Sedania Group and Codebase Technologies to spearhead digitalization across Southeast Asia
Sedania Innovator Berhad Group has partnered with global open API banking solutions provider Codebase Technologies to expand the Group’s capacity for providing cutting-edge, digital-first banking and financial services for its client network while accelerating the UAE-based fintech’s Southeast Asian expansion.
With a growing demand for digitally driven banking and financial products and services in Malaysia and Southeast Asia, organizations and institutions around the region are rapidly adopting new operating models to ensure that their customer bases are being served with the most state-of-the-art, innovative propositions available. This partnership will enable Sedania Group to diversify its fintech offerings using Codebase Technologies’ award-winning Digibanc™ platform and add more innovative capabilities to its existing Tawarruq platform.
Nisa Ismail, CEO at Sedania As Salam commented, “This partnership will position us ahead of the curve in delivering innovative digital banking solutions which meet the requirements of financial institutions. We will be able to leverage the groundbreaking, well-recognized technology from our partner, Codebase Technologies, which has been the critical driving force in the successful launches of digital banks, fintechs, and digital banking arms across the Middle East.”
Codebase Technologies is a global pioneer in the banking and financial solutions space, with projects and implementations in Islamic and conventional institutions, lenders, fintechs, payment services companies, and other players across the BFSI. Over the last decade, Codebase Technologies has redefined the digital finance landscape by launching multiple digital banking propositions, with notable launches such as Zand – UAE’s first fully digital retail and corporate bank – and Blink – Jordan’s first digital-only neobank.
This partnership will accelerate the fintech’s global expansion into the Southeast Asian market, with the Group serving as a key intermediary between its expansive network of high-tier, blue-chip clientele and Codebase Technologies.
Raheel Iqbal, Managing Partner of Codebase Technologies, commented: “We’re looking forward to an extremely fruitful partnership with Sedania as we work together to accelerate digitization in the region. The mutual synergies that we will be able to explore are limitless and will allow widened access to a diverse range of digital solutions for FI’s. The partnership will help us expand our footprint in Malaysia and the APAC Region, and we’re thankful for collaborating with a like-minded organization with whom we share a common vision.”
Shell Pakistan posts profit for H1 2022
The Board of Directors of Shell Pakistan Limited (SPL) announced the Company’s half year results on August 17th, 2022. The Company posted a profit after tax of PKR 7,469 million compared to the profit of PKR 2,153 million made in the same period last year.
The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, the positive change in pricing formula to pricing agency S&P Global Platts’ indexes by the government, and safe and efficient fuel operations.
During this period, the Mobility business launched 13 new retail sites which will help deliver increased volume. Shell V-Power remains the market leader in the premium fuels category. Through successful dialogue with the government, we will see expansion of our network in Punjab that will help us grow.
Furthermore, the Company authored a book on Road Safety titled “Once upon a Road” with the aim of driving the behaviours in keeping roads safer in Pakistan. The book will be part of the Care Foundation school curriculum of sixth grade across Pakistan.
The Company also announced its decision to discontinue its aviation operations across Pakistan. Presently, SPL carries out its aviation related operations at four locations. They are Jinnah Airport in Karachi, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur and Nawabshah Airport. After due consideration, SPL has decided that it is no longer commercially viable to continue with its aviation business in Pakistan.
Shell Pakistan remains committed to continuing all its other businesses and operations in Pakistan, which remain unaffected. The Company will actively work to minimize impact of current challenges and endeavour to capture opportunities to ensure the company plays a key role in developing Pakistan’s energy future.
Pakistan Cables celebrates 75th independence day in partnership with Childlife Foundation
To celebrate the 75th Independence Day, Pakistan Cables employee volunteers visited a children’s Emergency Room to spend time with the children admitted in the ER facility for treatment. Volunteers distributed toys among children creating a memorable day for all involved. Prior to the volunteer activity, the Company also made a donation to ChildLife Foundation, an NGO that manages the Children’s Emergency Room at Sindh Government Hospital Korangi 5, Karachi.
“This day provokes Pakistanis to think about giving back and serving others, and it’s a great time for companies to take initiative in organizing community service events for employees. Our staff volunteering initiative brings our vision to life that focuses on transforming lives. ChildLife Foundation is a unique public-private sector partnership success story, and we are happy to have made a meaningful contribution towards it,” said Mariam Durrani, General Manager Marketing & Brands, Pakistan Cables Ltd.
