Falcon-i launches Pakistan’s first bilingual tracking application & Biometric Authentication
Karachi, July 28, 2022, Falcon-i is Pakistan’s leading IoT company providing fleet management solutions, telematics, and location-based Services. Falcon-i has launched Pakistan’s first bilingual tracking application, which is an exciting addition to its family of innovations and will take the user experience and accessibility to the next level.
The Urdu Language has a strong and vital connection to the history, culture, heritage, traditions, and customs of the society thereby defining our national identity and fostering the feeling of group identity and solidarity. The bilingual application is a pioneering development in the tracking industry and will enable users to access all the offered services in Urdu at their fingertips to serve a varied and diversified customer base.
The Falcon-i Urdu application has a user-friendly and easy-to-navigate interface and will ensure convenience and utility to a greater audience. It allows customers to have an insight into different reports related to vehicle tracking, and push notifications for car maintenance periodically. The application offers complete control to the user from monitoring the vehicle’s live location to managing its and battery tamper alerts.
Biometric Authentication launched on Falcon-i mobile application
Now, no more fumbling for your phone or hunting for your username and password. Falcon-i has enabled the industry’s first Biometric authentication to login into the Falcon-i user application. The Biometric technology will use your face or fingerprint, depending on the device on Android or iPhone handsets to unlock your Falcon-i application, all you will need is yourself.
“Depending upon our audience and business location, language can act as a catalyst or a barrier. By creating a multilingual application, we can ensure maximum coverage and reduce any demographic barriers that may arise due to language difficulties. Serving content in the language preferred by our customers can have a huge impact on our customers and our brand image” Ahmed Faraz VP – Technology & Innovation
Stay tuned with Falcon-i as we are working on new user-friendly, exciting, and innovative features. So, put on your seat belts, shift into gear, and get ready to embark on a smooth tracking journey!
Falcon-i is one of the few tracking companies which maintains all the key functions in-house including customer support, technicians, and a dedicated technology team. This has allowed the company to provide customisable solutions to their corporate customers, providing them with a mix and match of products and services to suit individual companies’ needs with a focus on information security and performance.
The vehicle tracking solutions provided by Falcon-i utilize superior European technology for seamless tracking. Falcon-i is the country’s largest privately-owned fleet management company, monitoring assets of over 2 billion US dollars. It has built trust amongst more than 190,000 customers and empowered over 300+ corporate enterprises by providing insights on driver behaviour, fleet performance, vehicle usage and diagnostics.
SLIC opens data center and digital services
State Life is Pakistan’s largest Life & Health Insurer, which serves more than 140 million Pakistanis and only insurer in Pakistan with AAA rating. As part of its Chairman’s broader vision of providing every citizen of the country with the benefits of true social and financial protection, SLIC has launched state-of-the-art Data Center & Digital Services at State Life Tower Islamabad. The ceremony was largely attended by government officials along corporate clients of the State Life.
Chief guest of event Federal Minister of Commerce, Syed Naveed Qamar, Muhammad Sualeh Ahmad Faruqui Federal Secretary Commerce & Chairman State Life Shoaib Javed Hussain has inaugurated the State Life’s Data Center & Digital Services in Islamabad and introduced a number of digital initiatives and innovations beside that SLIC launched 5 unique health protection products for its customer:
– Digital (Online) Premium Payment Facility for all its existing policyholders across Pakistan via multiple digital payment solutions i.e. Jazz Cash, Bank Transfer, Digital Wallet etc.
– E-claims and e-payment services — Data Center for empaneled hospitals across Pakistan servicing its health insurance clients and hospitals.
– Group Life Assurance System to provide digitized services to its corporate clients across Pakistan.
– Digital Complaint Management System for its policyholders across all Pakistan.
– Launch of corporate, individual and family health product lines to meet the health protection needs of Pakistanis across all strata of society.
Speaking on the occasion, The Minister of Commerce expressed that it is heartening to see that State Life is not only enhancing its efficiency and services through digital solutions but also facilitating the most vulnerable of the society to cater for unforeseen circumstances for them and their families through its innovative and best-in-value products; such as its:
- Women’s cancer protection plan, which is a first in Pakistan, provides protection cover against all types of cancer ailments for women.” Sinf –E- Aahan Cancer Protection Plan
- Haari Protection Plan that services our hardworking farmers across the country with upto 4 times of Death & Accidental Benefits & Hospitalization Facility.
- Sahara Family Plan covers entire family for health protection needs.
- Sehat Salamat Plan caters needs of corporate clients.
