Lums energy institute launches report on energy-efficient buildings
- Pakistan’s expenditure of $100 billion on power plants is unsustainable: Dr. Fiaz Ahmad Chaudhry
In a milestone event, the LUMS Energy Institute (LEI), a research and capacity building centre with a focus on Pakistan’s energy sector, has unveiled a report titled Sustainable Architecture: Advancing Energy Efficient Buildings. The report addresses the acute energy challenge and how adopting energy-efficient practices in residential construction can drastically reduce loads.
While addressing policymakers, regulatory bodies, and key stakeholder, Dr. Fiaz Ahmad Chaudhry, Director, LUMS Energy Institute, said, “Pakistan’s expenditure of nearly USD 100 billion on power plants, predominantly for summer cooling loads, is unsustainable. By adopting the energy-efficient practices we can reduce cooling loads by at least 50%, saving billions of dollars.”
The seasonal variation in electricity usage, pronounced by cooling loads during hot summer months, necessitates an additional 18,000 MW of power plant capacity. This extra capacity, largely underutilized for the rest of the year, imposes a staggering cost of nearly $100 billion on the national economy. This operational inefficiency has led to capacity payment obligations surpassing PKR 2 trillion, a financial weight bearing down on a sector that contributes minimally to the country’s GDP growth.
The report demonstrates how adopting energy-efficient practices in residential construction can drastically reduce these loads. Through a comprehensive exploration of locally available materials, Building Information Modelling (BIM) results, and cost-benefit analysis, the report provides a roadmap for stakeholders, homeowners, the construction industry, and regulatory bodies to embrace sustainable practices. The publication provides an exhaustive analysis across 5 Marla row houses, 10 Marla semi-detached houses, and 1 Kanal fully detached homes. The study evaluated the cooling loads, revealing that energy-efficient building insulation is fundamental to keeping electricity usage in the hot summer months at reasonable levels. For instance, energy efficient fans can reduce load by 60%, and energy-efficient appliances can cut energy consumption by 27%. The integration of air conditioning systems with geothermal solutions offers a further 19% reduction in load. The study emphasizes the substantial benefits of powering houses with solar panels, particularly in energy-efficient homes, where installation costs could be 50% lower than standard homes.
A large gathering of policymakers, regulatory bodies, and key stakeholders related to energy and construction sectors witnessed the momentous ceremony and commended the efforts of the LUMS Energy Institute. Concluding his observations at the event, Dr. Chaudhry
highlighted, “This report is not just an academic exercise; it is a blueprint for the future of sustainable architecture in Pakistan. We aim to inspire change in how buildings are designed and constructed, focusing on environmental sustainability and energy efficiency.”
BCFC launches ‘Sahel’ to help expand credit, lending business
Bahrain Commercial Facilities Company (BCFC), known as BCFC, has launched its cloud-based credit and lending app, Sahel, in Bahrain. Developed in collaboration with strategic technology partners Codebase Technologies and Atyaf eSolutions, the app will enable BCFC to expand its already successful credit and lending business to new markets and client segments through digital experiences.
Bahrain has witnessed intense mobile phone penetration in recent years, hitting 142.1% in 2023 and a 99% internet penetration1, creating fertile ground for digital initiatives to thrive. Additionally, as per a report by the Central Bank of Bahrain, the outstanding total loans and credit facilities provided to resident economic sectors in Bahrain increased to BD11.3 billion ($29.97 billion) at the end of May 2022, an increase of 5.7% compared to the end of May 20212.
“We are delighted to announce the official debut of our latest application, ‘Sahel,’ representing a pivotal milestone in both our company’s journey and the broader landscape of digital financial services in the Kingdom of Bahrain, and underscoring our commitment to innovation and the advancement of financial solutions in the digital era,” commented Abdulla Bukhowa, CEO of BCFC.
