WIFF 2022 demands end of riba in five years
Throwing light on economic repercussions of Riba, World renowned Islamic financing expert Mufti Taqi Usmani said it was vital to promote Islamic banking to establish social just and equality.
Addressing as the chief guest of World Islamic Finance Forum (WIFF) 2022, he said getting rid of Riba would bring prosperity in the society as Riba was clearly forbidden in Holy Quran and people of different faiths were unanimous on this issue.
“Future belongs to Islamic banking and experts should firmly resolve to put up a non-Riba system and its roadmap within next five years in light of recent Federal Shariat Court decision.”
The 2-day forum was organized by Institute of Business Administration, which was attended by a well number of experts from other countries besides delegates of Islamic Banks and financial institutions.
Former chairman of Reut e Hilal Committee and renowned scholar Mufti Munibur Rehman termed blind following of Western directives and hesitation on divine directives as ‘hypocrisy’.
Asking for essential changes in structures of traditional banking, he called for practical measures and resolving issues instead of doing philosophical or ideological wordsmithing.
“The government should set up an empowered task force, which would pave the way while removing obstacles in implementation of the decision. There is an urgent need for mind making of masses as people usually prefer profit over Haram-o-Halal parameters.”
Former governor of State Bank of Pakistan (SBP) and Chairman IBA CEIF Dr Ishrat Hussain said IBA had been playing a key role in Islamic Banking sector by developing experts of Islamic Banking.
Deputy Government SBP Seema Kamil said that we had a goal of ending poverty through Islamic Banking and it was an achievable goal.
Assuring that SBP wanted to switch the whole system to Islamic banking, she revealed that there was a 25 percent increase in Islamic Banking and it was playing a vital role in growth rate.
The forum was also address by Director IBA’s Centre for Excellence in Islamic Finance Ahmed Ali Siddiqi, IBA Executive Director Syed Akber Zaidi, President and CEO of Meezan Bank Irfan Siddiqui, Amir Khan – chairman Security Exchange Commission of Pakistan, Rizwan Hussain – MD Salam Takaful, Yousuf Hussain – CEO Faysal Bank and others.
FWBL and TDAP sign mou to promote women entrepreneurs
First Women Bank Ltd. (FWBL) and TDAP have joined hands to work together for the promotion and development of women entrepreneurship in Pakistan. Under the MoU, the two sides will have bilateral cooperation on a regular basis as a part of their efforts and commitment to the empowerment of women.
The MoU was inked by Mr. Farrukh Iqbal Khan President & CEO FWBL and Mr. Ahsan Ali Mangi, Secretary TDAP.
Speaking on the occasion Mr. Farrukh Iqbal Khan, President, FWBL said this partnership will strengthen, promote and create new value with and aim to provide financial services in the wider interest of women /women entrepreneurs.
Mr. Ahsan Ali Mangi, Secretary TDAP highlighted the issues being faced by the women entrepreneurs in the country and said that this MoU shall also help to establish a single front in agreed upon areas and promote coordination and collaboration between TDAP and FWBL working for common goals.
IEEEP fair – good time to share engineering, power sector advancement
Speaking as the Chief Guest at the Soft Launch of IEEEP Fair 2022 at a local hotel, Mr. Najeeb Haroon, Chairman of the Pakistan Engineering Council (PEC) said that IEEEP Fair presents a unique opportunity for sharing the latest developments and technological know-how in the engineering industry and finding innovative and affordable solutions to energy-related challenges.
He emphasised the need for engineers to support the economic growth of the country as they are vital drivers of multiple industries. Such initiatives will provide a bridge between academia and industry for our future generation of young engineers. “I wish them all the best for strengthening and promoting engineering developments in Pakistan,” he added. Further, he expressed his full support for the IEEEP Fair from the platform of PEC and appreciated the organizers of the event, IEEEP Karachi Centre and Badar Expo Solutions.
Meanwhile, the Chairman of the Institute of Electrical and Electronics Engineers of Pakistan (IEEEP), Engr. Khalid Pervez, said that the three-day event of the Industrial, Electrical & Electronics Exhibition of Pakistan (IEEEP) Fair is going to be held from August 30th till September 1st, 2022 at the Karachi Expo Centre.
Mr. Khalid further said that the Fair is an exclusive forum to showcase the rapid developments in electrical engineering technology and to introduce up-to-date solutions to industries like textile, construction, and IT in particular and to various other industries in general.
Chairman ABAD and Guest of Honor, Mr. Mohsin Sheikhani commended IEEEP and BXSS for successfully holding a series of IEEEP Fair to showcase the true capacity of Pakistan’s engineering sector. ‘The exhibition will gather the electrical, electronics, allied industry and engineering sectors of the country under one roof and no doubt will solve the various developmental impediments faced by the construction industry, especially the electrical and electronics supplies and applications.
Chairman Baig Group and Guest of Honor, Mr. Ikhtiar Baig, said that energy conservation is the need of the hour as the country is facing power generation and affordability challenges for its end users. He recommended that industries conduct an audit of plants and machinery that are directly powered by electricity in order to control any waste and save money on electricity costs. He lauded the efforts of organizers and expressed whole-hearted support from the business community.
Later, Managing Director Badar Expo Solutions, Mr. Zohair Naseer, extended a vote of thanks to all the exhibitors, sponsors, and guests who attended the event.