- Sehat Zindagi Health Plan is to provide financial protection to an individual in case of unfortunate illness or accident that leads to hospitalization.
The core objective remains optimum facilitation for clients who are expected to derive various benefits in a hassle-free environment.
State Life had a record-setting performance in 2021, and it is continuing its strong performance in 2022, delivering growth across all lines of business and now across life and health, serving more than 140 million Pakistanis in leadership & vision of dynamic chairman Mr. Shoaib Javed Hussain.
On this occasion Mr. Shoaib Javed Hussain, Chairman – SLIC said that “We are excited to announce launching of Digital Services for policy holders with the aim of ensuring life and financial protection of hardworking Pakistanis; enabling them to further expand their financial horizons with the confidence that they are being protected by SLIC. SLIC remains firm in its resolve to meet the protection and savings needs of Pakistanis across all strata of society through innovative and value-adding solutions.
He said launching Data Center and Digital Solutions is another major milestone for the State Life. Within one year, we have evolved SLIC into a rapidly growing organization driven by product and digital innovation, focusing on further enhancing policyholder care and services. A technology-driven enterprise, ensuring unmatched customer care and convenience.
He added that the Data Center and Digital initiatives would strengthen real-time information access to the general public especially covered under health insurance programs, regarding the nearest hospital availability, availability of specific services, balance in accounts, filing online grievances etc. It also provides extensive information about Patient Medical Records and disease trends across various regions. This information will be valuable for onward policy decisions.
Expressing further he said that more good news and continuing enhancement and digitization of its services are expected in the very near future.
The introduction of the E-Claims System, Group Life Administration System and Digital payment solutions are a significant step toward digitalization, efficient services, customer-centric accessibility, eco-friendly and transparency.
It’s worth mentioning here that in current year February 2022, State life has launched its digital portal SLIC Digital web portal & Mobile app. State Life continues its digital journey with exciting services for policy holders.
The Launch of Scott J. Miller’s Master Mentors Volume 2 featuring BOP President & CEO Zafar Masud
The second iteration of “Master Mentors: 30 Transformative Insights from our Greatest Minds” by best-selling author Scott Jeffrey Miller was announced. The book is a condensed collection of practical strategies and methods designed to help readers reach new heights in their personal lives and professional careers, by distilling essential learnings from the top business minds and thought leaders of our time.
In continuation of Master Mentors Volume 1, published in September 2021, Miller has added 30 new transformative insights to the Master Mentors library in his easy-to-understand manner; written with an express focus on the requirements of readers that are short on time, highly challenged, or facing a critical life or career decision. Miller identifies and analyzes key learnings from each of the 30 Master Mentors, and provides simple, intuitive ways for readers to apply these learnings in their personal and professional lives.
Master Mentors Volume 2 features Mr. Zafar Masud, President & CEO The Bank of Punjab, as the book’s first Master Mentor. Mr. Masud is also the first thought-leader from outside the Western Hemisphere to be featured in either of the volumes; more specifically, he is the first Master Mentor from Pakistan who was invited to lend his insights to this literary undertaking. The book starts off strong with the first chapter dedicated to Mr. Masud, as he provides his unique perspective, drawing from his extensive international banking experience, and his wealth of personal experiences (not least of which was his miraculous survival in the crash of PIA flight PK8303, in May 2020).
In the opening chapter of the book, Mr. Masud offers a fresh perspective into what guides his decision-making process, and the significance of discovering what one considers to be the most important thing; finding out what matters most. Mr. Masud posits that without this knowledge, one cannot possibly know what to do next, and that one should not wait for a close brush with death to begin pondering on life’s big questions – the time to reflect is now.
FranklinCovey (the book’s publisher) had arranged an interview between Mr. Masud and the author, Mr. Scott, on the podcast “On Leadership” in March, 2021. The interview was titled, “Legacy amid Tragedy”. Mr. Masud is featured alongside other major celebrities, business luminaries, as well as lesser known but equally brilliant minds, including but not limited to: Bobby Herrera, Sean Covey, Tasha Eurich, Turia Pitt, Chester Elton, Madeline Levine, Jon Gordon, Geoffrey Moore, Guy Kawasaki, Joel Peterson, Michael Hyatt, Jon Huntsman Jr., Alex Osterwalder, Ed Mylett, and others.
Master Mentors Volume 2 – 30 Transformative Insights from our Greatest Minds by Scott Jeffrey Miller is coming soon to a bookstore near you.
