Atlas Honda celebrates 60 years in Pakistan, test market first EV bike
Atlas Honda, the leading motorcycle manufacturer in the country, celebrated its 60th year of operations in Pakistan. The joint venture between Atlas Group and Honda Motor Company has been at the forefront of motorcycle and auto parts manufacturing since 1963.
To commemorate the milestone, a ceremony was held at Atlas Honda’s Sheikhupura Factory. The event was graced by Mr. Shinji Aoyama, Executive Vice President and COO of Honda Motor Company, Mr. Noriaki Abe, Chief Officer of Motorcycle and Power Products, and Mr. Toshio Kuwahara, President & CEO of Asian Honda Motor Company.
Speaking on the occasion Mr. Aoyama expressed his deep gratitude to Atlas Group, Atlas Honda associates, dealers and auto parts manufacturers for the expansion of Honda business in Pakistan. He mentioned that the mobility industry is going through a rapid transformation and Honda Motor was well positioned for the future. He was confident that Honda will continue to develop innovative products that satisfy both the customers and society at large.
In his address, Mr. Abe shared his joy at seeing Honda products become an essential part of the daily life of many in Pakistan. Mr. Abe then unveiled Honda’s first EV motorcycle —Honda BENLY e — for the Pakistani market. Honda BENLY e will be offered for test marketing. New products will be offered based on the market feedback so that society and customers get the best of what Honda has to offer.
Mr. Kuwahara in his comments congratulated the Atlas Honda ecosystem present at the 60th anniversary. He said Pakistan was an important market and Honda will strive to introduce attractive products for Pakistani customers.
Mr. Saquib H. Shirazi, President and CEO of Atlas Honda, shared a brief history of the company’s performance in terms of sales, localisation, parts business, employment and contribution to the exchequer. He shared the resolve to carry the Group’s philosophy of what has been earned from the society must be shared with the society. He added that, in the past six decades, Atlas Honda has grown in response to the changing needs of the market. While expanding its product line up and achieving localisation of up to 95 per cent, the company developed the largest network of local auto parts manufacturers and dealers. With more than 10,000 touchpoints, the company has created direct employment opportunities for more than 150,000 people. The success of Atlas Honda is due to this talented and dedicated resource. The highly skilled jobs created by the operations of the company have helped transform lives and livelihoods of millions.
Maersk adds Karachi call to Maersk’s FI3 service rotation
A.P. Moller – Maersk (Maersk) welcomed the Maersk Karachi container vessel at the South Asia Pakistan Terminals (SAPT) for the first time on the recently updated FI3 ocean service today. With the addition of Karachi to the rotation, Maersk brings direct coverage of the Far East markets to Pakistan’s importers and exporters with around 30% quicker transit times.
Hasan Faraz, Managing Director, Maersk Pakistan, commented, “Our commitment to Pakistan only gets stronger as we welcome our Maersk Karachi vessel here at Karachi Port today. Our ambition is to ensure that we curate solutions that enable our customers to participate in global trade in the most competitive manner.” He added, “SAPT is a high-tech, deep sea port that also has the advantage of being closer to the city, reducing landside movement, thus contributing to further cost- and time-savings for our customers.”
Karachi Port’s proximity to the consumer market, fisheries and industrial hubs will help customers to more than half their transit times compared to some of the other major ports in Pakistan. This way, the transit times are quicker on both ocean and landside transportation.
The inclusion of Karachi on the updated FI3 service will significantly benefit imports from China for sectors associated with the automotive industry and other commercial importers. As far as exports are concerned, perishable commodities, such as seafood, citrus and vegetables, moving on reefer (refrigerated containers) to the Far East will benefit from reduced transit time that will also curb food wastage. Â
The FI3 service follows the rotation Qingdao – Xingang – Busan – Tanjung Pelepas – Port Klang – Jawaharlal Nehru – Pipavav – Karachi (SAPT) – Mundra – Colombo – Port Klang – Singapore.
AlHuda CIBE and AAOIFI Signed MoU to Promote Islamic Banking and Finance
SECMC sows seeds of sustainability in Tharparkar
Pioneering biodiversity conservation, sustainable agriculture, and fish farming ventures by Sindh Engro Coal Mining Company (SECMC) are spearheading transformative change in Tharparkar, uplifting communities through food security and livelihood generation.
The bio-saline agriculture initiative, launched in 2016, has successfully cultivated 16 edible plant varieties using underground saline water from the coal mines. These saline-tolerant crops, including apple berries, livestock fodder and aloe vera, are thriving in Thar’s harsh conditions. Harnessing the expertise of conservation experts from IUCN and academics from Karachi University, SECMC has empowered over 100 members of the local community through comprehensive training in biosaline agriculture, fostering sustainable livelihoods and fostering harmony with the delicate desert ecosystem.
Additionally, the bio-saline fish farming at Gorano Lake has created a flourishing ecosystem for over 10 fish species— Morakhi, Rohu, Theli, Kuriro, Gulfam, African Catfish, and Dangri —that contribute to local nutritional needs. The project has distributed over 70,000 kg of fish and provided vital fodder to ~14,500 families during severe drought.
Gorano has also emerged as a critical wetland habitat for more than 425 migratory birds, demonstrating SECMC’s commitment to ecological conservation.
“Our unwavering focus on sustainability and climate resilience continues to drive these groundbreaking initiatives, creating pathways for food security and socioeconomic uplift in Tharparkar,” emphasized Amir Iqbal, CEO SECMC.
