Ajman Bank opens super app at Codebase technologies Digibanc platform
Ajman Bank, one of the UAE’s leading financial institutions, unveiled a pivotal step in its digital transformation journey at the Ajman Digital Government pavilion during GITEX Global 2023. The bank announced a strategic partnership with Codebase Technologies to launch its new retail super app, marking the institution’s transition to an era of unparalleled digital agility. The Digibanc platform, developed by Codebase Technologies, underpins Ajman Bank’s super app. To further amplify the bank’s digital capabilities, Cloud4C and Microsoft Azure cloud solutions have been integrated. This collaboration is geared toward unlocking enhanced customer value, streamlining operations, and driving increased revenue through state-of-the-art innovation.
Mustafa Mohammed Saeed Al Khalfawi, CEO of Ajman Bank, remarked,“This isn’t merely a platform upgrade. It’s a paradigm shift in our operational approach, leveraging advanced tools, automation, and enhanced capabilities to navigate the evolving banking environment. The Digibanc platform has been pivotal in our transition to a more customer-focused, innovation-driven model. The transformative power of technology and cloud solutions in the financial sector is undeniable. As a front-runner in the UAE banking scene, we’re committed to harnessing these innovations to elevate customer experiences and boost our operational efficiency.”
Codebase Technologies’ Digibanc platform serves as Ajman Bank’s new epicenter of innovation, offering a full front-to-back technology stack to address the bank’s business and operational needs. Leveraging Digibanc’s microservices architecture and ready-to-market components, Codebase Technologies has implemented a new technology foundation from which Ajman Bank can create and launch digital banking products and services, benefit from enhanced customer analytics, and optimize internal workflows. Through its API-first approach, the team integrated Digibanc with key third-party partners, including Kong, Infobip, Microblink, and Aquant, enhancing Ajman Bank’s collaboration with fintechs and improving its customer-centric offering.
As financial institutions embrace a more flexible approach to product and service development, the Digibanc platform empowers Ajman Bank with a flexible innovation center that is highly scalable and agile. Thanks to the platform’s unique API-first architecture, the bank can embrace collaboration in new ways by seamlessly integrating fintechs into its customer offering. Digibanc also provides the bank with the flexibility to fine-tune business logic and workflows on the fly, as well as launch new customer experiences through a composable banking approach made possible by Digibanc deployed on the cloud.
Tamer Al Mauge, Managing Director – MENA, commented, “Digibanc has exponentially enhanced Ajman Bank’s capabilities to become a digital-first leader. With its new technology platform in place, the bank’s team has an extreme degree of flexibility over their products and services, customer journeys, and improved insights into their business as a whole. With these enhanced capabilities, Ajman Bank has reinvented its approach, and we’re proud to have helped pave the way.”
Taking a cloud-first approach to fortify the underlying operational foundations is a primary step towards long-term agility, scalability, and flexibility. As an Azure Expert MSP, a Microsoft Gold Partner, and one of the few firms globally to achieve 11 Advanced Specializations on Azure, Cloud4C was ideally positioned to support Ajman Bank’s digitalization journey in the cloud. They ensured risk-free deployment of the entire Digibanc environment on a well-architected, fully secure Azure cloud that complies with standards outlined by the UAE Central Bank. This allows Ajman Bank to focus on core operations, seamlessly transform, and become future-ready, powered by a next-gen digital banking platform on a fully managed intelligent cloud.
“In the current experience economy, banking users demand the best services backed by exceptional speed and security at their fingertips. By choosing Microsoft Azure, Ajman Bank can now seamlessly innovate, deliver personalized services, and grow their business without worrying about internal IT challenges. Cloud4C’s Mission Critical Operations Center, powered by a proprietary AIOps-driven Self-Healing Platform, 25 Centers of Excellence, and 650+ dedicated Azure experts, guarantees that all cloud requirements are met and managed with utmost agility and confidence,” added Rakesh Reddy, Regional Director of MEA at Cloud4C.
Unity Foods Limited and Pakistan Environment Trust Join Forces to Achieve Net Zero Emissions by 2050
Unity Foods Limited (UFL) and its affiliated companies have embarked on a transformative journey towards a more sustainable and environmentally responsible future. In a landmark initiative, UFL has teamed up with the Pakistan Environment Trust (PET) to commit to achieving Net Zero emissions by the year 2050, solidifying their dedication to combat climate change and reduce their carbon footprint.