ChildLife Foundation runs state-of-the-art children’s Emergency Rooms in partnership with the government in major cities, in addition to telemedicine satellite centres in district and tehsil level hospitals in rural areas. The Foundation is celebrating saving lives in 75+ hospitals on Pakistan’s 75th Independence Day.
Dr Ahson Rabbani, CEO ChildLife Foundation, said, “ChildLife serves Pakistan’s sickest and poorest children 24/7, completely free of cost through its growing network of children’s ERs and Telemedicine Satellite Centres. We are grateful to have reliable supporters like Pakistan Cables, whose active investment in saving Pakistan’s future – its children – is commendable. We hope to nurture our partnership with them to achieve our mission of a child-safe Pakistan.”
Standard Chartered Bank and British Deputy High Commission celebrate Independence day
Standard Chartered Bank Pakistan Limited (SCBPL) in partnership with the British Deputy High Commission (BDHC), Karachi organised an event to celebrate 75 years of Pakistan’s independence.
The event was widely attended by girls between the ages of 11-15 years, from schools of underserved communities which the Bank supports through their Goal programme. Volunteers from the Bank conducted a mentoring sessions with these girls on career prospects and how they can leverage opportunities to be independent and confident in life. The purpose of the celebration was to enable these girls to structure their ideas on how can they be the catalyst for social change in the future.
Rehan Shaikh, Chief Executive Officer at Standard Chartered Bank, said, “We are delighted to partner with British Deputy High Commission for the celebration of Independence Day. Today, once again BDHC has supported the Bank’s efforts to address the social and economic challenges being confronted by young girls. Educating girls and providing them with additional tools to shape their own future through our GOAL programme, enables them to address life’s challenges themselves and has an incredible intergenerational multiplier effect on communities and societies. We have been running this programme locally for 6-years now and have already created an impact for over 22,000 girls in Pakistan, through 71 schools in Karachi and Islamabad.
With activities such as these we bring our brand promise Here for good to life and it is integrated as a core component of our community engagement strategy, enabling our employees to do the right thing. Fundamental to the Bank’s culture, purpose and values, the EV activities support volunteers from the Bank contribute to the delivery of our community programmes, such as teaching financial education to disadvantaged young people and mentoring females.”
Sarah Mooney, British Deputy High Commissioner Karachi & Director for Trade said, “The British Deputy High Commission in Karachi is delighted to partner with Standard Chartered Bank to host this celebration of Pakistan’s 75th National Day, and 75 years of close ties between the UK and Pakistan. I am delighted that so many girls attended this wonderful anniversary event and the ‘Mentor’s Den’. The U.K. is committed to working with Pakistan to improve the future of young girls. No nation can succeed without the full participation of 50% of its population. I hope these girls will carry forward what they have learnt today and in time become mentors themselves.”
The Independence Day celebrations ended with a cake cutting ceremony with girls from the Goal school. Goal is the Bank’s award-winning, sport-for-development programme that provides financial education and life-skills training to girls aged between 10 and 24. The objective of the Goal programme is to empower young women as economic leaders. Goal was launched in Pakistan in 2016 in collaboration with Right To Play and since its launch SCBPL has impacted more than 22,000 adolescent girls’ lives in Pakistan.
Added taxes likely to cripple industrial sector: 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 said on August 19 imposing a five percent tax on the productive sector will cripple it.
Many factories will close, production will be reduced and unemployment will increase if taxes are increased on the sector which is already paying three times more taxes.
Mian Zahid Hussain said that the industrial sector cannot bear the burden of more taxes therefore instead of targeting the industry, tax should be imposed on those sectors which are not paying tax or paying nominal tax.
Talking to the business community, the veteran business leader said that the government never imposed adequate taxes on agriculture, banks, brokers, property, transport and other non-productive sectors to increase its income, which is surprising because it causes a loss of over 75 billion rupees.
Mian Zahid Hussain said that the increased tax on the cigarette manufacturers is the right decision which will benefit the public while increasing the revenue of the government as this sector has been the favourite of the previous government and has been given immense benefits.
The business leader further said that the IMF is not in favour of giving co-relief to any sector, but the government has given to the favoured sectors and has assured the international organization that the loss will be compensated by imposing more burden on the tax-paying sectors.
