EFU General partners with Easypaisa to introduce transactional insurance combo product
EFU General and EFU Life have partnered with Easypaisa — Pakistan’s leading digital financial services platform to introduce transactional insurance. This unique product offering, integrated within the Easypaisa app, combines the benefits of both general and life insurance, addressing the pressing need for comprehensive financial protection for Easypaisa customers and providing them with enhanced convenience and autonomy.
The introduction of transactional insurance offers an enhanced level of protection for financial transactions, surpassing traditional customer indemnity. Alongside this, accidental death benefits are provided, ensuring comprehensive financial security for customers. This combination of coverage adds significant value by offering protection in both routine transactions and unexpected life events. By integrating these two benefits into a single product, customers gain the convenience of a more complete financial safety net.
Syed Salman Rashid, Deputy Managing Director, EFU General, commented, “Our collaboration with Easypaisa represents a pivotal step towards redefining financial protection in Pakistan. By offering transactional insurance through the Easypaisa platform, we leverage digital technology to provide seamless and comprehensive insurance solutions. This initiative enhances the security of financial transactions and reflects EFU General’s dedication to innovation and customer-centric services. We are excited to be part of this digital transformation journey, bringing top-tier insurance services directly to the fingertips of our customers.
Sharing his remarks on this collaboration, Jahanzeb Khan, President & CEO, TMB/Easypaisa, said, “Collaborating with EFU General and EFU Life to introduce transactional insurance represents a significant shift in our insurance product offerings as we introduce use cases that elevate user experience. Strategic alliances with like-minded industry players are integral to Easypaisa’s mission of creating a financially inclusive Pakistan. As we transition toward establishing a digital retail bank, pending regulatory approvals, these strategic alliances magnify the significance of our vision to become Pakistan’s leading digital bank, serving the diverse financial needs of millions of Pakistanis with ease and convenience.”
Mr. Mohammed Ali Ahmed, Managing Director & CEO EFU Life, expressed his enthusiasm, stating, “As a valued insurance provider of Easypaisa, we are proud to deepen our partnership by introducing innovative insurance solutions specifically designed for Easypaisa customers. This collaboration aligns with our mission to expand insurance accessibility across the nation, while also highlighting our commitment to digital financial inclusion and sustainable development goals. By offering a combined life and general insurance product through the Easypaisa app, we are making insurance more convenient and accessible than ever before”.
UBL Applauds Arshad Nadeem’s Olympics Achievements
In a special ceremony held on Monday, 26th August 2024 at the UBL Head Office in Karachi, the Bank welcomed and congratulated Olympian Gold Medalist Arshad Nadeem on his amazing feat at the recently concluded Paris Olympics 2024. UBL awarded Arshad Nadeem PKR 5 million to recognize his record breaking performance. Picture shows Mr. Arshad Nadeem receiving his cheque from Mr. Zia Ijaz, Deputy CEO, (extreme right) and Mr. Ijaz Farooq, Deputy CEO, UBL (third right).
SLIC Summit 2024: Unveiling New Digital Services and Showcasing Industry Leadership
The State Life Insurance Corporation of Pakistan (SLIC) hosted SLIC Summit 2024, a pivotal occasion marking the official launch of its cutting-edge digital services and communication framework. The event was inaugurated by the Honourable Federal Minister of Commerce, Mr. Jam Kamal Khan, and attended by Chairman of the Board State Life, Mr. Sulaiman S. Mehdi, CEO of State Life, Shoaib Javed Hussain, and senior members State Life’s Senior Management along esteemed dignitaries, senior government officials, corporate partners, and industry leaders. This gathering highlighted the far-reaching contributions of State Life as a driving force in Pakistan’s insurance sector, particularly through its administration of the social health programs running across the country. The organization’s influence on capital markets is a testament to the impact State Life has had on Pakistan’s economic stability and growth.
In his address, Honourable Minister of Commerce, Mr. Jam Kamal Khan stated, “State Life’s continuous innovation and leadership in the insurance and health sectors are instrumental to the nation’s wellbeing and the advancement of our markets. The launch of these digital services marks a significant milestone in enhancing accessibility, transparency, and efficiency in insurance services for all Pakistanis.”
