Mustehkam Pakistan calls for urgent govt action against illicit trade to achieve tax goals
“The government should take immediate and decisive action against illicit trade to enhance revenue and reduce the tax burden on the common citizen. It’s almost six weeks post the budget and you still see heaps of illicit items in the market,” said Fawad Khan, spokesperson for Mustehkam Pakistan, an advocacy firm dedicated to curbing illicit trade and tax evasion in Pakistan.
Showing deep concern about the pressing issue of illegal trade and its detrimental impact on the country’s economy and marginalised communities, he warned that without expanding the tax base and implementing a comprehensive track and trace system and effective curbing policies, the government will find it challenging to increase the tax-to-GDP ratio to its target of 13%.
He mentioned that a recent report from a foreign research institute reveals that approximately 1 trillion rupees are evaded annually in Pakistan across from major sectors, including real estate, pharmaceuticals, tyres and lubricants, tea, and cigarettes.
“Tax evasion due to the illegal cigarette trade alone results in an annual loss of over 310 billion rupees to the national exchequer, a figure expected to rise this year,” Fawad added, warning that if all cigarette brands are not brought under digital monitoring, the volume of illegal trade could reach 65% this year, further complicating matters for the legitimate industry and the government.
It is worth mentioning that the DG ISPR, in a recent press conference, stated that around 50-60% of cigarettes in Pakistan are being sold illegally, causing billions of rupees in losses to the economy. Similarly, former prime minister Shahid Khaqan Abbasi highlighted that billions of rupees are openly stolen due to the sale of illicit cigarettes in the country, and that government authorities are too weak to collect taxes from these illegal cigarette manufacturers.
Fawad emphasised that if the government fails to implement the track and trace system effectively this time, it will be exceedingly difficult to achieve the tax target for the financial year 2024-25. This shortfall in tax revenue will likely force the government to resort to more borrowing, leading to further economic imbalance and increased debt burden.
Security papers limited achieves highest-ever sales and 55pc increase in profit before tax
- Highest-ever sales revenue of PKR 7,311 million
- Highest-ever increase in profit before tax to PKR 2,392 million, growth of 55pc
- Highest-ever net profit of PKR 1,489 million
- Highest-ever dividend payout during the year of PKR 12.5 per share, representing 125pc
Security Papers Limited (SPL) delivered its highest-ever profit, sales and dividend performance, with a remarkable 55 per cent increase in profit before tax to PKR 2,392 million for the year ended June 30, 2024. This exceptional financial performance is a testament to the company’s robust business strategy, operational efficiency, and commitment to excellence.
SPL achieved a record sales revenue of PKR 7,311 million, a significant increase from the previous year, driven by strong demand for its specialized paper products, particularly banknote paper, while the substantial increase in profit before tax is a result of SPL’s focus on expanding its product base, improving productivity, and optimizing costs.
The company’s net profit also reached an all-time high of PKR 1,489 million, demonstrating outstanding financial performance and growth momentum and it also achieved highest-ever dividend payout of PKR 10.00 per share, i.e. 100 per cent for the year ended June 30, 2024. This is in addition to the interim cash dividend already paid at the rate of PKR 2.50 per share i.e. 25pc making a total of Rs 12.50 per share i.e. 125 per cent.
In a challenging business environment, SPL has demonstrated resilience and adaptability, leveraging its technical expertise and market knowledge to capitalise on emerging opportunities. The company has made significant investments in modernising its production facilities, enhancing its product quality, and developing a skilled workforce. With a strong focus on innovation, sustainability, and social responsibility, SPL is well-positioned to navigate future challenges and capitalize on growth opportunities.
SPL Chairman Aftab Manzoor expressed enthusiasm about the financial results, stating “We are delighted to report our highest-ever sales and profit performance, which is a result of our relentless efforts to drive growth, improve efficiency, and enhance our product offerings. This achievement is a testament to our team’s dedication and hard work, and we are committed to sustaining this growth momentum and creating long-term value for our stakeholders.”