Mian Zahid Hussain said that there is a demand to lift the ban on the import of 866 items, but the Prime Minister is in favour of the ban because it is saving a large amount of foreign exchange.
Descon continues growth trajectory to achieve strong export performance
Pakistan’s leading large-scale engineering company, Descon Engineering Limited (DEL), records significantly high growth in revenues on the back of major projects in Domestic and Overseas geographies as per its FY 2021-22 performance indicators.
DEL engineered equipment for the Oil & Gas sector in Qatar, Iraq, Bahrain, UAE, Oman, Eastern Europe and Pakistan. It also engineered equipment for refineries in Saudi Arabia, Bahrain, UAE, Yemen, Oman and Russia. The company’s engineering services arm, Descon Engineering Services & Technology (DEST), also performed well in serving clients in Saudi Arabia.
Buoyed by its overseas performance in the Middle East and Eastern Europe, DEL is now planning to establish a foothold in South East Africa, Central Asian and Eastern Europe markets. It seeks to raise the bar in addressing the challenges of the industry.
DEL’s CEO Taimur Saeed: “Year closing 2021-22 results are a testament of the dedication of our employees who delivered our projects and served our clients in difficult times. As the pandemic continues to linger, there is mounting pressure on our supply chain due to the commodity volatility, DEL will continue to leverage its services portfolio to boost its productivity and efficiency. Our constant efforts will be to contribute to socio-economic development at home and abroad. For us, creating sustainable business growth goes hand in hand with our future strategic plans.”
Driven by a strong build up in core earnings, MCB’s profit before tax increased by 30%
The Board of Directors of MCB Bank Limited (MCB) in its meeting under the Chairmanship of Mian Mohammad Mansha, on August 17, 2022, reviewed the performance of the Bank and approved the interim financial statements for the half year ended June 30, 2022. The Board of Directors has declared a 2nd interim cash dividend of Rs. 4.0 per share i.e. 40%, in addition to 50% already paid, bringing the total cash dividend for the half year ended June 30, 2022 to 90%.
With strong build up in core earnings, MCB’s Profit Before Tax (PBT) for the half year ended June 30, 2022 increased to Rs 32.5 billion with a historic high PBT of second quarter of Rs. 17.6 billion. Retrospective application of tax amendments along with higher tax rates for current period enacted through Finance Act, 2022 resulted into 87% effective tax rate for second quarter. Profit After Tax (PAT) registered a decline of 25% from Rs. 14.74 billion to Rs. 11.13 billion; translating into Earning Per Share (EPS) of Rs. 9.39 compared to an EPS of Rs. 12.44.
On the back of strong volumetric growth in current account and favorable yield curve movements, net interest income for H1’22 increased by 24% over corresponding period last year. YoY average current deposits of the Bank registered a growth of Rs. 86.30 billion (+17%) while the CASA deposits averaged at Rs. 1,366 billion; hence, the average CASA to total deposits ratio was measured at a level of 93% in H1’22.
Non-markup income registered a growth of 36% and aggregated to Rs. 12.90 billion against Rs. 9.50 billion in the corresponding period last year. The growth achieved is broad based and driven primarily by the prudent positioning of foreign exchange assets/liabilities amidst comparatively favorable swap curves and diversification of revenue streams through continuous enrichment of service suite while upholding highest service standards; foreign exchange, dividend income and fee & commission income rose by 195%, 28% and 12% respectively.
MCB strives to inculcate operational efficiencies across its entire spectrum through optimization, automation and streamlining of business processes. This relentless focus has enabled the Bank to prudently manage its operating expense base despite sustained inflationary pressures due to currency devaluation and rising commodity prices, higher compliance related regulatory charges, expansion in branch outreach and regular performance and merit adjustments of the Human Capital.
For H1’22, the operating expenses of the Bank were recorded at Rs. 19.44 billion, growing by a modest 13% year on year, while the cost to income ratio significantly improved to 38% from 42% reported in corresponding period last year.
Proactive monitoring and recovery efforts led to a net provision reversal against non-performing loans (NPLs) which aggregated to Rs. 1,696 million for the period under review.
The coverage and infection ratios of the Bank were reported at 86.78% and 7.87%, respectively.
On the financial position side, the total asset base of the Bank grew by 3% and was reported at Rs. 2,039 billion. Gross advances registered an increase of Rs. 15 billion (+2%), as the consumer lending book further consolidated its traction gained in the last year and grew by Rs. 5.4 billion (+14%).
