‘Innovation and Disruption: Business Success Through AI’ – IBA-SBS 3rd International Conference 2024
School of Business Studies (SBS), Institute of Business Administration (IBA) Karachi, organised IBA-SBS 3rd International Conference 2024 on ‘Innovation and Disruption: Business Success Through AI’ at Main Campus, IBA. Esteemed national and international academicians, researchers, practitioners, students and speakers participated in the conference.
Executive Director, IBA Karachi, Dr. S Akbar Zaidi, warmly welcomed the attendees to a dynamic conference featuring presentations and discussions on AI in business, innovation, and entrepreneurship. In his opening remarks, he stated, “The presence of artificial intelligence is causing major interference, disruption in how we think about life and the School of Business Studies is particularly impacted by such interferences and innovations.” This makes it pivotal to hold such conferences addressing the evolving challenges and opportunities presented by AI. Furthermore, Dr. Zaidi recognized the SBS for hosting its 3rd international conference on the pertinent topic of AI, emphasizing that we are behind the curve in Pakistan on this front and therefore need to catch up and adapt as faculty.
Welcome remarks were given by Dean SBS and Conference Chair, Dr. Abdullah Zafar Sheikh, who shed light on the potential of AI to drive business success. Dr. Sheikh stated, “We are living in an era which is nearly impossible without artificial intelligence. Universities are key actors in the development of digital culture and business schools take center stage when it comes to such discussions and dialogues.” He further emphasized that “The goal of business school is to ensure that our curriculum and pedagogy is sufficiently technology infused and how we can leverage from artificial intelligence and digital transformation.”
Associate Professor SBS and Conference Convener, Dr. Irum Saba, delivered the introductory remarks, emphasizing the uniqueness of IBA’s SBS International Conference in bringing together academic scholars from Pakistan and around the world, along with industry practitioners. She added that this third conference received 130 research papers (from around the world), articles, and case studies submissions. More than 15 universities of Pakistan participated in the conference and the IBA is delighted to provide this platform for intellectual discourse on AI and its nuances.
Chairman, Higher Education Commission (HEC), Sindh and Guest of Honor, Dr. Tariq Rafi, commended IBA for organizing the conference on such a relevant topic. He shared his thoughts on how artificial intelligence can be applied in education. He stated, “Through strategic partnership with industry leaders, development agencies, and international organizations, we are working to bridge the gap between the academia and the industry.”
He added that by bringing together leaders, practitioners, policy makers from around the world, we can collectively explore the possibilities, challenges, and ethical complications of AI-driven innovations and disruptions.
Federal Minister, Maritime Affairs, Pakistan and Chief Guest, Mr. Qaiser Ahmed Sheikh, highlighted the importance of AI in modernizing industries and improving operational efficiencies. He stated, “Today’s topic of Artificial Intelligence is of great importance. Businesses in Pakistan, many of which are family-run, have not taken advantage of the innovations of AI.” He emphasized the significance of AI, as it offers immense opportunities for our youth and can propel our country towards greater economic achievements.
Keynote speakers at the conference included Professor of Leadership & Management for Healthcare and Director of Global Business School for Health, University College London (UCL), Dr. Nora Colton; Department Chair of DAN Management, Western University, Canada, Dr. Geoffery Wood; and Associate Professor of Finance, Montpellier Business School, France, and Poznam University of Economics and Business, Poland, Dr. Adam Zaremba.
Dr. Colton in her keynote address stated, “Universal healthcare is impossible to achieve in our current model without innovation. And that’s where innovation and AI come in. Health needs cannot be left unaddressed.” She emphasized the critical role of AI and innovation in transforming global healthcare. She also highlighted challenges like workforce shortages, rising costs, and the impacts of pandemics and climate change. Using UCL as a case study, she stressed the importance of systemic technology adoption to improve healthcare efficiency and productivity.