BCFC’s Sahel app empowers customers to digitally onboard and apply for credit cards, loans, and insurance, manage loan and credit repayments, view their transaction history and statements, and conduct a range of daily banking transactions. Digibanc serves as the underlying technology stack for Sahel and includes digital onboarding with fully remote ID&V, facial recognition, and eKYC, further enhancing the customer experience, improving compliance, and optimizing operational benefits to Bahrain Credit.
The app uses Codebase Technologies’ proprietary intelligent credit decision engine, allowing customers to benefit from instant credit card issuance and loan approvals while providing BCFC with improved operational efficiency and smarter risk management. The team also included a virtual credit card option with immediate access to cards and a unique loyalty points functionality, allowing customers to conveniently transfer and redeem their accumulated rewards.
Ali Al Marzooq, VP of Information Technology and Operations at BCFC, stated, “Overall, BCFC’s commitment to embracing innovation and our digital-first approach to credit and lending demonstrates our proactive stance in leveraging technology to improve services, increase conversions, enhance customer value, and provide an excellent digital experience for customers.”
Codebase Technologies’ Digibanc serves as the underlying technology stack for Sahel, deployed in a cloud environment, allowing the integration of multiple customizable components and third-party APIs, providing BCFC with an unprecedented level of agility and innovation. This modern approach to building digital financial products increased BCFC’s speed to market and provides the lender with expansive capabilities for product and service creation.
“In today’s age, large institutions are leveraging partnerships with digital banking providers and fintechs to augment their capabilities and become more agile, rather than building experience from scratch. BCFC showed great leadership and foresight by adopting a modern approach to digital services development, by leveraging our Digibanc platform, which positions them in a great place to lead the market and ensure their innovative capabilities are future-proofed,” commented Tamer Al Mauge, Managing Director – MENA, Codebase Technologies.
To ensure optimised upfront costs, enhance speed to market, and guarantee scalability, Codebase Technologies deployed Digibanc in a cloud-hosted environment managed by Atyaf eSolutions. Cloud hosting for digital banks has been gaining traction across the Middle East due to its security, reliability, and scalability, allowing financial institutions to expand quickly in response to customer and market demands.
Ubaydli Al Ubaydli, Chairman of Atyaf eSolutions, stated, “The launch of cloud-hosted banking is a crucial step towards achieving Bahrain’s 2030 vision. This vision recognises the fintech industry, particularly smart platforms, as vital in diversifying Bahrain’s economy and reducing its reliance on oil and increasing involvement in Information and Communication Technology (ICT), opening new avenues for economic growth and development.”
Descon Engineering Celebrates Success: Project Handover to AkzoNobel Marks an Important Milestone
Descon Engineering (DEL) marks a milestone achievement by successfully handing over plant relocation project (from Lahore to FIEDMC) to AkzoNobel on turnkey basis. The ceremony marked the official handover of a pivotal project by DEL Project Management Team (PMT) to AkzoNobel Operation team. This noteworthy event culminated with the seamless transition which was held at the project site that holds great importance for all parties involved.
Throughout the project, the team maintained an exemplary safety record, clocking in an impressive 2.1 million safe manhours. The project commenced on January 24th, 2022 and completed in first week of December 2023. The successful completion of this project is a testament to the resilience and capability of the Project Management Team.
Chief Executive Officer Descon Engineering, Taimur Saeed said, “This project exemplifies our commitment to excellence and the successful collaboration between DEL and AkzoNobel teams. I am proud of what we have achieved together. This accomplishment also reflects the dedication and vigilance of the team in adhering to the highest standards of safety protocols”
President of DEL’s Construction Division Syed Abdul Moed, added, “We take pride in not only meeting but exceeding our client’s expectations, who have been extremely supportive throughout the project.”
The seamless handover of the project to AkzoNobel marks not just the completion of a venture but the beginning of a new chapter. As DEL celebrates this momentous achievement, its commitment to excellence and collaboration truly stands out. Moreover the venture into the paint/coating industry underscores the company’s commitment to diversification.
National Spice Summit 2023: National Foods Limited leads the way for Red Chili Ecosystem Development
National Foods Limited, a leader in the food industry, hosted the National Spice Summit 2023 on December in Karachi. This successful event brought together key stakeholders and players in the red chili value chain for a day of insightful round table discussions.
