PIP successfully hosts Pakistan Oil And Gas Conference-2023
Petroleum Institute of Pakistan (PIP), the representative body of the oil and gas sectors in Pakistan successfully hosted its prestigious Pakistan Oil and Gas Conference 2023 on May 30- 2023 at Islamabad Serena Hotel under the theme “Securing our Energy Future.”
The conference served as a significant platform for the launch of Pakistan Energy Outlook Document 2022, while highlighting the collaborative efforts of PIP and NED University of Engineering and Technology in analysing the changing energy demand-supply scenarios.
Honourable Minister of State for Petroleum, Mussadik Malik, addressed the delegate through a video recorded message highlighting the importance of energy sector reforms and his vision and goals for the sustainable energy future of Pakistan.
Over the course of the conference, key topics included in-depth discussions on the challenges and solutions for sustainability in the oil sector, Pakistan energy supply chain and associated safety challenges, power supply assessment and demand side management opportunities, Pakistan’s offshore potential, E&P challenges and opportunities, Pakistan’s Refining sector – Challenges and opportunities, the future of LPG in Pakistan and addressing the growing natural gas shortage.
PIP’s CEO Shehryar Omar presented Pakistan Energy Outlook (PEO) 2022 edition to PIP’s Chairman Shahid Mahmood Khan to formally mark the launch of this pivotal document, a flagship biennial publication by PIP that provides comprehensive analysis and demand-supply gap insights within the energy sector dynamics.
Over 200 delegates, including CEOs, officials, experts, attended the conference, offering networking and knowledge sharing in the oil and gas industry.
Established in 1963, Petroleum Institute of Pakistan (PIP) has emerged as a professional, non-governmental body dedicated to serving national development objectives by providing credible energy advisory services to the Government of Pakistan, industry stakeholders, and academic institutions. Currently comprising 21 major oil and gas companies operating in Pakistan, PIP holds the distinction of being the country representative of esteemed international bodies such as the World Petroleum Council (WPC).
Alhuda-CIBE keen for growth of Islamic Finance in Zambia
Zambia the south-Central African country is ready to embrace the concept of Islamic Finance. Islamic Finance Industry potential is increasing day-by-day not only in Muslim dominated markets, although in non-Muslim markets. It is the positive gesture towards the growth of Islamic finance industry in Africa. The Market Penetration for Islamic Finance is more in East and West Africa, then in Central Africa. In south part of Africa South Africa was the pioneer for the Islamic finance in Africa and after Zambia has huge potential for Islamic finance. The adoption of Islamic finance will bring more opportunities for the socio-economic development of the country through foreign direct investments and internal resources utilisation.
AlHuda Centre of Islamic Banking and Economics (CIBE) working in Africa for the development of Islamic Finance Industry through consultancy and advisory and capacity building to emerging and potential markets. Now, AlHuda CIBE is devoted for the development of Islamic Finance in this market.
The Zambian financial market is well equipped with 17 local and international Commercial Banks, 27 Microcredit, 7 Micro deposit taking intuitions, 6 leasing companies, few rural saving and credit bodies, 1 credit bureau and 1 development bank. These are institutions regulated by Central Bank of Zambia. Zambian Insurance market has 34 Insurance and Re-insurance companies regulated by Pension and Insurance Authority of Zambia. The market size and combination of local and international players reflect the spirit of financial adoptability of Zambian Market. The alternative financial products in the financial sector will play a significant role in financial diversity, inclusion and sustainable economic growth.
Muhammad Zubair, Chief Executive Officer AlHuda Centre if Islamic Banking and Economics during his visit to Zambia said that socio-economic aspects of financial industry together are the best solution for sustainable development of economy, and Islamic finance is the best alternative. He also said that he with his dedicated team of experts is devoted to design ideal products for banking, microfinance, insurance, capital market and other financial institutions. AlHuda CIBE organised two days specialized training workshop on “Islamic Banking, Takaful and Islamic Microfinance”, Central Bank of Zambia, Islamic Supreme Council of Zambia, commercial banks, insurance and investment companies and microfinance institutions participated. It was a good gesture for industry for the appetite of Islamic finance in Zambia.