Dr. Wood focused on several critical aspects of AI and its implications, focusing on five components: significant events, calibrating intelligence, the double-edged sword of technology, AI and its associated hype, and an overview of AI’s workings, including a detailed exploration of how AI works, along with the questions and challenges it raises. He emphasized the challenges of integrating AI with humanity, noting that while technology offers substantial benefits, it can also have unforeseen consequences. Additionally, Dr. Wood addressed the ethical responsibilities involved in the development and application of AI, urging a more profound consideration of these factors.
Multiple panel discussions, keynote addresses, and parallel technical sessions took place on both days of the conference, delving into the intricacies of AI, innovation, and business disruption.
Hutchison Ports Pakistan marks the historic arrival of the largest container vessel
Hutchison Ports Pakistan welcomes the maiden call of the CV MSC ANNA, the largest container vessel ever to berth in Pakistan. This milestone underscores the terminal’s advanced capabilities and strategic significance in the region.
MSC ANNA, one of the largest vessels with an overall length of 400 meters, exemplifies the scale of operations that Hutchison Ports Pakistan can efficiently handle. As the country’s only deep-water container terminal, which is equipped with state-of-the-art technology and infrastructure, ensuring seamless management of ultra-large container vessels.
“Hutchison Ports Pakistan is proud to host such massive ships, reflecting our commitment to enhance Pakistan’s maritime industry,” said CS Kim, CEO Hutchison Ports Pakistan. “Our facility regularly handles large vessels, previously berthing ships with capacities up to 14,000 TEUs and lengths of 366 meters. Now, with the arrival of the CV MSC ANNA, which has a length of 400 meters and a capacity of 19,368 TEUs, we continue to demonstrate our capacity to handle the largest vessels efficiently.”
The arrival of these larger vessels is anticipated to reduce shipping costs. The accommodation of such massive vessels is expected to significantly boost revenue for the government through increased port activities and trade. This influx of larger vessels underscores the terminal’s pivotal role in not only strengthening Pakistan’s position in global trade but also in contributing to the nation’s economic growth.
UBL announces winners of the 11th UBL Literature & Arts Awards
The 11th UBL Literature and Arts Awards were held in Karachi at a five-star hotel, attended in large numbers by writers, literary and media personalities, socialites, and celebrities. At every event, the celebrated awards recognize and celebrate the best of Pakistani writers and artists, honoring a longstanding commitment to arts and literature.
The various award categories received hundreds of nominations from all over Pakistan. The competition was open to all Pakistani authors who had published their original work in 2021 and 2022. Entries were shortlisted by an esteemed panel of judges. The jury members in the Urdu categories were Dr. Asghar Nadeem Syed, Dr. Arfa Syeda, Dr. Anwaar Ahmed, Ms. Kishwar Naheed and Dr. Nasir Abbas Nayyar, while jury members for the English categories included Dr. Naazir Mahmood, Dr. Aroosa Kanwal and Mr. Harris Khalique.
The winners in each category as declared at the Awards are:
- Children’s Urdu Literature presented to Mr. Ahmed Adnan Tariq for ‘Dastaan-e-Ameer Hamza’
- Children’s English Literature presented to Ms. Marzieh Abbas for ‘Nadia and Nadir Series’
- Translation into Urdu (joint awards) presented to Mr. Inam Nadeem for ‘Aaina Si Zindagi’ and Ms. Yasmeen Hameed for ‘Janubi Asia Ki Muntakhib Nazmein’
- Urdu Poetry award presented to Mr. Mohsin Shakeel for ‘Kuch Ishq Kiya’
- Pakistani Languages award given to Dr. Syed Wiqar Ali Shah for his work ‘Abdul Ghani Khan – Zhwand Au Zamana’ in Pushto language
- Online Literature award presented to Mr. Nayyar Mustafa for his work ‘Rangon Main Sochnay Wali Larki’
- Song Lyrics Award presented to Mr. Sabir Zafar
- Drama Script presented to Mr. Hashim Nadeem for his play ‘Parizaad’
- Urdu Debut presented to Mr. Ahmad Jahangir for ‘Shah Darya’
- English Fiction presented to Mr. Haroon Khalid Akhtar for his work ‘Liar’s Truth’
- English Non-Fiction award given to Mr. Tariq Rehman for ‘Pakistan’s Wars: An Alternative History’
- Urdu Fiction Award presented to Dr. Aurangzeb Khan Niazi for his book ‘Urdu Abad – Maholiyati Tanazur’
- Urdu Non-Fiction award given to Mr. Shaheen Abbas for his work ‘Leema Yakka Ban’
The awards also included a special category to celebrate the wide reaching impact of a celebrated artist who has produced exemplary work across a long distinguished career. The prestigious ‘Lifetime Achievement’ award was awarded to the exemplary Ms. Zaheda Hina.