Others who expressed their views were: Mr. Shaikh Shafiq Jhok Wala, Chairman, Pakistan Readymade Garments Association (PREGMA), Engr. Ahmed Zubair, Engr. Munis Siddiqui, and Faisal Ali from the organising committee.
The IEEEP Fair is being managed by the leading event management company in the country—Badar Expo Solutions.
Industrial sector, SMEs need encouragement: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on June 6 said our economy is not productive due to continuous neglect of the industrial sector and continued patronage of non-productive sectors.
Pakistan has become a trading economy that can never function without loans as industrialization has been discouraged for decades, he said.
Mian Zahid Hussain said that in the forthcoming budget, relief should be provided to the industrial sector and SMEs so as to accelerate the industrial process which will increase production, exports, employment and revenue.
Talking to the business community, the veteran business leader said that the cost of economic reforms should not be borne only by the poor but also by the rich, as it is common thinking that the poor are being punished in the name of reform.
Mian Zahid Hussain said that at present the expenditure, imports and population of the country are increasing while the state of exports is weak.
The amount of subsidies and incentives given to the elite and the amount of capital spent on their security is more than the circular debt, he said.
He informed that Rs 600 billion is being spent annually to keep the jobs of 200,000 employees of failed state-owned companies, which amounts to punishing 220 million people.
The country’s economy has been sunk by the elite but the punishment is always given to the poor and this process should be stopped forever.
He noted that the people will accept a 40% increase in petrol price, 47% increase in electricity tariff and a 45% increase in gas tariff while they see elites in the ranks of those who are sacrificing.
The energy price hike will affect 220 million people while millions will go below the poverty line therefore the rich should also be asked to pay their due share.
He said that it is self-deception to appeal to the privileged to adopt simplicity and to expect them to do so. The elite will not cut costs on their own, but they will have to be forced for it otherwise public outrage can take any course, he warned.
PSX joins SSE initiative: a proud feat
Pakistan Stock Exchange (PSX) is proud to join the Sustainable Stock Exchanges (SSE) Initiative. The SSE Initiative is a partnership programme under the auspices of the UN organised by United Nations Conference on Trade and Development (UNCTAD), the UN Global Compact, United Nations Environment Programme Finance Initiative (UNEP-FI) and the Principles for Responsible Investment (PRI). This affiliation of PSX with SSE has taken place with effect from 6th June, 2022.
The SSE Initiative’s goal is capacity building of stock exchanges and securities market regulators around the world to promote responsible investment in sustainable development and help improve corporate performance on Environmental, Social and Governance (ESG) issues, including the financing of the UN Sustainable Development Goals (SDGs). The SSE Initiative is an effort to achieve this goal through maintenance of a Sustainable Stock Exchanges Database, ESG Disclosure Guidance Database, and further guidelines on how stock exchanges can embed sustainability within their operations, grow green finance, and advance gender equality, among other activities.
Speaking at the occasion, the MD & CEO PSX, Mr. Farrukh H. Khan, stated, “This is a significant development for Pakistan and for Pakistan Stock Exchange whereby PSX, the national stock exchange of the country, has become a member of the Sustainable Stock Exchange Initiative. PSX , as the frontline regulator, is proud to join this prestigious UN initiative.”
He further stated, “Under the leadership of PSX Chairperson, Dr. Shamshad Akhtar, PSX, along with other key stakeholders, has formed an ESG Taskforce to lead the development of ESG reporting standards, advocacy, policies and discourse in Pakistan. Through this affiliation, PSX will be better equipped to champion and lead the ESG narrative for Pakistan’s listed companies and for PSX. While we had already taken the initial steps in this regard, the SSE membership will help to guide the direction to be taken by PSX and the ESG Taskforce in terms of creating ESG reporting standards and procedures. This will enable analysts, fund managers and other investors to better assess the performance of listed companies, along with guiding our efforts on constructing the ESG or Sustainability Index for the Pakistan market. I would like to acknowledge and thank the UN for leading this extremely important initiative and PSX is proud to be part of this global movement. Pakistan is committed to ESG and PSX looks forward to playing a key role in the development of ESG standards, reporting and dialogue in the country. By joining the SSE Initiative, PSX will now be supported in its efforts to effectively take forward the discourse for ESG and encourage listed companies to report on ESG and SDGs. As such disclosure increases and more data becomes available, this will allow investors to support companies which are striving to meet the global ESG standards, while the Exchange will be able to introduce products like ESG indices to guide companies and investors.”
Industrialisation the best option to increase the income of people, says Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on May 30 welcomed the relief package worth Rs28 billion to save people from inflation shock after recent hike in the price of petroleum products.
However, he said, industrialisation is the best option to improve the income of the people and generate revenue.
Mian Zahid Hussain said that focusing on industrialisation will boost employment, revenue, production and exports enabling the country to import oil, gas and food items from the international market.
Talking to the business community, the veteran business leader said that the current rate of taxes and the attitude of the tax machinery keep the majority of investors away from the industrial sector and they tend towards the stock market, property and other non-productive sectors.
The capital is flowing towards non-productive sectors which do not have a positive effect on the employment and revenue and overall economic situation, he added.
Mian Zahid Hussain said that reports of an increase in electricity tariff by Rs7 are disturbing as it will increase the price of everything while the country lacks an effective system to monitor and control prices.
Everything is getting costly but the cost of construction materials has risen sharply, which will halt many projects and put millions out of work, he added.
Mian Zahid Hussain said that preparations were being made to impose more taxes on petroleum products as a partial reduction in subsidies was not enough to satisfy the IMF.