CEO of State Life, Mr. Shoaib Javed Hussain stated, “Our digital services are technological advancements enabling us to deliver the highest standards of transparency, efficiency, and security, ensuring that our services are accessible and beneficial to customers, partners and stakeholders. The SLIC Summit 2024 serves as a testament to State Life’s long-standing commitment to progress, innovation, and national development. By integrating digital solutions with our core services, State Life continues to solidify its position as a key pillar in Pakistan’s insurance and financial sectors, driving the country toward a brighter and more prosperous future.”
The summit spotlighted the launch of SLIC enhanced digital platform, ushering in a new era of convenience and security for its policyholders. This includes the unveiling of a new and improved website and the introduction of three advanced mobile applications:
- MySLIC Mobile Application– Designed for policyholders, providing seamless access to insurance services and real-time policy management.
- State Life Health Plus– Created for corporate health clients, facilitating efficient claims management and streamlined access to essential health services.
- SLIC Agent Pro– A comprehensive tool empowering State Life’s sales force to enhance client management and optimize operational performance.
These digital innovations are one step forward towards paving the way for a fully paperless insurance journey, allowing users to manage policies, track premiums, and monitor policy maturity with unprecedented ease and efficiency. SLIC’s digital infrastructure supports real-time alerts, AI-assisted data analytics, and efficient data management across all regions of Pakistan, bridging distances and ensuring equitable access to services.
A key focus of the summit was State Life’s involvement in Pakistan’s national social health programs, which have improved healthcare access for millions of Pakistanis. The Social Health Program Panel featured industry leaders and healthcare experts, including, Muhammad Arshad, CEO of the Federal Sehat Sahulat Program, Dr. Ali Razzaque, CEO of Punjab Health Initiative Management Company (PHIMC), Dr. Riaz Tanoli, CEO of the Sehat Card Plus Program, KP and Dr Asad Kakar, CEO Balochistan Health Card Program.
Panelists explored the pivotal role State Life plays in administering these health initiatives, emphasizing the profound impact on the lives of common Pakistanis. By managing and facilitating access to health insurance, State Life continues to elevate the quality of life for vulnerable communities across the country.
The summit also showcased a thought-provoking discussion on Pakistan’s capital and financial markets. The Capital Markets Panel brought together some of the most influential figures in the industry, including, Fareed Alam, CEO of AKD Securities, Rehmat Ali Hasnie, President of National Bank of Pakistan (NBP), Farrukh Khan, CEO of the Pakistan Stock Exchange (PSX) and Shahnawaz Nadir Shah, Head of Investments at State Life.
The panel highlighted the critical role institutional players like State Life have in promoting the growth, stability, and sustainability of Pakistan’s financial landscape. The discussion underscored State Life’s substantial contributions to economic resilience through strategic investments in the capital markets.
ICAP Hosts Conference on “INNOVATING THE FUTURE: Integrating Tech & Governance for Sustainable Economic Growth” in Faisalabad
The Institute of Chartered Accountants of Pakistan (ICAP) successfully organized a conference titled “INNOVATING THE FUTURE: Integrating Tech & Governance for Sustainable Economic Growth” at a local hotel.
In his opening remarks, Mr. Asad Feroze, Council Member and Chairman of the CPD Committee at ICAP, emphasized the importance of staying ahead in an increasingly complex business environment by continuously updating skills and knowledge.
As the chief guest, Mr. Musadaq Zulqarnain, Chairman of Interloop Limited & Interloop Holdings, highlighted the necessity of integrating technology with governance to foster innovation and drive sustainable growth. He stressed that this integration is vital for creating a prosperous and socially responsible future.
Mr. Farrukh Rehman, President ICAP, addressed the evolving global economic landscape and the unique position of chartered accountants in leading technology and governance integration. He underscored the importance of this approach for ensuring resilience and adaptability in rapidly changing environments.
In his keynote address on the “Art of Fusion of Technology & AI in Manufacturing & Textile Sector,” Mr. Sajjad Syed, Chairman of Excellence Delivered, discussed how technology and AI are revolutionizing the manufacturing and textile industries, offering unprecedented levels of efficiency and customization.