The awards were interspersed by light entertainment and ended with a lavish dinner for all the participants. It was hosted by well-known celebrities Mr. Sajjad Hasan and Ms. Faiza GIllani.
Mr. Zia Ijaz, Deputy CEO UBL, in his message during the awards, said “As a responsible Corporate Citizen UBL has played its part in the betterment of society through many of its own efforts. The UBL Literature & Arts Awards have been a cornerstone of one of our initiatives of giving back to the society through the recognition of indigenous talent across the country.”
With each iteration of the award, the UBL Literature & Arts Awards support, motivate and celebrate talented Pakistani writers. The Bank recognizes the importance of arts and literature in helping society feel fulfilled, inspired and proud of its roots. It encourages budding Pakistani artists to continue producing their works in a variety of different genres, knowing that there are celebrated local platforms where they can be recognized. It is through such ventures that the literary tradition lives on and benefits the current and future generations.
Pakistan Cables completes commissioning of 2mw on grid solar power plant at Nooriabad
Pakistan Cables, the nation’s pioneer wires and cables manufacturer, has completed the successful commissioning of its 2MW captive solar power plant located at its new manufacturing facility in Nooriabad, Sindh.
The project was executed by Atlas Energy Limited for Pakistan Cables within stipulated timelines and has commenced operations as of April 23, 2024. The installed capacity of solar power plants is an investment in renewable energy initiatives by the Company. “We are committed to pursuing environmentally friendly initiatives in the future at our state-of-the-art manufacturing facility at Nooriabad, Sindh. We actively advocate use of renewable energy sources that save cost and contribute to the circular economy”, said Fahd K. Chinoy, Chief Executive Officer – Pakistan Cables Limited.
Pakistan Cables is the first and only building material Company in Pakistan to have science-based emission reduction targets validated by SBTi. The Company’s new state of the art manufacturing facility spread across 42 acres of land in Pakistan, is equipped with cutting edge technology and equipment, set to transform the industry.
Earlier the Company also announced installation of Pakistan’s first 69kV CCV line also at its manufacturing facility in Nooriabad, Sindh.
IBA-CEE hosts ‘The Future Of Dispute Resolution In Pakistan’
The Institute of Business Administration (IBA), Karachi in collaboration with the Singapore International Mediation Center (SIMC) and the Commercial Law Development Program (CLDP), U.S. Department of Commerce successfully hosted a seminar titled ‘The Future of Dispute Resolution in Pakistan: Embracing the Singapore Convention on Mediation and Green ADR’, at the National Institute of Banking and Finance (NIBAF) in Islamabad. The event brought together distinguished legal experts, climate change advocates, and key stakeholders to discuss the future of dispute resolution in Pakistan with a focus on mediation and sustainable practices.
Kamran Bilgrami, Director IBA-CEE and SIMI Accredited Mediator, delivered the welcome address, setting the stage for an engaging and informative session.