SPL’s impressive financial performance is a reflection of its position as the leading manufacturer of specialized paper products in Pakistan, including banknote paper and other security documents. The company remains committed to innovation, sustainability, and social responsibility, ensuring a bright future for the organisation and its stakeholders.
The Founder Space (Startup Community) Partners with Exitbase to Boost Pakistan’s Startup Ecosystem
The Founder Space, a vibrant community for startup founders co-founded by Kapeel Kumar, Javeria Faraz, Angel Imdad, Mahnoor Rizwan, and Laraib Fatima, is happy to announce a strategic partnership with Exitbase, Pakistan’s leading marketplace for buying and selling businesses. This collaboration aims to create a robust ecosystem that empowers entrepreneurs and accelerates business growth.
The partnership between The Founder Space and Exitbase will provide exclusive benefits to members of The Founder Space community, including expanded networking opportunities, expert insights from Exitbase, invitations to the Exitbase Podcast, and access to growth opportunities through Exitbase’s platform.
“We are excited to join forces with Exitbase to create a powerful synergy that will benefit the entire startup ecosystem,” said Kapeel Kumar, Co-Founder of The Founder Space. “By combining our resources and expertise, we can provide unparalleled support to entrepreneurs and help them achieve their goals.”
Muhammad Nabeel, Founder of Exitbase, added, “We believe that this partnership will create a positive impact on the startup landscape in Pakistan. By working together, we can help more businesses succeed and contribute to the country’s economic growth.”
Chief Minister’s Children’s Emergency Care Programme launched
Under the Chief Minister’s Children’s Emergency Care Programme, the government of Punjab has established telemedicine satellite centres in all public secondary care hospitals (DHQ, THQ) across Punjab, in partnership with ChildLife Foundation.
The announcement was made at the Primary and Secondary Health Conference held in Lahore on July 26, 2024.
Improving Emergency Care reduces child mortality by 50%. ChildLife is operating children emergency rooms at Mayo Hospital Lahore and Children’s Hospital Multan.
Officials from the Government of Punjab including Mr. Khawaja Imran Nazeer, Minister Primary & Secondary Healthcare, Mr. Khawaja Salman Rafiq, Minister Specialised Healthcare & Medical Education, Mr. Ali Jan Khan, Secretary Primary & Secondary Healthcare Department, and CEO’s and Medical Superintendents of all districts and tehsils were present at the event.
ChildLife Foundation provides life-saving treatment to more than 2 million children annually – 24/7 and free of cost. It manages Children’s Emergency Rooms (ERs) & Telemedicine Satellite Centers (TSCs) across Pakistan, in partnership with the governments. The organization is working to make free quality emergency care accessible to children across the country.
“We are immensely grateful for the collaboration with the Health Department of the Government of Punjab. With ChildLife’s shared vision through partnerships, we are saving the future of Pakistan. Through our joint efforts, we can provide free-of-charge, round-the-clock treatment to children in need, regardless of their socio-economic status”, said Dr. Ahson Rabbani, CEO of ChildLife Foundation.
Cement despatches declined by 6.81% during July 2024
Cement despatches declined by 6.81% in July 2024. Total Cement despatches during July 2024 were 3.010 million tons against 3.230 Million Tons despatched during the same month of last fiscal year.
According to the data released by All Pakistan Cement Manufacturers Association, local cement despatches by the industry during the month of July 2024 were 2.463 million tons compared to 2.780 million tons in July 2023, showing a decline of 11.41%. On the exports side, despatches increased by 21.65% as the volumes jumped from 449,792 tons in July 2023 to 547,162 tons in July 2024.
In July 2024, North based cement mills despatched 2.192 million tons cement showing a decline of 11.40% against 2.474 million tons despatches in July 2023. On the contrary, south based mills despatched 817,799 tons cement during July 2024 that was 8.20% more compared to the despatches of 755,824 tons during July 2023.
North based cement mills despatched 2.093 million tons cement in domestic markets in July 2024 showing a decline of 11.01% against 2.352 million tons despatches in July 2023. South based mills despatched 369,557 tons cement in local markets during July 2024 that was also 13.62% less compared to the despatches of 427,847 during July 2023.