Mr. Faizan Irshad, Group Head of Audit Policy, Monitoring, and Quality Assurance at Allied Bank Limited, presented on Robotic Process Automation (RPA), describing it as a game-changer for the textile industry by enhancing efficiency and accuracy through automation.
The conference featured a dynamic panel discussion on “Industrial Tech Leap,” with insights from Mr. Ahsan Rasheed, Partner at Baker Tilly Mehmood Idrees Qamar; Mr. Faizan Irshad, Group Head of Audit Policy, Monitoring, and Quality Assurance at Allied Bank Limited; and Mr. Badar Khushnood, Chief Marketing Officer at S4Digital. Moderated by Mr. Zeeshan Abid, Partner at Parker Russell A. J. S., the discussion explored the challenges and opportunities presented by rapid technological advancements in the industry.
Mr. Iftikhar Taj, Former President of ICAP, addressed the need for a paradigm shift in traditional family governance structures, highlighting the challenges such as generational transitions and succession planning. He called for more flexible governance models to address the complex dynamics of modern family businesses.
Dr. Christopher Whittle, Head of ESG & Risk Advisory at CBS Group, delivered a keynote on “Championing Sustainability in the Manufacturing Sector,” emphasizing that sustainability is now a strategic imperative for long-term success and not merely a regulatory requirement.
A panel on “Driving Sustainability: Strategies and Solutions for a Better Tomorrow” featured Mr. Aleem Zubair, Partner at A. F. Ferguson & Co; Dr. Fatima Khushnud, Executive Director of the Pakistan Environment Trust (PET); Mr. Fawad ul Hassan Zubairi, Corporate Controller at Nestlé; Mr. Nasir Muneer, Partner at Crowe Hussain Chaudhury; and Mr. Usman Ahsan, CFO of Anjum Textile Mills (Pvt) Ltd. Moderated by Mr. Aneel Peter, Chairman of the NRC at ICAP, the panel explored actionable strategies for embedding sustainability into organizational practices.
Dr. Kashif Z. Malik, Associate Professor & Graduate Program Director at Lahore University of Management Sciences, provided insights on “Navigating Economic Integration: Realities and Opportunities for Pakistan’s Export Sector,”.
Mr. Muhammad Awais, Council Member of ICAP, addressed “Sustainable Taxation: Balancing Revenue Generation with Business Growth,” discussing how taxation policies can support business growth while ensuring effective revenue generation.
The last dynamic panel discussion was on “Economic Growth and Harnessing Market Potential,” featuring Mr. Ashfaq Yousuf Tola, Vice President Safa & former President ICAP; Mr. Hamid Mukhtar, Director Sadaqat Limited, Member Board of Directors – Faisalabad Garments City Company; Mr. Qamar Aftab, CEO of Image Garments Pvt. Ltd.; Dr. Sajjad Arshad, Senior Vice President of FCCI; Mr. Sohail Khattak, CEO of Lyallpur Galleria; and Mr. Zia Alamdar, Past President of FCCI. The discussion, moderated by Ms. Ammara S. Gondal, Member of the NRC at ICAP, focused on strategies for economic advancement and market opportunities.
Mr. Zeeshan Ijaz, Vice President ICAP, highlighted the crucial role of the accounting profession in shaping economic development, stressing the need for innovation and adherence to high standards of professionalism.
The conference provided a valuable platform for sharing insights and strategies, fostering collaboration and innovation across various sectors. The diverse perspectives and expert discussions underscored a collective commitment to advancing economic growth, sustainability, and professional excellence.
Indus Motor Lauded at the International EHS Awards
The Professionals Network (TPN) honored Indus Motor Company (IMC) with awards in multiple categories, for its continued commitment and exceptional contribution to the Global Goals, at the 10th International Environment, Health and Safety Summit and Awards 2024. The awards were presented by Mr. Anjum Nisar, Sr Vice President, Karachi Chamber of Commerce & Industry, to IMC’s Mr Asad Abdullah, Head Corporate Communications & CSR.
A total 89 companies competed in 23 award categories with 63 winning a total of 78 awards. One of the five companies winning multiple trophies, IMC led in categories for “Plant Integrity”, “Transport Safety” and “Emissions Control Technologies”.