PSX welcomes Federal Finance Minister with a Gong Ceremony
Pakistan Stock Exchange (PSX) held a Gong Ceremony to formally welcome the Federal Minister for Finance & Revenue, Dr. Miftah Ismail, to PSX. The gong was struck by the Minister to open the trading day on August 5 amidst the presence of Chairperson PSX, Dr. Shamshad Akhtar; Chairman SECP, Mr. Aamir Khan; MD & CEO PSX, Mr. Farrukh H. Khan; PSX Board Members; key stakeholders and distinguished guests.
Welcoming the Federal Minister for Finance & Revenue, the MD PSX, Mr. Farrukh Khan, stated, “We are privileged to have the honourable Minister among us today and we welcome his presence at PSX wholeheartedly”. He further stated, “It is imperative for the growth of Pakistan’s economy to create a conducive environment which will help to attract more companies and investors to the capital markets. A broad based capital market helps to achieve important economic and social objectives, including improved savings and investment rates, documentation of the economy, increasing the number of tax payers and reducing wealth inequality. Hence, developing the capital markets is fully aligned with the government’s stated objectives.”
Mr. Khan added, “Capital markets don’t ask for any concessions or subsidies; we only want a level playing field compared to other asset classes and the large informal sector. Please give that to us, along with consistent tax and economic policies. On behalf of all the capital market stakeholders present here, I can commit that, with your support, we will grow PSX to its rightful place as a leading regional market, playing its due role in Pakistan’s economic growth.”
The Chairperson PSX, Dr. Shamshad Akhtar, thanked the Federal Finance Minister for his visit and apprised him of the recent developments at PSX while informing him of some of the concerns of PSX for the betterment of the capital markets & the economy. The Chairperson PSX stated, “PSX has formulated a new strategy which will be launched this year. Some key actions will be taken that will pave the way to augment both the supply side through mobilizing equity and debt listings and issuances as well as the supply side by increasing outreach to investors. A significant aspect is strengthening the governance of not only the Exchange itself but also that of the listed companies.”
Dr. Shamshad Akhtar added, “PSX is a mature exchange and it has offered unbeatable returns. PSX is not only transforming but also has a good governance structure along with a robust regulatory framework. The most recent accomplishment is the Onsite Joint Inspection that has been put in place which will ease the burden on the brokerage community.”
At the occasion, the Chairman SECP, Mr. Aamir Khan, expressed that well-functioning capital markets can immensely contribute to the wellness of overall economy, corporate sector and investors and for improving savings & investment rates.
The Minister for Finance & Revenue, Dr. Miftah Ismail, stated, “I am happy to be here at the Stock Exchange today. I fully understand the importance of capital markets and the critical role they play in the development of a modern economy. We are committed to addressing all issues that have held back the capital markets in Pakistan and look forward to our discussion on the capital markets and the economy.”
Speaking about the macro-economic situation prevailing in the country, the Minister stated, “As an economist, I look at the fundamentals. From a macro-economic perspective, we have to keep our economy solvent and protect it from default. A few days back, the Rupee started appreciating against the US Dollar. This occurred because we reduced imports, thereby decreasing our foreign exchange outflow. Even though this is not the best case scenario in terms of growth, it is far superior to the boom and bust cycles of the past. I personally do not believe in import substitution model and I am in favour of export expansion. This is where we plan to focus our efforts and we will take this forward for sustained economic growth.”
Dr. Miftah Ismail added, “Our tax to GDP percentage is very low at 9.2 percent. We have to do better in order to achieve economic stability but we will undertake reforms in a gradual and orderly fashion in this regard. The immediate steps that we took such as ending fuel subsidies and increasing direct taxes are bearing fruits and have saved our country from default.”
The event concluded with a closed door meeting which included the Federal Minister along with the top management of PSX, SECP, and key stakeholders. In the meeting, matters impacting the capital markets, business, the current economic scenario and challenges thereof were discussed.
Falcon-I’s new whatsapp feature makes tracking user friendly
Falcon-i is Pakistan’s leading fleet management company, offering IoT (Internet of Things) based solutions that enable clients to monitor the movement and safety of their automobiles with more control, and is playing a significant role in transforming country’s digital ecosystem.
Today, WhatsApp has more than 2 billion monthly active users globally. It is ranked among the most popular mobile messenger apps in the world. Pakistan has also witnessed a large-scale smartphone adoption, along with 4G connections. Every day more than 100 billion messages are sent and received on WhatsApp.
Understanding the utility and usefulness of WhatsApp in present times, Falcon-i launched a landmark feature of live location on its WhatsApp Bot in August 2021, which has been a great success amongst the users. Today more than 70% of our customers access their location directly via WhatsApp.