Eric Ives, Attorney Advisor, Commercial Law Development Program (CLDP), U.S. Department of Commerce, shared insights into the U.S. government’s services and assistance to Pakistan’s ADR movement. This was followed by an enlightening explanation of the Singapore Convention on Mediation by Sidharth Jha, Legal Counsel at the SIMC.
Amin Lakhani, Honorary Consulate General to Singapore in Pakistan, provided his perspective on the convention, and Dr. S Akbar Zaidi, Executive Director, IBA Karachi, highlighted the ADR initiative by IBA and expressed his commitment to future of ADR in Pakistan through the IBA ADR International Center (IBA ADRIC).
A significant milestone of the seminar was the signing of Memorandums of Understanding (MOUs) of IBA ADRIC with the Ministry of Law and Justice of Pakistan, the Directorate of Legal Education, Pakistan Bar Council, and the Islamabad Bar Council.
The second part of the seminar focused on ‘Green ADR for Sustainability’. Syed Bulent Sohail, Attorney-Adviser to IBA ADRIC and SIMI Accredited Mediator, introduced the concept of Green ADR, emphasizing its core principles and environmental benefits. This session included an engaging panel discussion on climate change and ADR, featuring prominent experts such as Ali Tauqeer Sheikh, Senior Climate Change Expert, and Dr. Jo DeLaGarza-Chitlik, U.S. Fulbright Specialist and Expert Mediator, among others, including Muzzafar Ahmed Mirza, Head of Legal SECP; Saima Kamilla Khan, Chief Legal Counsel Jazz; Iqra Mussadaq, CLO Special Technology Zones Authority; Dr. Mobeen Shah, CLO Zong; Sibah Farooq Advocate and Barrister Zunaira Fayyaz climate change expert. The panel discussed practical ways to adopt and institutionalize Green ADR in Pakistan so that the law and dispute resolution mechanisms are galvanized to address burgeoning impact of climate change in Pakistan. During the panel discussion, heads of various departments highlighted their contributions to combating climate change. Multiple panels underscored the significance of green technology and AI for effective disaster management. There was a consensus on the necessity to expand existing laws to address contemporary environmental challenges adequately. Furthermore, the discussion emphasized the establishment of specialized tribunals for specific alternative dispute resolution (ADR) methods, recognizing the complexity and specialized nature of environmental disputes.
In his insightful address at the seminar’s conclusion, Justice Jawad Hassan, Lahore High Court, highlighted the pro-mediation stance of the superior judiciary. He underscored the positive advancements in this regard and stressed the urgent need for Pakistan to ratify the Singapore Convention, which already had provisions in implementation. Supporting his argument, he referenced numerous judgments.
Chief Guest, Justice Syed Mansoor Ali Shah, Supreme Court of Pakistan, delivered a keynote address, emphasizing the crucial role of mediation in the justice system. He presented alarming statistics, revealing a staggering 2.4 million pending cases in Pakistan, mainly within the district judiciary, with 68,000 new cases filed monthly at the district level. Advocating for a paradigm shift, he proposed a sequence from negotiation to mediation to arbitration, positioning courts as the final recourse.
The discussion also highlighted the importance of raising awareness and ongoing training initiatives, stressing the transformative potential of embracing alternative dispute resolution methods.
Raza Chinoy, COO, EcoPack Pvt. Ltd. and President of the IBA Alumni Islamabad Chapter, delivered the vote of thanks, expressing gratitude to all participants and organizers. The seminar concluded with a networking tea, providing attendees an opportunity to connect and discuss the evening’s insights.
This seminar marks a significant step forward in promoting mediation and sustainable dispute resolution practices in Pakistan, paving the way for a more efficient and environmentally conscious legal framework.
Alhuda CIBE established talent acquisition platform to bridge the Islamic Finance industry’s skill gap
AlHuda CIBE UAE, a leading Islamic Finance Advisory, consultancy, research, capacity building and Shariah services provider institution, on June 4 announced the establishment of a dedicated Talent Acquisition Platform. This initiative aims to address the growing demand for qualified and Shariah-compliant human resources within the global Islamic finance industry.
