth with a focus on income whilst strongly monitoring cost and prudent risk management. Our digital journey is well on-track having executed over 21 million electronic transactions for our clients while ensuring a seamless client experience throughout all our segments. Although the external environment remains challenging, we are committed to raising the bar on our performance whilst ensuring that our clients’ needs are at the heart of everything we do.”

TPL trakker partners with Eat Mubarak

TPL Trakker, Pakistan’s leading IoT Company, has partnered with Eat Mubarak, a local food delivery service, to power their app with TPL Maps, a business segment of TPL Trakker and Pakistan’s first digital mapping service.

This partnership will give Eat Mubarak access to the largest location based dataset covering over 400 cities, 4.5 million geocoded addresses and 500,000 km of road network. This will enable Eat Mubarak to provide quick, efficient and precise food deliveries, fulfilling up to 1,500 orders per day across Pakistan.

A growing number of startups in Pakistan are testing and choosing TPL Trakker’s Location Based Services (LBS) APIs to geo-optimize their digital assets. Using the power of LBS, digital-first organizations are driving efficiency and providing their users with pertinent location information for restaurants, tourist spots, retail and other critical POIs. As the leading local LBS provider in the country, TPL Trakker is poised to power the development of the on-demand digital economy – creating a modern, productive and globally competitive Pakistan. With the highest number of POIs and housing addresses data compared to any other mapping service in Pakistan, TPL Maps APIs will play a critical role for food delivery apps, ensuring customers are connected with the right restaurants at the right time to receive their food when and where they want it.

To mark the occasion, a signing ceremony was held at Centrepoint, TPL’s head office in Karachi recently. Present at the occasion from TPL were, Sarwar Ali Khan, CEO, TPL Trakker and Hyder Abbas, Co-Founder & CTO, Eat Mubarak, along with management team members from both companies.

Speaking at the occasion, Sarwar Ali Khan said, “We have witnessed explosive growth in Pakistani tech companies providing specific on-demand services to the general population. These services rely heavily on cutting-edge location data, which is exactly what we do. We are expanding ahead of the market and will continue to provide innovation though our IoT and LBS offerings to preempt market needs. Our collaboration with Eat Mubarak is an exciting new venture not just for us, but for Pakistan, as two home-grown tech companies partner to power the growth of the digital ecosystem.”

Hyder Abbas said, “We are excited to partner with TPL Maps and have the Eat Mubarak Mobile App powered by an indigenous navigation app. The team behind TPL Maps has mapped every nook and corner of Pakistan and this will help us meet the expectations of our growing customer base.”

Standard Chartered invests in future footballers of Pakistan

Standard Chartered upskilled community coaches from Karachi United Football Club (KUFC) to build future footballers of Pakistan. This programme was led by two Liverpool FC Academy coaches for 12 KUFC coaches who work across underserved communities and are an integral part of the Bank’s annual football community league.

Steven Gillespie and Paul O Brien, coaches who work with the Liverpool FC Academy, conducted the programme in Dubai. This first of its kind football programme by Standard Chartered aims to train coaches from diverse backgrounds and underserved communities. These coaches will further train other coaches of the Club and will also use techniques and skills gained as they train the children who play at Karachi United’s community centres. These children in turn participate in the annual SC KU Youth Football League. Standard Chartered sees this as a long-term investment in terms of providing the children the skillset to eventually showcase their talent.

Standard Chartered Pakistan has been sponsoring the Karachi United Football League for the past three years. The objective of the “Standard Chartered-Karachi United Youth Football League” is to provide a platform for Youth football teams from Karachi to come together, break barriers across genders and ability and inculcate the spirit of competition. It’s a platform for talent to be groomed at the grassroot level. A total of more than 1,000 children have so far participated in this League in 2019.

Commenting on this, Mr. Farhan Ahmed, Head of External Communications and Public Affairs, Standard Chartered Pakistan said, “I am very excited about this pilot that the Bank has organised in partnership with the Liverpool Football Club. We are looking forward to seeing how the Karachi United FC coaches will spread this skillset and enable children from underserved communities to harness their skills as good sportspersons. This is integral in helping improve the SC-KU league in Pakistan which we have been running for three years now. We hope that the skills imparted will continue to create opportunities, build healthy competition and inculcate respect in the local community, whilst breaking barriers across class, genders and abilities, through sport. We hope that through football we can bring a positive social benefit that is a unifying force across our communities in Karachi.”