Chief Executive IMC, Ali Asghar Jamali, sharing his thoughts, said “This is a great way to start the new financial year and what better platform to exhibit our efforts than The Professionals Network. For us at Toyota, safety takes precedence over everything else, be it at the factory, on the roads or advocating for a safer environment. This safety culture is not just limited to us rather, transcends to our complete value chain comprising suppliers and dealers. Adding to it, under our social responsibility program, Concern Beyond Cars, since 2021 we rolled-out the Toyota 5S Program to benefit a wider audience outside the realm of IMC.”
Toyota is committed to reducing its carbon footprint and earlier this year introduced the first Make in Pakistan hybrid electric, the Corolla Cross, with the highest-ever localized content. Under the umbrella of the Toyota Environmental Challenge 2050, IMC remains steadfast in its commitment to environmental sustainability. The company has implemented various initiatives, including the installation of water treatment plants, solid waste treatment, and disposal management systems, as well as the a 6.6MW solar photo voltaic plant, the largest one in Pakistan by an automobile company. IMC firmly believes that every small initiative has the potential to create a ripple effect and make a lasting impact on society.
From Bisconni to Ismail Global: Hamid Ismail’s new venture focuses on global transformation
Hamid M. Ismail, CEO of Bisconni & Executive Director of Ismail Industries, is proud to announce the launch of Ismail Global, a venture dedicated to transforming lives through innovative products and services in Pakistan and globally.
Reflecting on his family’s legacy, Hamid Ismail shares, “Ismail Global is built on the values and mentorship passed down through generations. Our mission, driven by a culture of excellence and innovation, is to create meaningful solutions that improve lives globally.”
After fourteen years of steering Bisconni and Ismail Industries to new heights, Hamid Ismail is now channeling his expertise and vision into Ismail Global.
He emphasises, “I will be guided by the values instilled in me by my family, especially the mentorship and support from Muhammad, Maqsood, and Miftah Ismail. My commitment is to build a business that goes beyond profit, focusing on creating solutions that truly matter — solutions that enrich the lives of those we serve and contribute to a better, brighter future.”
As Hamid Ismail steps away from day-to-day operations at Bisconni and Ismail Industries, he reflects on the significant achievements of the last 14 years. Under his leadership, Bisconni and Ismail Industries saw unmatched financial results, high levels of employee engagement, and unparalleled customer loyalty. “I’ve had the privilege of working with some of the best professionals in the FMCG industry, overcoming challenges, and celebrating successes,” he added. “Most importantly, I am deeply grateful for the bonds we’ve formed – relationships that transcend work and have become friendships for life.”
As Hamid Ismail embarks on this new journey, the future with Ismail Global stands as a testament to his commitment to pushing the boundaries — one that transcends profits and touches lives in meaningful ways.
Pak-Qatar group achieves ISO/IEC 27001:2022 certification
Pak-Qatar Group, is proud to announce its achievement of ISO/IEC 27001:2022 certification, demonstrating its commitment to rigorous standards in Information Security Management Systems (ISMS). This certification, issued by Risk Associates, affirms that Pak-Qatar Group’s IT Department has implemented and maintains an ISMS that complies with the latest international standards.
ISO/IEC 27001:2022 is a globally recognized standard that specifies the requirements for establishing, implementing, maintaining, and continually improving an ISMS within the context of the organisation’s overall business risks.
Shell Pakistan posts profit-after-tax of Rs 1.3 billion
The Board of Directors of Shell Pakistan Limited (SPL) announced half year results for the company. The company posted a profit-after-tax of PKR 1.3 billion compared to the profit-after-tax of PKR 3.5 billion made in the same period last year.
In October 2023, Shell Petroleum Company Limited entered into a Share Purchase Agreement with Wafi Energy LLC (the Acquirer) for the sale of its entire shareholding in SPL, which is currently under progress. In April 2024, an Addendum to the above was posted on PSX to reflect a change in the capital ownership structure of the Acquirer, where Wafi Energy Holding Limited replaced Wafi Energy LLC as ‘Acquirer’.