A recently concluded IUCN study, conducted in collaboration with SECMC, discovered over ~1,000 species of flora and fauna, some previously unknown, in the region. The proposed conservation strategies will pave the way for harmonious co-existence of biodiversity and local communities.
SECMC’s multifaceted sustainability projects champion the vision for an ecologically thriving and socioeconomically vibrant Thar.
Crackdown on illegal cigarette sellers lauded
As the country grapples with persistent economic hardships and a shortage of foreign reserves to cover its import bills, the government is leaving no stone unturned in its efforts to manage the ongoing crisis. However, there is still much work to be done to streamline the situation.
Recently, the interim government and authorities have initiated a crackdown on illicit cigarette retailers, smugglers, and distributors, showing zero tolerance for these wrongdoers. However, there is a need to crack down on illegal cigarette manufacturers in the country who are making and selling these illicit cigarettes.
“This crackdown is a long-overdue response to the increasing prevalence of illicit cigarettes in the Pakistani markets, due to the FED hikes on legal cigarette brands. But these operations also need to target the manufacturers of these cigarettes”, said an expert.
It is pertinent to mention that the market share of illicit cigarettes in the country has now reached over 50% since the last FED hike, and tax evasion from the cigarette sector has now reached Rs 240 billion.
He emphasised that strong determination and effective policy execution are essential to maximize the benefits of this initiative and to curb illicit cigarettes in the country.
The expert also pointed out that a crackdown on illicit cigarette manufacturers, along with retailers, distributors, and smugglers, is needed at this time to eliminate illicit cigarettes in the country, which is causing billions of rupees in economic losses during hard times. This will also help plug revenue leaks and achieve revenue targets.
Capital Investments starts Jordan’s first onboarding services with Codebase Technologies’ Digibanc Platform
Capital Investments, the dedicated investment arm of Capital Bank of Jordan, has launched its digital onboarding services. These services are designed to allow new customers to register for and start using Capital Investments trading accounts. The Digibanc platform by Codebase Technologies was selected to bring this proposition to market due to its security, flexibility, and track record as a proven innovation platform for digital banking.
This latest digital transformation initiative continues the strategic partnership between Capital Bank of Jordan and Codebase Technologies. In 2022, this partnership led to the successful launch of the neobank Blink and Capital Bank of Jordan’s new mobile banking app, both of which operate on the Digibanc platform.
Hani Khalil, Group Chief Digital and Innovation Officer at Capital Bank of Jordan, commented, “Capital Bank of Jordan is embracing technology to revolutionize and improve the banking experience for its customers. We have made significant strides in digitizing our business by prioritizing a customer-centric approach, which has culminated with the successful implementation of fully digital onboarding across multiple Capital Bank Group entities. To ensure success, we are partnering with Codebase Technologies.”
The WealthTech industry is predicted to surpass traditional investment channels, reaching an estimated value of $18.6 billion by 20311. This impressive growth can be attributed to the ease with which both new and experienced investors can sign up, manage, and transact. However, recent statistics show that almost 68 per cent of customers abandon a financial application during the onboarding process2. Aiming to capitalize on this market gap, Capital Bank of Jordan has prioritized financial services access in its digital transformation journey, catering not only to retail banking customers but also to those looking to invest and open brokerage accounts.
“Capital Investments has been a respected regional leader in brokerage and investment management for over seventeen years. However, we constantly faced the same challenge that many banking institutions are facing today — customer attrition during onboarding. Considering the current dynamics of technology and the need to reach more people remotely, we were keen to re-strategize and integrate technologies that would support us now and in the future. The Digibanc platform has been a powerful tool of innovation for the Group, and we are excited to launch it for our wealth management as well as trading customers,” commented  Bashar Amad, Chief Executive Officer at Capital Investments.
By implementing an intelligent onboarding process enhanced by essential capabilities like eKYC, Capital Investments has significantly improved its ability to acquire and retain customers while managing risks more efficiently. While Capital Bank utilizes Digibanc’s sophisticated analytics, the bank can also deliver hyper-personalized experiences to customers, maintaining a competitive edge while promoting financial literacy and inclusive banking for all. Leveraging the platform, Capital Bank of Jordan aims to optimize its customer acquisition cost-effectiveness, thereby increasing profits and advancing innovation. Thus, by introducing digital onboarding through its contemporary banking app platform — which allows customers to onboard themselves from anywhere, anytime, in just a few minutes — Capital Bank Group offers its customers the convenience and flexibility needed to bank and invest in today’s dynamic digital era.
“We commend Capital Investments for their forward-thinking leadership in launching digital onboarding for their investment and brokerage accounts. This is a crucial step in broadening access to wealth management services across the country and giving customers a market-leading digital experience that will enhance engagement and reduce attrition during onboarding,” added Tamer Al Mauge, Managing Director of MENA at Codebase Technologies.
Emirates world’s first airline to operate A380 demonstration flight with 100% Sustainable Aviation Fuel
- First time drop-in SAF is used on an A380 with full compatibility across the aircraft’s existing systems
- Cross industry collaboration brings in expertise from Airbus, Engine Alliance, Pratt & Whitney, ENOC, Neste and Virent
- Landmark flight was powered by 100% SAF in one of four engines to test performance
Emirates has become the world’s first airline to operate an A380 demonstration flight using 100% Sustainable Aviation Fuel (SAF). Today’s flight, proudly commanded by Captain Khalid Binsultan and Captain Philippe Lombet, took off from Dubai International Airport (DXB) with one of four engines powered on 100% SAF, helping demonstrate its potential as a drop-in replacement that matches jet fuel’s technical and chemical requirements, while being a more sustainable alternative. SAF can reduce carbon emissions by up to 85%* over the fuel’s life cycle when compared to conventional jet fuel.