To further facilitate the user with hassle-free management of their vehicle, Falcon-i has added another feature to its WhatsApp Bot. “PRE-INFO” allows the vehicle owner complete control of the automated geofence and battery tamper alerts in a few simple steps.
This new feature places alert management right at customers’ fingertips whilst travelling intercity or while taking the vehicle for periodic maintenance.
“Falcon-i has always focused on providing state-of-the-art service to its customers. We have the expertise and unparalleled technical infrastructure to provide the best services in the industry. Falcon-i is moving towards digitization to stay competitive and equipped for the future and we believe that with these changes our customers will have a better experience in terms of service and quality.
We are the first in the industry to introduce a WhatsApp support channel which is a pivotal step to facilitate customers and make their lives easier by providing a swift, secure, and easy to use platform,” said Najeeb Ur Rehman, VP – Tracking Services.
The vehicle tracking solutions provided by Falcon-i utilize superior European technology for seamless tracking. The Geofencing solutions alert customers when vehicles exit major cities, and their industry leading vehicle recovery services assist customers in case of theft.
Falcon-i is the country’s largest privately-owned fleet management company, monitoring assets of over 2 billion US dollars. It has built trust amongst 160,000 customers and empowered over 100 corporate enterprises by providing insights on driver behaviour, fleet performance, vehicle usage and diagnostics.
EBM and SoL embark on a journey of self-discovery with 21st Young Leaders Conference 2022
Keeping alive its two-decade-long tradition of nurturing young minds, English Biscuits Manufacturers – the makers of Peek Freans, in collaboration with the School of Leadership (SoL), once again sponsored the 21st Young Leaders Conference 2022.
The main theme of the Conference revolved around ‘Pehchaan’ (Identity). The participants were guided as to how looking within paves the way to desired outcomes. The six-day event touched on various aspects of life and emphasized reigniting the sense of exploring infinite possibilities and uncovering true human potential.
The ‘#SooperHaiMeriPehchaan’ activity became a moment of binding for over 200 participants as they joined hands to create short documentaries to reflect back on their role towards themselves, society, and Pakistan.
Speaking at the occasion, Managing Director and CEO of EBM, Dr Zeelaf Munir, said: “EBM’s continuous support to YLC is a testament to its commitment to nurturing young minds. This year, YLC focused on helping individuals explore their true identities. I hope our youth used the platform to unlearn the preconceived notions about their limitations and go on a journey of self-discovery as to what could be achieved if they put their focus in the right place.”
EBM has been at the forefront in creating a life-changing impact on over 200 students every year through YLC. This collaboration between EBM and SoL aims to help the youth to discover themselves. EBM hopes to continue empowering the leaders of tomorrow by providing them with such platforms where they can unveil new arenas of success and leadership.
PAAPAM opens Pakistan’s largest automotive expo 2022 in Lahore
Makhdoom Syed Murtaza Mehmood Federal Minister of Industries & Production inaugurated the Pakistan Auto Show 2022 alongwith Guest of honor Chairman EDB, Mr. Almas Haider, President LCCI, Mr. Nauman Kabir and Former President FPCCI and LCCI, Mr. Anjum Nisar at the Expo Centre in Lahore.
The event has been organized on July 29-31 by the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM). Event features more than 153+ exhibitors comprising of local and international auto-manufacturers and related enterprises. PAAPAM represents over 3000 large, medium and small industries all over Pakistan. This year’s show is themed of “MADE IN PAKISTAN”.
Renowned companies exhibited their latest parts and technologies, including 150 auto parts manufacturers. Visitors will be able to take test-drive tracks for the latest cars of MG, Toyota, Suzuki and Honda. Also, Motorway Police Kiosk will be there to facilitate the visitors by engaging them on how to improve their driving and offering Learner’s Driving Licenses on the spot.
While addressing the media at the inaugural ceremony, the chief guest Makhdoom Syed Murtaza Mehmood Federal Minister of Industries & Production stated “The government’s strong commitment to this industry helps to encourage large-scale investments and creates a business-friendly environment for the automotive and engineering sectors as well. I offer my heartiest congratulations to our local industrialists and engineers who have achieved remarkable success in establishing a robust engineering sector, which is generating remarkable new opportunities for value-added exports. The automobile industry of Pakistan is a cornerstone of the national economy. It not only vitalizes the economy but plays an essential role in elevating Pakistan’s image as a progressive country with a thriving industrial base.”
Pakistan Auto Show 2020 Chief Organizer and PAAPAM former chairman Syed Nabeel Hashmi said “Pakistan Auto Show 2022 is setting new benchmarks and trends for the automotive industry. Today, this mega event attracts more than 100,000 visitors from all over Pakistan and internationally. Over 200 international buyers and well over 100 international visitors will be attending the largest auto show in Pakistan.” The government needs to prepare long-term plans and support industries accordingly.”