Policymakers should work together to save the people from the storm of inflation and improve the tax system. There is a need to eliminate the legal loopholes due to which the elite save billions of rupees in taxes every year and the entire burden is shifted to the people.
If the transport system is developed like other countries, the dependence of the people on personal transport will be reduced which will help country save millions of dollars while the work-from-home policy should be promoted as far as possible.
Government measures strengthening the rupee: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on June 1 said markets are responding positively to the government’s decision to increase the price of oil.
The rupee is strengthening against the US dollar, the dollar is retreating, the stock market is stabilising while the confidence of investors is getting better, he said.
Mian Zahid Hussain said that the appreciation of the dollar has increased the revenue by Rs200 billion which helped it to provide different subsidies to the poor.
Talking to the business community, the veteran business leader said that the government should not delay tough decisions as it will benefit the country. He said that subsidy on petroleum products is not been reversed but reduced which is helping stabilise the economy while slapping a ban on unnecessary imports has reduced demand for the dollar.
Mian Zahid Hussain said that more import items should be banned to save foreign exchange and reduce the deficit as a country like Pakistan cannot afford to spend 65.5 billion dollars on imports in ten months.
He said that the government should continue to squeeze imports and reject any pressure in this regard in the national interest.
Investors’ confidence has been improving but some investors are awaiting the final outcome of negotiations with the IMF as the country needs at least 36 billion dollars in the upcoming fiscal.
He warned that the rupee will start losing its value again if reforms were delayed and it will hit the mark of Rs220 per dollar by the end of the upcoming financial year.
Economy should be given clear path in the budget, suggests Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday (June 3) that the economy should be given a clear direction in the forthcoming budget so that the confidence of domestic and foreign investors is fully restored.
The budget needs to focus on agricultural and industrial development without which the country could not be self-sufficient and the people could not get any relief, he said in the budget proposals.
Mian Zahid Hussain said that prices of oil, gas, food items and other commodities are skyrocketing in the international market due to which an agricultural country like Pakistan has to import billions of dollars worth of agricultural commodities which is unfortunate.
Talking to the business community, the veteran business leader said that it must be realised that it is impossible to increase production, exports, employment and revenue without developing the industrial sector.
The current tax rate was a major obstacle in the process of industrialization which needed to be reduced immediately to expand the industrial base and increase government revenue.
Similarly, strict measures are needed to curb unnecessary imports in order to save foreign exchange. Unnecessary imports and subsidies on borrowed dollars should be stopped, tax concessions should be withdrawn from influential, agricultural income should be taxed and a twelve-month deadline should be given to all auto manufacturers in Pakistan to make all parts locally to save six to seven billion dollars annually.
Mian Zahid Hussain said that the circular debt is reaching Rs 3 trillion while the process of taking domestic and foreign loans should be stopped to keep the state-owned companies alive.
These companies should be privatized urgently and the system of direct taxation should be improved while reliance on indirect taxes should be reduced to ensure economic justice.
He suggested that policies should be formulated for the development of the country instead of promotion of the elite. Targeted subsidies for low-income earners should be linked to the rate of inflation, and the additional revenue of Rs 100 billion earned due to the appreciation of dollar should be used to support the needy.
Remittances of $32 billion annually from Pakistanis abroad is causing inflation. This money should be used to promote agriculture e-commerce and startups.
Next year, Pakistan will need $21 billion to pay off its debt, which is impossible without an agreement with the IMF, he said, adding that during the tenure of the previous government, the rupee was devalued by 47% but it did not increase the exports as expected while imports were increased remarkably so the rupee should not be further weakened.
Jazz signs accord to fiberize its network across Lahore
Jazz, Pakistan’s number one 4G operator and the largest internet and mobile broadband provider, has signed an agreement to connect all of its mobile towers directly to fiber in Lahore. Fiber infrastructure and services provider, Nayatel, has partnered to lead this Fiber to the Site (FTTS) project, which is expected to complete by December 2022.
FTTS is a network connectivity solution that enables each cell site to carry up to 10Gbps of traffic at significantly lower latencies and enhances network availability and resilience. Upon the completion of this project, Jazz subscribers will experience faster download speeds, lag-free online gaming, and improved audio and video calls over IP applications. The infrastructure will pave the way for future technologies (5G/6G) which require low latency and high throughput backhaul to operate.
“Digital transformation across the country increasingly requires high-bandwidth solutions with the demand for data and speed increasing exponentially. Fiberization showcases our commitment to delivering a consistently fast and reliable internet solution; and is crucial if we are to build a digital ecosystem which compliments the users evolving lifestyle needs,” said Jazz’s Chief Technology Officer, Khalid Shehzad.
The demand for high-speed mobile broadband is growing at an unprecedented pace. This growth is driven by a rise in digital media applications. At the same time, work-from-home practices have also contributed to a rise in low latency requirements for current mobile networks. There is an urgent need to deliver more data through advanced and expanded fiber networks while maintaining high network availability.
Speaking at the project announcement ceremony, Nayatel’s CEO, Wahaj Siraj said “This partnership opens new horizons for the implementation of high-speed data connectivity. Nayatel has always pursued a vision of providing quality internet, cable TV and phone services to its customers. Now, we are aiming to facilitate digital transformation by working with Jazz to build the infrastructure required to bring Pakistan at par with the most developed countries of the world.”