The Emirates A380 demonstration flight comes as the aviation industry, international organisations, regulatory bodies and high-level officials driving policy-related decisions converge in Dubai for the Third International Civil Aviation Organization (ICAO) Conference on Aviation and Alternative Fuels (CAAF/3). Dedicated collaborators from Airbus, Engine Alliance, Pratt & Whitney, Neste, Virent and ENOC have been working on the testing, technical assessments and data analysis for today’s flight.
The 100% drop-in SAF used on today’s flight includes renewable aromatics and closely mimics the characteristics of conventional jet fuel. This is the first time that drop-in SAF has been used on an A380 aircraft, with the expectation of full compatibility across the aircraft’s existing systems. The flight carried four tonnes of SAF, comprised of HEFA-SPK provided by Neste (hydro processed esters and fatty acids synthetic paraffinic kerosene) and HDO-SAK from Virent (hydro deoxygenated synthetic aromatic kerosene). ENOC helped to secure the neat SAF comprised of HEFA-SPK, and blended it with Sustainable Aviation Kerosene (SAK) at its facility in Dubai International Airport ahead of the demonstration, and also carried out into-plane services.
The 100% SAF was used in one Engine Alliance GP7200 engine, while conventional jet fuel was used in the other three engines. The PW980 auxiliary power unit (APU) from Pratt & Whitney Canada also ran on 100% SAF.
Last week, robust engine testing for one A380 Engine Alliance GP7200 engine using 100% SAF was carried out, with the objective of validating the engine’s capability to run on the specially blended 100% drop-in SAF without affecting its performance or requiring any modifications. Ground engine testing took place at the state-of-the-art Emirates Engineering Centre in Dubai.
Adel Al Redha, Chief Operating Officer, Emirates Airline said:Â “Emirates is the first passenger airline in the world to operate an A380 with 100% drop-in SAF powering one of four Engine Alliance GP7200 engines. This is another proud moment for Emirates and our partners, as we put words into action with the research into and the trialling of higher concentrations of SAF to eventually lead to industry adoption of 100% SAF flying. This marks another significant step in validating the use of SAF in one of the engines of the A380, a wide-body aircraft with four engines. The growing global demand for lower-emission jet fuel alternatives is there, and the work of producers and suppliers to commercialise SAF and make it available will be critical in the coming years to help Emirates and the wider industry advance our path to lower carbon emissions.”
Earlier this year, Emirates successfully completed the first 100% SAF-powered demonstration flight in the region on a GE90-powered Boeing 777-300ER.
Last month, the first Emirates flights operating with SAF provided by Shell Aviation took off from Dubai International Airport (DXB). Shell supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai.
The airline recently expanded its partnership with Neste for the supply of over 3 million gallons of blended SAFÂ in 2024 and 2025 for flights departing from Amsterdam Schiphol and Singapore Changi airports.
Emirates currently uplifts SAF in Norway and France and the airline continues to seek opportunities to use SAF at various airports as supply becomes available.
Emirates participates in a range of industry and UAE government working groups, along with ongoing stakeholder engagements to help scale the production and supply of SAF. Last year, together with the UAE GCAA, the airline contributed to the development of the UAE’s power-to-liquid (PtL) fuels roadmap, driven by the UAE Ministry of Energy and Infrastructure and the World Economic Forum, and has been an active participant in the UAE’s National Sustainable Aviation Fuel Roadmap launched in January 2023 by the Ministry of Energy and Infrastructure and GCAA.
IBA Karachi awards 1,184 degrees at convocation 2023
The Institute of Business Administration (IBA), Karachi held its convocation for the Class of 2023 at the Main Campus. It marked a momentous occasion as 1,184 graduates were conferred degrees in several disciplines. The graduating batch included 776 graduates from six undergraduate programs, 403 graduates from ten postgraduate programs, and five graduates from three PhD programmes.
The Chief Guest of the ceremony was Caretaker Chief Minister of Sindh and Patron IBA, Justice (Retd.) Maqbool Baqar. Dr. Azra Raza, Chan Soon-Shiong Professor of Medicine and Clinical Director, Edward P. Evans Foundation MDS Center, Columbia University in New York attended as Guest of Honor.
The Executive Director, IBA Karachi, Dr. S Akbar Zaidi congratulated the graduating students and said, “I applaud each one of you for reaching this significant milestone in your educational journey as your hard work has come to fruition. Graduation is a time of celebration and reflection and signifies the beginning of a new chapter in your lives. I encourage you all to excel in your selected walks of life and continue the legacy of excellence that is the hallmark of IBA.”
“I am delighted to share that almost 40% of our graduates are young women and this year almost half the PhD graduates are females, which is a proud moment for the Institute as IBA takes immense pride in empowering our women in every field”, said Dr. Zaidi.
Dr. Zaidi emphasised IBA’s transition and said, “We are more than a business school as we have expanded our disciplines and today, I extend my heartiest congratulations to the first cohort of MS Finance for excelling in their academic pursuits and expect the same commitment from them in their professional paths.” He also highlighted IBA’s commitment to diversity and inclusivity by enrolling students from all socioeconomic backgrounds with currently 30% of the IBA students receiving some form of financial assistance.
Dr. Raza congratulated the graduates and said, “You are now entering a world where things are uncertain and unpredictable. But having said that the future is open to possibilities and as young, competent, empowered individuals, it is your duty to fight all the challenges for a fabulous future.”