UFL and PET have signed a Memorandum of Understanding (MoU) that encompasses a multi-faceted strategy to decarbonize their operations and foster responsible environmental practices. The strategy includes conducting a Comprehensive Emission Assessment to conduct a thorough evaluation of greenhouse gas (GHG) emissions across all three scopes—Scope 1, Scope 2, and Scope 3. This in-depth assessment will serve as the cornerstone of the decarbonization strategy, providing a clear and data-driven perspective on the carbon footprint.
The alliance between UFL and PET also extends to a steadfast commitment to Science-Based Targets (SBTi). By aligning their goals with the latest scientific recommendations and industry standards, UFL and PET aim to ensure that their decarbonization efforts are not only ambitious but also grounded in validated methodologies. Further, by embracing the SBTi framework, UFL and PET are laying the groundwork for consistent investments in decarbonization measures. This structured approach enhances the effectiveness of their efforts and ensures a clear pathway for financial and resource allocation, supporting long-term sustainability in their journey towards Net Zero emissions.
UFL and its subsidiaries, in partnership with PET, are not only addressing their carbon emissions but also setting a new standard for environmental responsibility within their industry. Their commitment to Net Zero emissions signifies a proactive stance in the global fight against climate change, setting an example for businesses worldwide.
This pioneering collaboration demonstrates UFL and PET’s shared vision for a more sustainable and resilient future. By joining forces to reduce carbon emissions and mitigate their environmental impact, they are positioning themselves as leaders in their industry and advocates for positive change. Through their commitment to Net Zero emissions by 2050 and the implementation of comprehensive emission assessments, Science-Based Targets, and a structured investment framework, Unity Foods Limited and the Pakistan Environment Trust are leading the way in demonstrating the powerful impact of corporate environmental responsibility.
PIA needs to be sold; retailers, real estate brokers to face taxes: 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 November 11 that the first round of negotiations between the IMF and Pakistan have ended without any major disagreement and the final negotiations have started on November 13.
Pakistan is likely to get the second tranche of $710 million after the conclusion of talks, he said.
Mian Zahid Hussain said that the government may have to take several measures to increase its revenue, including taxing builders, retailers, wholesalers, and property dealers.
Speaking to the business community, the veteran business leader said that the IMF has also asked the government for a plan to tax wealth. The IMF is also concerned about the blocking of imports.
He said that PIA, which runs 20 aircraft to feed millions, causes a loss of Rs 150 billion per year to the country, hence becoming a serious problem.
PIA should be privatized immediately, while politicians who call this airline a symbol of national prestige should be asked about the prestige of dozens of countries, including the United States, that do not have their own airlines.
He said that for decades, the national airline has been turned into a political orphanage, due to which its revival has become impossible. A delay in bailing out PIA and other failed state-owned enterprises could strain relations with the IMF again, he warned.
Mian Zahid Hussain further said that recently PSO had stopped supplying oil to PIA due to non-payment of arrears, which affected its operations badly, and it had to suffer a loss of 30 crores per day.
The management of PIA has recently acquired a loan of eighteen billion rupees, while preparations are underway to acquire another twenty-four billion, as this institution cannot survive without loans and bailouts.
On the other hand, various ministries and departments have also had to pay tens of millions to PIA for a long time. If the payment is made, the financial affairs of this institution will improve somewhat.
Mian Zahid Hussain further said that after the licence scandal, which was a big conspiracy, PIA has to bear a loss of seventy-one billion rupees annually, but no action has been taken against those who hatched the conspiracy.
CPI organises training workshops for child protection committees
To build the capacity of Islamabad based Child Protection Committees on child rights and protection mechanisms, the Child Protection Institute (CPI) organised three two-day trainings in collaboration with ILO and Sahil.
These committees will be responsible for identifying and monitoring the cases of child rights violation, hazardous and worst forms of child labour and report to the respective institution including CPI, local police, Reconciliation Committees at local police office/Thaana, Child Help Line/s etc.
These committees will compile and submit their periodic reports, including details on number of awareness sessions conducted, number of people educated (female/male) and number and type of cases identified and reported.
Around 80 members of community-based child protection groups/committees participated in the workshop where they were briefed about the Child Protection Act 2018, different forms of violence against children, and the existing mechanisms for child protection in the capital city.
The Committee members included teachers and head of schools, doctors, psychologists, lady health worker, religious leaders, union councilors, philanthropists, representatives of community-based organizations, businesspersons, shop keepers, youth representatives, girl guides, boy scouts, social workers, representatives of law enforcement agencies and people with disabilities.