The Chairman of Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) – Capt. (R) Muhammad Akram stated that: People are passionate about seeing the latest revolutionary technologies being deployed in Pakistan. Some of the participants this year include global automobile brands, along with spare-parts manufacturers, component suppliers, Original Equipment Manufacturers (OEM vendors), automobile traders, investors, buyers and enthusiasts, who want to expand their business networks and gain more information about the innovations and products in this sector.”
The inaugural day at the show, saw an overwhelming response from industry stakeholders, international large-scale buyers and diverse consumer segments, as the Pakistan Auto Show features; cars, tractors, trucks, buses, 4X4, motorcycles, three wheelers and exotic cars, while promoting a wide array of advanced technologies and solutions, including; engines, casting, forging, sheet metals, jigs and fixtures, along with electronics, car-paints, tools, tires, batteries, plastic parts, rubber parts and accessories.
Pakistan registers progress in routine childhood immunisation
The latest WUENIC estimates of national immunisation coverage reveals that Pakistan improved its national routine childhood immunisation rates in 2021 and reduced the number of ‘zero-dose’ children (ZDC) who miss out on vaccines by nearly half – a strong recovery after the number of ZDC in the country rose significantly in 2020.
The percentage of children in Pakistan who received three doses of the vaccine against diphtheria, tetanus and pertussis (DTP3) – a key proxy to measure for immunisation coverage, and the reach of health systems, within and across countries – rose to 83% in 2021, which is close to pre-pandemic levels, after experiencing a decline in 2020 (77%). Pakistan has also improved its first dose measles vaccine coverage by 2% between 2018 and 2021, and in 2021 launched one of the biggest measles-rubella campaigns in history.
The country’s progress in childhood vaccination and reducing zero-dose children is remarkable at a time when the COVID-19 pandemic has negatively impacted essential health services, including routine immunisation, around the world. Zero-dose children are those that miss out on even a single dose of a basic routine vaccine, meaning that reaching them – and the missed communities they live in – improves the ability of the health system to protect its population.
Pakistan achieved these impressive results by maintaining and restoring immunisation services through, public-private partnerships for service delivery, 24/7 immunisation services in hospitals, integrated immunisation service delivery and extended evening and weekend vaccination in urban slums, amongst other collaborative efforts with partners.
Its progress is an example of how countries can maintain, restore and expand routine immunisation, while remaining committed to fighting the COVID-19 pandemic. With support from Gavi and COVAX, the country has also vaccinated close to 130 million people (around 56% of the total population) with a primary series of two doses.
Following a global rollout of historic scale – with more than 4 billion COVID-19 vaccines rolled out by lower-income countries – Gavi and partners will be focused on supporting countries’ efforts to integrate COVID-19 into routine immunization programmes, leveraging opportunities to increase uptake, demand and delivery of life saving vaccines – and supporting the road to recovery and expansion of coverage.
Dr. Tokunbo Oshin, Director of High Impact Countries at Gavi, the Vaccine Alliance comments on Pakistan’s progress: “Pakistan has demonstrated its resilience and commitment to immunisation through the impressive progress it has achieved in expanding childhood vaccinations at a time when essential health services, including routine immunisation, have been disrupted by COVID-19 pandemic.
The reduction in the number of zero-dose children is particularly significant given the reduced access to vaccination centres during the pandemic, and the multiple health priorities the country had to attend to. It underscores the persistence of the government, health workers and partners who have pushed forward and improved the reach of immunisation programmes while continuing to ensure COVID-19 remains a priority.
We as a Vaccine Alliance will continue to work with Pakistan and other countries to ensure the greatest number of people can access the life-saving protection of vaccines.”
Please feel free to quote. For further comments, questions, or interviews: media@gavi.org
Facts and Figures:
- DTP1 – the first dose of the DTP vaccine – is a key measure of how many children receive that first, critical dose of a vaccine. In Pakistan, the number of ZDC increased significantly in 2020 – to 1 million children. However, through concerted efforts to reach ZDC, Pakistan cut this number in half – improving DTP1 coverage from 77% in 2020 to 83% in 2021.
- Pakistan has received about 111 million COVID-19 vaccine doses from COVAX (as of 26th July), representing approximately a third of the supply to the country.
- Find out more about Gavi’s work in Pakistan.
- For expert insights and original content and stories from around the world, visit Gavi’s online digital platform Vaccines Work.