Commenting on the programme Dan White, Vice President, LFC International Academy, said: “The Train the Trainers programme is a fantastic opportunity for us to have a positive impact on young footballers around the world. This project will provide many opportunities for coaches to improve a wide range of skills, as we introduce them to the same philosophies and techniques delivered at our very own Academy in Liverpool.

“We’re looking forward to seeing the project grow and go from strength-to-strength as a broad range of coaches from diverse backgrounds get the chance to develop their own abilities in a professional and unique environment.”

Jazz and Telenor join hands to optimize customer experience

In line with recent developments in the digital ecosystem and keeping up with an increasing demand for more fluid customer experiences, Jazz has partnered with Telenor Microfinance Bank and Telenor Pakistan has partnered with JazzCash to provide direct and seamless integration on the mobile financial platforms to optimize customer experience. The partnership’s aim is to enable a digital ecosystem for consumers to enhance their ability to manage financial and mobile communications needs by providing reliable, border-less services.

As per this direct integration amongst the entities, the Easypaisa App can be used to purchase Jazz airtime and similarly the JazzCash mobile application can be used to purchase Telenor Pakistan’s bundles. Jazz bundles will also be available on Easypaisa App in the future. This is a first of its kind deal between the two players and is a welcome development given the digital world is increasingly agile and there is a need to leverage digital channels to make it as easy as possible for customers to choose what service they should use.

“Our priority is to promote consumer choice and improve access to high-quality digital financial services — which is especially important for underserved households. This partnership with Easypaisa is essentially a vital step towards this mandate of ours. Collaborating with a competing mobile payments provider shows our willingness to build a border-less payments ecosystem, which shall help build a more open, interoperable payments system in the future,” said Jazz CCO Asif Aziz. “Through this integration, we are providing consumers with enhanced functionality and freedom to choose their preferred mobile money account for all pre-paid and post-paid transactions related to Jazz or Telenor Pakistan.”

Speaking on the development, CMO Telenor Pakistan, Umair Mohsin said, “We always have customers at the core of our business and our priority is to bring convenience and feasibility to them at their fingertips. Through this partnership with JazzCash, we are enhancing the user experience to be more inclusive of what our industry has to offer while providing a wider gateway towards financial inclusion. In this era of digitalization, we are reducing boundaries and enabling our customers through integrated touchpoints.”

Khurram Malik, Head of Easypaisa, Telenor Microfinance Bank commented on the partnership, “Easypaisa is transforming the way users perform financial transactions. We aim to digitize user experience by building a digital ecosystem that allows them to enjoy convenient payment options. This partnership with Jazz is another step in that direction. We will continue to bring more brands and service providers under the Easypaisa umbrella to create diverse opportunities as well as provide ease to consumers”.

This is a landmark deal between two competing mobile operators and financial services and provides an insight in to the benefits that technology offers. Such alliances and interoperability allow these two players to deliver on many of their promises — including enhanced efficiencies and better customer experience.

Realme Pakistan unveils 5I and C3 in first campus launch event of 2020

Pakistani youth’s most favorite brand realme has been launching a number of smartphones from past one year keeping with its lineup for the New Year, the Chinese smartphone brand has launched its first smartphone lineup of the year, the realme 5i and realme C3 has been launched in company’s first ever campus launch event to engage with youthful audience and let them experience the device first hand. The realme 5i will be available in one variant – 4+64GB priced at PKR 24,999 available for sale on from 26th Feb, 2020. realme C3 with 3GB RAM + 32GB storage device is priced at PKR 20,999, available for sale on from 29th Feb, 2020. realme has found itself a place among the top five phone brands. Besides a high value for money, Realme’s availability across all tiers of the smartphone market ensures great visibility.