Islamic finance is not a religious product, it is an alternative for the interest oriented financial system, which is a hurdle for the growth of social aspects of human lives with economic growth. Islamic financial system reflects the equal distribution of wealth, uplifting of middle and lower middle class of society, entrepreneurship and sustainability in human lives. AlHuda CIBE is working from last 18 years for the development of Islamic finance in Asian, European and African continents and always dedicated to explore new markets.
NBP takes digital-supremacy
The National Bank of Pakistan (NBP) has unequivocally recognised and commended the ground-breaking accomplishments of its Digital Champion campaign. The bank deeply appreciates its esteemed digital ambassadors whose unwavering commitment and outstanding efforts were instrumental in successfully directing NBP customers toward adopting digital banking.
The campaign’s resounding success is evidenced by the activation of over 250,000 debit cards through the mobile app in 8 months, which was made possible by a massive effort of 7500 NBP staff from 98 per cent of the branches.
The event at the NBP Head Office recognised the efforts of the NBP staff and regional teams who participated in the campaign. NBP appreciated the winners’ contribution and rewarded them for encouraging healthy competition in supporting the digital transformation journey.
Expressing his views, Rehmat Ali Hasnie, President and CEO (A), NBP, said, ” At Nation’s Bank, our main focus is to ensure that our staff is involved and motivated in achieving our goals. We have initiated a digital transformation project to keep up with the latest industry trends and modernise our financial institution.”
Speaking at the occasion, Muhammad Hamayun Sajjad, SEVP/Chief Digital Officer, NBP, stated, ” NBP is committed to transforming the banking experience through empathetic digital solutions that prioritise financial inclusion. With a strong dedication to digital, NBP’s staff guides customers toward basic digital banking services.
In just one year, NBP has achieved impressive milestones, including a 100 per cent YoY increase in NBP Digital App registrations, a remarkable 100 per cent growth in debit card point-of-sale transactions, and over a trillion rupees’ worth of digital transactions. Through collaborative efforts, NBP is revolutionising the banking experience for customers and employees with innovative digital product offerings.”
The success of the Digital Champion campaign is a clear indication of the bank’s dedication through its staff to digital banking. The goal is to become a modern financial institution that offers clients products and services through digitalisation.
Business community pinning high hopes on FM’s dialogue: 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 May 26 the business community is pinning high hopes on the 5th China-Pakistan-Afghanistan Trilateral Foreign Ministers’ Dialogue held in Islamabad recently.
Pakistan, China and Afghanistan have agreed to combat terrorism and enhance cooperation in different economic fields which will have a positive impact on all the countries, he said.
Mian Zahid Hussain said that the three sides agreed to advance political engagement, counterterrorism cooperation and enhance trade, investments and connectivity under the trilateral framework which is a big achievement.
The FMs reaffirmed their desire to pursue continuous and practical engagement and emphasised the need for enhanced coordination to counter-terrorism and deepen cooperation.
Regarding bilateral and transit trade, the FMs of Pakistan and Afghanistan stressed the importance of removing impediments to trade in order to advance the goal of enhanced regional economic integration and connectivity.
This will pave way for trade with central Asia, promote CPEC and Belt and Road initiative and help resolve economic problems of Afghanistan.
Separately, Afghan FM also met COAS Asim Munir and discussed issues of mutual interest including aspects related to regional security, border management, and formalisation of bilateral security mechanisms for improvement in the current security environment
COAS stressed the need for enhanced cooperation between the two brotherly neighbours to effectively tackle the common challenges of terrorism and extremism and reiterated the need for full support and commitment from the Afghan side in matters of mutual interest.
Mian Zahid Hussain said that the Middle East has been in a state of conflict for decades due to which regional countries have missed out on many development opportunities and have not achieved sustained regional security.
Afghanistan’s stable development also has positive implications for China and other neighbouring countries, he said, adding that China and Pakistan can coordinate their positions to jointly advance the situation in Afghanistan.
The business community wants these countries to develop more mutual trust and work together to promote regional peace, stability, and development.
Managing country without IMF, debt repayments will be a difficult: 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 May 22 said it will be very difficult to run the country without the IMF programme because it will be impossible to get more loans without the IMF.
Old debts will have to be repaid at the rate of 25 billion dollars annually, which will be a nightmare for Pakistan, he said.
Mian Zahid Hussain said that the government should present an alternative economic model to the public in view of the delay in the IMF programme.
Talking to the business community, the veteran business leader said that the country’s difficulties should not be increased by making irresponsible statements about the economic situation and instead of political sloganeering decisions should be taken according to the ground realities.