In response to the dynamic shifts in the regulatory landscape of export markets and the challenges posed by inconsistent and stringent Maximum Residue Limits (MRLs), a compelling call for collective action has emerged to enhance the quality of red chilies fit for export. The primary objective of the summit was to foster collaboration and engagement among industry experts to understand challenges and share innovative ideas for the development of the red chili ecosystem. Drawing inspiration from the success of the “Seed to Table” project, which aimed to fortify the tomato value chain, National Foods Limited is now at the forefront of leading initiatives to strengthen and develop the red chili value chain. National Foods Limited has outlined plans to cultivate red chili to meet its internal requirements initially. The company aims to scale up the project over the next few years, with the goal of making substantial contributions to the export market.
“The National Spice Summit 2023 reflects our commitment to taking a multi-stakeholder approach to strengthen localization, and enhancing the quality of red chili in Pakistan which will unlock access to export markets. As we embark on this journey, we will prioritize the wellbeing of our farmers, beneficiaries, and key stakeholders,” stated Abrar Hasan, CEO of National Foods Limited.
The summit witnessed the active participation of esteemed stakeholders, including Ministry of Commerce, USDA (Winrock International), Corteva Agrisciences, Engro Corp, HBL, and LTEC International Agriculture Development Company. Their diverse expertise enriched the discussions, providing a comprehensive view of the challenges and opportunities within the red chili value chain.
The participants were of the view that addressing this gap is crucial for Pakistan to fully capitalize on the potential of red chili exports. “By focusing on enhancing the quality of
locally grown red chilies, Pakistan can seize the opportunity to become a significant player in the global red chili market of approx. USD 1.4 billion,” they added.
Currently, the country produces approximately 144,000 tons of red chilies annually, with this figure steadily increasing each year. Only around 10% of this locally grown red chili quantity is exported while the rest is consumed domestically. Furthermore, there is a need to import around 20,000 tons of red chili per year to meet specific industry requirements, by developing this ecosystem not only can we omit our reliance on these imports but produce red chilies suitable for the export market.
AlHuda CIBE’s Distance Learning Network Expands Globally in more than 100 Countries
- Crossing 100 Countries in Pursuit of Accessible Islamic Finance Education
AlHuda Center of Islamic Banking and Economics (CIBE) celebrates a groundbreaking milestone: a thriving online student network spanning over 100 countries. This remarkable achievement signifies our unwavering commitment to ultimate access to high-quality Islamic finance and banking education.
“At AlHuda CIBE, we recognize the transformative power of education,” says Mr. Muhammad Zubair, CEO at AlHuda CIBE. “Our online programs bridge geographical barriers, offering flexible, affordable, and convenient pathways for students across the globe to pursue their academic and professional aspirations in Islamic finance.”
AlHuda CIBE has expanded its presence across every inhabited continent globally, establishing a clientele and alumni network spanning over 100 countries. With a strategic partner network encompassing 40 countries and hosting workshops and events in 60+ countries, AlHuda CIBE has secured its position as the world’s largest Islamic Banking and Finance Training Network, as recognized by the Islamic Development Bank (IsDB). We cater to diverse learning needs with a comprehensive range of programs, from introductory courses to advanced professional certifications. Our experienced faculty ensures an enriching educational experience, guiding students every step of the way with personalized support and resources.
This milestone resonates with AlHuda CIBE’s core mission: empowering future leaders in the global Islamic finance industry. We take immense pride in our students’ accomplishments and their contributions to building a more ethical and sustainable financial landscape.
“Reaching 100+ countries from Asia, Africa, Europe, Americas, and Australia is just the beginning,” Mr. Muhammad Zubair continues. “We remain dedicated to continuous improvement, tailoring our programs to meet the evolving needs of students and the industry. Our vision is to be the premier global provider of Islamic finance and banking education, shaping a future where knowledge empowers change.”