Speaking about the immense capabilities of a human brain, she quoted renowned American poet Emily Dickinson and likened the human brain to a sponge ready to soak up knowledge. She urged the graduates to be consistent in the pursuit of their conquests and encouraged them to never give up on their dreams, even if it meant making sacrifices to reach their potential.
Narrating Pakistan’s Founder Mohammad Ali Jinnah’s exemplary characteristics of honesty and delivering results, she urged the young graduates to learn from his life of numerous phenomenal achievements and to emulate him in all walks of life. She also quoted famous poets, Faiz Ahmad Faiz and Mir Taqi Mir to reiterate that one must make life meaningful. She urged the graduates to be proactive in life’s journey and to ask questions and make the most of every available opportunity.
Codebase Technologies announces joint strategic BaaS venture with eFinance Investment Group
Codebase Technologies, a leading global digital banking technology provider, announced its strategic joint venture at Cairo ICT 2023 with eFinance investment group, one of Egypt’s leading payment and digital banking technology companies, and Visa. The companies will launch the countries first Banking-as-a-Service (BaaS) solutions, to accelerate the speed of digital banking transformation in the country.
Ibrahim Sarhan, Chairman of eFinance Investment Group commented, “In line with Egypt’s vision of transitioning into a cashless society, and its efforts to promote financial inclusion and boost the FinTech industry, we are proud to be an enabler for banks, and fintech startups through our highly advanced, secure infrastructure , digital investments, and partnerships with industry leaders to forge a seamless transition. Our collective collaboration with Codebase Technologies and Visa will offer a BaaS solution that is designed to grant banks, and fintechs a streamlined route to digital initiatives, while ensuring their capacity for sustained product and service innovation.”
Banking as a Service (BaaS) is a model in which banks integrate their digital banking services directly into the products of other non-bank businesses through the use of APIs (Application Programming Interfaces). BaaS plays a transformative role in enhancing financial inclusion and bolstering entrepreneurship potential across the world by facilitating access to banking tools and resources, such as credit, savings accounts, and payment processing. BaaS platforms, such as the one being launched, will provide tailored financial products that cater to the unique needs of Egypt’s financial institutions, banks, and fintechs, fostering innovation and growth.
Tamer Al Mauge, Managing Director – MENA at Codebase Technologies, stated “We are thrilled to combine eFinance’s industry and market expertise with our extensive global project experience and the digital banking capabilities of Digibanc. BaaS offers both established players and emerging entrepreneurs a rapid route to market for innovation and launching new products. Together, we will introduce a service that will profoundly influence Egypt’s digitization journey.”
This initiative marks a significant step forward in modernizing and enhancing the region’s financial services landscape. The BaaS joint venture will help financial institutions in Egypt transform by providing them with a full range of digital banking, neobanking, lending, and payment solutions. These services will be integrated into an efficient, cost-effective deployment model, enabling significant economies of scale and will reduce total cost of ownership and capital investment in launching new digital customer experience and products. Our Cloud BaaS suite offers an agile core banking system, digital onboarding, instant card issuance and processing, digital mobile wallets, digital Lending and more.
“This strategic joint venture marks a significant milestone in revolutionizing the Egyptian financial landscape. Our BaaS platform offering will empower businesses and banks with unprecedented digital capabilities, fostering a more inclusive, innovative, and robust financial ecosystem that is poised to redefine the way Egypt approaches banking and finance,” added, Omar Mansur, Managing Director – Global Enterprise Projects.
TPL Maps launches reseller plan for dynamic collaboration
TPL Maps, a prominent leader in mapping and location-based services, is excited to introduce its Reseller Programme, a strategic initiative designed to create compelling business opportunities for partners seeking to resell TPL Maps’ innovative mapping solutions. Renowned for delivering state-of-the-art geospatial products and services, TPL Maps believes that collaboration with resellers will not only expand its market reach but also foster mutual growth.
“TPL Maps is committed to delivering cutting-edge geospatial products and services, and the Reseller Program is a strategic initiative to collaborate with partners, expanding our reach and driving mutual growth. Together, let’s map success and navigate new opportunities,” commented Sarwar Khan, CEO – TPL Maps.”
Key Benefits for Resellers:
Through the Reseller Program, partners will gain access to TPL Maps’ diverse geospatial product suite, including mapping APIs, navigation software, and location-based analytics. Partnering with TPL Maps provides resellers with the advantage of aligning with a well-established and trusted brand in the mapping industry. TPL Maps is committed to empowering resellers with marketing collateral, sales materials, and robust technical support to effectively promote and sell its products. Attractive commission structures enable resellers to offer high quality solutions, enhancing their competitiveness in the market. TPL Maps offers comprehensive training and technical support to ensure that resellers have a profound understanding of products and can deliver exceptional customer service. The Reseller Program provides multiple revenue streams, including sales, subscriptions, and services, allowing resellers to build a sustainable and profitable business.
Who Should Join:
The TPL Maps Reseller Program invites companies and individuals with a keen interest in the mapping and location-based services sector. Ideal candidates include IT and software companies, system integrators, web and mobile app developers, GPS and navigation device distributors, fleet management, and logistics solution providers, as well as geospatial consulting firms.
How to Get Started:
Interested parties can apply to become TPL Maps resellers by submitting an application through the official website. TPL Maps will meticulously review each application, assessing the suitability of the applicant for the program. Approved resellers will undergo a comprehensive onboarding process, including training and access to exclusive reseller resources. Once onboard, resellers can kickstart their journey by promoting and selling TPL Maps products and services to their clients, leveraging the support and resources provided by TPL Maps.