In the last two years, Jazz has invested US$560 million towards its strategic focus on connecting the unconnected to high-speed internet, and upgrading its 4G infrastructure to fulfill the growing bandwidth demand. The mobile operator currently has a vast fiber network carrying live customer traffic across 26 cities. Plans are underway for further expansions targeting 70% FTTS penetration in the next 5 years. A densely fiberized, future-ready network, will form the foundation for many next-gen services such as 5G, FTTH, IoT, enterprise networks, and Industry 4.0.
Haleeb foods rejoins Akhuwat’s mission to support the underprivileged
Haleeb Foods Limited has once again joined hands with Akhuwat Foundation in their mission to support the underprivileged. HFL’s joint efforts with Akhuwat Clothing Bank are a nationwide initiative to gather in-kind donations for the needy. The focus of this collaborative effort is to gain support from multiple sectors such as educational institutes, corporate sectors and gated housing societies.
The charity collection boxes are dispersed across main cities including Karachi, Lahore, Faisalabad and Islamabad.
The aim of this partnership is to foster a culture of sharing and recycling amongst the generous people of Pakistan.
On this active collaboration HFL, Manager Corporate Communications, Miss Amur Nadeem said: “HFL’s strong belief in giving back to the community has always kept us at the forefront of such philanthropic initiatives and through this collaboration we aim to support the underprivileged sector of the society. We encourage everyone to donate what they can and help those in need.”
Haleeb Foods as a responsible corporate entity continues its mission to lend a helping hand to the community and give back to the society as part of its multiple CSR initiatives.
Syngenta partners with Habib Bank to nurture, transform agriculture
Syngenta Pakistan Limited, a globally leading agriculture company specializing in crop protection, biologicals, seeds and other crop enhancement products, has recently signed an MOU with the largest financial institution in Pakistan – Habib Bank Limited (HBL) — to pioneer the most resourceful initiatives for the progress of Pakistan’s robust agriculture sector to create a broad-based impact.
This strategic partnership is in line with Syngenta Pakistan’s farmer-centric vision: “One Team, One Dream, and Farmer Future” to build capacity and transform the farmer community’ quality of life.
Syngenta envisions to enable the farmers by creating an ecosystem that addresses all the pain points for the farmers. As an input manufacturing, R&D Company, that has 850+ Naya Savera franchises across the country, thousands of feet on the ground and an extremely solid grower connect, and Syngenta is well-positioned to help farmers create a sustainable future for themselves. Syngenta’s aim is to collaborate with partners who are truly dedicated to making farmers’ lives profitable. This partnership involves extending credit to Naya Savera franchises, with a futuristic vision of extending financing and related offerings to the growers.
Zeeshan Baig, Country General Manager for Syngenta said that: “Food security is a global crisis that requires us to think creatively and come up with solutions which increase farm yield and consequently improve growers’ profitability. We are very excited to announce this unique partnership with HBL which will also help us in improving the lives of our growers. Financial constraints faced by farmers in Pakistan is a key reason for low average farm yields in the country. With Syngenta – HBL partnership coming to life, we will be in a unique position to enable growers make right decisions on the crop inputs and follow the best-in-class agronomy practices, resulting in significant yield improvements. We look forward to working with HBL and developing innovative lending and agronomy solutions for our growers.”
Irfan Qureshi, Head of Transaction Banking at HBL stated that “HBL with its widest branch network, has a great advantage in serving the rural regions, and reaching out to the remotest areas. It also has the highest share in micro-lending and thus makes the ideal partner for a nationwide venture with Syngenta. The leadership of HBL and Syngenta shares the common vision of improving the financial wellbeing of farmers to improve the Agri sector and contribution to Pakistan’s GDP.”
Several areas for collaboration have been identified and penned down during the formal MOU signing ceremony, where Syngenta was represented by Ms. Uzma Farooqui, Head of Finance and Mr. Tabbish Mahmood, Head of Digital Services & Business Development, along with its finance team. HBL was represented at the event, by Mr. Irfan Qureshi, Head of Transaction Banking and Mr. Adnan Pasha, Chief of Staff to President & CEO, along with their corporate banking team. This MOU forms the first step towards unleashing many big opportunities for the farmers, through technology-deployments and a modern Ecosystem, for enabling the farmers to create a brighter Future and promote financial inclusion of rural communities.
Shan foods onboards hashmove for digitized international logistics
Shan Foods, leading global food brand, has signed an agreement with HashMove, a global multi-modal logistics platform, for the digital transformation of its international logistics – facilitating streamlined and rapid movement of exports worldwide.
Through this partnership, HashMove will roll out a digital supply chain with an end-to-end logistics ecosystem under its Enterprise Logistics Marketplace (ELM) platform. This will create a private logistics marketplace for Shan Foods, enabling digital warehousing, online freight booking, and documentation, to real-time tracking and monitoring, while providing access to over 180 freight forwarders present on HashMove global partner network. This initiative of digitization of its logistics is in line with Shan Foods’ commitment to delivering a wholesome experience for its consumers from around the world.
Speaking during the signing ceremony, Saadi Masood- Head of Supply Chain at Shan Foods, said, “We are pleased to partner with HashMove for developing a digital logistic platform through its end-to-end one-window solution. This will enable us overcome the supply chain chaos and hassle of disjointed industries, providing us with a private, closed-loop marketplace to process our international trade. Shan Foods is committed to driving this digital efficiency throughout its operations with the goal to serve its customers with unmatched excellence.”