Exports from North based mills declined by 18.79% as the quantities reduced from 121,814 tons in July 2023 to 98,920 tons in July 2024. Exports from South however increased by 36.67% to 448,242 tons in July 2024 from 327,977 tons during the same month last year.
A spokesman of All Pakistan Cement Manufacturers Association emphasized that higher taxes and increasing input costs are seriously affecting cement sector of the country. He added that this is the 11th straight month during which domestic despatches are showing declining trend due to sluggish economic activity in the country. Cement industry urges the government to review its taxation policies in order to reduce the burden of heavy taxes on this important sector of the economy.
We support documentation drive of the Government but forcing very small retailers to register in a complicated sales tax system and installing PoS is not likely to yield any additional sales tax revenue as cement being a 3rd Schedule item, whole amount of sales tax on consumer price is already being paid by the manufacturer, he added.
Google for Startups launches AI Academy to propel AI innovation in Pakistan and the Asia-Pacific
This new program will support the Asia-Pacific region’s AI entrepreneurs and accelerate their AI products to market
Karachi, August 5, 2024 – Google for Startups today announced the launch of AI Academy, a new program designed to support and accelerate the growth of AI startups in Pakistan and Asia-Pacific (APAC) region.
The program will bring together more than 20 startups that are developing technologies based on AI, which will not only foster a vibrant AI community within APAC, but also ignite cross-border innovation and partnerships. The collaborative environment will encourage the exchange of ideas, expertise, and resources, accelerating the development of cutting-edge AI solutions and establishing APAC as a global hub in AI advancements.
Selected startups will receive:
- Tailored mentorship: Access to Google’s world-class AI experts for personalized guidance and support.
- Google Cloud credits: Up to $350,000 in Google Cloud credits to fuel their AI development and experimentation.
- Community building opportunities: Opportunities to connect and collaborate with other AI startups across the APAC region.
Uniquely, AI Academy is designed to fast-track startups to market by enabling them to build a “proof of concept” and product roadmap, rapidly validating and enhancing their AI solutions. By applying Google Cloud tools to their own data, startups will be able to build a “proof of concept” and develop a product roadmap for clear and immediate integration into their existing products. This accelerated approach will both speed up their path to success and demonstrate the tangible value of their AI innovations.
Farhan S. Qureshi, Google Pakistan’s country director, stated: “Our latest AI Academy program is a testament to Google’s commitment to fostering the growth of AI across the Asia-Pacific. With Pakistan being a important market, we hope that local startups will use this opportunity to supercharge their AI solutions and further strengthen the AI ecosystem in APAC.”
Public may clash with power producers over exorbitant bills: Mian Zahid
The chairman of the FPCCI Advisory Board and National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, as well as former provincial minister Mian Zahid Hussain, on July 24 said that the risk of confrontation between the public and electricity companies is increasing due to inflated bills.
People now have to pay electricity bills that exceed their income, leading to quarrels in their homes, he said.
Mian Zahid Hussain said that inflated bills are breaking relationships, and people are shedding blood over it.
The veteran business leader, speaking to the business community, claimed that capacity payments are penalising the general public and the industrial sector.
He warned that public anxiety and agitation could spiral out of control at any time, so the government should act quickly to stabilise the situation.
The business leader stated that the elites and the government own 80 percent of the IPPs established in the country, receiving far more in dollars than their rightful share.
He warned that this plunder of resources should end; otherwise, the country will plunge into lawlessness and will soon become bankrupt.
Mian Zahid Hussain said that the government can do a lot in this regard. The Prime Minister has also issued directives to lower the cost of electricity for industries, yet a permanent solution to the losses and capacity payments in the electricity sector remains unattainable.
He stressed that the government’s non-developmental expenditures are skyrocketing, making it impossible to fool the people as they perceive everything.
According to Mian Zahid Hussain, following violent incidents, the power tariff has been reduced in some areas, implying that those living in other areas should also resort to violence for relief.
According to Mian Zahid Hussain, forty percent of people have already fallen below the poverty line, and more are falling below it. If the government fails to correct the economy’s direction and arrange a fair distribution of wealth, it will not only impact the people but also the upper classes, who will struggle with insufficient resources for their princely lifestyle.