Jubilee Life Insurance marks 5-year milestone in empowering youth through ECP
Jubilee Life Insurance, Pakistan’s largest private sector insurance company, proudly celebrated its 5th consecutive year of collaboration with SEED Ventures on the Enterprise Challenge Pakistan (ECP), the country’s premier business challenge for school children with an event held at the British Deputy High Commission (BDHC) Karachi, Pakistan.
The keynote address at the event was delivered by British Deputy High Commissioner Her Excellency Ms Sarah Mooney. Other speakers at the event included MD & CEO Jubilee Life Insurance Mr Javed Ahmed, and Head of Marketing and Brand Management Jubilee Life Insurance Mr Usman Qaiser, along with CEO SEED Ventures Ms Shaista Ayesha, ECP Programme Manager Ms Maha Salman.
ECP is an initiative of Prince’s Trust International executed by SEED Ventures since 2016 across Pakistan. It is a national competition for 14 – 18-year-old students that aims to inspire the entrepreneurial spirit within young people and transform them into the job creators of tomorrow. Jubilee Life’s partnership with ECP aligns with its broader vision to alleviate socio-economic challenges by empowering youth and women, focusing on socially including and embracing those historically excluded. At the heart of this collaboration is a shared commitment to empowering the next generation of leaders in Pakistan. Jubilee Life Insurance recognizes the significance of investing in young minds, providing them with the tools and opportunities to become impactful contributors to society. Through ECP, the company has actively engaged with over 4,000 young minds from over 100 schools nationwide over the last five years. The skills gained include confidence, teamwork, problem-solving, decision-making, effective communication, and creative thinking.
Commenting on the milestone, MD & CEO of Jubilee Life Insurance Mr. Javed Ahmed stated, “Our collaboration with SEED Ventures on the Enterprise Challenge Pakistan is not just about sponsorship; it is about building a foundation for the future. We believe in empowering the youth, and ECP has been a tremendous platform to witness the incredible skills and creativity that emerge when given the right opportunities. This partnership is a testament to our commitment to creating positive social impact and nurturing the next generation of leaders and change-makers.”
Expressing their views, the CEO of SEED Ventures Ms Shaista Ayesha stated, “Partnering with Jubilee Life Insurance on the Enterprise Challenge Pakistan has been a journey fueled by shared passion and commitment. The impact of this collaboration goes beyond nurturing entrepreneurial skills; it is about sowing seeds of change in the hearts and minds of our youth. ECP has evolved into a transformative force, inspiring thousands of young minds to dream big and aspire to create positive societal change. We look forward to continuing this journey with Jubilee Life Insurance, reaching even greater heights in the coming years, and empowering more young souls to become architects of their own success stories.”
Looking ahead, Jubilee Life Insurance and SEED Ventures aim to expand the reach of ECP. Over the next five years, the programme is set to extend its impact to 2000 schools, onboarding 30,000 young people from underprivileged schools across Pakistan. This ambitious expansion reflects the commitment to fostering a culture of innovation, entrepreneurship, and positive change among the youth.
Emerge — Pakistan’s first TVET Incubation Centre opens
The launch ceremony of EMERGE, Pakistan’s first technical and vocational education and training (TVET) Incubation Centre was held recently. This initiative is a collaboration between The Hunar Foundation (THF) and Amir Sultan Chinoy Foundation (ASCF).
The establishment of Emerge on THF’s Korangi campus was announced. The incubation centre has been set up with the aim to combine entrepreneurial learning, industry insights and practices within the curriculum. In addition, the faculty and mentors will aid in accelerating entrepreneurial learning.
As part of the MoU signed between THF and ASCF earlier during 2023, EMERGE has been established with a donation provided by the Amir S. Chinoy Foundation with a vision to promote entrepreneurship and empower the youth of Pakistan.
“EMERGE will serve as a launch pad for young entrepreneurs. It is a space set to empower students through their incubation projects and help make a social and economic impact”, said Samir M. Chinoy, Chairman – ASCF who was present at the launch ceremony.
Eligible contestants include current students of THF. Student proposals reviewed and judged under the criteria of relevance, marketability, and social and environmental awareness by THF.
“EMERGE aims to enable our youth with the power to establish their own enterprises, thus reviving the worsening unemployment situation and providing sustainability to the economic infrastructure in the long run” said Mr. Tahir Javaid, CEO – The Hunar Foundation.
Through the collaboration between THF and ASCF, EMERGE is set to strengthen empowerment opportunities that can be sustained over time.
Unilever CEO takes SSGC’s audience to an inspiration journey of success
Amir Paracha, Chairman and CEO, Unilever Pakistan Limited was invited as the guest speaker at SSGC’s Synergy-Talks Speakers’ Session held at SSGC’s Head Office auditorium. The session entitled ‘Hitting the Bulls’ Eye’ was organised by SSGC’s Corporate Communication Department (CCD) and was participated by a large number of SSGC’s employees and executives including its senior management
During the candid conversation hosted by Syed Imran Ahmed, A/DGM-CCD, Mr. Paracha who is one of Pakistan’s youngest CEOs, took the audience to a professional journey spanning over 27 years, starting from the position of Retail Analyst at Shell Pakistan Limited, soon after completing his MBA from IBA Karachi. Mr. Paracha revealed that after a 4-year stint at Shell, he applied in Unilever Pakistan and even though job-wise the position was lesser in cadre, he was holding at Shell, he prevailed at Unilever since he was able to pursue his dream of becoming a consummate marketer in an environment that offered him tremendous diversity to work and grow.