During the period under review, MCB’s strategic objective of achieving growth in no-cost current account base was reinforced by an uncertain and volatile interest rate scenario, leading to persistent re-pricing gaps between the earning assets and liabilities. Hence, the Bank registered a growth of 21% in non-remunerative deposits to close the period at Rs. 681.46 billion. CASA mix was reported at an industry leading level of 92.41% which reflects customer loyalty earned by the Bank over 75 years through sustained provision of quality services. The total deposits of the Bank grew by 13%, as compared to an industry growth of 9%.
MCB attracted home remittance inflows of USD 1,748 million, during the period under review with market share of 11.3% as an active participant in SBP’s cause for improving flow of remittances into the country through banking channels.
During the ongoing year, the Bank celebrates successful completion of 75 years of its banking services to the nation. From modest beginnings, the Bank has transformed into a dynamic and innovative organization; overcoming a multitude of challenges along the way with resolve and fortitude. Recognition by the globally coveted Asia Money awards as ‘Pakistan’s Best Corporate Bank of the Year’ in 2022 is a testament to its legacy of posting consistent and exceptional performance for its stakeholders.
While complying with the regulatory capital requirements, the Bank’s total Capital Adequacy Ratio (CAR) is 16.45% against the requirement of 11.5% (including capital conservation buffer of 1.50% as reduced under the BPRD Circular Letter No. 12 of 2020). Quality of the capital is evident from Bank’s Common Equity Tier-1 (CET1) to total risk weighted assets ratio which comes to 15.43% against the requirement of 6%. Bank’s capitalization also resulted in a Leverage Ratio of 5.86% which is well above the regulatory limit of 3.0%. The Bank reported Liquidity Coverage Ratio (LCR) of 214.25% and Net Stable Funding Ratio (NSFR) of 131.53% against requirement of 100%.
The Bank enjoys highest local credit ratings of AAA / A1+ categories for long term and short term respectively, based on PACRA notification dated June 23, 2022.
The Bank on consolidated basis is operating the 2nd largest network of more than 1,600 branches in Pakistan and remains one of the prime stocks traded in the Pakistani equity market, with 2nd highest market capitalization in the industry.
EFU Life and First Women Bank partner to launch Bancassurance proposition
EFU Life Assurance Limited, the country’s leading private life insurance provider, has recently expanded its Bancassurance business through a strategic partnership with First Women Bank Limited.
The agreement signing ceremony was held at the EFU Head office in Karachi. It was signed by Mr. Taher G. Sachak – Managing Director & Chief Executive of EFU Life & Mr. Farrukh Iqbal Khan – President & CEO of First Women Bank Limited. The ceremony was also attended by Mr. Mohammed Ali Ahmed – Deputy Managing Director of EFU Life, and other senior officials of both organizations.
Financial planning is an integral part of a woman’s life regardless of occupation, and it helps them secure their future through convenient investment options. For a nation to succeed, female financial inclusion should be an utmost priority. First Women Bank, as its name suggests, caters to women and focuses on creating a dynamic environment that promotes economic development.
EFU Life has launched several initiatives in this domain, and its partnership with First Women Bank is another important milestone leading toward this goal. The proposition with First Women Bank is specially designed catering the needs of the female segment, e.g., Built-In Lifecare Female Benefit. Lifecare Female Benefit is a critical illness protection benefit that provides women coverage against 20 of its covered illnesses.
Speaking on the occasion, Mr. Taher G. Sachak – Managing Director & Chief Executive, EFU Life, mentioned, “EFU Life which is a leading Life Insurance brand in the country, is known for designing innovative solutions catering to various customer segments. Our partnership with the First Women Bank will enable us a unique platform to provide Bancassurance products and services to the female segment. We are hopeful that through this partnership, we can cater to both the saving and protection needs of the bank’s new and existing female accountholders.
Mr. Farrukh Iqbal Khan – President & CEO of First Women Bank Ltd added “We at FWBL believe in creating a value and convenience for our customers and that this alliance would serve to cater to their savings and protection needs.”
Syngenta Pakistan plants thousands of trees across the country on the 75th anniversary of Pakistan
Syngenta is a globally leading agriculture innovation and technology company, providing crop protection, biologicals, seeds and crop-enhancement products. Being an environmentally and socially responsible entity, Syngenta has been nurturing its strong relationship with Pakistani farmers for the past 65 years with a commitment to make resourceful contributions towards sustainability.