Standard Chartered bank introduces ‘Braille-Inclusive’ forms for visually-impaired customers
Standard Chartered Bank Pakistan Limited (SCBPL) has recently pioneered special ‘Braille-Inclusive’ banking-forms, for the convenience of visually-impaired citizens. SCBPL has been deploying innovative technologies for world-class financial-services, besides enabling socio-economic growth for the impoverished and the persons-with-disabilities. Launched in collaboration with Pakistan’s Assistive Technology Startup – Boltay Huroof, this initiative will offer valuable facilities for the well-being of these ‘Special’ consumers.
Continuing with its generous contributions to elevate quality-of-life for the masses, this global financial leader, hosted a formal ceremony. This landmark agreement was signed between the co-founder of ‘Boltay Huroof’ – Hafiz Sheikh Umar Farooq and the Head of CPBB operations at SCBPL — Ms Saadya Riaz. During the event, ‘Boltay Huroof’ showcased the new banking-forms of SCBPL that have been converted with Braille-Inclusive features, while various other Braille facilities were also presented, including the first braille animal-book.
Mr. Rehan Shaikh, Chief Executive Officer at Standard Chartered Bank, said, “This resourceful initiative will enable broader Financial-Inclusion of Persons-with-Disabilities. Standard Chartered Pakistan is making it easier for the Visually Impaired persons, to open bank-accounts and engage in financial activities, at all branches of the bank. This agreement is the first step towards implementing the ‘Diversity & Inclusion’ agenda of Standard Chartered and the Inclusion-Directive of the State Bank of Pakistan.
The Co-founder of ‘Boltay Huroof’ – Hafiz Sheikh Umar Farooq stated that: “True inclusion can only become possible when we accommodate every segment of society in our social, educational and economic systems. This initiative towards financial inclusion by Boltay Huroof and Standard Chartered will bring an empowering difference in Visually Impaired Person’s lives.”
Other distinguished guests at the signing ceremony included: The Chairman of Naya Pakistan Housing Scheme — Zaigham Rizvi, Chairperson of Special Olympics Pakistan — Ronak Lakhani, Managing Director of Zaamin Builders — Sarwat Nasim Shah and the Co-Founder of Exhibitor TV — Adeeb Ejaz, who formed the management-board to oversee this Startup and appreciated SCBPL’s efforts towards broadening Financial-Inclusion.
A visually Impaired person – Mr. Saud attended the ceremony and shared various stories of his childhood and his interactions with other visually-impaired children. Most of these children were deprived of the opportunity to seek education, conduct financial transactions, or engage in socio-economic activities. Saud emphasized the importance of Braille-Inclusive services; and how the ‘Special’ children, their parents, siblings and teachers, can learn to make their lives more comfortable, productive and independent.
Public tired of repeated economic crises in the last three years: 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 August 1 said three economic crises have occurred in the last three years due to economic mismanagement.
The public is tired due to the economic disasters, businessmen are experiencing sleepless nights and many industrialists are planning to relocate their businesses to other countries, he said.
Mian Zahid Hussain said that many investors are investing billions in Dubai’s real estate market due to uncertainty at home which is eroding the value of the rupee.
Talking to the business community, the veteran business leader said that the first crisis came in 2018-2019 when Prime Minister Imran Khan delayed taking loans from the IMF for several months, which caused irreparable damage to the economy.
However, after that an agreement was reached and there was some stability in the foreign exchange reserves and the rupee, after which the coronavirus pandemic started, during which, like other countries, funds were used mercilessly, he added.
The business leader noted that after this crisis, Imran Khan’s government started such measures to please the voters, which were objected by the local experts and international institutions, but the ruling elite did not listen to anyone and emptied the treasury.
After the departure of his government, political tensions began that almost bankrupted the country. A staff-level agreement has been reached with the IMF, but due to the delay in receiving the money, it has not had any positive impact on the country’s situation.
Meanwhile, the three global rating agencies have downgraded Pakistan’s credit rating due to political instability and inflation touching the highest rate of 22 percent.
Mian Zahid Hussain said that a new oil crisis may hit Pakistan during the current months therefore the government should take measures to increase the oil storage capacity of the oil companies and the new refinery policy should also be approved soon to pave the way for new investment of 5 billion dollars in this sector.
The new investment will help furnace oil to be produced in the country which will be converted into diesel and petrol and cheap oil will be provided to the people.
The current government imported huge quantities of oil and gas to end load-shedding at a time when prices were skyrocketing due to the Ukraine war and now the masses are paying a heavy price for this decision.