The overall objectives of this collaboration was to strengthen the child protection system through community-based child protection mechanisms for improved referral and reporting, and contribute to enhanced protection of children from exploitation and reduced vulnerabilities to child labour.
Speaking at the workshops, Chairperson National Commission on the Rights of Children, Ms. Ayesha Raza Farooq shared insights on reporting child labour incidents, importance of community participation and behavioural change to discourage employing children as domestic labour.
Director, ILO Country Office Geir T. Tonstol said that Labour Force Survey from 2021 estimates that 8 per cent of 10 to14 year old children in Pakistan are involved in some form of work. He said that most children engaged in child labour are denied the fundamental right of accessing compulsory education, which makes child labour a human rights issue and also a developmental issue.
He commended the efforts of the Child Protection Institute for mobilising community-based committees as watch groups to detect and report the incidences of child exploitation and child labour to relevant authorities. He said that ILO highly values its partnership with the Child Protection Institute-ICT, and Ministry of Human Rights.
National Commissioner for Pakistan Girls Guide Association Maria Sabri shared details of projects ran by the Girls Guide Association in rural areas of Pakistan. She said that volunteerism is the key of making positive changes in the society. She appreciated the efforts of CPI, ILO and Sahil for getting together the real stakeholder, the community members for the noble cause of child protection.
Director General CPI Rabeea Hadi said that these committees are the eyes and ears of the CPI and expressed hope that these trainings and the support provided through capacity building and IEC material will help in strengthening the active volunteer support mechanisms at the community level. CPI felt the need of standardising the composition and support services of these structures through capacity building of the members.
AlHuda CIBE holds special workshop on Islamic Banking and finance in Toronto
Canada is witnessing an increasing interest in Islamic finance, particularly in areas like housing finance, mortgage finance, and takaful (Islamic insurance) products. Some small level Islamic finance institutions in the Canadian market are offering the financial services that adhere to Sharia principles.
Alhuda Centre of Islamic Banking and Economics (CIBE) – UAE, a leading global Islamic finance consultancy and advisory firm, recently conducted a two-day specialized training workshop on the basic and practical aspects of Islamic banking and finance in Toronto, Canada. Islamic finance is a rapidly growing industry worldwide, and Canada is no exception. While Islamic finance is still in its early stages of development in Canada, it is gaining popularity among both Muslims and non-Muslims alike. The growing popularity of Islamic finance in Canada is a positive development for the country’s economy. Islamic finance can help to promote financial inclusion and economic growth. It can also help to strengthen Canada’s ties with other Muslim-majority countries.
Mr. Zubair Mughal, CEO of Alhuda CIBE, spoke at the workshop about the importance of Islamic finance in promoting religious harmony and financial inclusion. He said, Islamic finance is a system, not a religion. Muslims have a distinct advantage, as it aligns with their religious principles, but it also offers non-Muslims a unique and ethical way of managing their finances. This is an inclusive system that benefits everyone, regardless of their faith.
Mr. Zubair Mughal, added that the religious harmony in Canada makes it an ideal atmosphere for Islamic finance, and due to the large number of Muslim immigrants, demand of Islamic banking products is increasing in the market. This industry not only caters to the financial needs of Muslims but also resonates with individuals seeking ethical and socially responsible financial solutions.
The specialized training workshop by Alhuda CIBE aimed to equip participants with a comprehensive understanding of Islamic banking and finance principles and their practical applications to the Canadian Market. It also provided a platform for industry experts to share insights and experiences. Through initiatives like the recent workshop, Alhuda CIBE continues to play a vital role in promoting the principles of ethical and responsible finance in Canada.
IMF loan termed a short-term option to save the country
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 November 2 that the IMF loan was a short-term option to save the country from bankruptcy.
The poor and the middle class are forced to bear the entire burden of the IMF conditions as a large portion of the economy remains undocumented, he said.
Mian Zahid Hussain said that the inflation has broken the backs of tens of millions of people with no hope for them in sight.
Talking to the business community, the veteran business leader said that our taxation system is flawed and the share of direct taxes is very low; therefore, nobles and feudal lords are not burdened by the strict conditions of the IMF.
Non-filers, non-taxpayers, or nominal tax-paying sectors also escaped the effects of strict conditions, and taxpayer sectors have faced the problem, he said.
Mian Zahid Hussain said that, on the one hand, poverty has increased, and the lives of the majority have become difficult, while on the other hand, the wealth of a handful of people has increased at an astonishing speed, and this process is still in full swing.