Disrupting the market consistently with its remarkable product offerings, Harvey He, Country Manager – realme Pakistan states, “We are elated to launch our #QuadCameraBatteryKing realme 5i and #TripleCameraGameMonster realme C3. Our ‘Dare to Leap’ philosophy has brought pioneering flagship user experiences into more budget. Our latest product offerings, realme 5i and realme C3 are the most premium smartphones in there price segment. And I am sure our two new entrants in Pakistan, will lead the market and have the support and love of our realme fans.”

Realme 5I

realme 5 series achieved great success, the shipments of 5 series exceeded 5.5 million units globally. Now as entry-level model of 5 series family, realme 5i also brings great user experience in camera, battery, performance and design, but with more affordable price for more consumers.

With a massive 5000 mAh battery, realme 5i provides best battery life performance and longest 30-day standby in the price segment. It can make you enjoy extra-long entertainment experience. The realme 5i have also been equipped with fireproof protective separation and triple precautions to guarantee battery safety.

realme 5i is equipped Snapdragon 665 based on 11nm production process, operating at a clock speed of 2.0GHz along with enhanced gaming performance and 3rd generation Qualcomm AI Engine, providing outstanding performance in their price segments.

realme 5i adopts latest Sunrise Design in its slim body. Grains on back cover is processed by the industry-leading German five-axis precision radium carving machine, presenting a stunning visual experience after 600-minute polishment, to show the enthusiasm and endless possibilities of the young generation. realme 5i comes in two colors – Aqua Blue and Forest Green.

realme 5i also packs a leading image experience with widely praised quad camera setup – 119° ultra-wide-angle lens (8MP), main camera (12MP), portrait lens (2MP) and ultra-macro lens (2MP). With upgraded algorithm, Nightscape 2.0 is now available in ultra-wide-angle lens, enables you shoot excellent night photos with wider view. Main camera supports better EIS effect, you can take more stabilized videos while moving.

In terms of software, all realme smartphones will get the new upgraded ColorOS 6.1 which will have feature upgrade, hotspot management function, real privacy function and Hotspot management. With ColorOS 6.1, realme 5i can activate dark mode, bring a darker color palette for Apps and operating system, helping you to ease your eyes and focus better with a more vibrant foreground content standing out against the darker background.

Realme C3

Redefine C for Colorful, Cheerful, Competitive, Considerate; Realme C3 is the world’s first phone to be powered by MediaTek Helio G70 SoC, which is designed for entry-level gaming. There are 32GB and 64GB storage options to choose from and the dedicated microSD card allows storage expansion up to 256GB.

The Realme C3 features a 6.52-inch HD+ LCD display with a screen-to-body ratio of 89.8%. For the phone’s back design, Realme draws inspiration from the sun’s rays with a satiny finish that gives the impression of a frosted glass back despite the use of plastic. The Realme C3 comes in Blazing Red and Frozen Blue colors inspired by lava and glaciers, respectively. The phone feature a fingerprint scanner and face unlock feature as well.

Starting things off with the most noteworthy feature, the new variant of the Realme C3 flaunts a triple rear camera setup – a 12MP primary sensor, a 2MP depth sensor, and a 2MP macro lens, which can take close-up images of objects from a distance of 4cm. The front camera of this variant of the Realme C3 is a 5MP unit.

The internal storage has scope for further expansion with the help of an external SD card. One can expand the storage of the Realme C3 smartphone by up to 256GB. Speaking of the display of the device, the Realme C3 flaunts a 6.5-inch HD+ IPS LCD display with a waterdrop notch at the top. Powering the device is a MediaTek Helio G70 chipset. In the software department, the Realme C3 runs on the latest Android 10 OS with the company’s in-house Realme UI baked on top of it.

Coming to the battery of the device, the Realme C3 is fueled with a big 5,000mAh battery. The big let-down here is the fact that there is no USB Type-C charging port and one would have to make do with a more conventional USB 2.0 charging port.

In Pakistan realme C3 with 3GB RAM + 32GB storage device is priced at PKR 20,999, and will be available for sale on from 29th Feb, 2020.