To commemorate the Independence Day of Pakistan, Syngenta Pakistan organized a country-wide tree-plantation drive namely “Plant a Tree” across its offices, warehouses, plant and distribution network.
As part of this drive, the main event was held at the “Clifton Urban Forest” in Karachi on 14th August, 2022 where the Member of Provincial Assembly Sindh – Sharmila Faruqui was the Chief Guest, along with the Secretary of Agriculture Department, Government of Sindh – Aijaz Ahmed Mahesar as the Guest of Honor. Syngenta Pakistan’s General Manager – Zeeshan Hasib Baig, Founder of Clifton Urban Forest – Masood Lohar, Syngenta Pakistan’s country leadership team and employees were also present at this vibrant event where participants planted over 2,000 trees of different varieties.
The Chief Guest appreciated this valuable intervention and said that: “It is heartening to see that a global enterprise like Syngenta is making broad-based efforts to ensure long term sustainability of the environment. Pakistan’s robust corporate sector must take inspiration from this green initiative and contribute towards a healthier, more prosperous future for the nation. We must take maximum advantage of evolving-technologies to overcome the ecological threats and to accelerate the sustainable development of the country.”
Addressing the distinguished guests, Syngenta Pakistan’s General Manager – Zeeshan Hasib Baig stressed the importance of trees in coping with the climate-risks and stated that: “Pakistan is already among the most vulnerable countries with regards to climate change and is witnessing extreme variability in weather patterns. It is high-time that we focus on conserving our natural resources. This year’s tree-plantation drive is another humble contribution by Syngenta Pakistan towards sustainability and mitigation of climate risks in our beloved country.”
Adamjee Life wins brand of the year award
Adamjee Life Assurance Limited, one of the leading life insurance companies in Pakistan, is honored to win the accolade ‘Brands of The Year Awards’ in the category of ‘Emerging Brand of The Year Award’ by The Brands Foundation.
This is a great recognition for Adamjee Life to its recently evolved company philosophy that sets a direction for being a customer centric, financially strong company that is driven by an objective to be the most trusted insurance partner.
This award is also a testament to Adamjee Life’s proven record of creating shared value for the customers and stakeholders. With their sprinted commitment towards excellence, Adamjee Life Assurance has grown to become one of the fastest growing private life insurance companies recognized for its unparalleled services that helped propel the company as an insurer of choice with a strong financial acumen and strength that is endorsed by an Insurer Financial Strength rating of AA+ (Outlook: Stable).
Adamjee Life has been a key market player that is committed to building on to the brand and providing comprehensive accessible and affordable insurance plans to meet the diverse needs of individuals and corporations through different stages of their life.
Fatima Fertilizer receives international gold-standard acclaim for best she performance
Fatima Fertilizer recently received an international acclaim by the International Fertilizer Association (IFA) through the Green Leaf Award that recognizes outstanding performance in safety, health and environment (SHE) in fertilizer production among the association’s members and is an integral part of its protect & sustain product stewardship initiative.
The honor was claimed by Fatima Fertilizer by marking the first runner-up position in the nitrogenous fertilizers category of IFA’s prestigious 2022 Green Leaf Award for showcasing excellence in the overall management of safety, health and environment (SHE) in the fertilizer manufacturing operations. The exalted IFA Green Leaf Award is considered a global gold-standard by fertilizers manufacturers around the world and awarded by the IFA being the only global fertilizer association having 400 members in 70 countries around the world.
An independent panel of experts diligently evaluate all performance indicators in accordance with the awards’ evaluation criteria before the most deserving winners are selected. These global recognitions encourage and enable companies to strive for the highest standards of safety and well-being in the workplace and also help to protect the environment. The award is hosted after every two years and receives overwhelming interest by all member organisations, including a record number of 25 eligible applications for 2022.
While speaking about this achievement, Mr. Fawad Ahmad Mukhtar, CEO Fatima Fertilizer said, “We are proud of this achievement and will remain committed to our continued efforts towards becoming a global leader in practicing SHE management systems to ensure the safety and well-being of our employees.”