Sarfaraz Alam, CEO HashMove, added, “Shan Foods is one of the leading global players in the food industry with an extensive consumer network spread across multiple countries. With HashMove’s B2B digital supply chain, we look forward to helping them in moving their commodities worldwide with efficiency.”
IBA Karachi, JS bank in deal to finance the acquisition of IBA’s donor management system
The Institute of Business Administration (IBA), Karachi and the JS Bank signed an MoU to finance the acquisition of a Donor Management System for IBA.
The agreement was signed by Executive Director, IBA, Dr. S Akbar Zaidi, and President and CEO, JS Bank, Mr. Basir Shamsie. Participants included Ms. Malahat Awan, Director, Alumni Communications and Resource Mobilization (ARC), IBA along with senior team members from both the institutions.
JS Bank is assisting IBA in upgrading its technological capacity by donating a Donor Management System. The aim is to promote the adaptation and effective use of technology for IBA in its resource mobilization efforts.
JS Bank will provide PKR 1.4 million for the procurement of the Donor Management System.
Dr. Zaidi, on the occasion, said, “The signing of the MoU marks a long-standing partnership of IBA with JS Bank. Today, we have witnessed another significant milestone achieved. The Donor Management System will build our capacity and assist us in our mission of providing quality education to talented and deserving students.”
Mr. Shamsie said, “In continuation of our long association with IBA, we aim to improve the educational capabilities of the institution. This latest partnership will help IBA streamline its technological capability and enhance its foothold in the educational landscape of Pakistan.”
JS Bank is working to build an educated, healthy, and prosperous society by providing healthcare, and education to the underprivileged members of our society. With this system, the IBA will be able to produce more from its efforts to make quality education available to underprivileged students.
MMBL, DIGIT join hands to bolster Pakistan’s digital and financial ecosystem
Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has partnered with DIGIT, a leading technology brand of Swift Biz Solutions Pvt. Ltd. in Pakistan, to bolster Pakistan’s digital and financial ecosystem. Under this strategic partnership, MMBL will accelerate digital inclusion by enabling its deposit account customers to purchase DIGIT smartphones (Glory1, Play1 & Energy) at an affordable and subsidized price from selected MMBL branches.
Ghazanfar Azzam, President & CEO of MMBL and Abdul Rehman Mahmood, Founder & CEO of DIGIT signed the partnership agreement, in presence of senior officials from both organizations.
Through this alliance, MMBL will allow new and existing deposit account customers to perform daily transactions such as fund transfers, utility bill payments, mobile top-ups, and other services via the preinstalled DOST APP in the Digit 4G smartphone or by using the DOST USSD code i.e. *8792#.
Sharing his thoughts at the signing ceremony, Ghazanfar Azzam, President & CEO of MMBL said: “As a market leader in digital banking, we continue to focus on introducing customer-centric digital financial solutions for bridging the digital divide and promoting financial inclusion across the nation. Our collaboration between MMBL and DIGIT will not only make digital banking accessible for our customers but also supplement the deployment of customized financial products and services on smartphones as well as smart-enabled feature phones.”
On the occasion, Abdul Rehman Mahmood, Founder & CEO of DIGIT, said, “Currently, a large segment of Pakistan’s population is lacking the opportunity to join the global digital revolution and financial inclusion. We are pleased to partner with Mobilink Microfinance Bank for this strategic partnership. DIGIT is a ‘Made in Pakistan’ brand for the people of Pakistan, and innovation with affordability is the key to the success for us. We have introduced the first of its kind affordable Touch and Type Smartphone (DIGIT Energy) for the masses. We are also planning to introduce Buy Now Pay Later for our phones. Our partnership with MMBL will help in bringing banking facilities to customers in every corner of the country.”
Deposit account customers interested in purchasing the DIGIT smartphones will be required to fill out a form. The handset will then be delivered to the mentioned postal address via Cash on Delivery (COD). Customers can also visit the nearest DIGIT retailer shop for buying phones. Moreover, for registering any complaints, customers can call the UAN at 0304-111-4123, which will be resolved within 24 hours.
MMBL has ensured continued top-line growth in the digital banking sector. Through its strategic partnerships, MMBL is committed to banking the underserved and unserved customers with innovative digital financial solutions. In line with the Bank’s unwavering commitment to fostering digital inclusivity, MMBL is continuously exploring new avenues to improve its portfolio that uniquely serves its customers’ growing financial needs.
STZA building top technology ecosystem in Pakistan
Special Technology Zones Authority (STZA) is building a world-class technology ecosystem in Pakistan, to enable the small, medium as well as large scale tech organizations, said the Chairman STZA Amer Hashmi.
He was addressing the Freelance Fest 2022 organized in Karachi by the Pakistan Freelancers Association (PAFLA).
According to the World Labor Organization (WLO), Pakistan is rapidly emerging as a major source of digital labour for the global freelancing market. The country ranks as the 3rd largest source of digital labour globally, a trend made possible by the burgeoning freelancing community in Pakistan.
At the fest, Mr Hashmi gave a strategic overview of the global innovation and technology ecosystem. He encouraged the young Pakistani freelancers to accelerate their efforts and pledged STZA’s resolute support to enable and empower the freelancing community across the country
“Despite enormous regulatory, infrastructure and financial challenges, the young Pakistani freelancers have demonstrated their prowess to disrupt the global freelancing trends in Pakistan’s favour” added Mr Hashmi.