Mian Mansha led delegation of Lahore businessmen meet president Arif Alvi to discuss impediments to business and economic growth

An exclusive dinner reception was hosted by Chairman Nishat Group, Mian Mohammad Mansha for President Dr. Arif Alvi, First Lady Mrs. Samina Alvi and Lahore based business families. On the occasion, businessmen met the President and exchanged views on the prevailing business environment.

Mr. Tariq Saigol, Chairman Kohinoor Group, Mr. Naseem Saigol, Chairman Pak Elektron Limited, Mr. Tariq Rafi, Chairman Siddiqsons Group, Mr. Anjum Nisar, President FPCCI, Mr. Khurshid Mahmud Kasuri, former Minister of Foreign Affairs, Mr. Syed Yawar Ali, Chairman Nestle Pakistan, Mr. Zaka Ashraf, Chairman Ashraf Group, Mr. Khawar Rafique, Chief Executive Royal Fans, Mr. Shahid Abdullah, Director Sapphire Group, Mr. Reza Baqir, Governor State Bank of Pakistan and other prominent personalities from Lahore and their families also participated in the event.

Speaking at the occasion, Chairman Nishat Group, Mian Mohammad Mansha, who led the delegation, said, “We acknowledge the Government’s successes in improving the security situation and in bringing back PSL. Prospects of peace in Afghanistan are also encouraging as it will improve security and economic activity in the region and allow enhancement of cross border trade between Pakistan, Afghanistan and into Central Asia. This also bodes well for the business communities of both countries and it holds the promise of economic development and prosperity for the people.”

Mr. Mansha added, “Due to the slowdown in business and economic activity in the country, people are losing jobs on account of retrenchments which need to be addressed effectively. Inefficient State Owned Enterprises are generating losses which have to be offset with tax money, which could otherwise be spent on the welfare of people. The government needs to privatize these entities to avoid further losses to the national exchequer.”

Mr. Mansha further added, “The business community are major stakeholders and thus the government needs to be in constant dialogue with us so we can synergize efforts and attain economic progress. The business community also needs to be provided an enabling environment, one that is free from harassment, intimidation and bureaucratic bottlenecks, so that they can concentrate and dedicate all efforts towards generating economic activity without which, neither growth can be achieved nor jobs can be created for our youth.”

Speaking at the dinner reception, President Dr. Arif Alvi said “We are cognizant of the fact that Pakistan is undergoing economic difficulties, but there are clear positive signals that the worst is over and our economy and indeed our society are in the process of recovery. The business community has rendered invaluable services in the development of Pakistan and we request you all for a little more patience while the government’s reform process takes root and demonstrates results. There is also a need to avoid cynicism and undue criticism of state institutions.”

The President concluded by assuring the business community of full government support and said the government would continue to engage with the business community to improve the prevailing business environment.

The Nishat Group of companies is one of the region’s leading and most diverse business groups with commercial interests in the finance, insurance, cement, textile, paper, power, dairy, hospitality, real estate and automobile sectors amongst others in Pakistan. The Group has played a significant role in the industrial development of Pakistan and is one of the largest private sector employers, tax payers and exporters of the country.

IBA-CICT signed a contract with NAVTTC to execute PM’s Kamyab Jawan Plan

11The Institute of Business Administration, Karachi’s Center for Information and Communication Technology (IBA-CICT) has signed a contract with the National Vocational and Technical Training Commission (NAVTTC) to execute the Prime Minister’s Kamyab Jawan National Youth Development Programme 2020.

Sharing his views on this occasion, Director ICT and CICT IBA Karachi, Mr. Imran Batada said, “I would like to appreciate the efforts of the federal government for initiating this program. We have devised the course outline of this program in such a way that the students will study up-to-date courses and will have hands-on experience on different tools.”

Director General NAVTTC Karachi, Ms. Nabila Umer said, “Kamyab Jawan Programme aims at providing quality training to the youth of Pakistan. The initiative of training in hi-tech disciplines is a first-of-its-kind, and is funded by NAVTTC. The criteria of the selection of implementation partners is based on their standards, infrastructure and capacity to impart quality training. This initiative will prove to be a game changer and an avenue to provide employment opportunities for the youth. NAVTTC in collaboration with the IBA, Karachi and other universities of Sindh wants to prepare the youth to step into the digital age.”