AlHuda CIBE extends its heartfelt gratitude to its students and staff, whose dedication and unwavering commitment fuel our ongoing success. Together, we are building a brighter future for Islamic finance, one mind at a time.
AlHuda CIBE offers a wide range of online certification programs in Islamic banking and finance including: Executive Diploma on Islamic Banking and Finance, Certified Islamic Microfinance Manager, Certified Takaful Professional, Certified Islamic Fund Manager and Certified Sukuk Professional
We are offering the above-mentioned programs in English along-with selected programs in French and Russian language.
Mr. M. Zubair Mughal, CEO, AlHuda CIBE, said that we celebrate expanding our global reach, we’re also excited to welcome new talents to our vibrant online community. Take the first step towards a fulfilling career in Islamic finance – explore our diverse programs and join our mission to empower future leaders in this rapidly growing industry.
Pakistan’s economy moving towards stability: 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 December 14 that the country’s economy is on its way to stability.
But there is a need to properly manage the repayment of debts so that the trust of foreign institutions as well as investors can be improved and confidence of local investors can increase, he said.
Mian Zahid Hussain said that the financial, external and industrial sectors are improving, the deficit is reducing, the foreign exchange reserves are satisfactory, and the currency is stabilizing. Still, there is a need to increase exports and remittances.
Talking to the business community, the veteran business leader said that exports should be increased; otherwise, the fiscal deficit will remain in place.
He added that governance and social welfare sectors are improving, and the investment climate is getting better due to the Special Investment Facility Council. Still, reforms and privatization need to be accelerated.
The business leader said that the involvement of the military in the SIFC has helped ensure policy continuity and stability and boosted investor confidence while seeking to increase cooperation with the Gulf States, China, the European Union and the United States.
Mian Zahid Hussain said that at present, the stock market situation is also satisfactory, and the large-scale manufacturing sector is also coming out of difficulties. The agricultural industry is also improving; revenue is increasing, and unnecessary expenditure is being reduced.
He noted that unnecessary imports add to the deficit and devalue the currency; hence, they are not encouraged, which may lead to a fall in prices in the coming days.
The appreciation of the rupee has improved the fiscal position, reducing the debt burden and creating fiscal space for development expenditure.
Mian Zahid Hussain further said that despite all these positive indicators, some international institutions are expressing their concern about Pakistan’s debt repayment capacity.
Similarly, some institutions are showing concern about the political situation, which may lead to new economic challenges.
Mian Zahid Hussain further said that the IMF and other international organizations are satisfied with the actions of the current government, and in case of another agreement with the IMF, not only the domestic problems will be reduced, but also the global ranking of Pakistan will improve. It will be possible to get cheap loans.
TPL Properties appoints SSH as lead design consultant for mangrove project
TPL Developments (Private) Limited (TPLD), the development arm of TPL Properties Limited, proudly announces the appointment of renowned design-led architectural and engineering consultancy SSH for the design of the Mangrove, a sprawling 40-acre mixed-use development in Karachi. The project is funded through TPL’s REIT Fund I, which is managed by TPL REIT Management Company Limited.
This project reflects its stakeholders’ unwavering commitment to sustainable and climate-conscious developments, incorporating green building practices, integrating energy-efficient systems and infrastructure, and meticulously preserving the surrounding natural environment. The design will pay particular attention to the conservation of the mangroves and the adjacent biodiversity park.
“This waterfront development represents a paradigm shift to traditional approach and redefines sustainable living by intricately blending biodiversity and community-centric design” said Rizwan Karim, CEO of TPLD. “Our engagement with international firms ensures that the project brings best global industry practices in Design and Construction to Pakistan that will elevate the real estate profile of the country.”
SSH, a trusted partner of choice across the Middle East and Africa for over 62 years, brings a wealth of knowledge and expertise in successfully delivering sizable and complex projects in the region to the Mangrove project. The collaboration with local partner Engineering Associates, possessing deep insights into the Pakistani context, ensures a design that seamlessly integrates global inspirations with local nuances, setting new standards in community living.