Javaid Iqbal, the Chief Commercial Officer of STZA while speaking at the forum stated that the freelancers were a critical part of the innovation and technology ecosystem in Pakistan. He said that the freelancers were not only increasing Pakistan’s brand capital but also earning foreign exchange for the country and transforming the gig economy by identifying global market requirements. He called on the young freelancers to challenge barriers and accelerate their efforts, stating that they were living in a transformational era of a globally connected marketplace with infinite possibilities.
Abdul Rahim Ahmad, Chief Information Officer of STZA called for the development of a centralized, verified repository of freelancers in Pakistan. He stated that the regulatory support for the freelancers from the government and financial sector was necessary. Acknowledging the challenges faced by the Pakistani freelancers, Mr Rahim called for developing mechanisms for making it easy to open bank accounts, increasing high-speed internet coverage and availability of training and mentorship for the freelancers in Pakistan.
The STZA delegation later met the leaders from the financial industry, academia, PAFLA, state regulators and renowned freelancers at the event, and agreed to develop close cooperation and synergies, with a mission to remove barriers and enable the Pakistani freelancers to become globally competitive. These linkages are likely to open new doors of cooperation between the government, private sector, and freelancing community in the future.
The chairman STZA thanked the PAFLA for organizing an event which brought industry leaders, government regulators and young freelancers on one platform.
EBM wins top awards at the 16th OSHW event
Pakistan’s leading FMCG Company, English Biscuit Manufacturers (Pvt.) Ltd (EBM), has been honored by the Employees Federation of Pakistan (EFP) with two awards at the 16th International Occupational Safety, Health, and Wellbeing (OSHW) awards. EBM has won the first position with an excellence award in the food sector while Mr. Anas Hammad, Group Lead EHS, EBM has been awarded the ambassador award from EFP.
EBM has once again proved to be a frontrunner in workplace health and safety and in maintaining occupational safety and health standards best practices. Along with ISO 14001 and ISO 45001 certifications, EBM has developed companywide consistent inspection, reporting and tracking systems with area specific manager’s toolboxes which support health and safety standards. In addition to more than 580 training sessions held for employees in the past years, EBM has also launched a behavior-based safety program, a robust emergency response plan, state-of-the art firefighting system as part of the regular trainings and drills. When it comes to the physical and mental well-being of employees, EBM is a thought leader and has always prioritized efforts aimed at nourishing its workforce. It recently worked with CERB to hold a workshop on the importance of employee wellbeing as an important factor in employee growth and prosperity.
Upon receiving the awards, EBM’s Deputy Managing Director, Saadia Naveed expressed her views and said, “It’s a delight to be recognized by the EFP for our dedication to employee well-being and safety. It’s a matter of great honour for us to be internationally recognized and appreciated. We remain committed to introducing initiatives that will benefit our employees and the community at large.”
The International Occupational Safety, Health, and Wellbeing has been celebrated by EFP for the past 15 years, appreciating the efforts of organizations that manage the well-being of their workforce.
Destination concept of fuel retailing
Shell Pakistan inaugurates an integrated retail site at DHA Karachi
Shell Pakistan Limited (SPL) inaugurated its newly revamped integrated retail outlet, SPL Defence Service Station, located at Khayaban-e-Bahria in DHA Phase 5 Karachi. The new retail outlet has been reconstructed and equipped with Shell Recharge, an expanded Shell Select outlet and a bigger Shell Car Wash facility.
The latest additions to SPL Defence Service Station cater to the evolving needs for cleaner fuels and automobile services on the go. The newest addition to the outlet is Shell Recharge, an electric vehicle (EV) charging station. This is the 3rd EV charging facility installed in collaboration with K-Electric in continuation of Shell Pakistan’s strategy for powering progress in Pakistan. The retail outlet is powered by solar energy, a 45 kW solar panel has been installed in collaboration with K-Solar to provide cleaner energy sources, enabling uninterrupted and efficient operations. The modernized Shell Select store offers high-quality snacks, beverages and groceries, with a convenient and renewed shopping experience for consumers.
Speaking at the inauguration, the Chief Executive & Managing Director of Shell Pakistan Limited, Waqar Siddiqui stated, “We are pleased to provide a new experience for residents and customers around SPL Defence who are looking for a wide range of products, a suite of value-added services, clean energy and other mobility solutions. Shell Recharge is another step toward a cleaner and sustainable energy future for the fast-growing segment of Electric Vehicles. With such innovations on-site, Shell Pakistan remains committed to its objective of serving the nation and its people.”
Muhammad Aamir Ghaziani, Chief Financial Officer at K-Electric, stated, “KE’s partnership with Shell is bringing us closer to the goal of reforming the transportation sector with a reduction in carbon emissions, which currently stand at 46% of the nation’s total carbon footprint. As a forward-looking company, KE is actively working to increase the share of renewable energy as well. With this spirit of collaboration, we are optimistic that we will achieve our goals to offset carbon through renewables and deploy the necessary infrastructure to support this transition for a better and more sustainable future.”
Hashim Raza, Chief Executive Officer at K-Solar stated, “K-Solar is pleased to have played a part in facilitating sustainable mobility with the partial solarization of Shell’s EV charging site at Bahria, DHA. In total, my teams and I have placed solar systems at 11 SPL sites across Pakistan which will provide their petrol stations with more sustainable energy for powering their pumps, retail store and other services.”