Deputy Director NAVTTC Sindh Azizullah Chandio, Deputy Director NAVTTC Irfan Haider, and Assistant Manager NAVTTC Sindh Abdul Qadeer Sohoo also attended the ceremony.

Prime Minister’s Kamyab Jawan National Youth Development Programme 2020 aims at providing practical training to the youth in the most in-demand and highly employable high-tech trades and emerging technologies to enable them to seek employment in the national and international market. The high-tech courses of this program include: Big Data, ERP, Digital Forensics, Artificial Intelligence, Internet of Things, Cyber Security, Block Chain, and Digital Marketing and SEO.

MCB Bank celebrates 25th anniversary, opens bahrain new office

MCB Bank, one of Pakistan’s largest and most innovative banks, recently held a ceremony to inaugurate the new office of their Bahrain Wholesale Branch at NBB Tower, Manama. The new branch was inaugurated as part of MCB Bank’s 25th Anniversary of operations in the Kingdom of Bahrain.

This auspicious occasion was attended by many distinguished guests including Executive Director — Banking Supervision CBB, Mr. Khalid Hamad; Director Wholesale Banking Supervision Mr. Isa Al-Motawaj, Chairman of Asghar Ali Co. W.L.L., Mr. Saleem Asghar Ali, Managing Director of Asghar Ali Co. W.L.L. Mr. Saad Asghar Ali and MCB Bank CEO and President, Mr. Imran Maqbool.

Moreover, members of MCB Bank’s senior management including Group Head International Banking, Mr. Shoaib Mumtaz and Country Manager Bahrain, Mr. Aamir Khanzada also graced the occasion with their presence.

Standard Chartered Pakistan posts Highest ever profit of PKR 27.2bn (before tax)

Highlights:

  • Highest ever profit of PKR 27.2bn (before tax); up 47% YoY
  • All time high income of PKR 39.1bn; up 37% YoY
  • Total assets crossed PKR 600bn milestone
  • Advances (net) grew by 29%
  • CASA to deposits ratio of 93%; one of the best in class
  • Highest ever dividend pay-out

Standard Chartered Bank (Pakistan) Limited, the country’s largest and oldest International bank, today announced its Annual Results for 2019.

The Bank had a record year of performance in 2019 and delivered a Profit before tax of PKR27.2 billion, which is 47per cent higher than last year. Profit after tax registered a growth of 43per cent to close at PKR16 billion; highest ever since its incorporation.

A strong and diversified business performance drove an all-time high income of PKR39.1 billion; a growth of 37per cent YoY. Operating expenses were well controlled with an increase of only 2per cent YoY, well below the country inflation rate, resulting in all time low cost to income ratio of 30per cent.

All businesses have a positive momentum in client income which grew 31per cent year on year with strong growth in underlying drivers. Momentum in advances (net) continues with 29per cent growth since the start of the year. This was the result of a targeted strategy to leverage our brand, client relationships and strong global network in building profitable and high-quality portfolios.

The Bank continued to maintain its leadership in low cost deposits with CASA to Deposits ratio of 93per cent despite strong competition. Total deposits recorded a growth of 10per cent, with CASA growing by 8per cent in 2019.

The bank won several awards and accolades in the year including “Best Commercial Bank” by Management Association of Pakistan, “Best Foreign Bank in Pakistan” by Finance Asia, “Best International Bank” by Asia Money and “Best Islamic Bank” by the Banker Magazine.During 2019, the Bank contributed around PKR18.6 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.

For the year 2019, the Board of Directors have recommended a final cash dividend of 17.5per cent (PKR1.75 per share). This is in addition to the 12.5percent (PKR1.25 per share) interim cash dividend announced during the year; thereby taking the total dividend pay-out to a record high of 30per cent (PKR3.00 per share).

Commenting on the results, Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said,

“I am delighted to announce that the Bank has performed exceptionally well and has delivered its highest ever profit. 2019 has been a significant year, with developments that have contributed directly to the growth of the country franchise. These results are testament of our commitment to delivering a consistent and continued performance. Having strengthened our foundations on controls and conduct, we recognise the importance of sustained growth with a focus on income whilst strongly monitoring cost and prudent risk management. Our digital journey is well on-track having executed over 21 million electronic transactions for our clients while ensuring a seamless client experience throughout all our segments. Although the external environment remains challenging, we are committed to raising the bar on our performance whilst ensuring that our clients’ needs are at the heart of everything we do.”