He said that a strategy should be formulated according to the facts, he said, adding that the current account surplus is welcome, but the reason for the improvement in the current account situation is not economic reforms, but the reduction of imports from 80 billion dollars to 55 or 60 billion dollars per year.
Restricting imports is a temporary measure to avoid a default that cannot be sustained for long as Pakistan’s GDP has reached record lows, thousands of factories have closed and millions of people have lost their jobs.
In any case, the current account surplus cannot increase to the extent that Pakistan can repay its debts of 25 billion dollars every year. Almost every sector of the economy has been affected by the measures taken to deal with the current account deficit, inflation, unemployment and economic instability have increased, the output of major industries has fallen by twenty-five percent, and foreign direct investment has declined by 98 per cent, he informed.
Mian Zahid Hussain said that millions of people are forced to work for low wages while many industries are operating far below their capacity. The market is in a state of uncertainty due to the risk of default and continued depreciation of the rupee, which is also increasing inflation, but on the other hand, the depreciation of the rupee may increase exports and remittances from overseas Pakistanis.
Thirty billion dollars or nine thousand billion rupees are used by Pakistanis annually from remittances, which confronts inflation and poverty.
Mian Zahid Hussain further said that the public and the business community had to pay a heavy price for current account management, which temporarily averted the risk of default, but it was shrinking the economy and tax and non-tax revenue of the government.
Mian Zahid Hussain said that to deal with this situation immediate reforms in the economy, agriculture and energy sectors are necessary which can help save almost 20 billion dollars annually, which not only can provide relief to the people but also avert the risk of default.
UBL launches dedicated freelancer account
United Bank Limited (UBL), one of Pakistan’s leading bank, has announced the launch of ‘UBL Freelancer Account’, a new banking solution designed specifically for the growing population of freelancing individuals in the country. The product is envisioned to be a unique value proposition for freelancers, providing them with the freedom and flexibility to bank on their terms while ensuring that their financial needs are met.
As a current account with no initial deposit balance, no minimum balance requirement and simple account opening documentation, customers can conveniently open an account through the bank’s website and branches across the country. Customers can further enjoy various product benefits and preferential services including free general banking services, discounted tax facilitation and availability of credit card. Discounts on co-working spaces – a pain point of freelancers – will also be offered. Upon maintaining an adequate balance, customers can further avail rate breaks on loans and complimentary insurance coverage for uncertain circumstances.
To provide customers with the tools and resources they need to succeed in their business, UBL is working with freelancing platforms to enhance networking opportunities among customers and maintain ongoing engagement with potential customers.
“The launch of UBL Freelancer Account highlights our commitment to understanding the evolving needs of our customers and offering innovative solutions,” said Zia Ijaz, Deputy CEO, UBL. “We recognize that freelancers have different banking needs than traditional businesses and salaried individuals. Therefore, we have designed this account to cater to their specific requirements and make banking easier and more accessible for them.”
With the launch of the UBL Freelancer Account, the bank is further solidifying its position as a leader in the banking industry in Pakistan, and is committed to providing customers with a comprehensive suite of products to help them grow and succeed in their careers. Providing dedicated services to this burgeoning population will further facilitate the freelance industry, bolster export remittance and spur sustainable economic development contributing to a more prosperous Pakistan.
Pakistan Cables pledges to support Aga Khan cultural service
Pakistan Cables pledged to support the Aga Khan Cultural Service – Pakistan’s upcoming project on conservation of historical sites in Pakistan. As part of the project, internship opportunities are being offered by AKCSP to young graduates and students from the related fields of architecture, traditional engineering and construction techniques, material sciences, etc. The students will be provided onsite and hand-on learning opportunities at the UNESCO World Heritage Site of Lahore Fort and the Walled City of Lahore, where AKCS-P is currently working to restore Mughal era Wazir Khan Mosque.
Pakistan Cables’ support will help AKCS-P contribute effectively towards capacity building and transfer of knowledge by offering among the youth of Pakistan. The Company has a track record of successively supporting and developing activities and platforms to empower the youth through sharing knowledge.
Jubilee Life Insurance, symmetry digital in accord
- Symmetry Digital provides end-to-end digital marketing and transformation services, incorporating bold and futuristic creativity, innovation and technology.