The Islamic finance industry has witnessed significant growth in recent years, driven by rising demand for ethical and Shariah-compliant financial solutions. However, this rapid expansion has exposed a critical gap in the talent pool. There’s a shortage of qualified professionals who possess both the technical expertise and the requisite understanding of Islamic finance principles (Shariah).
The lack of readily available and qualified human resources hinders the industry’s potential. Filling this gap is crucial for ensuring the smooth development and continued success of Islamic finance globally. AlHuda CIBE’s Talent Acquisition Platform addresses this challenge by connecting the right talent with the right opportunities across the Islamic finance spectrum.
This platform’s reach extends beyond Islamic banking. It encompasses the entire Islamic finance industry, including Takaful (Islamic insurance), Ijarah (Islamic leasing), Sukuk (Islamic bonds), Islamic indices, Islamic mutual funds, and Mudarabah funds (profit-sharing investment partnerships). By focusing on the broader industry, AlHuda CIBE aims to foster a more robust and interconnected Islamic finance talent pool.
Muhammad Zubair, CEO of AlHuda CIBE said, “we recognise the significant demand-supply gap in the Islamic finance industry when it comes to qualified human resources and Shariah-compliant talent”. He further said, “we often see a situation where valuable expertise isn’t being utilised in the most effective way. This platform will ensure that the right qualified individuals, with both technical and Shariah knowledge, are placed in the right positions.”
AlHuda CIBE’s Talent Acquisition Platform serves as a bridge between employers seeking qualified Islamic finance professionals and individuals with the necessary skills and experience. This initiative will empower organisations to build strong teams equipped to navigate the complexities of the Islamic finance landscape.
By addressing the human resource needs of the Islamic finance industry, AlHuda CIBE positions itself as a key driver of the sector’s continued growth and global impact. This platform fosters a more efficient and effective talent market, allowing the industry to reach its full potential and deliver innovative Shariah-compliant financial solutions to a wider audience.
Launch of UBL currency exchange: transforming foreign exchange services
United Bank Limited (UBL) is proud to announce the official launch of UBL Currency Exchange, a wholly owned subsidiary of UBL, marking a significant stride in our commitment to reliability and customer satisfaction in financial services. Our aim is to offer seamless and secure foreign exchange solutions for individuals and businesses.
Strategically positioned with 58 outlets (48 Branches + 10 booths) across Pakistan, UBL Currency Exchange is well-equipped to meet diverse customer needs. The recent launch ceremony, held in Karachi, was attended by esteemed dignitaries, including Mr. Jameel Ahmad, Governor of the State Bank of Pakistan (SBP); Muhammad Jawaid Iqbal, President & CEO UBL, and senior team members of UBL.
UBL Currency Exchange is proud to have met the State Bank of Pakistan’s directive of establishing 50 branches within a year, setting a new industry standard. Having acquired the infrastructure of the renowned WallStreet Exchange Company, and with a commitment to customer satisfaction and compliance, UBL Currency Exchange is dedicated to become a leading provider of foreign exchange and remittance solutions in Pakistan.
Pak-Qatar Family Takaful Announces Distribution of Surplus for Individual Family Takaful (IL-DSF) Portfolio for 2023
Pak-Qatar Family Takaful Limited (PQFTL), a part of Pak-Qatar Group, Pakistan’s premier and pioneer Islamic financial services group, has announced the distribution of 28% Surplus among its members of Individual Family Takaful (IL-DSF) portfolio for the year 2023. This decision was approved by the Appointed Actuary and Shariah Advisory Board, reflecting the strong financial performance and commitment to participants’ benefits of PQFTL.
The single-rate method has been adopted to calculate the Surplus and will be distributed amongst the participants through a defined manner in relation to the “Cumulative Net Contribution”. Furthermore, the actual distribution of surplus is carried out only to those Participants leaving the pool during the year 2024, by way of Permanent Withdrawal, Death or Maturity of the memberships.