Shanaz Ramzi has been appointed Convener of Tourism Development Committee of FPCCI

Federation of Pakistan Chambers of Commerce and Industry President Mian Anjum Nisar selected Shanaz Ramzi as convener of central standing committee on Tourism and development for 2020. The CEO of Starlinks PR, Shanaz Ramzi has been associated with the Heritage Foundation since the past 2 decades, Shanaz Ramzi is one of the few people that affectively promoted Tourism in the country without affecting the ecosystem and has played her role effectively.

Alhuda Cibe holds ‘African Interest-Free Banking and takaful awards-2020’ in Addis Ababa, Ethiopia

African Interest-Free Banking and Takaful Awards – 2020 distribution ceremony in Ethiopia was celebrated on 18th February, 2020 on the occasion of Interest-Free Banking and Takaful Forum organized by Al-Huda Center of Islamic Banking & Economics (CIBE) at Ethiopian Skylight Hotel, Addis Ababa, Ethiopia with a specific purpose to encourage Interest-Free Banking and Takaful Industry as well as to recognize and celebrate outstanding achievements and contributions of individuals and institutions within Interest-Free Banking and Takaful Industry locally. Al-Huda CIBE congratulates all winners of awards.

“Our congratulations to all of the winners and nominees of the African Interest-Free Banking and Takaful Awards, 2020 at African Interest-Free Banking and Takaful Forum” said Mr. Zubair Mughal Chief Executive Officer Al-Huda CIBE. He said “African Interest-Free Banking and Takaful Awards 2020” are truly showcase those organizations and individuals that are driving innovations in the rapidly emerging Interest-Free Finance industry. We thank all of our entrants, judges, sponsors and partners for supporting the “African Interest-Free Banking and Takaful Awards”.

Delegates from various countries participated in the forum. The dignitaries including H. E. Ali Asghar Golo, Ambassador of Pakistan in Ethiopia and Muhammad Zubair Mughal, CEO of AlHuda CIBE FZ LLE, UAE handed over the awards to the winners.

Various award categories conferred upon the winners include: award for the Best Cooperative Interest-Free Bank to Cooperative Bank of Oromia; Best Emerging Personality in Interest-Free Banking to Mr. Abdulkadir Redwan; Best I.T Integration & Innovative Product to Interest-Free Finance to Millennium Information Solution; Best Interest Free Banking & Finance Products to Oromia International Bank S.C; Best Interest Free Practitioner in Ethiopian Banking Industry to Awash Bank; Best Marketing Contribution for Interest Free Banking & Finance to Bank of Abyssinia; Best Rising Interest-Free Finance Personality to Mr. Ibrahim Adetokunbo; Best Technology Solution Provider to Islamic Banking to Path Solutions; Emerging Personality in Takaful & Re-Takaful to Mr. Fikro — Ethiopia Reinsurance; Best Contributor to the Interest-Free Banking Industry to Mr. Mesfin B. Yimam from Dashen Bank Ethiopia.

Many supporters and sponsors had aggressively participated to make the event successful including Islamic Corporation for Development of the Private Sector (ICD), Cooperative Bank of Oromia, Path Solutions, Millennium Information Solution and Global Insurance Co. furthermore media partners including Sukuk and True Banking Magazine were also present.

Unfair distribution of wealth taking toll on masses, economy: Mian Zahid Hussain

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said the scarcity of facilities like clean drinking water, health, education, food and employment is not as much linked to want of resources as tied to unfair distribution of wealth.

A small group of nobility has accumulated a major chunk of wealth and there is no end to their greed which is fanning poverty, restlessness and conflicts, he said.

Mian Zahid Hussain said that masses will have faith in the government when all the sectors are taxed, the tax burden is equally distributed and rich are targeted sparing the poor.

Talking to the business community, the veteran business leader said that last year’s budget deficit was Rs3445 billion despite a cut of Rs650 billion in development spending.