SPL Defence Service Station has an efficient complaint management system with professionally trained staff members who are responsive, friendly and open to customers’ feedback related to specific Shell products and services. Customers can always approach site staff with feedback or report it via 0800-SHELL or email at generalpublicenquiries-pk@shell.com.
Jazz and UNDP commit to accelerate digital inclusion amongst women
Reiterating their commitment to accelerate digital inclusion in the country, Jazz and UNDP Pakistan organized a ‘Girls in ICT’ event highlighting the importance of digital skills for women and promoting Digital Gender Inclusion through enhanced access to ICTs (Information and Communications Technology).
According to the GSM Association (GSMA) there exists a significant digital gender gap in Pakistan where approximately 38% of women are less likely than men to own a smartphone and 49% do not use mobile internet. Furthermore, there are drastic differences in levels of ICT access between different population groups, particularly the rural and marginalised women and girls.
Considering this prevailing scenario, the event included a panel discussion on ‘How to enhance Digital Literacy amongst school-going girls?’ with chief guest SAPM on Youth Affairs Shaza Fatima Khawaja, Additional Secretary of Ministry of IT & Telecommunications Ayesha Moriani, Director Communications and Sustainability at Jazz, Fatima Akhtar, and Founder of AGAHI and Lecturer at NUST Puruesh Chaudhary, in participation. Ideas were exchanged on multi-level solutions towards ensuring safe and meaningful access to digital technology and ICTs for girls.
Speaking at the event, SAPM on Youth Affairs reiterated the commitment of the incumbent government on quality girl education, health, and financial inclusion. SAPM said that the Prime Minister’s Youth Program is ensuring gender parity to ensure maximum engagement of young girls through our hi-tech skills trainings, business loans and gender quotas in the laptop scheme.
“Access, affordability, and lack of literacy remains a core impediment for women’s inclusion in ICT. To further our vision for an inclusive and digital Pakistan, there is an immediate need to facilitate women participation in technology through public and private cooperation,” said Shaza Fatima Khawaja, SAPM Youth Affairs.
Speaking at the event, Jazz CEO, Aamir Ibrahim, said, “Considering the importance of women to lead Pakistan into the future, Jazz has programs in place to enhance digital literacy among girls, maximising women-led enterprises in the startup ecosystem, promoting diversity & inclusion within our workplace besides enabling women to access health, financial, and other life-enhancing services through mobile broadband. It is heartening to see government representatives championing women inclusion in ICT because their support is absolutely necessary to achieve our objectives.”
“The Girls in ICT agenda is an area that UNDP Pakistan sees as a key opportunity for youth and women’s economic empowerment, and we are keen to continue to support this space as we move forward in developing a digital space holding many untapped opportunities for women’s economic empowerment in Pakistan and in the region,” said Amir Goraya, Assistant Resident Representative, UNDP Pakistan.
Numerous students at the event participated in a group activity to brainstorm ideas on promoting inclusion of girls and women in the ICT space. These ideas were then presented to the audience and panel. Aziza Soleh, Founder of the startup MountainShop, a part of Jazz and UNDP’s recently concluded SDG Bootcamp, took to the stage to share her entrepreneurial journey as well.
Jazz is playing a critical role in addressing many of the wider gender inequalities by digitally enabling women to access health, financial, and other life-enhancing services. As part of the GSMA’s Connected Women Commitment Initiative, Jazz has committed to increase the proportion of women by 8 percent in its mobile internet customer base by 2023. Its digital financial service, JazzCash has already met its GSMA Connected Women target two years ahead of time with 22 percent women subscribed to JazzCash wallets. GSMA in its ‘Making internet-enabled phones more affordable in low and middle-income countries’ 2022 Report has also recognized Jazz’s Digit 4G smart feature phone as a successful rollout to address the digital gender gap.
UNDP Pakistan’s Youth Empowerment Programme has been working towards the economic empowerment of Pakistani youth with a particular focus on women and minorities. Some of the initiatives relevant to promoting women in ICT include digiskills training to over 2,000 young girls from KP; supporting the world’s largest annual start-up competition for women and technology, She-Loves-Tech, which has supported over 130 women-led tech startups over the past three years; and supporting Sehat Kahani in training 500 female doctors and 500 nurses and healthcare staff in digital health service delivery.
ACCA Recommended Budget Proposal for Fiscal Year 2022-23
In the budget proposals released today by ACCA (the Association of Chartered Certified Accountants), the global body for professional accountants has suggested that the Government/political parties and businesses should sign a “charter of economy” for the next 10-15 years to keep the policies and their implementation consistent.
Pakistan must focus on lowering its import bill by bringing down all non-essential imports and improving exports is the second major step. The proposal also talks about shifting the tax burden to the country’s higher-income population and subsidising the cost of living of middle and lower-income cadres. All professionals should compulsorily be brought into the tax net. There is a dire need to take significant strides for documentation of the economy and increase the capacity of FBR to collect more taxes.
The global body for professional accountants has urged the government to reduce tax rates to a single digit and ensure broadening of the tax net by adopting Data Analytics and Artificial Intelligence leveraging rich data sources at government’s disposal such as NADRA. Rationalisation, standardisation and automation of Tax Laws & administration to minimize harassment of taxpayer.
The proposal suggests that for economic recovery Government should encourage savings and announce incentives for local industry manufacturing to encourage use of domestic products. Large agricultural landowners should be taxed at minimal rates i.e., 7%. The Roshan Digital Program aimed at overseas Pakistanis should continue to evolve. Proper legislation and rationalization can help improve the situation for mining and can also result in attracting FDI.