Mian Zahid Hussain added, “If the IPPs agreement was not a mistake, why is the country and nation suffering a loss of two thousand billion rupees annually, and why is this money only reaching a few people?”
He stated that it’s crucial to conduct a forensic audit of IPPs, noting that some individuals have profited greatly from the looting, and it’s now time to put an end to it.
Dubai Islamic Bank Pakistan Limited and Zlk Islamic Financial Services partner to enhance Shariah-Compliant financial access
Dubai Islamic Bank Pakistan Limited (DIBPL), a subsidiary of Dubai Islamic Bank, has partnered with ZLK Islamic Financial Services, Pakistan’s first Shariah-compliant brokerage firm.
The MoU signing ceremony was held at DIBPL Head Office in Karachi. The MOU was signed by Junaid Ahmed, CEO of DIBPL, and Zahid Latif Khan, Chairman of ZLK Islamic Financial Services, in the presence of Ashfaq Ahmad Khan, COO of ZLK Financial Services, and Naveed Malik, Head of Consumer Banking at DIBPL.
This strategic collaboration is aimed at enhancing access to Shariah-compliant financial products for DIBPL’s wide customer base, including Roshan Digital Account holders and local clients. Customers are set to gain access to brokerage services by investing in a variety of Riba-free financial products such as shares, GoP Ijaras Sukuk, ETFs, and Murabaha Share Financing (MSF). This initiative is a testament to DIBPL and ZLK Islamic Financial Services’ commitment to promoting and expanding ethical and Shariah-compliant financial solutions in Pakistan.
Mr. Junaid Ahmed, CEO, DIBPL, commented: “DIBPL remains committed towards initiating and promoting innovative Islamic banking solutions. This collaboration with ZLK Islamic Financial Services highlights our dedication to expanding access to creative financial products, promoting financial inclusion and prosperity.”
Mr. Naveed Malik, Head of Consumer Banking, DIBPL, added: “Our partnership with ZLK is designed to help customers achieve Halal Munafa (returns) on their investments. At DIBPL, we provide Shariah-compliant investment opportunities, enabling our customers to engage in financial activities that promote both financial inclusion and Shariah-compliant banking services.”
Mr. Zahid Latif Khan, Chairman, ZLK Islamic Financial Services, emphasized the strategic importance of the partnership, stating: “We are excited to partner with DIBPL to enhance our brokerage services and provide clients with seamless access to Shariah-compliant investment opportunities. Together, we will deliver value-added solutions that meet the globally accepted standards of Islamic finance.”
Through this partnership, DIBPL and ZLK Islamic Financial Services aspire to foster a conducive ecosystem for Shariah-compliant finance, contributing to the sustainable growth and development of Pakistan’s Islamic financing sector.
Pak-Qatar General Takaful Limited and Yousuf Dewan Group offers motor takaful for Shehzore and new EV Honri
Pak-Qatar General Takaful Limited (PQGTL), a leading provider of Shariah-compliant General Takaful solutions in Pakistan and Yousuf Dewan Group have entered into a strategic Memorandum of Understanding to introduce a groundbreaking auto Takaful product tailored specifically for the newly launched electric vehicle Honri – both variants 2.0 and 3.0 – and Shehzore by the Auto Division of Yousuf Dewan Group.
This partnership marks a significant milestone as an auto assembler in Pakistan partners with a dedicated General Takaful operator, offering comprehensive Takaful coverage for electric and commercial vehicles.
The MoU, signed by the Chairman of Yousuf Dewan Group Mr. Dewan Muhammad Yousuf and CEO of Pak-Qatar General Takaful, Mr. Saqib Zeeshan, underscores their commitment to innovation and customer-centric solutions in the automotive sector. The signing ceremony was also attended by Mr. Kamran Saleem, Director, Pak-Qatar Group, Dr. Usman Hayat, Group CEO Yousuf Dewan Group, Mr. Mehmood Arshad, Executive Director Pak-Qatar Takaful, Ms. Saleha Hasan, Head of Marketing, Yousuf Dewan and other senior officials from both organisations.