Mobilink Microfinance Bank, CBA partner to promote access to digital financial solutions for underserved segments
Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), and CBA, a leading digital distribution platform working to promote micro-entrepreneurship in Pakistan, have joined hands to increase peoples’ access to premium digital financial services across the nation. This partnership will strengthen access to financial products and services through digital platforms and improve financial literacy.
Chief Finance & Digital Officer MMBL, Sardar Mohammad Abubakr, and CEO CBA, Ghazanfar Ali Khan, inked this exciting agreement at the MMBL Head Office in Islamabad, in the presence of senior management from both organizations.
MMBL is one of the country’s leading proponents of financial inclusion, wholly committed to serving marginalized and underserved people while bridging the digital divide in the country. The bank leverages its elaborate portfolio of innovative digital and financial services to consistently provide convenient access to banking products and services to entrepreneurs and Micro, Small, and Medium-sized Enterprises, specifically in remote and hard-to-access areas.
CBA, on the other hand, is the largest Digital Distribution Platform with more than 20,000 retailers in the country that provides one-stop retail solutions, including various financial services, telcos airtime, utility bill payments, digital ticketing, e-vouchers, mobile handsets purchasing, digital courier services and loan repayments.
Addressing the gathering, CFDO MMBL, Sardar Mohammad Abubakr, stated, “We are excited to collaborate with CBA to reinforce our goal of providing easy and accessible financial services to entrepreneurs and small enterprises. MMBL and CBA share the same passion for spurring economic growth through improved access to finance, so we are thrilled to see where this collaboration leads. Furthermore, our shared digital infrastructure will come in handy in widening the banking net to areas that lack physical branches, enabling more entrepreneurs and SMEs to expand their businesses and journey further towards the path to sustainability.”
CEO of CBA, Mr. Ghazanfar Ali Khan, stated, “CBA has been working to elevate micro-entrepreneurship by helping SMEs to scale upwards and attain financial sustainability. We continue to improve, innovate and collaborate to be able to play a much larger and impactful role in the industry.”
MMBL is proud to forge alliances with like-minded organizations to further its mission of a financially included Pakistan. The bank focuses on financially empowering women in Pakistan’s economic landscape so they can actively contribute to the sustainable growth and development of the nation’s economy. Through its diversified financial services portfolio, MMBL aims to revolutionize the microfinance ecosystem by implementing digital reforms in the banking sector.
Excessive money printing behind global hyperinflation: 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 July 29 said the main reason for the high inflation at the global level is excessive currency printing by major economies.
Developed countries printed a lot of money during the 2008 global financial crisis and distributed trillions of dollars to large companies in the name of economic recovery, he said.
Mian Zahid Hussain said that trillions were again distributed during the pandemic, the result of which is now in front of everyone.
Talking to the business community, the veteran business leader said that it is impossible to control inflation without absorbing the excess capital circulating in the international market.
Mian Zahid Hussain said that some Western economists brought to light a modern monetary theory during the crisis according to which economically stable countries should print as much money as they want as it will improve the situation.
Many countries started implementing this theory without thinking and injected trillions of dollars into the system through lavish bailout packages and other measures.
The balance of demand and supply was compromised by the injection of more than thirty trillion dollars in the system and the whole world has become a victim of inflation.
Now inflation in the United States has reached 9.16%, which is the highest level in forty years. As long as this excess capital remains in the market, achieving economic equilibrium will be impossible, he observed.
Mian Zahid Hussain said that now the US is raising interest rates to absorb additional capital due to which the purchasing power of Americans has drastically decreased and due to the decrease in demand, the whole world is plunging in recession because eighty-eight percent of the world’s transactions are in US dollars.
The only solution to the problem is to absorb the excess capital available in the global economy to improve the situation, he said, adding that it took fourteen years of mismanagement to create this disorder and it will take at least three years to end it, after which the price of all commodities will be adjusted to their real value.
The inflationary crisis had already started, but the war between Russia and Ukraine and the failed sanctions on Russia has increased its intensity, while the causes of inflation in Pakistan include the global economic situation, losses of failed government institutions and growing political confrontations.
PSX and Meezan Bank offer shariah-compliant trading platform for RDA clients
Pakistan Stock Exchange (PSX) and Meezan Bank Limited, Pakistan’s leading Islamic bank, signed an Agreement whereby PSX, in collaboration with the Bank, will provide a dedicated Shariah- compliant trading platform for Roshan Digital Account (RDA) clients. This will facilitate investors who are focused on investing in Shariah approved securities. The Agreement was signed by the MD & CEO PSX, Mr. Farrukh H. Khan, and the Founding President & CEO Meezan Bank, Mr. Irfan Siddiqui, amidst the presence of Chairperson PSX, Dr. Shamshad Akhtar, and senior management of both the organisations.