The former minister noted that the FBR’s target for 2019-20 was Rs5503 billion which was revised downward but the collections were down by 43 percent during the first six months of the current fiscal.

IMF has refused to revise the tax target downward, therefore, FBR will have to enhance collections by 54 percent in the last six months of the current fiscal which is impossible.

The full-year shortfall of FBR is set to jump to Rs750 billion while high interest rates will continue to increase the cost of debt servicing.

The debt servicing cost jumped by 39 percent in 2018-19 while it has jumped to 46 percent in the first six months of the current fiscal which will be increased in the last six months.

The centre and provinces have spent only 28 percent of the funds allocated for PSDP and the trend can persist during the last six months.

He said that problems can be resolved in nobility is taxed properly, unjustified tax exemptions are withdrawn, direct tax is preferred over indirect taxation which has never remain a priority for any government.

Mian Zahid said that the issues with IMF should be sorted out without delay as suspension or cancellation of programme will result in immediate repatriation of three billion dollars attracted through high interest rates which will fan economic instability.

Cheque distribution ceremony of SRIC batch-2 held at IBA Karachi

A cheque distribution ceremony for Batch 2 of the Sindh Research Incubation Center (SRIC) was held at the Institute of Business Administration, Karachi’s Center for Information and Communication Technology (IBA-CICT). The incubates of SRIC received cheques from the Government of Sindh to support their startups.

During the ceremony, the incubates of SRIC demonstrated progress of their startups in the form of presentations. SRIC is a technology incubator that facilitates the incubation process for 12 months. It is a project of the Information Science & Technology Department (IS&TD), Government of Sindh in collaboration with the IBA Karachi.

The chief guest of the ceremony was Minister, IS&TD, Nawab Muhammad Taimur Talpur while IS&TD was represented by Secretary, Muhammad Nawaz Naseem, Director General, Muhammad Yousuf and Advisor to Minister Syed Zainulabedin Shah, while IBA Karachi was represented by Director ICT & CICT IBA Karachi, Imran Batada. The ceremony was also attended by several C-level executives from the industry.

Mr. Batada in his welcome speech congratulated the startups and appreciated their progress. He said, “The SRIC Project is a great achievement for the Government of Sindh and IBA-CICT. We are trying our level best in helping these incubates progress through diploma programs and state-of-the-art-facilities at the IBA.”

On this occasion, Mr. Talpur said, “The SRIC project is part of our manifesto to promote entrepreneurship culture among the youth.” He also appreciated the efforts made by IBA-CICT for running the SRIC project with utmost efficiency and providing the incubates a supportive environment where they can thrive and achieve their goals.

Mr. Yousuf in his address said, “The startups of SRIC will create job opportunities, bring new innovation in the market and contribute in the alleviation of poverty.”

As per this project, IBA-CICT provides the selected startups incubation facilities for 12 months which include co-working space at the Institute, utilities, and access to investors. The objective is to ensure sustainable growth for early stage ideas related to the field of IT by providing domain specific mentorship and investment opportunities to create commercially viable technology startups from Sindh.

ICI Pakistan facilitates an undergraduate IBA student in her studies

The Impact Female Scholarship Programme certificate distribution ceremony by ICI Pakistan Ltd was held at the IBA Karachi, Main Campus. The organization extended its support through a scholarship grant for one female undergraduate student at the Institute. The IBA was represented by Director, Alumni Corporate Relations and Communications Department (ACRC) Malahat Awan, Senior Manager, Corporate Relations & Communications (CRC) Haris Tohid Siddiqui, Manager, Career Development Center (CDC) Danish Imtiaz and Assistant Manager, Financial Aid Tanveer Ahmed. ICI Pakistan Ltd. was represented by Manager, Talent Acquisition and Culture Hira Mullick, Assistant Manager, Talent Acquisition Fizzah Khan and Graduate Recruit and an IBA alumna, Ayesha Arshad.

The recipient of the scholarship Misbah Raja, is a freshman student from the BS Economics and Mathematics programme. All the candidates were assessed through a video based assessment and interview rounds. She was selected from a pool of candidates on the basis of her extra ordinary performance during the selection process. She highlighted the importance of women empowerment and furthering the cause of education, which are the two values which ICI Pakistan also believes in strongly.