Mr. Saqib Zeeshan, CEO of PQGTL, expressed enthusiasm about the partnership, “We anticipate forming a lasting partnership with Yousuf Dewan Companies to expand our Takaful coverage to include electric vehicles, alongside private and commercial vehicles. This collaboration will ensure a significant milestone in elevating motor Takaful coverage, offering comprehensive coverage for a wider audience of vehicle owners nationwide.”
Mr. Dewan Muhammad Yousuf, Chairman of Yousuf Dewan Group, emphasized the strategic benefits of this partnership, “We are pleased to join hands with Pak-Qatar General Takaful to enhance customer satisfaction through motor Takaful coverage for our electric and commercial vehicles. This partnership is a testament to our commitment towards delivering exceptional Takaful protection and service excellence to our valued customers.”
The newly launched Honri EV by Eco Green Motors Limited represents a pioneering leap forward in the local automotive industry, combining advanced technology with environmental sustainability. The exclusive auto Takaful product offered through this collaboration aims to provide peace of mind to customers, covering various aspects including theft, damage, and third-party liability.
Interest rate reduction will boost business confidence to some extent: Mian Zahid
The chairman of the FPCCI Advisory Board and National Business Group Pakistan, President of Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, as well as former provincial minister Mian Zahid Hussain, on July 30, lauded the SBP for a slight reduction of one per cent in the interest rates.
Staff level agreement with the International Monetary Fund, control over imports, increase in taxes, reduction in current account deficit, stabilisation of rupee value and reduction in inflation have boosted the central bank’s confidence on which it has cut the key policy rate, he said.
Talking to the business community, the veteran business leader said that the central bank’s decision will increase the confidence of the business community to some extent.
However, he said, keeping in mind the reduction in inflation, which has come down from 35% to 12%, a three to four percent reduction in interest rates was needed to meet challenges as industry and business are facing worst conditions.
Mian Zahid Hussain said that not only are electricity and gas more expensive in Pakistan than in the countries of the region, but the interest rate is also much higher than in these countries.
He said that the Monetary Policy Committee of the State Bank of Pakistan has reduced the basic policy rate by 100 basis points to 19.5% due to the trend of decreasing inflation. This decrease will lead to some reduction in interest payments on loans.
Mian Zahid Hussain said that the external accounts are continuing to improve, and the foreign exchange reserves of the State Bank are also increasing, which is why efforts have been made to provide some support to the economic activities.
He said that it would have been better if the interest rate had been reduced by four percent because the business community has endured high interest rates for many years and is currently facing many challenges.
The business leader said that while trying to control inflation, the central bank should also consider increasing business activities so that the public can get some relief.
The government also needs to address the fundamental weaknesses in the system through reforms to restore the confidence of the business community and foreign investors, as more than central bank measures are required.
Mian Zahid Hussain further said that earlier in the meeting held on June 10, the State Bank decided to reduce the interest rate by 150 basis points, after which it had come down to 20.5%. This was the first cut in the interest rate, while the second cut was made the day before.
The business community wants the government and the central bank to work together to improve the economy so that the growth rate can increase, he said.
Dubai to host international conference on Islamic Leasing
The 3rd International Conference on Islamic Leasing (Ijarah) is set to convene in Dubai, United Arab Emirates, from September 7 to 10, 2024.
Organised by AlHuda CIBE in partnership with Uzbekistan Leasing Association and Uzbekleasing International AO, this prestigious event promises to be a pivotal gathering for industry leaders, experts, and stakeholders from across the globe. The conference will explore into the critical role of Ijarah, a cornerstone of Islamic finance, in driving growth, fostering economic sustainability, and expanding financial inclusion strategies.
The theme of innovation and growth will be central to the conference. Participants can expect in-depth discussions and presentations exploring the development of new Shariah-compliant leasing products. Experts will shed light on effective strategies based on Islamic principles that can unlock the full potential of Ijarah.
A key focus will be on how Ijarah can contribute to the expansion of the Islamic finance industry worldwide, with the ambitious goal of reaching a $4 trillion market size by the end of 2025.