Distribution of Surplus from the Waqf / Participants’ Takaful Fund (Risk) pool is an important principle of Takaful, setting it apart from conventional insurance. This Surplus distribution signifies PQFTL’s dedication to providing its participants with exceptional value and financial security. The company’s focus on prudent financial management and a strong risk-sharing framework has enabled it to generate significant surplus for its participants.
Stamp issued on 40 years of IWMI and Sri Lanka partnership
A special commemorative stamp was issued by the Sri Lanka Post to celebrate IWMI’s 40th anniversary, and four decades of partnership with Sri Lanka. The Prime Minister, Dinesh Gunawardena, visited IWMI’s global headquarters in Colombo and received the first stamp.
Since 1984, IWMI has contributed to shaping water management practices in Sri Lanka and the world. In the last 40 years, IWMI has grown in scale, impact, and areas of research — from an institute focused on water for agriculture to a global leader in water management. Looking forward, IWMI will continue to contribute to Sri Lanka’s water security and climate goals.
UBL, Engro fertilisers sign Rs20b landmark deal
United Bank Limited (UBL) concluded a Rs20 billion bilateral finance facility for Engro Fertilisers Limited on June 4. The transaction marked a significant milestone in bilateral relationship between a major conglomerate and a leading bank.
The signing ceremony was held at the UBL Digital Lab in Karachi. Participants included senior executives from both institutions including Farooq Barkat Ali – Group CFO (Engro Corporation), Imran Khalil – CFO (Engro Fertilisers Ltd.), Manzoor Hussain Zaidi – Group Executive (CIBG UBL), Imran Sarwar – Group Executive (Risk & Credit UBL) and Ms. Nadia Tabassum – Deputy Head (CIBG UBL).
At the event, Farooq Barkat Ali, Group CFO (Engro Corporation) expressed his appreciation for UBL executing one of the largest bilateral financings by any bank in an exceptionally short time frame.
Mian Zahid calls for tax system overhaul and spending cuts
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 June 5 an increase in tax revenue in proportion to the size of the economy and the restoration of the energy sector is necessary to run the economy.
He said that Pakistan’s economy has been shrinking for many years, investment is waning, and the tax system is not robust enough to support the country’s operations.
Mian Zahid Hussain said that the tax system must be modernised and automated, the concept of filer and non-filer should be eliminated, and everyone should be legally obliged to file tax returns.
The veteran business leader spoke to the business community and said the government should reduce its expenditures. Otherwise, all measures aimed at economic recovery will be ineffective.
The business leader said useless ministries should be abolished, in which the most corrupt departments should be given priority.
He added that the departments that could not be closed should be merged with other departments and that the practice of creating unnecessary ministries should be stopped.
Ministries created to please politicians should be shut down, and the sale of failed state-owned companies should no longer be delayed.
Mian Zahid Hussain said that more than twenty million youth are unemployed in the country. Still, there are Ministries of Youth Affairs doing nothing.
The Civil Aviation Authority should be brought under the Ministry of Defence again; otherwise, its fate will be like that of the PIA.
He said the government’s decision to abolish the Public Works Department is right. Still, the Ministries of Works should also be abolished.
After the 18th Amendment, there is no justification for keeping the ministries of the provinces in the center and spending billions of rupees on them, so they must also be abolished.
Mian Zahid Hussain said that the government is trying to bring economic stability to the country. The substantial decline in inflation, increase in exports and remittances, improvement in agricultural production, and current account surplus speak volumes about the improved performance of the government and SIFC.
However, political instability is not ending. Improving the country’s conditions is not only the government’s responsibility but also the duty of all leaders.
Therefore, the opposition should also play a positive role by abandoning the policy of increasing political instability in the country. They can only remain in politics if there is a country where they can play their politics.