There was a little talk of change only when the wrong economic choices started to shake the foundations of the country, he said, adding that the IMF was persuaded to lend with great difficulty, but so far, no fundamental progress has been made towards privatizing failed state enterprises and documenting the economy.
The business leader said that the tax system is still imbalanced; those who earn billions of rupees are exempt from paying tax, while those who earn a few thousand pay heavy taxes.
Mian Zahid Hussain said that increased taxes have broken the backs of the people as well as the tax-paying business sectors, while the continuous increase in the prices of electricity, gas, and oil has compensated for the deficit.
Energy prices have further distressed the poor while rising business costs have threatened the future of agricultural and industrial production and exports in the country, for which it is imperative to reduce business costs.
Mian Zahid Hussain furthered that it is necessary to balance the tax system, to end the undocumented economy, to end the capacity of non-filers, and to sell the failed government institutions immediately.
Fundamental changes in policies should be made to improve the economy, while the time has come for all the political parties to come together on one platform before the election and agree on a charter of the economy so that the confidence of domestic and foreign investors is restored because the country is now quite weak and cannot withstand further economic shocks.
EFU General insurance takes 13th annual fire & safety award 2023
EFU General Insurance Limited, the leading non-life insurer in Pakistan, was honoured with the 13th Annual Fire & Safety Award 2023 at an event organised by the National Forum of Environment & Health at a local hotel. The award was received by Mr. Wahaj Ur Rehman Khan — EFU General Insurance.
This laurel is yet another testament to EFU General’s ongoing commitment to adopting and implementing robust fire and safety management systems across its network throughout Pakistan.
SBTI approves Pakistan Cables science-based emissions reduction target
Pakistan Cables, the pioneer wires and cable manufacturer in Pakistan, has become the country’s first building material company to have its science-based emission reduction targets validated and approved by SBTi.
The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organisations to set science-based emissions reduction targets.
“We plan to drive sustainability by investing in continuous process improvement and cleaner energy to reach our targets by 2030,” said Fahd K. Chinoy, CEO at Pakistan Cables. “By setting science-based targets, Pakistan Cables is accelerating its efforts to align with ongoing global efforts to reduce global warming”.
The Company’s science-based emission reduction targets are part of its long-term vision to develop its net zero strategy and is actively working to establish long term science-based net zero targets that are aligned with SBTi’s net zero criterion.
Earlier in 2021, Pakistan Cables became one of the 26 Pakistani companies and the only building materials company that signed the pledge for Business Ambition 1.5oC ahead of COP26. To date, the Company has planted 50,000 trees approximately at the Pakistan Cables Urban Forest situation in Nooriabad factory, which is the country’s first and largest Miyawaki based Urban Forest on an industrial estate.
Furthermore, Pakistan Cables has the 14001:2015certification, which reinforces the Company’s commitment to ensure its products meet the highest environmental standards and mitigate environmental impacts.
TPL Trakker Commemorates Pinktober’s ‘Awareness Barhao Jaan Bachao’
In a heartfelt commemoration of Pinktober, Mr. Rao Salman, CEO of TPL Trakker, along with the executive leadership team, embarked on a thoughtful visit to Baitul Sukoon, a cancer hospital giving free end-to-end treatment to breast cancer patients. Serving as a beacon of hope, the hospital is equipped with state-of-the-art facilities, including mammography, ultrasound, radiology, and a pathology laboratory, among others.
Every year, 40,000 women in Pakistan lose their battle against breast cancer. Early detection, self-evaluation, and bi-yearly checkups can prevent the disease from spreading. Breast cancer is one of the most common types of cancer in the world, and treatment at early to mid-stage can be lifesaving. Women are encouraged to maintain a healthy weight, adopt a balanced diet, and be physically active to reduce the risk of breast cancer.
This visit aimed to extend awareness of the deadly disease and make gestures of support and compassion to the brave patients. TPL Trakker honors Mr. Jameel Yusuf, S.St. Co-chairperson and Managing Trustee at Baitul Sukoon, in recognition of his outstanding commitment and contributions. His dedication to the betterment of the hospital and patient care exemplifies the spirit of community service and solidarity.
TPL Trakker remains committed to “Awareness Barhao Jaan Bachao”, a slogan of positivity, contributing to the collective effort to create awareness about the fight against breast cancer.