The Unilever CEO attributed his swift rise to persistence, rebellious streak and discipline and value system that he learned from his school days and later from IBA, Karachi. Chairman Unilever recalled that when he took over the helm of affairs at one of the world’s biggest FMCG companies, COVID-19 pandemic sneaked into our lives. Yet he and his team stood up against the disease by implementing a major campaign for ensuring nation-wide hygiene through its products. Mr. Paracha said that since he took over as the Unilever CEO, his primary focus has been on creating healthy financial bottom line, enduring equitable socio-economic opportunities and enforcing fair living wages concept for his employees. The event proved as highly interactive one, punctuated by questions and remarks from the audience during the talk and at the conclusion.
Earlier, in his welcome address Salman Ahmed Siddiqui, SSGC’s Head of Corporate Communications expressed his gratitude to the learned guest for sparing his time and anticipated that Chairman Unilever’s candid talk would be highly insightful and stimulating one. In his concluding remarks, Saeed Rizvi, SSGC’s ADMD (Operations and UFG) stressed that the value system that saw Mr. Paracha’s rise to the pinnacle of success must be emulated by the younger executives, seeking career progression. Mr. Rizvi later presented a memento and company’s souvenirs to the distinguished speaker to mark the conclusion of this session.
Pakistan’s highest population growth burden on economy, resources: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on November 24 that the number of children born in Pakistan yearly is more than the total population of many developed countries.
He added that the country’s economy and resources cannot bear the burden of an increase in population of six million people per year.
Mian Zahid Hussain said that the population growth rate in Pakistan is the highest in the world. In contrast, the growth rate is lower than that of African countries, which shows the deterioration of the situation.
Talking to the business community, the veteran business leader said that Pakistan’s population growth rate is 2.55%, India’s 0.7%, China’s 0.1% and Bangladesh’s 1.1%.
Due to the weak economy and growing population, 40 per cent of children in the country lack adequate nutrition; the maternal and child mortality rate is the highest in the world, he said.
The business leader said that apart from Afghanistan, only Pakistan has the honor that polio disease has not been eradicated here.
Much of the population lacks clean drinking water, jaundice and tuberculosis are common, and one in four adults has diabetes.
Mian Zahid Hussain further said that nearly two and a half million children in Pakistan are deprived of schooling, and a few percent of those who have access to schools are forced to seek substandard education.
Pakistan is also at the top in terms of environmental pollution, and its cities are often ranked among the most polluted cities in the world.
In these circumstances, the influential groups of the society have devised their systems for managing health, education, security, housing, water employment etc.
Mian Zahid Hussain further said that some economic stability has come from the IMF standby agreement, along with the recent successful review of the IMF, investors’ confidence has also increased, due to which the stock exchange rose by 58,000 points.
Exports and remittances have also seen an increase in the last month. The value of the rupee has stabilised. Due to SIFC’s initiatives, people’s confidence in the country’s economic future has increased.
More political and economic stability is expected in case of an election. Despite all these positive signs, the country’s long-standing problems are still in place, for the solution of which the whole nation will have to unite, and there is no chance for chaos and politics of vandalism.
IBA holds session on Islamic social finance
IBA CEIF in collaboration with Ihsan Trust and Meezan Bank conducted a roundtable discussion on Islamic Social Finance at IBA City Campus.
The purpose of the session was to explore how the NGO sector can contribute towards the economic development of Pakistan by using Islamic social finance modes. Another purpose was to explore the formation of a forum where the NGOs can collaborate for the greater good of the country.
Justice Dr. Syed Anwar Shah, current Alim Judge and Ex. Chief Justice Federal Shariat Court was the Chief guest. He elaborated upon the role which NGO and Islamic social finance can perform in the economic development of Pakistan.
Director IBA CEIF, Mr. Ahmed Ali Siddiqui shed light on how Islamic Social finance modes such as Qard e Hasna, Zakat, Sadqa, social entrepreneurship, impact investing and Waqf etc can help to transform Pakistan’s economic landscape. He also highlighted that Islamic commercial finance institutions like Islamic bank and Islamic social finance institutions need to support, integrate and collaborate with each other for the development of the economy.
Representatives and senior officials of various NGOs including Ihsan Trust, Saylani Welfare Trust, Alamgir Welfare Trust, Bin Qutub Foundation, Kohi goth hospital, FGRF, KVTC, Green Crescent Trust, Prevention of Blindness, Siddiqui Foundation, Baitussalam Welfare Trust & Sherwani Group of Companies participated and elaborated upon how their NGO is contributing towards the economic development of Pakistan.
In the end, Director IBA CEIF announced that we will host a Islamic Social Finance Group at IBA Centre for Islamic Finance to promote collaboration among Islamic Finance entities for economic development of Pakistan
Dr. Irum Saba, Research Director IBA CEIF & faculty member IBA, gave the vote of thanks and offered support of IBA CEIF to this noble cause.
Serious measures must to deal with climate change threats: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on November 29 discussing climate change is no longer a fashion but has become a real threat.
Ignoring this danger would be tantamount to suicide; thus, efforts should be made to manage resources to deal with the problem, he said.
Talking to the business community, the veteran business leader said that Pakistan is among the ten countries in the world that are most affected by climate change.
Millions have been affected, while more than 1700 precious lives have been exposed to the devastating rains caused by climate change. Yet, unfortunately, no comprehensive plan has been put in place to deal with this menace permanently.
The business leader said we must work independently because the international community is doing nothing except making promises.