Syngenta Pakistan and Salaam-Takaful to revolutionize agriculture with crop insurance plan
Syngenta Pakistan Limited, a globally leading agriculture company, specializing in crop protection, biologicals, seeds and crop enhancement products, has partnered up with Salaam Takaful Limited to safeguard the farmers against the impacts of climate change through a weather and parametric index based crop insurance program as Syngenta envisions to empower the farmers by creating an ecosystem that addresses all of their pain points. This strategic partnership is in line with Syngenta Pakistan’s farmer-centric vision: “One Team, One Dream, Farmer Future” to transform the farmer-community’s quality of life and to catalyze the progress on making Pakistan’s agriculture sector more robust and climate resilient.
The General Manager of Syngenta Pakistan – Zeeshan Haseeb Baig addressed the signing ceremony of this strategic corporate alliance and stated that: “It is a great opportunity for both Syngenta and Salaam Takaful to create a positive impact for the farming community of Pakistan. Both partners aim to empower the farmers to combat climate-change and create a better future. So, the farmers will soon be able to reap the benefits of this initiative, elevate their quality of life and protect themselves against crop losses due to climate change.”
The Chief Executive Officer of Salaam Takaful – Rizwan Hussain said that: “We are delighted to have partnered with Syngenta Pakistan, to pursue our common goal to make our farmers resilient to Climate-Change. This effort will enrich their lives by securing their crops and against the weather-based calamities. It will also enable the rural communities to achieve more productivity and sustainability, with limited agricultural resources.”
IBA Karachi and NCCPL to set up NCCPL endowment fund at IBA
The Institute of Business Administration (IBA) Karachi and the National Clearing Company of Pakistan Limited (NCCPL) signed an MoU to establish a fund to support the education of deserving students.
The agreement was signed by Executive Director, IBA Karachi, Dr. S Akbar Zaidi, and CEO, NCCPL, Mr. Muhammad Lukman. Participants included Mr. Imran Ahmed Khan, Chief Operating Officer, NCCPL, and Ms. Malahat Awan, Director, Alumni Communications and Resource Mobilization (ARC), IBA.
The funds will be used to set up the NCCPL Endowment Fund at IBA. The funds will provide financial assistance to the students struggling to defray their educational liabilities. NCCPL has provided PKR 3 million and plans to scale up the size of the funds in the coming months.
CEO, NCCPL, Mr. Muhammad Lukman praised the role of IBA in producing quality graduates for the corporate world. He said, “It’s high time that industries should be moving parallel with education sector and I believe that these institutes will be the leading front in providing first class individuals who will play a crucial role for our economy in coming years. IBA has impressively contributed in Pakistan not only just in quality education but catering to demanding industrial requirements across research and individual talent provision. Likewise, NCCPL has always actively contributed towards community development and will continue to strive for the betterment of the local economy through such initiatives under the umbrella of corporate social responsibility.”
Executive Director, IBA Karachi, Dr. Akbar Zaidi, on the occasion, said, “It is good to see NCCPL coming forward and playing their role in the development of knowledge economy. The funds will help us in our mission of imparting quality education to students irrespective of their ability to pay.”
IBA Karachi and AKU to take quality of higher education to the next level
Two of the finest higher educational institutions of Pakistan, the Institute of Business Administration (IBA) Karachi and the Aga Khan University (AKU) are coming together to take the quality of higher education to the next level.
In a meeting held at the IBA Karachi, Main Campus, the heads of both institutes, Dr. S Akbar Zaidi, Executive Director, IBA Karachi, and Dr. Sulaiman Shahabuddin, President AKU, discussed various avenues where their respective organizations can play major roles to create positive societal impact through their collaborative efforts.
Dr. Zaidi and Dr. Shahabuddin discussed the means of collaboration which includes research opportunities for faculty and students, along with enhancing cooperation in student trainings and developmental projects.
Dr. Zaidi emphasized on the importance of the academic engagement between IBA and AKU and was keen to see the positive contributions through the various projects both the institutions will partake in.
Elated by the upcoming collaboration, Dr. Shahabuddin said, “I am delighted to see the partnership between my alma mater, IBA and Aga Khan University growing in education, research and capacity building. We look forward to working together to increase our impact in these areas.”
The IBA team members included the Dean, School of Business Studies, Dr. Abdullah Zafar Sheikh and Dean, School of Mathematics and Computer Science, Dr. Shakeel Khoja and other members of the faculty and staff.
Fertilizer hoarding impeding food security: 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 23 said food self-sufficiency is impossible in the presence of repeated fertilizer crises.