Fatima Fertilizer with Mastercard set to digitalise farm input payment system
Fatima Fertilizer, Pakistan’s leading fertilizer manufacturing company, and Mastercard, a global technology company in the payments industry, have signed an agreement aimed at modernising Pakistan’s agricultural ecosystem by ensuring financial inclusion of farmers. This strategic collaboration will leverage the latest technologies to digitize payment transactions between a nationwide network of thousands of fertilizer dealers and the farmer community.
A fundamental goal of this agreement is to enhance the country’s national food security. By boosting the agricultural sector’s efficiency and productivity, Fatima Fertilizer and Mastercard seek to significantly contribute towards a more secure and stable food supply. This collaboration will also focus on implementing innovative agricultural practices and technologies that can increase the per-acre yield and improve the economic situation of farmers.
Rabel Sadozai, Director of Marketing and Sales at Fatima Fertilizer, expressed her commitment to this endeavor by saying, “Fatima Fertilizer believes in the modernization of Pakistan’s agricultural sector, including the financial inclusion of farmers. Our collaboration with Mastercard will harness modern technologies to uplift Pakistani farmers’ social and economic prosperity and position them as key players in safeguarding national food security.”
Arslan Khan, Vice President and Country Business Manager, Pakistan at Mastercard, said, “During its 20-year presence in Pakistan, Mastercard has become a trusted partner to the country’s public and private sector entities in driving financial inclusion and digitizing new payment flows. This agreement with Fatima Fertilizer marks an important step in our efforts to bring 50 million micro, small, and medium enterprises (MSMEs) worldwide into the digital economy by 2025. Together, we will empower smallholder farmers to access vital resources that enable them to step up their role in achieving Sustainable Development Goal (SDG) 2: Zero Hunger, while improving lives in their communities.”
This collaboration is a critical milestone in advancing the financial well-being of Pakistani farmers and strengthening the nation’s agricultural supply chain. By introducing digital payment solutions and fostering financial inclusion, Fatima Fertilizer and Mastercard are working together to drive growth, efficiency, and prosperity in Pakistan’s agricultural sector.
PTCL accords grand reception to newly elected office bearers of CBA
Pakistan’s largest telecommunications and ICT services provider, PTCL held a grand reception in honor of the office bearers of PTCL Workers Ittehad Federation, the Collective Bargaining Agent (CBA), who recently won it through a nationwide referendum. The ceremony was graced by the presence of the guest of honor, Syed Sagheer Bukhari, Senior Programme Officer at the International Labour Organization (ILO), Country Office Pakistan, along with senior PTCL officials and newly elected office bearers and labor leaders from across the country.
The recent referendum is a continuation of PTCL’s democratic tradition of protecting employee rights, and integrating their voices in crucial policy-making to ensure their well-being. At the ceremony, PTCL management warmly welcomed the newly elected CBA, who expressed their happiness and hoped for the continuation of cooperation between the union and PTCL for their shared growth and prosperity.
Senior Programme Officer, International Labour Organisation (ILO), Country Office Pakistan, Syed Sagheer Bukhari cited ILO conventions on workers’ rights and quoted examples of how unions and administrations worldwide ensure mutual growth and prosperity through effective cooperation. He lauded PTCL’s management for setting the right precedent of giving the union an excellent reception.
Group Chief People Officer, PTCL & Ufone 4G, Shoaib Baig congratulated PTCL Workers Ittehad Federation for winning the CBA referendum and praised the ER team for its exemplary role in the process. He assured full cooperation of the management in resolving the problems faced by employees and reiterated that the management is firmly committed to the principles of fairness, transparency, and equality. He urged the employees to adhere to the corporate values of PTCL at all times to make PTCL the #1 company in the telecom industry. Ends
Earlier, Advisor Employee Relations, PTCL, Jamil Afzal Bajwa welcomed the newly elected CBA and emphasised the importance of the union and employees in PTCL’s growth, saying that effective cooperation and harmony can guarantee sustainable business development. General Secretary of the newly elected CBA, Hafiz Lutfullah thanked PTCL for the remarkable reception and assured full cooperation of employees in PTCL’s journey for growth and expansion.
Dawlance partners with Pink Ribbon and Santex for breast cancer awareness
The technology leader in Pakistan’s home-appliances market – Dawlance has partnered with Pink-Ribbon Pakistan and Santex (a leading producer of personal hygiene products), to spread public awareness about ‘Breast-Cancer’ and menstrual hygiene in the country. Dawlance is a wholly-owned subsidiary of Arcelik – the 2nd largest manufacturer of electronics in Europe. Besides creating innovative technologies, the company generously supports socio-economic development initiatives to ensure; environmental sustainability, public health, Education, Women-empowerment, etc. for the well-being of its consumers and the masses.