“We are pleased to have the opportunity to develop our strategic partnership with TPLD and become a key stakeholder in this iconic project, aiming to set new benchmarks for sustainable community living in Pakistan,” said Danny Warde, Chief Strategy Officer at SSH. “SSH is
dedicated to making a difference in the built environment and sustainable living practices in Pakistan. Leveraging our vast expertise in delivering major projects in the region, we prioritise nurturing local partnerships for designs that suit the socio-cultural, adaptable, and constructible aspects of the market. We take pride in creating designs that blend creativity, innovation, sustainability, and efficiency.”
UBL wins PSX’s ‘Top Companies Of The Year’ Award
United Bank Limited (UBL) was presented with the Pakistan Stock Exchange’s (PSX) ‘Top Companies of the Year’ Award for 2022 in Karachi recently.
On receiving the award Mr. Muhammad Jawaid Iqbal, President & CEO UBL, said, “UBL is honoured to be recognized as one of Pakistan’s top companies for 2022. This achievement is a testament to the unwavering support of our customers and the dedicated efforts of our employees.”
Leadership and sustainable development
- Pakistan Cables and the University of Engineering and Technology host a talk series on embracing practices to counter climatic challenges
As part of its 70th anniversary celebrations, Pakistan Cables in collaboration with the University of Engineering and Technology (UET) held a seminar, themed “Ignite Possibilities”, on the evolving landscape of sustainability in engineering, with a view to inspire young engineers to develop leadership in sustainable development.
“For 70 years, we have put innovation and cutting-edge research at the core of our operations. The next decades of Pakistan Cables will be fuelled by our vision to support sustainability platforms to transform how we view engineering and its role in securing our future,” said the CEO of Pakistan Cables, Fahd K Chinoy.
At the event, three masterclasses were delivered on principles underpinning sustainable engineering. These were presented by Imrana Tiwana, Convener of Lahore Bachao Tehreek and a Board Member of Lahore Conservation Society; Raza Ali Dada, Managing Partner of Nayyar Ali Dada & Associates; and Sana Ibrahim, trustee and Development Director at Bondh E Shams.
In her session, Imrana Tiwana instructed students on the elements of sustainable urban development, discussed Lahore’s Master Plan, and how the next generation of engineers can reverse existing city damage with greater impact.
Sana Ibrahim, who pioneered the innovative technology behind Bondh E Shams’ solar-powered water boxes used to clean drinking water in remote locations, led the gathered students through the journey of designing, funding, and delivering self-contained solutions in the face of accelerating climate change.
Leading Architect Raza Ali Dada, shared the challenges that sustainable engineers face in taking their innovations beyond the conceptual stage, and how developing political will to tackle our shared predicament is equally important.
Arshad Shafiq, Direction Operations at Pakistan Cables. presented developments undertaken by the Company at its new manufacturing facility at Nooriabad and other sustainability efforts underway. Pakistan Cables Urban forest is nation’s first and largest urban forest on an industrial estate with over 50,000 trees. The Company is also the first building material company in Pakistan that has its science based targets for emission reduction were recently validated and approved by the SBTi.
Speaking at the occasion Vice-Chancellor of UET, Dr Habib ur Rehman said “Pakistan’s environmental challenges, such as freshwater scarcity, smog, rising temperatures, and flooding, are increasing year by year. It falls on us to realize that without developing innovative and sustainable solutions, we will be struggling to survive in our land in the near future.”
Aramco to acquire 40pc stake in gas and oil Pakistan
Aramco, one of the world’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40 per cent equity stake in Gas & Oil Pakistan Limited (GO).
Standing, from left: Aramco International Retail Director Nader Douhan, GO CSO Ammar Ali Talaat, GO Director Shahzad Mubeen, GO Chairman Tariq Kirmani, Aramco Downstream President Mohammed Al Qahtani,
GO Chief Operating Officer Zeeshan Tayyeb, GO Director Bilal A. Ansari and GO Head of M&A Zain Jaffery
GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in Pakistan. The transaction is subject to certain customary conditions, including regulatory approvals.