The global body has shown concern as the unemployment rate was 5.8 percent according to the Pakistan Economic Survey, 2019-20 with the highest unemployment (11.56 percent) was prevalent among the age 20-24 indicating youth unemployment. Social protection programs and its offshoots as well as low-cost housing initiatives targeting the lower middle class and poor segments should be continued.
It’s also pointed out that the past outstanding refunds have only been cleared partially. It’s important to strengthen the trust of the taxpayer as well as provide liquidity to businesses .The special economic zones (SEZs) envisioned under CPEC should be accelerated and used as a stimulant for the industrial sector and generating employment opportunities while attracting FDI. IT/ITeS is one of the fastest growing sectors of Pakistan contributing short of 1% of GDP of Pakistan but has the potential to reach exports of US $ 15 – 20 billion by 2025.The government needs to continue to incentivize this sector and also invest in provision of high-skill training opportunities while continuing to develop the eco-system to place Pakistan as a regional powerhouse with a focus on BPO which has a huge potential.
It’s reiterated that government needs to ensure openness and transparency to foster trust and cultivate a healthy tax culture in the country. The tax legislation and operations should be as simple and straightforward to understand and to comply with as possible. Tax systems should be efficient for governments in terms of their ability to secure the revenue due and to prevent tax leakage and the development of a black economy.
Delay in IMF deal worries investors, weakens rupee: Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Wednesday said those who spread rumours of financial emergency have caused severe damage to the economy and action should be taken against them.
Despite the government’s denial of the imposition of a financial emergency, the situation is not returning to normal, which is worrying, he said.
Mian Zahid Hussain said that the delay in the agreement with the IMF has started draining the rupee as investors are not ready to believe statements and they want something concrete.
Talking to the business community, the veteran business leader said that the currency market is in turmoil due to which the falling dollar has started stepping up again and the rupee has started depreciating which is disturbing.
The rupee had started stabilizing after the government sharply increased the prices of petroleum products and electricity tariffs, but rumours have changed the situation, he said, adding that the government officials should not make further statements to improve the situation, but should finalize the agreement with the IMF and take an immediate loan from China.
He said that it is difficult for the rupee to remain stable against the dollar unless foreign loans are realized.
Mian Zahid Hussain added that in the current financial year, Pakistan has imported $20 billion worth of petroleum products, $9 billion worth of food items, $4 billion worth of palm oil, $2 billion worth of cotton, $1 billion worth of tea and $4 billion worth of vehicles.
It is not difficult to estimate from these figures that the current trade and current account deficit of Pakistan are due to unnecessary and irresponsible imports, he observed.
The present government has to significantly reduce unnecessary imports while promoting agriculture in the country. The import of unnecessary food items has to be stopped.
Due to the current difficult economic situation, import and trade costs are increasing, while the government will have to import large quantities of oil to end load shedding, which will increase costs to increase the burden on the treasury.
The price of LNG in the international market is also rising which is worrying but despite all the problems, the economic situation is not as bad as is being perceived in the currency market.
Foreign exchange reserves are now nine billion dollars, while they are much lower than in the past and the country will soon come out of the current difficulties, he hoped.
UN Women Pakistan and Nishat Mills Limited (Apparel Division) join forces to promote gender equality and safer workplaces for women
The private sector is increasingly being recognized not only as a driver of economic growth, but also as a promoter of sustainable social development.
The United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) and Nishat Mills Limited (Apparel Division) signed an agreement to strengthen their cooperation and promote gender equality in the workplace through capacity building initiatives on harassment and redressal mechanisms and gender responsive policies and procurement, among others.
The agreement was signed today during a signing ceremony in Lahore by Sharmeela Rassool, Country Representative, UN Women Pakistan and Wajeeha Khalid – Business Head, Nishat Mills Ltd (Apparel Division). Nishat Mills Limited (Apparel Division), is also the signatory of global Women’s Empowerment Principles (WEPs).
Speaking at the signing ceremony, Sharmeela Rassool, Country Representative, UN Women Pakistan applauded the efforts of Nishat Mills Limited in taking the lead from the private sector in taking on the agenda of gender equality and women’s empowerment. “We strongly believe that through partnerships like these can make a difference in promoting safer workplaces. The economic empowerment of women simply cannot be achieved without the engagement of the private sector. We are committed to provide Nishat Mills Ltd (Apparel Division) with our technical expertise to advance the agenda of gender equality and women empowerment while at the same time learning from their expertise to further improve our programmatic interventions.”
“Nishat Apparel makes diligent efforts to work towards creating a work environment that is based on merit, inclusion and diversity, and is strongly committed to Women Empowerment Principles. WEPs can further refine our approaches towards treating women equally, providing them key leadership positions, involving them in decision making, and developing them professionally. We target to continue working to change the economic outlook for women along our entire supply chain. These initiatives also show our commitment towards United Nations Sustainable Development Goals, particularly SDG 5, Gender Equality”, said Wajeeha Khalid – Business Head, Nishat Mills Ltd (Apparel Division).
The Global Goals and the WEPs promote cross-sector collaboration and long-standing partnerships between the public sector, private sector and civil society to expedite gender equality and women’s empowerment in the workplace, marketplace and community.
Leveraging the Women Empowerment Principles, the pillars for the private sector’s impact on inclusive economic growth can be placed in four broad categories: workplace practices, procurement practices, investment and financing practices, and advocacy and community practices.