An insightful session about Breast-Cancer diagnosis and menstrual hygiene, treatment and causes was conducted by pink ribbon and Santex, where specialist Doctors (Oncologists) and other experts provided valuable information about Breast-Cancer and menstrual hygiene to the employees of Dawlance, besides suggesting preventive measures and highlighting the importance of early diagnosis of this disease. To support the ‘Pink-tober’ campaign for global Breast-Cancer Awareness, the Dawlance Head Office will be kept illuminated with ‘Pink’ colored flood lights, throughout the month of October, moreover, Dawlance employee will contribute to the treatment of cancer patients.
The Chief Executive Officer of Pink Ribbon Pakistan – Dr. Omer Aftab also addressed this forum, to highlight the survival stories relating to Breast Cancer. He told the audience that; Every 9th Pakistani woman is at high risk of Breast Cancer. However, they are reluctant to report the disease and cannot seek reliable treatment due to social taboos or lack of healthcare facilities. Dr. Omer also thanked the Dawlance leadership for their continued support of this campaign.
The Chief Executive Officer of Dawlance – Umar Ahsan Khan attended this digitally accessible seminar, along with the company’s entire female workforce. Every participant expressed the commitment to extend full support to the awareness campaign against Breast-Cancer, all over Pakistan.
Umar Ahsan thanked Pink Ribbon Pakistan and Santex for this informative session and said: “Dawlance is committed to fulfilling its social responsibilities as an industry-leading enterprise.”Pink Ribbon is a globally active organization, playing an inspirational role in Pakistan too. It has built Pakistan’s first state-of-the-art diagnosis, treatment and counseling facility for Breast Cancer patients and potential victims. It has the capacity to serve more than 40,000 women in Pakistan, annually, while ‘Free treatment’ is provided to all deserving patients.
Santex Products (Pvt.) Limited has decades of experience in manufacturing a wide range of high quality Sanitary-Products. Its brand – ‘Butterfly’ is the ultimate name in feminine hygiene products that have earned the trust of millions of consumers across Pakistan. It is catering to the health and welfare of all segments of the society, as its products are affordable and accessible to customers in every walk of life. Santex Products has also adopted the UN Sustainability Goals, as the cornerstone of its Social-Responsibility policy.
Mobilink Bank outperforms at Veon’s Ignite Awards in Istanbul
Pakistan’s leading digital microfinance bank, Mobilink Bank, outperformed at Veon’s Ignite Awards held in Istanbul by winning in three of the most highly contested categories, including ‘Double-Digit Growth’, ‘Financial Services’, and ‘Diversity and Inclusion’. The Bank’s recognition at the group level and enviable accomplishments across various categories mirror its steadfast commitment to excellence.
Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives by creating opportunities for increased digital inclusion and by driving economic growth across countries that are home to more than 8% of the world’s population.
Ghazanfar Azzam, President and CEO Mobilink Bank, received the awards on behalf of the institution and delightfully dedicated it to his team for sustaining the Bank’s upward growth trajectory.
“This goes out to my team for its remarkable professionalism, commitment to excellence and penchant for innovation,” shared Ghazanfar Azzam. “Mobilink Bank’s robust financial performance, affordable, and accessible financial services and a strong workplace culture are the outcomes of years of our hard work. Our success is driven by our commitment to excellence in everything we do to make a difference for our customers and communities. We are grateful to Veon for the recognition, more so as it leaves us inspired and firmly committed to more success.”
Haaris Mahmood Chaudhary, Chief Operating Officer (COO) Mobilink Bank said, “Veon’s acknowledgement is a testament to our Bank’s financial strength, inclusive workplace culture and efficient service provision to customers across diverse regions. This milestone serves as a catalyst, inspiring us to persist in our unwavering dedication to enhancing customer experience through premium digital financial services and set the bar higher in service delivery and digital innovation, in line with the National Financial Inclusion Strategy.”
Although a massive endorsement, the awards didn’t come as a surprise as the Bank has consistently registered strong performance and set positive benchmarks in the microfinance industry. Its robust digital financial banking system serves millions of customers daily, and its social and financial impact programmes have enabled and empowered thousands of unbanked and underbanked, primarily women from the lowest economic tier.
The Bank has a diverse and inclusive workplace guided by the principles of transparency, meritocracy and equal opportunity. At the same time, a strong focus is laid on healthy work-life balance and employee satisfaction, making it an employer of choice in the country.