The planned acquisition is Aramco’s first entry into the Pakistani fuels retail market, advancing the Company’s strategy to strengthen its downstream value chain internationally.
This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants, following Aramco’s acquisition of the Valvoline Inc. global products business in February 2023.
Mohammed Y. Al Qahtani, Aramco Downstream President, said: “Our second planned retail acquisition this year aligns with Aramco’s downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading and chemicals portfolio worldwide. GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan.”
Karandaaz and Bank Alfalah Join Hands to Scale Up Female Agent Network and Enhance Financial Inclusion
Bank Alfalah, one of the largest commercial banks in Pakistan signed an agreement with Karandaaz to expand the female agent network in Pakistan. This partnership was signed in the presence of Karandaaz Chairperson Salim Raza, Bank Alfalah President and CEO Atif Bajwa, Karandaaz CEO Waqas ul Hasan, Group Head Digital Banking Group Muhammad Yahya Khan and other senior members of Bank Alfalah and Karandaaz.
The partnership aims to promote women’s financial inclusion in Pakistan and is aligned with the objectives of Karandaaz’s Women’s Financial Inclusion (WFI) programme. This collaboration is a significant step towards fostering economic empowerment and accessibility in the financial sector.
The focus of this strategic partnership is to scale up Bank Alfalah’s female agent network, specifically in the digital branchless banking realm, aiming to actively engage in providing services such as Home Remittance, G2P disbursements, e-commerce and QR transactions, money transfer, utility bill payment, and airtime-related transactions.
In line with the collaboration, Bank Alfalah will onboard female agents across various regions of the country and technically enable them with appropriate use such as remittances where our female customers will be more comfortable in getting serviced and sharing their phone numbers.
Karandaaz CEO Waqas ul Hasan added, “Our collaboration with Bank Alfalah underscores Karandaaz’s dedication to digitalization and financial inclusion with a gender lens. This network expansion contributes to the broader objectives of the State Bank of Pakistan’s Banking on Equality policy, while also setting a precedent for other financial institutions to follow suit. This partnership not only reinforces Karandaaz’s commitment to gender equality in the financial sector but also positions Pakistan as a torchbearer for innovative approaches to financial inclusion on the global stage.”
“This collaboration marks a significant milestone in advancing financial inclusion,” said Bank Alfalah President and CEO Atif Bajwa. “We are dedicated to supporting and empowering female agents, driving digital banking success, and fostering financial inclusion for women across Pakistan. This partnership aligns with our mission to create a more inclusive and accessible financial ecosystem in Pakistan.”
Commenting on this landmark collaboration, the Director Digital Financial Services at Karandaaz, Sharjeel Murtaza expressed, “Female agents are an essential instrument for forwarding the agenda of women’s financial inclusion. However, currently the base of female agents is negligible in the country. Through this partnership with Bank Alfalah, Karandaaz aims to scale the female agent network and keep it active which would certainly lead to increased ownership of digital accounts, usage of financial services and most importantly women’s economic autonomy and agency.”
The understanding that women users may find it more comfortable to engage with female agents due to socio-cultural barriers, is at the core of this initiative. While previous, small-scale, efforts have seen limited successes, Bank Alfalah’s commitment to undertaking this activity on a larger, commercial scale is a pioneering move. The success of this initiative holds the promise of reshaping the financial landscape via female agents, furthering the agenda of women’s financial inclusion, and providing a commercially viable model for other banks to emulate.
Childlife wins ‘Best Research Award’ at International emergency medicine conference in UAE
The Emirates Society of Emergency Medicine conference has evolved into a premier international platform over the years acknowledging emergency physicians with contributions towards Research in Emergency Medicine. ChildLife Foundation’s recognition reflects its outstanding contributions to emergency medicine research and its dedication to improving children’s health in Pakistan.