Mian Zahid Hussain further said that the IMF has also realised this weakness and advised the government to make progress in this regard, give importance to this sector in the budget, and pave the way for investments.
He informed that the IMF wants to create a better database for these matters, allocate funds in the budget, and ensure transparency.
He said that the current government should speed up the work in this regard so that the incoming government can get a complete plan to implement to secure the country’s future. All political parties and other stakeholders should be consulted to move forward better.
Mian Zahid Hussain further said that the United Arab Emirates’ decision to invest 20 to 25 billion dollars in Pakistan is welcome, positively impacting the country’s economy while increasing the business community’s confidence.
The friendly country will invest heavily in various sectors, including energy, port operations, minerals, banking, and food security, which is good news for the economy.
The condition of the people pressed hard by inflation for many years will also improve. The investment decision was taken after the signs of improvement in Pakistan’s economy, for which credit goes to the political and military leadership, on which even the IMF seems satisfied after many years.
Mian Zahid Hussain added that the role of the Investment Facilitation Council should be increased by making it more active so that the country’s economy can get back on track and start the journey towards development.
Chikoo and Bank Alfalah announce industry-first pos payment device partnership
In a pioneering move, Chikoo, a leading digital business platform, and Bank Alfalah, one of the leading commercial banks in Pakistan, announced their strategic partnership at the largest technology conference, +92Disrupt, organised by Katalyst Labs. The industry-first partnership aims to empower the more than 5 million Micro, Small, and Medium Enterprises (MSMEs) in Pakistan with a comprehensive suite of digital solutions seamlessly integrated with cutting edge payments technology from Bank Al Falah.
The collaboration will enable the integration of the Chikoo platform into the cutting-edge smart Point-of-Sale (POS) devices by Bank Alfalah, revolutionizing the landscape for businesses by enabling seamless digitization of sales, payments, and customer management from Bank Al Falah POS device. This facilitates the transition from a traditional brick-and-mortar model to a more efficient digital framework for enterprises of all natures.
During the announcement, the CEO and co-founder of Brandverse & Chikoo, Raza Matin, revealed that the solution will be jointly marketed and distributed by Chikoo and Bank Alfalah. The Head of Payments Division at Bank Alfalah, Amaar Naveed Ikhlas, represented the bank during this announcement.
Expressing his excitement about the collaboration, Raza said, “It is a momentous occasion for the team at Chikoo. We have been quietly working on this project for well over a year and are excited to announce the pairing of our powerful platform with the best-in-class payments experience from Bank Alfalah, to accomplish our shared mission of delivering merchant delight to the millions of MSMEs in Pakistan.”
Amaar Ikhlas, Head-Retail Payment Solutions highlighted that Bank Alfalah takes immense pride in working with impact creating platforms like Chikoo paving the way for Pakistan’s digital future.
The partnership between Chikoo and Bank Alfalah is a major milestone as it allows all types of businesses to manage their daily needs around payments with ease and transparency helping them sell more. This collaboration promises a transformative experience for businesses and opens doors for digital commerce innovation throughout Pakistan.
U Microfinance Bank posts net profit of 1.7 billion
U Microfinance Bank Limited, Pakistan’s fastest-growing microfinance bank, has announced financial results for the nine months ended September 30, 2023. The announcement was made during the Board of Directors’ meeting held in Islamabad on December 5, 2023.
The latest financial results underscore U Bank’s continued growth trajectory and bear testament to its unwavering commitment to banking excellence and the financial empowerment of its customers. In the first nine-months of 2023, U Bank has continued its performance and reported a total revenue of PKR 33.4 billion, with a promising growth of 135% as compared to the same period of last year. The bank has reported a Profit After Tax of PKR 1.7 billion, with a remarkable growth of PKR 2.2 billion as compared to the corresponding period’s nine-month ended loss (restated) of PKR 513 million. Total Deposits of the bank stood at PKR 103 billion with a growth of 44% YoY, while the Gross Loan Portfolio amounting to PKR 72.5 billion exhibited an impressive growth of 59% YoY.
Mohamed Essa Al Taheri, President & CEO – U Microfinance Bank Limited stated, “Our latest performance results reflect the hard work and dedication of our teams. We have always had full confidence in our institution’s ability to navigate challenges and remain profitable. U Bank remains steadfast in its core mission of promoting financial inclusion for all and contributing to the economic prosperity of the people of Pakistan. We look forward to a future of sustained growth while we continue our endeavor to expand our outreach and make a positive impact on the lives of the communities we serve.”
As a beacon of financial inclusion, U Bank continues to exhibit strong financial management and performance, a far-sighted business sustainability strategy, and a consistent commitment towards financial inclusion in Pakistan. The bank has been ranked as A+ for its long-term credit rating by PACRA and VIS Credit Rating agencies, while its expanding network of brick-and-mortar branches has crossed 350 in number across rural and urban regions of the country. It continues to play a pivotal role in economically uplifting lives, catering to customers of all socioeconomic segments, through its diverse portfolio of deposit and loan products, including digital banking, Islamic banking, and corporate banking services.
Global Takaful, Re-Takaful and Interest-Free Banking Forum held in Addis Ababa
* Ethiopia’s Islamic Finance Industry has promising future amongst East African Markets: Muhammad Zubair
The 5th Global Takaful, Re-Takaful and Interest-free Banking Forum was hosted by AlHuda Centre of Islamic Banking and Economics in association with Ethiopian Reinsurance on 23rd November 2023 in Addis Ababa, Ethiopia. This event reflects the Ethiopian Interest-free Financial Industry booming where 5 Takaful windows are operational, and 18 plus banks are offering interest-free banking products line. Among all East African countries, Ethiopia is on top as per the number of institutions offering alternative products, it reflects the approach of stakeholders that Interest-free financial alternatives are for all. The event aimed to increase collaboration and promote the growth of Takaful, Retakaful, and interest-free banking in Ethiopia and beyond.