Grand IT entry test by Saylani
Under the auspices of Saylani Welfare Trust International 12th Mega IT Entry Test was conducted in which over 25,000 students participated. Qualified students of this test will be given training of emerging technologies including Artificial Intelligence, Cloud Native, Block Chain, Internet of Things, Web 3 and Metaverse. It’s imperative to mention here that under Saylani’s Mass IT Training programme sixty thousand students have registered themselves. Out of which twenty five thousand were invited for the first batch of examinations. Rest of the students will soon be entertained for entry test.
At the beginning of the test the stadium was resonated with the slogans of Pakistan Zindabaad, Saylani Zindabaad. Later on national anthems of Pakistan and Palestine were sung by the participants along with waving flags of both countries, this enhanced the zest of the event.
UAE Council General Dr Bakheet Ateeq al Rumaithi participated in the event as a chief guest. During his address he said “Saylani’s work is a role model for the whole world. Bashir Farooqi is an honest person and the UAE government has full trust in him.” The patron of Saylani Welfare International Trust said during his address, “We dreamt ten years ago that IT students will enhance our exports and that dream is being realised today. Students trained by Saylani are earning one billion dollars revenue for Pakistan every year.”
Afterwards students participated in the test wholeheartedly. Industrialists and renowned personalities of the country including Atif Bajwa CEO Bank Alflah, Adrees CEO Hilton Pharma, Mohsin Director United King, Farhan Haneef CEO Crown group, Rafeeq Sulema CEO RB intl and Ex Chairman Reap, Digital Head UBL and Zia Khan CEO PIAIC participated in the event.
Descon Engineering and Engro Polymers sign MoU for Asset Life Cycle Management
Descon Engineering Limited (DEL) and Engro Polymer & Chemicals Limited (EPCL) are proud to announce the signing of a Memorandum of Understanding (MoU) to further enhance their more than three decade-long partnership. This significant milestone, marks a renewed commitment to mutual collaboration in the field of plant maintenance, shutdowns, reliability, and asset performance management to ensure sustainable operations.
The MoU was officially signed by the Chief Executive Officer of Descon Engineering, Mr. Taimur Saeed, and the Chief Executive Officer of Engro Polymer & Chemicals Limited, Mr. Jahangir Piracha, solidifying the intent of both organisations to work together for the long-term benefit of their valued clients.
Mr. Taimur Saeed stated: “This Memorandum of Understanding is a testament to the enduring partnership between Descon Engineering Limited and Engro Polymer & Chemicals Limited. We are committed to bring our overseas experience in our collaboration with Engro Polymer to provide top-notch services and unmatched value to our clients. Together, we will continue to raise the bar in the industry.”
Speaking at the occasion Mr. Jahangir Piracha CEO Engro Polymer & Chemicals Limited said “Our commitment to delivering excellence in plant maintenance and asset management has been unwavering. This MoU reinforces our dedication to sustainable and reliable operations. Engro Polymer & Chemicals Limited is excited about the opportunities this partnership will bring to the industry and our clients.”
International Industries adds another 1 MW solar project
International Industries Limited (IIL), Pakistan’s largest manufacturer & exporter of steel and polymer pipes, is pleased to announce another major stride in its journey towards sustainability, self-sufficiency, and environmental responsibility.
Following the successful inauguration of its first 1 MW solar project at its Karachi factory, IIL recently hosted a commissioning ceremony for an equivalent 1 MW solar project at its Sheikhupura production facility. This significant initiative underlines the Company’s firm commitment to harnessing renewable energy sources and reducing its carbon footprint.
The significant landmark of the commissioning was commemorated through a ceremony graced by the presence of Ms. Selina Rashid Khan, a member of the Board of Directors of IIL, who inaugurated the project, which reflects the commitment of IIL’s boardroom leadership to promoting sustainable practices.
“These solar projects are a testament to our dedication to sustainability and responsible environmental stewardship,” said Mr. Sohail R. Bhojani, CEO of International Industries Limited. “By embracing solar energy, we are not only reducing our ecological impact but also demonstrating our commitment to a cleaner and greener future for Pakistan and the global community.”
The commissioning of these solar projects at IIL’s factory locations signifies a significant step in the company’s larger commitment to sustainability. In total, the Company plans to install a minimum of 4 MW of renewable energy capacity across all its factory facilities, further solidifying its position as a leader in environmentally responsible industrial practices.