This year’s award not only acknowledges ChildLife’s commitment to advancing emergency care but also highlights its significant impact on over 200 government hospitals of Pakistan in partnership with the government. Managing 750 Emergency Room (ER) beds in pediatric Emergency Departments (EDs) and offering 24/7 telemedicine support in secondary care hospitals, ChildLife’s impact to date can be gauged by the fact that 7.5 million children have been treated free of cost in EDs with 4 times increase in the survival rate of critically ill children.
The ESEM Awards were launched at the celebration of 10 years’ journey of ESEM to recognize excellence of physicians and their outstanding contributions towards Research in the field of Emergency Medicine. ChildLife Foundation, a consistent contributor, has been awarded for the highest research and abstract submissions since the conference’s inception in 2014, held in Abu Dhabi from 6-9 December 2023. “We are honored to receive the Best Research Award at ESEM Conference 2023, recognizing our unwavering commitment to contribute towards advancing emergency care for children. This achievement is a testament to the hard work and commitment to make Pakistan a child-safe country”, said Dr. Ahson Rabbani, CEO of ChildLife Foundation.
Jubilee Life takes top 25 companies award by PSX
Farhan Faridi, Group Head, Retail Operations, Marketing and Administration at Jubilee Life Insurance receives the Top 25 Companies Award by Pakistan Stock Exchange from Honorable Prime Minister of Pakistan Anwar-ul-Haq Kakar at a ceremony held at Mohatta Palace, Karachi. This is the fourth time that Jubilee Life has won the prestigious accolade in the last decade and it is the only insurance company in Pakistan to bag the award this year.
The annual awards by PSX evaluate organizations on a qualitative as well as quantitative basis where financial performance, CSR initiatives, and reporting on SDGs are just some of the criteria for rigorous evaluation. Jubilee Life’s robust financial management as well as commitment beyond the numbers remain exceptional, a feat that was recognized by the leading regulatory authority for companies in Pakistan, the PSX. Jubilee Life remains devoted to serving its customers with dedication and achieving further laurels in times to come.
UBL leads in home remittance market in Pakistan
United Bank Limited (UBL) has once again proven its leadership in the banking industry by winning ‘Highest Remittance Mobilising Bank of Pakistan’ at the Pakistan Remittance Summit 2023, held in Malaysia.
UBL’s achievement is attributed to the success of UBL Tezraftaar, which has the highest market share for the home remittances business in the banking industry and caters to the diverse needs of both senders and recipients. The bank has strategically positioned itself as a reliable partner for Pakistani expats by offering seamless and secure channels for remittance flows. This has made UBL Tezraftaar the No 1 Choice for overseas Pakistanis.
The recognition of UBL as the top bank for mobilising remittances highlights the bank’s operational excellence and customer-centric approach. UBL has consistently demonstrated a commitment to digital innovation, offering user-friendly solutions that have earned the trust of a broad range of customers. UBL’s extensive network of branches and strategic partnerships with international financial institutions and exchange houses have further streamlined the remittance process and simplified the process of sending funds to beneficiaries in Pakistan.
UBL’s success in the remittance sector emphasises its commitment to providing exceptional financial services and contributing to the economic development of Pakistan through the inflow of foreign funds through legal channels.
Wateraid Pakistan unveils country programme strategy 2023-2028
In a significant event held in Islamabad on December 14, WaterAid Pakistan unveiled its visionary Country Programme Strategy for the period 2023–2028.
This strategy aims to expedite Water, Sanitation, and Hygiene (WASH) progress in the country, with a strong emphasis on enhancing the resilience of water, sanitation, and hygiene services in the face of climate change. Furthermore, the strategy seeks to prioritize WASH integration within the health sector to significantly bolster public health outcomes.
The launch brought together a diverse array of stakeholders, including representatives from academia, community-based organizations, media, and more. Other distinguished guests included Ms. Sitara Ayaz, Secretary-General of the International Parliamentarian Congress; Senator Seemee Azdi, Chairperson of the Climate Change Committee.