Jubilee Life Insurance, the leading private sector insurer in the country has appointed Symmetry Digital, a Symmetry Group Company, as their partner in transforming their digital presence and customer experience. This relationship covers the full range of interactive marketing and transformation services including digital marketing strategy, content, social, search, influencer, performance, media, and web design and development while delivering innovative ideas with data and future tech at the centre.
“In line with the marketing requirements of the modern age, we at Jubilee Life are making efforts to create the relevant impact through digital mediums,” shared Javed Ahmed, MD and CEO Jubilee Life Insurance. “Symmetry Group is a great fit for us in this regard. We are excited to join forces and take our customer experience to the next level, meeting their ever-changing needs with cutting-edge tech and digital solutions,” he added.
“We are honoured that Symmetry Digital is partnering with Jubilee Life Insurance in their digital journey,” said Sarocsh Ahmed, CEO of Symmetry Group. “This is an extension of our vision to deliver digital experiences that make the world better and together we will provide exceptional digital solutions for Jubilee Life Insurance customers.”
Jubilee Life Insurance is actively shifting focus to raise awareness amongst the younger generation to invest in insurance products from an early age. This objective formed the basis of bringing Symmetry Digital on board to direct marketing efforts toward the appropriate target audience through channels that are effective.
Symmetry Group, along with its extensive range of brands and unrivalled suite of digital products and services, will collaborate closely with Symmetry Digital in this partnership to deliver a seamless digital experience for customers.
State Life offers Genetic and DNA technology
State Life Insurance Corporation of Pakistan (SLIC), the largest life and health insurer in the country, signed a Memorandum of Understanding with Dante Genomics, a global leader in genomics and precision medicine, to provide data-driven and genomics-based solutions to enhance the overall health of Pakistanis on May 5 in Islamabad. The occasion was graced by the Honorable Minister for Commerce, Syed Naveed Qamar and the MOU was signed by SLIC’s senior representative, Muhammad Izqar Khan (Executive Director), and Co-founder/CEO of Dante Genomics, Andrea Riposati. The event was graced by Foreign Delegates from Italy including Generoso Ianniciello of Dante Genomics and Managing Director of Dante Genomics, Yasir Bajwa, along with representatives from SLIC.
Quote by SLIC:
“SLIC’s vision to enhance digitalization to improve policyholder services continues through this collaboration and will allow life science organizations and pharma companies to drive innovation and research in genomics-based health care in Pakistan. This will also create new job opportunities in the genomics industry and make a significant economic impact by improving the population’s overall health and reducing healthcare costs in Pakistan.”
Quote by Dante Genomics:
“In partnering with SLIC, we continue in our effort to make the most advanced genomic technologies available for clinical use around the world. By offering these whole genome sequencing solutions, we are providing personalized medicine to the citizens of Pakistan and further supporting the country’s efforts to become an international leader in genomics. These sequencing methodologies provide extremely beneficial medical insights into a person’s general health, fitness, nutrigenomics, pharmacogenomics, wellness and lifestyle, helping doctors to make better treatment decisions for their patients according to their genetic makeup. It can help people to make changes in their lifestyle to live a longer and healthier life.”
SLIC Boiler plate:
SLIC is the largest and the only AAA rated Insurance Corporation in the country. As the leading insurer in the country, SLIC ensures the wellbeing and financial security of its policyholders and partners. SLIC delivered the strongest business numbers in its history and grew its premium revenue to Rs. 279 billion, an increase of 64% from last year. The strong performance of 2022 suggests that SLIC has emerged as one of the most successful State-owned enterprises in the country.
Dante Genomics Boiler Plate:
Dante Genomics is a global genomic information company building and commercializing a new class of transformative health and longevity applications based on whole genome sequencing and software. The Company uses its platform to deliver better patient outcomes, prevention, enhanced diagnostics and personalized medicine. The Company’s assets include one of the largest private genome databases with research consent, proprietary software designed to unleash the power of genomic data at scale and proprietary processes which enable an industrial approach to genomic sequencing.
TPL Insurance Limited to Acquire Assets and Liabilities of New Hampshire Insurance Company’s Pakistan’s Branch
TPL Insurance Limited, a leading non-life insurance provider in Pakistan, today announced its Board of Directors’ approval of a draft Scheme of Arrangement under Section 279 to Section 282 and Section 285 of the Companies Act, 2017. The scheme outlines the acquisition of the assets and liabilities of the Pakistani Branch of New Hampshire Insurance Company (“NHIC”).