In addition to reducing its carbon footprint, IIL anticipates substantial cost savings over the operational lifespan of these solar projects. By reducing reliance on conventional energy sources, the Company aims to mitigate rising energy costs and enhance its long-term business sustainability.
Standard Chartered Pakistan delivers record operating profit
Standard Chartered Bank Pakistan delivered a record profit before tax of PKR 63.0 billion for the nine months period ended 30 September 2023, registering an increase of 73 per cent year on year. Profit after tax grew by 121% year on year to PKR 31.4 billion during nine months of the year. The performance was driven by strong income growth, as well as continued cost and risk discipline.
Overall revenue for the Bank grew by 70 per cent to deliver a top-line of PKR 76.9 billion, with positive contribution from all segments. The Net Interest Income for Standard Chartered witnessed a strong growth of 131% year on year, driven by proactive balance sheet management, pricing discipline and higher interest rates. Operating expenses increased 27 per cent from comparative period, in line with inflation. Moreover, lower impairments as a result of prudent risk approach coupled with recoveries of bad debts led to a benign charge of PKR 615 million for the period.
With a diversified product base, the Bank stands well positioned to cater to the needs of its clients. On the liabilities side, the Bank’s total deposits stand at PKR 725 billion. Current accounts registered strong growth of PKR 68 billion (up 21 per cent) from start of the year. On assets side, net advances registered a growth of PKR 18 billion (up 9 per cent) since the start of this year.
With a strong Return on Equity (ROE) of 46.3% for the period and a Capital Adequacy Ratio (CAR) of 20.4%, the Bank remains well positioned for future growth. On the back of a strong performance, the Board of Directors were pleased to announce an interim cash dividend of 25.0% (PKR 2.50/- per share) in respect of the nine months period ended September 30, 2023. This is in addition to 40.0% (PKR 4.00/- per share) interim cash dividend announced during half year ended June 30, 2023.
Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank Pakistan, said, “I am pleased to share our 3rd quarter results reflecting our resilience, strong foundations, continued transformation and enhanced headway towards achieving our strategic priorities. The results also underpin our commitment to the country and our desire to gain opportunities in the market whilst supporting our clients by providing deep expertise to help meet their ambitions. Our focus remains on leveraging our network to facilitate our clients in the various trade corridors as well as building momentum in Sovereign, Multinational and Local Corporates space. Within consumer banking, we are deepening the opportunity in the Affluent segment while digitising our mass proposition.
We continue to become more efficient and innovative operationally while investing in technologies and capabilities of the future. Adoption of new ways of working has been delivering concrete outcomes in terms of productivity, staff wellbeing and our approach to do business. I am thankful to our clients and business partners for their ongoing trust in our abilities and to our associates and colleagues for their commitment, passion and hard work in supporting the Bank in its journey. The external environment remains challenging; however, we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best-in-class services and solutions for our clients and playing our part in the growth story of Pakistan.”
Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering, Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as subscribing to products and banking services online. Overall, the Bank’s transformation journey stands well-curated, closely aligned with the Pakistan’s landscape and helping lift participation through digitisation. Sustainable finance along with digital solutions for clients and their ecosystem stay as areas of keen focus for Standard Chartered. The Bank continues efforts under ‘Futuremakers by Standard Chartered’ initiative to tackle inequality and promote greater economic inclusion for young people in the community.
Dinner in Pakistan Embassy
We participated in inflavour Food Exhibition in Riyadh, KSA. The Ambassador of Pakistan in Saudia H.E. Mr. Ahmed Farooq invited us at Dinner and discussed about the response of Halal Food buyers. He was so keen in Enhancement of Pakistani Exports.
IIL holds interactive session
International Industries Limited, a leading player in the construction industry, hosted a highly successful event at a local hotel on October 12th, bringing together key professionals and stakeholders from the construction and building sector.
The event aimed to foster collaboration and knowledge exchange within the construction segment. IIL’s Institutional sales team extended invitations to over 30 industry professionals, including consultants and prominent builders.
The event featured distinguished speakers who shared valuable insights into the industry. Additionally, the QA Technical team, provided in-depth knowledge during their respective presentations.
One of the highlights of the event was an engaging Q&A session, where participants had the opportunity to discuss product improvements, and upcoming projects, and engage in a general discourse about the construction industry. This interactive session provided a platform for fruitful insights and constructive discussions.
A delegation of the progressive Korangi Industrial Alliance, headed by Mian Zahid Hussain, held a meeting with Brigadier Asim Ashraf, Sector Commander Rangers, on Nov 6, 2023, and discussed various issues.