The hoarding mafia will continue to make the lives of farmers miserable and leave people hungry for their own profit, while the government will be forced to import billions of dollars worth of grain every year, he said.
Mian Zahid Hussain said that Pakistan is self-sufficient in the production of fertilizer but there is a crisis throughout the year, which is an outcome of profiteering and mismanagement.
Talking to the business community, the veteran business leader said that fertilizer is available only to those farmers who are willing to buy it on the black market at high prices.
The common farmers who cannot pay premium always get insufficient fertilizer while the subsidy of billions of rupees at the expanse of taxpayers goes into the coffers of the mafia.
The business leader said that a few weeks ago, the government had fixed the price of urea at Rs1950 per bag and manufacturers had agreed to it, but now the price has been increased unilaterally by four hundred rupees which is exploitation of the farmers who have already been devastated by the floods.
The manufacturers say that the government is not paying them the subsidy, so the price has been increased, but it is unfair to punish poor farmers in this dispute, he observed.
Mian Zahid Hussain said that a 15 lakh tons fall is expected in the wheat production that will affect 22 million people.
Agricultural goods worth 17 billion dollars were imported in the last financial year. If this huge amount was spent to reform and rehabilitate agriculture, a revolution could have been in this sector.
Pakistan can not only meet local demand but also earn valuable foreign exchange by exporting agricultural commodities.
Mian Zahid Hussain further said that the political temperature in the country is rising again. Political and economic stability are interlinked. Achieving economic stability in the presence of political instability is a dream.
Pakistan cannot survive with $90b imports, Says 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 said on August 12 the economy of a country that spends equal to a quarter of its GDP on imports can never be stable.
There is a need to widen the tax net and further reduce imports, otherwise, the country will not be able to run without borrowing.
Mian Zahid Hussain said that Pakistan’s imports of goods and services in 2021-22 were ninety billion dollars which is almost equal to twenty-five percent of the GDP which is unsustainable and will result in a default sooner or later.
Talking to the business community, the veteran business leader said that Pakistan’s exports and remittances and direct investment are not equal to the imports which leads to a crisis after every two or three years.
It is impossible to break the begging bowl until the current account deficit is turned into a surplus on a permanent basis, he said.
The business leader said that the debt burden of the country can be reduced if the current account is surplus.
Mian Zahid Hussain said that 5280 megawatts of electricity can be generated from coal in Pakistan, of which seventy-five percent is generated from imported coal, while billions of tons of coal reserves in the country are not being put to use.
Similarly, the enormous hydropower potential is being ignored along with other renewable sources of electricity.
Railways are an important means of providing relief to the public in terms of fares, reducing business costs and reducing environmental pollution. Many countries of the world are now building railway networks, while Pakistan had an excellent railway network before independence, but it was destroyed to force the public and business community to use road transport.
Road transport benefited some elements, but the oil import bill increased therefore the government should try to restore the railways so that things can improve.
Mian Zahid Hussain further said that district-level gas companies may reduce the losses of billions of rupees.
UBL, JS Global appointed financial advisors of PRL’s historic us$1.2 billion expansion project
PRL and Mr. Kamran Nasir, CEO JSGCL along with senior members of their respective teams at the signing ceremony in Karachi.
United Bank Limited (UBL) and JS Global Capital Limited (JSGCL) have been jointly awarded the mandate for Financial Advisory and Arrangement Services for local debt and equity for Pakistan Refinery Limited (PRL). This appointment will assist in meeting PRL’s financing requirements for a Refinery Expansion & Upgrade Project (REUP) at an estimated cost of USD 1,200 million.
The objective of the project is to enhance PRL’s production capacity from 50,000 barrels per day to 100,000 barrels per day and produce advanced quality Euro-V MOGAS/HSD. The expansion and upgradation will not only develop eco-friendly Deep Conversion Refinery but also aid the national economy via import substitution.
The contract signing ceremony was held on August 19, 2022. The contract was signed by Mr. Shazad G. Dada President & CEO UBL, Mr. Zahid Mir, MD & CEO PRL and Mr. Kamran Nasir, CEO JS Global on behalf of their respective organisations. The ceremony was also attended by Mr. Tariq Kirmani, Chairman PRL Board of Directors, Mr. Mohsin Mangi, member PRL Board of Directors and senior management of UBL, PRL & JS Global.