Upon approval by the High Court of Pakistan, the Scheme of Arrangement will facilitate the seamless transfer of NHIC’s assets and liabilities to TPL Insurance. The successful completion of the transaction is subject to obtaining all necessary regulatory approvals, including the Securities and Exchange Commission of Pakistan’s (“SECP”) endorsement.
TPL Insurance Limited is a renowned non-life insurance company in Pakistan, renowned for its track record of growth and profitability. With a diverse portfolio of insurance products, including motor, fire, marine, travel, and health insurance, TPL Insurance has firmly established itself as a trusted partner in the insurance and insurtech industry.
The completion of the NHIC acquisition is anticipated to take place by December 31, 2023.
Standard Chartered Reveals the Future of Trade Report
- Global goods trade is predicted to hit USD32.6tn in the next decade, with Asia, Africa and the Middle East driving 44 per cent of exports
- Business leaders highlight top five potential disruptions to global supply chains
- Digital supply chain finance solutions could uplift exports by USD791bn in 13 markets
New research by Standard Chartered reveals trade corridors in Asia, Africa and the Middle East are set to outpace the global growth rate by close to four percentage points, driving export volumes in these regions from USD 9tn in 2021 to USD14.4tn by 2030. Global trade over the same period is set to reach USD32.6tn, from USD21tn in 2021, according to the report titled Future of Trade 2030: New growth corridors.
Thirteen key markets are expected to account for 73 per cent of all exports and 69 per cent of all imports in Asia, Africa, and the Middle East by 2030, with a combined total trade value of USD19.7tn, based on analysis of historical trade data and projections until 2030. Mainland China, India and South Korea top the list by volume.
Simon Cooper, CEO of Corporate, Commercial & Institutional Banking and CEO, Europe and Americas, Standard Chartered, said: “Global trade continues to present growth opportunities within and across some of the world’s most dynamic regions. This research underlines how businesses are diversifying their sourcing and manufacturing decisions and offers practical insights into how this is playing out around the globe. In particular, the adoption of digital supply chain finance solutions could have a game-changing impact on export growth.”
International trade is projected to move away from the West, shifting southward and outward. South Asia will be the fastest-growing export region, driven by strong trade ties with neighbouring regions, including a recent free trade agreement between India and the UAE and Bangladesh’s plans to establish more than 100 special economic zones by 2030.
Table: High-growth corridors in ASEAN, South Asia, Africa and the Middle East will outpace the global trade growth rate of 5 per cent by 2030
| Corridor | Average Annual Growth Rate (2021-2030) | Size (USD 2030) |
|---|---|---|
| Intra – ASEAN | 8.7% | 0.8tn |
| South Asia – ASEAN | 8.6% | 0.3tn |
| South Asia – Africa | 8.2% | 0.2tn |
| South Asia – Middle East | 7.0% | 0.5tn |
| East Asia – ASEAN | 6.3% | 2.1tn |
| Intra – East Asia | 3.4% | 2.2tn |
Standard Chartered surveyed over 100 C-suite and senior leaders from global companies to understand the key drivers of trade growth, as well as the challenges they face. The research revealed the top five concerns of business leaders as being rising geopolitical conflicts and tensions (54 per cent); high and volatile energy and commodity prices (52 per cent); poor infrastructure quality (46 per cent); high inflation (45 per cent); and sanctions, tariffs and export bans (44 per cent).
Using this data and lessons learned from our 2021 report, Standard Chartered introduces a response framework that focuses on three areas:
- Rebalance – diversify risks through supply chain reconfigurations
- Technology in operation – increase reliability, transparency and resilience
- Sustainable trade – enable end-to-end ESG compliant supply chains
These areas, supported by a combination of ten initiatives, give businesses the tools to effectively formulate a well-rounded strategy to deal with the rapidly changing currents of trade and navigate new and emerging trade flows.
One such tool is the adoption of digital supply chain finance (SCF) solutions which offer wide-ranging benefits from better visibility of capital flows and tracking of ESG commitments, to greater SME participation and increasing trade. Research reveals SCF solutions could boost exports by USD791bn by 2030 across 13 key markets in Asia, Africa, and the Middle East, having the potential to help bridge the global trade finance gap that the Asian Development Bank estimated topped USD2tn by 2022.