The Chief Guest of the Forum His Excellency Ato. Solomon Desta Vice Governor Financial Institutions Supervision, National Bank of Ethiopia discussed about the size of Ethiopian domestic market and express intension about inviting foreign direct institutional investment in Ethiopia. He also mentioned some of the challenges they are facing inadequate financial education and infrastructure for interest-free financial industry. To address the challenges, he mentioned that we need to have proper financial literacy system, Shariah infrastructure for interest-free banking, and regulatory framework to enable environment.
Mr. Muhammad Zubair Mughal, Chief Executive Officer AlHuda Centre of Islamic Banking and Economics, United Arab Emirates acknowledge the support of Ethiopian Financial Industry. He highlighted the role of Ethiopian industry in East African financial market and the development made by the domestic industry over the decade. He also mentioned that AlHuda CIBE from 15 years is dedicated towards the African markets through its consultancy services and capacity building programs. Among the distinguished speakers and well known industry stakeholders shared their experiences and opinions from Kenya, Ethiopia, USA, Mali, Somaliland, Morocco, Uganda, UAE and Pakistan.
This event was hosted by the support of Organization of Eastern and Southern Africa Insurers, Association of Tanzania Insurers, National Insurance Authority Somaliland, Insurance Training Collage Uganda, AT Insurance Brokers and Association of Ethiopian Insurers. The main sponsors for the Forum were Awash Insurance (Salam Takaful), a frontrunner in the takaful sector, has a rich history of providing innovative and customer-centric risk covering solutions and Oromia Insurance (Takaful), committed to delivering value-driven services with aim to provide alternative options for its customers.
The agenda of the forum was based on present day practices of takaful industry, takaful portfolio, product line, product innovation, marketing strategies, risk management, actuarial services, Shariah legitimacy, future prospects of the industry, re-takaful and Interest-Free Banking. The post event workshop on Operational aspects of Takaful, Banca Takaful, Micro-Takaful and Interest-Free Banking was also arranged on 24th and 25th November 2023. The post event workshop was a value addition for the capacity building related to Takaful and Interest-free industry practices.
Govt pledge to increase it exports to $10 billion laudable, says 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 27 that the government will increase the productivity of the IT sector and boost exports to $10 billion in few years which is laudable.
He added that the IT sector can play a central role in reducing unemployment and stabilising the economy, which needs to be given all possible support.
Talking to the business community, the veteran business leader said the government announced its strategy to promote the IT sector which is highly laudable and encouraging.
The Special Investment Council (SIFC) has played a central role in enabling this sector and removing departmental obstacles. It will also pave the way for investment from other countries, he added.
It is necessary to activate the Pakistan Software Export Board further and consult with the organisations working in this sector, he demanded.
According to the official data, IT exports are currently $2.6 billion and the government intends to increase the number of people working in this sector by 200,000, which will increase the exports to $5 billion.
Many freelancing centres will be established nationwide, and IT companies will be allowed to keep dollars, increasing revenue by several billion dollars.
The business leader said that establishing the Pakistan Startup Fund will help achieve the target of $10 billion by increasing the total volume of IT exports by another billion dollars.
Mian Zahid Hussain said this sector suffers from various problems; if they are solved, things can improve rapidly. Those working in the IT sector cannot easily transact with overseas customers.
Moreover, the organisation of freelancers should be given the importance it should be given, and many experts complain that they should be listened to.
The tax system is also very complex; IT companies also have to go through a long process for overseas payments, while in other countries, it is done in seconds. For this reason, many IT experts and companies do not transfer the earned dollars to Pakistan but keep them in foreign banks because it is easy to pay from there.
He said that 60 per cent of the country’s population consists of youth who, if provided with proper training, cheap loans and a freelancing platform, can change the fate of Pakistan by earning billions of dollars and end the country’s dollar crisis forever.
Hutchison Ports Pakistan opens third year of ‘Go Green’ plantation drive
Hutchison Ports Pakistan kicks off the third year of its tree Go Green plantation campaign, under which 100,000 mangrove saplings will be planted at Sonmani. This effort is a vital part of a broader initiative launched in 2021, where Hutchison Ports Pakistan has pledged to sponsor the World Wildlife Fund – Pakistan (WWF-P) to plant 500,000 mangrove saplings across 250 hectares over five years. This ongoing commitment underscores Hutchison Ports Pakistan’s dedication to a greener, more sustainable future, exemplifying corporate responsibility and environmental conservation.
Changsu Kim, General Manager & Head of Business Unit at Hutchison Ports Pakistan, highlighted the pivotal role of mangroves in climate change mitigation and marine biodiversity enhancement. He said “This drive is a testament to our commitment to environmental conservation, community development, and sustainable practices. Beyond its ecological significance, the campaign is poised to act as a catalyst for economic growth, generating numerous green jobs for local communities and labor through the sapling plantation and post care activity.”
Hutchison Ports Pakistan has sponsored WWF-Pakistan for planting 100,000 mangrove saplings annually, including Avicenia, Ceriops, Rhizophora, and Aegiceras, with meticulous monitoring and post-care measures. The last two years have seen an impressive 90 percent success rate for sapling survival, showcasing the effectiveness of the plantation initiative.