ICI Pakistan launched the Impact Female Scholarship Programme in 2016 for the sole purpose of women empowerment and facilitating higher education. ICI Pakistan is currently sponsoring four students under this initiative with plans to launch similar programs in the upcoming year.

Further avenues of collaboration between the IBA and ICI were also discussed, including corporate internships, career counselling and work experience opportunities for the IBA students.

The ceremony concluded with the ICI representatives presenting a certificate to Misbah and expressing their enthusiasm for further collaborations with the IBA.

Shanaz Ramzi appointed convener of tourism development committee of FPCCI

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar selected Shanaz Ramzi as Convener of Central Standing Committee on Tourism and Development for 2020. The CEO of Starlinks PR, Shanaz Ramzi has been associated with the Heritage Foundation since the past two decades. Shanaz Ramzi is one of the few people that affectively promoted tourism in the country without affecting the ecosystem and has played her role effectively.

AlHuda CIBE Organized “African Interest-Free Banking and Takaful Awards – 2020” in Addis Ababa, Ethiopia

“Interest-Free Banking and Takaful Forum” has been inaugurated in Addis Ababa, Ethiopia

“African Interest-Free Banking and Takaful Awards – 2020” distribution ceremony in Ethiopia was celebrated on 18th February, 2020 on the occasion of Interest-Free Banking and Takaful Forum organized by Al-Huda Center of Islamic Banking & Economics (CIBE) at Ethiopian Skylight Hotel, Addis Ababa, Ethiopia with a specific purpose to encourage Interest-Free banking & Takaful Industry as well as to recognize and celebrate outstanding achievements and contributions of individuals and institutions within Interest-Free Banking and Takaful industry locally. Al-Huda CIBE congratulates all winners of Awards. “Our congratulations to all of the winners and nominees of the African Interest-Free Banking and Takaful Awards, 2020 at African Interest-Free Banking and Takaful Forum” said Mr. Zubair Mughal Chief Executive Officer Al-Huda CIBE, “African Interest-Free Banking and Takaful Awards 2020” are truly showcase those organizations and individuals that are driving innovations in the rapidly emerging Interest-Free Finance industry. We thank all of our entrants, judges, sponsors and partners for supporting the “African Interest-Free Banking and Takaful Awards”.

Delegates from various countries participated in the forum. The dignitaries including H.E. Ali Asghar Golo, Ambassador of Pakistan in Ethiopia and Mr. Muhammad Zubair Mughal, CEO of AlHuda CIBE FZ LLE, UAE handed over the awards to the winners. Various award categories conferred upon the winners include: award for the Best Cooperative Interest-Free Bank to Cooperative Bank of Oromia; Best Emerging Personality in Interest-Free Banking to Mr. Abdulkadir Redwan; Best I.T Integration & Innovative Product to Interest-Free Finance to Millennium information solution; Best Interest Free Banking & Finance Products to Oromia International Bank S.C; Best Interest Free Practitioner in Ethiopian Banking Industry to Awash Bank; Best Marketing Contribution for Interest Free Banking & Finance to Bank of Abyssinia; Best Rising Interest-Free Finance Personality to Mr. Ibrahim Adetokunbo; Best Technology Solution Provider to Islamic Banking to Path Solutions; Emerging Personality in Takaful & Re-Takaful to Mr. Fikro- Ethiopia Reinsurance; Best Contributor to the Interest-free banking industry to Mr. Mesfin B. Yimam from Dashen Bank Ethiopia.

Many Supporters and sponsors had aggressively participated to make the event successful including Islamic Corporation for Development of the Private Sector (ICD), Cooperative Bank of Oromia, Path Solutions, Millennium Information Solution, and Global Insurance Co., furthermore media partners including SUKUK, and True Banking Magazine were also there.

Check Also

Press Releases

Press Releases

Mian Zahid wants budget should not focus on enhancing revenue but growth FPCCI’s Businessmen Panel …

Leave a Reply

Do NOT follow this link or you will be banned from the site!