This trading platform will be available through the online trading system provided by PSX called KiTS or Karachi Internet Trading System. Any RDA client of an Islamic bank can now avail this platform for investing in PSX through the services offered by more than a 100 securities brokers using KiTS as an Order Management System (OMS).
The purpose of this platform is to enable Non-Resident Pakistanis (NRPs) to securely invest in their homeland’s capital market in a Shariah-compliant manner. Moreover, with this development in KiTS, Shariah- compliant investing capability can be offered virtually by many TREC-Holders to their RDA customers. Hence, providing clients a broader suite of securities brokers to select from for their Shariah-compliant investment needs.
The criteria for investing on Shariah-compliant platform has been developed by Meezan Bank and vetted by the PSX Shariah Advisor. The specifications of the Shariah-compliant trading platform include investing in KMI-All Share securities, Shariah-compliant IPOs and Shariah-compliant ETFs. Trading option is available only for Ready and Odd Lot markets. The recently bought shares can be sold on T+2 basis, i.e, when shares purchased are available in CDS account.
Speaking at the launch of the Shariah-compliant trading platform for RDA clients, the MD PSX, Mr. Farrukh Khan, stated, “Pakistan Stock Exchange is at the forefront of using technology to enhance the experience of market participants including investors. The demand for Shariah-compliant offerings is consistently rising and PSX has continued to grow its suite of Islamic capital market products. In recognition of this, PSX won the Best Islamic Stock Exchange award by Global Islamic Awards (GIFA). This new & innovative platform offered by PSX to facilitate Non-Resident Pakistanis interested in investing in Shariah-compliant securities, in a Shariah-compliant manner, through the RDA platform, is another example that PSX is fully cognizant of the interests and demands of market participants.”
He further stated, “I congratulate Meezan Bank and the PSX teams on this achievement to enhance investor experience and choice. I would specially like to appreciate Zahid Latif Khan (ZLK) Securities for being the first brokerage house to integrate and enable this offering for their RDA clients. I hope that this will generate interest and confidence among Non-Resident Pakistanis to securely invest in the capital market in a Shariah- compliant manner. With this development in KiTS, all TREC-Holders can now offer Shariah-compliant products to RDA clients, creating new business opportunities for them.”
The Founding President & CEO of Meezan Bank, Mr. Irfan Siddiqui, while speaking at the occasion, said “Meezan Bank is leading the industry with the highest share in RDA accounts and investment in equity market. The Bank’s advisory role in the extension of this service aims to improve the transparency and compliance of this solution with Shariah principles.”
“The Bank is already offering a Shariah-compliant Trading Platform for Non Resident Pakistanis through 22 brokers which are on-boarded through their own systems. With the launch of this Shariah-compliant Trading Platform, brokers who are using KiTS will also be on-boarded with Meezan Bank to further extend these services to RDA customers. We are hopeful that this service will help tap into a wider RDA investor base that is seeking Shariah permissible investment options”, he further added.
Growing political crisis is a big threat to country’s economy: 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 July 27 said the increasing political instability in the country has become a big threat to the economy.
Pakistan has no choice but to adopt the harsh policies of international institutions but despite the full implementation of their policies, loan money is not being released which is damaging our economy, he said.
Mian Zahid Hussain said that the sale and purchase of dollars has become a profitable business for the banks which is like tanking the weak economy.
Talking to the business community, the veteran business leader said that the dollar has appreciated by Rs25 in eight days while it has jumped by Rs54 during the tenure of Prime Minister Shahbaz Sharif.
He warned that the political instability and chaos should be stopped otherwise the IMF loan will not be able to streamline things.
The business leader noted that Russia stopped the flight of capital soon after attacking Ukraine and now its economy is stable while its currency is the strongest in the world.
On the other hand, the rupee has dwindled by ten percent in a week but nothing is being done to arrest the fall.
Mian Zahid Hussain said that banks are selling dollars at inflated prices while importers are not getting dollars in time resulting in heavy demurrage and detention charges.
He said that the value of the rupee has reduced by 23 percent in the current fiscal and if the central banks and the government failed to take the required steps, the value of rupee to a dollar will fall to 275 by December.
Mian Zahid Hussain noted that production is being reduced, inflation is out of control and political instability continues to damage the economy.
IMF has stopped tranche while friendly countries are not giving loans and are not ready to give guarantees, he added.
The political instability has provided a golden opportunity to the profiteers which must be noticed, he demanded.