A Panel Discussion was also arranged to discuss the role of stakeholders, academia, and civil societies in improving WASH conditions in Pakistan. The panellists included Dr. Hifza Rasheed, Director-General of PCRWR; Mr. Liaqat Ali, Executive Coordinator of the Doaba
Foundation; Muhammad Nawaz, Climate Integration Lead at USAID Pakistan; Dr. Muhammad Rafiq, Head of the Center for Water Informatics and Climate Resilience at IM Sciences, Peshawar; and Sehr Afsheen, Country Representative of VSO.
Mr. Muhammad Fazal, Head of Program Strategy and Policy at WaterAid, concluded the discussion with a commitment to collaborative actions by all stakeholders, academia, development agencies, government ministries, and parliamentarians to mainstream access to WASH for all in all policies and plans.
Arif Jabbar Khan, Country Director of WaterAid Pakistan, expressed gratitude to all stakeholders who attended the event and reaffirmed the organization’s commitment to working hand in hand with local communities, government bodies, and organisations to ensure access to clean water and sanitation for all.
Grand Culmination of NFO 2023: ICAP Celebrates Financial Excellence with Thrilling Changes
In a grand spectacle of financial prowess, the Institute of Chartered Accountants of Pakistan (ICAP) concluded the National Finance Olympiad (NFO) 2023, setting a new benchmark for excitement and strategic brilliance.
A total of 38 teams representing various sectors and organisations participated in the rigorous competition, which spanned two challenging rounds. The top 6 teams, Engro Fertilizers, Hubco, Midas Safety, EY Ford Rhodes, Falcons Dubai, and KnS School of Business Studies, showcased exceptional financial expertise and secured their places in the Grand Finale.
Reflecting on the event’s grandeur, Mr. Samiullah Siddiqui, FCA, Chairman PAIB Committee, and Council Member ICAP, conveyed that NFO has consistently been dedicated to pushing boundaries and nurturing professional development. The introduction of ‘Spin the Wheel’ added an element of unpredictability, enhancing the competition’s dynamism and challenge.
The event unfolded with an intense Board Room challenge, where each team presented to the esteemed Jury their proposals on different scenarios. The scenarios ranged from Environmental, Social, and Governance, Corporate Social Responsibility, Geo-Political Conflicts and Business Sustainability, Export potential, Strategic Investment Evaluations, and Supply Chain. The esteemed Jury comprised Dr Ahmed Junaid, Dean and Rector KSBL; Mr Khaldoon Bin Latif, CEO – Alfalah Asset Management Limited; Ms. Naila Kassim, Group Director HR for House of Habib, and Mr Shakaib Arif, FCA, Chief Executive Officer at Naymat Collateral Management Company Limited; all listed in alphabetical order. The Grand Finale comprised of three intense rounds, each designed to test the participants’ financial acumen and strategic thinking. From qualifying assessments to simulation-based challenges, the competition built up to the climactic moments of the Board Room- Unwind the Mind, the rapid-fire 100-second round and Spin the Wheel. The “Spin the Wheel” challenge forced the teams to make strategic choices from six distinct categories while incorporating an element of risk that added unprecedented excitement to the competition. This dynamic addition created an atmosphere of suspense and excitement, keeping participants and spectators on the edge of their seats.
After a tough competition, HUBCO emerged triumphant as the National Finance Olympiad Champion 2023, securing the esteemed trophy while KnS School of Business Studies and FALCON Dubai claimed the titles of first and second runners-up, respectively.
The President, Mr Muhammad Ali Latif FCA, recognised finance professionals’ critical role in the nation’s socioeconomic development. He congratulated the proud winners and expressed gratitude to the NFO organising team of ICAP’s PAIB committee, Unilever Pakistan Limited, Learning Partner KSBL, Technical Partners A.F. Fergusons & BDO Ebrahim & Co. ICAP team from Examinations Department, Information Technology Department, MARCOM, and Administration were also appreciated in making the program successful.
The National Finance Olympiad attracted a diverse audience, including students, chartered accountants, Council Members of ICAP, Past Presidents, Southern Regional Committee members and finance leaders from prominent companies across Pakistan.