The conference transcends geographical boundaries, fostering a global exchange of knowledge and best practices. Delegates from over 15 countries are anticipated to participate, enriching the discussions with diverse perspectives and experiences.
Prominent industry leaders will share their insights on Ijarah’s role in promoting financial inclusion for both Muslim and non-Muslim populations. This commitment to financial inclusion underscores the conference’s dedication to supporting the development of a more equitable and accessible financial landscape.
The conference programme will be comprehensive and investigate into a wide range of topics relevant to the future of Islamic finance. Attendees can expect sessions focused on innovative product development in Islamic leasing, exploring new Shariah-compliant leasing structures that cater to evolving market needs. Investment opportunities within the Islamic leasing space will be analyzed, providing participants with insights into potential areas of growth and diversification.
The conference will also explore the application of Shariah principles in fostering broader economic development, highlighting the contribution of Islamic finance to sustainable and responsible economic growth.
Mr. Mughal emphasises the significant share of Ijarah holds within the Islamic finance landscape. He estimates it accounts for roughly 25% of the industry, followed by Murabahah (cost-plus profit) products at 46%. Diminishing Musharakah (home financing) sits at 12%, while Salam and Istisna (advance sale) products represent around 5%. Mudarabah and Musharakah (partnership-based products) hold a smaller share of approximately 2%, with the remaining portion encompassing other Islamic financing instruments.
Mr. Mughal highlights a key advantage of Ijarah: its ease of introduction in jurisdictions with limited legal frameworks for Islamic finance. He suggests that Ijarah products can be effectively offered in European and American markets without requiring significant regulatory changes. This accessibility presents a potentially lucrative opportunity for expanding the global reach of Islamic finance.
Mr. Mustafaev Zafarjon Buribaevich has graciously commended our previous Islamic finance conferences held in Turkey and the UAE as exemplary platforms for industry professionals and experts to convene and exchange innovative ideas. He emphasized the pivotal role these events played in propelling the industry forward.
Building upon the success of these past gatherings, we are excited to announce an upcoming conference focused exclusively on the development of innovative Islamic leasing products. This prestigious event will bring together a distinguished roster of industry leaders, scholars, and practitioners to explore the latest trends and advancements in Islamic leasing.
The conference aims to address this growth potential. By bringing together stakeholders, the event seeks to explore innovative product development in Islamic leasing. Discussions will focus on attracting investment opportunities within this sector. Additionally, the conference will examine the application of Shariah principles in fostering broader economic development. This holistic approach positions Ijarah as a key driver for not only financial inclusion but also sustainable economic progress.
Mr. Mughal emphasizes the critical role of the banking and finance sector in driving economic prosperity. He acknowledges the impressive double-digit growth of Islamic banking and finance globally in recent years. The conference seeks to build on this momentum by providing a platform for addressing potential challenges and strengthening support for the rapidly growing Islamic finance industry. The inclusion of topics like financial inclusion and Shariah principles underscores the conference’s commitment to promoting a more inclusive and ethically sound financial system. By focusing on Ijarah’s strengths and exploring its potential for further growth, the 3rd International Conference on Islamic Leasing promises to be a valuable platform for shaping the future of this dynamic sector.
The conference will be followed by One Day 6th Global Takaful and Re-takaful Forum with one day city tour dated September 9 to 10, 2024. To learn more about please visit: https://www.alhudacibe.com/icil2024/
Mobilink Bank launches Pakistan’s First Women-Led Incubator Programme
Pakistan’s leading digital microfinance bank, Mobilink Bank strengthens its commitment to women’s economic empowerment with the launch of Pakistan’s first-ever industry-specific incubation programme designed exclusively for women entrepreneurs.
This initiative falls under the umbrella of the Bank’s ongoing Women Inspirational Network (WIN) program. The WIN Incubator program aims to empower 25 women entrepreneurs by equipping them with knowledge in core business areas including ideation, planning, business management, financial literacy and marketing.
The graduating startups will gain access to a professional network and guaranteed Bint-e-Hawwa loans to fuel their ventures. The most promising startups will compete for a PKR 4 million investment to bring their startup ideas to life.
Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and digital services to nearly 160 million customers in six dynamic markets that are home to 7% of world’s population.
Sumera Abbasi, Executive Director of TiE Islamabad and a recognized leader in the Pakistani startup ecosystem, has been appointed to head the WIN incubator.
“Mobilink Bank is transforming the entrepreneurial landscape in Pakistan with our WIN Incubator program,” said Haaris Mahmood Chaudhary, Interim CEO Mobilink Bank. “This initiative is aimed at breaking barriers for small women-owned businesses by providing essential tools and resources. Through mentorship, training, and a supportive network, we wish to empower women to turn their dreams into successful businesses and consequently play an integral role in the country’s economic development. Starting with a cohort of 25, we plan to enable thousands of women entrepreneurs in the coming years.”
Also sharing her thoughts, Sumera Abbasi, Executive Director TiE Islamabad said, “The WIN Incubator is designed to empower women entrepreneurs by providing them with the tools, resources and support needed to succeed. It serves as a launchpad for women to transform their ideas into thriving enterprises. Through comprehensive training, mentorship and access to financial resources with Mobilink Microfinance Bank, we strive to equip the participants with confidence and skills to navigate the business world and drive meaningful economic growth. I am excited to witness the incredible journeys of these 25 talented women entrepreneurs and their impact towards the country’s economy.”
Recognising the untapped potential of women-led SMEs as a catalyst for economic growth, WIN provides a holistic approach to empower them. The programme tailors a suite of financial solutions to address the specific needs of women entrepreneurs by offering vital skills development alongside access to financial resources. Through targeted workshops and training programs, WIN has equipped over 5000 women with the necessary knowledge, tools and confidence to navigate the complexities of the business world.
The Bank boasts a 25% female loan customer base, experiencing a 38% year-over-year growth in its women’s loan portfolio. While 22% of the Bank’s total loan portfolio supports agriculture, 16% of agri-business loans are specifically directed towards women-owned ventures. This targeted approach underscores Mobilink Bank’s dedication to fostering a more inclusive economy, where women can flourish as entrepreneurs and contribute meaningfully to national growth.
Webinar on ‘approach to congenital heart diseases in children’ organised by childlife foundation
In Pakistan, 1 in every 100 children born are diagnosed with congenital heart disease and 70% need medication or surgery within the first year of life.
This was revealed at the webinar on “Approach to Congenital Heart Diseases in Children” organised by the ChildLife Foundation on August 1.
The session’s guest speaker was Dr. Abdul Sattar, Head of Pediatric Cardiology at NICVD, while Dr. Irfan Habib, Medical Director at the ChildLife Foundation was the moderator.
A broad spectrum of topics was covered during the webinar including an overview of congenital heart diseases in children, how to identify key symptoms and early signs, diagnostic approaches and techniques, case studies, and real-life examples.
The session’s aim was to equip pediatricians with an in-depth understanding of congenital heart diseases in children, their early recognition, and timely intervention.
The 40-minute session was attended by doctors, residents, and physicians working in the public sector, particularly those working at the secondary care hospitals at district and tehsil level across the country.
By addressing these critical areas, the session aimed to enhance the capacity of on-ground government doctors, equipping them with essential knowledge and skills to meet the challenges encountered in the children’s emergency rooms of public sector hospitals where ChildLife operates its telemedicine network.
ChildLife Foundation, a non-profit organisation working towards reducing child mortality across Pakistan, this webinar was on Pediatric Emergencies for pediatricians, especially for those working in the public sector across Pakistan.
Improving emergency care reduces child mortality by 50%. ChildLife aims to foster collaboration with the public sector through this webinar by contributing towards the capacity building of government doctors and ensuring that they are well-versed with the latest practices and evolving needs of pediatric emergency care.
It is pertinent to mention here that ChildLife Foundation provides life-saving treatment to more than 2 million children annually – 24/7 and free of cost. It manages Children’s Emergency Rooms and Telemedicine Satellite Centers in more than 300 public sector hospitals across Pakistan.