On July 27, 2024, Public Announcement of Offer to further acquire up to 24,162,179 ordinary shares representing 11.29% was made by Arif Habib Limited on behalf of Wafi Energy Holding Limited. The completion of the transaction is subject to receipt of regulatory approvals, completion of legal requirements and satisfaction of other closing formalities.
During the period, SPL maintained its market share through relatively stable macroeconomics conditions. The inflation rate eased to 12.6% in June, down from a peak of 30% in December last year. The period also witnessed a relatively stable exchange rate.
The Mobility business grew its network with 10 new stations and 60 non-fuel retail units. The Lubricants business signed an exclusive agreement with MG Motors, securing the use of Shell Helix motor oils for MG vehicles. Furthermore, Shell Tameer engaged around 200 students in workshops focused on entrepreneurship and the business model canvas at various educational institutes and incubation centers across Lahore, Karachi, Jamshoro and Faisalabad.
SPL remains committed to operational excellence, safety performance, strengthen its financial position, and play a responsible role in society.
IMC honors olympian Arshad Nadeem with Toyota Fortuner GRS
The groundbreaking Olympic gold win by Pakistan’s very own trailblazing javelin thrower, Arshad Nadeem at the Paris Olympics, has sent the country abuzz and jubilant. The epic 92.97-meter throw has made sport history, shattering the over 100-year Olympic record.
Indus Motor Company Limited (IMC), as part of Toyota’s global Start Your Impossible campaign, showcases the power of local communities rallying behind their athletes and emphasizes Toyota’s belief that no journey is taken alone, remains committed to supporting Pakistani talent and promoting sports across the country.
Since 2023, IMC has proudly stood behind Arshad Nadeem as he worked tirelessly to reach for the stars. His recent success at the Paris Olympics 2024 has brought immense pride to the nation and IMC is honored to celebrate his achievements with everyone.
To laud the young Olympian’s heroic victory, Indus Motor Company (IMC) presented Arshad Nadeem with its top of the line “Make in Pakistan” Toyota Fortuner GRS, as a gesture of appreciation, at a ceremony at its manufacturing facility in Karachi, with Mr. Muhammad Saleem Rajput, Secretary of Excise, Taxation, and Narcotics Control Department – Government of Sindh, along with the company’s 3,000+ workforce had gathered to give him a warm welcome.
This gesture is announced as a recognition of Arshad Nadeem’s extraordinary contributions to sports and his relentless pursuit of excellence on the global stage, an exemplary case of building locally and winning globally.
IMC’s Chief Executive, Ali Asghar Jamali expressed, “We’re thrilled to have Arshad Nadeem here amongst us and the entire IMC team has turned up to catch a glimpse of their Olympic hero. His gold Olympic win is big news for Pakistan and taken the country by storm. Every Pakistani is absolutely overjoyed and there’s every reason, as what Arshad has achieved is no small feat on all counts. Our conviction to provide opportunities to emerging sportsmen has been a pillar of strength for many who have done Pakistan proud.”
He further shared, “Our Toyota Fortuner is a pure testament of believing in local and entrusting it to make a mark on the global front, just like Arshad Nadeem did. The Toyota Fortuner is known for its cutting-edge technology, superior performance, and reliability. This is a fitting reward for an athlete who embodies determination, resilience, and excellence. We wish Arshad the very best for the future.”
IMC’s social responsibility programme, Concern Beyond Cars, has a long-standing history of giving back to communities to help build a society that’s thriving, inclusive and one that leaves no one behind. Its drive to move people and empower them to take on impossible challenges remains strong and nothing embodies that spirit more than the Olympic Games and Paralympic Games. Over the years, IMC has supported karate champion Saadi Abbas and table tennis para champion Zainab Barkat, mountaineer Asad Memon for summiting Mount Denali, boxing champion Shahir Afridi, etc.
The “Make in Pakistan” Toyota Fortuner, known for its cutting-edge technology, superior performance, and reliability, is a fitting reward for an athlete who embodies determination, resilience, and excellence, just like Arshad Nadeem.
IBA Karachi, Bank Alfalah and Stanford Life Design Lab collaborate to foster design thinking in Pakistan
Institute of Business Administration (IBA), Karachi, and Bank Alfalah, partnered to introduce the Design Thinking Programme in Pakistan. In collaboration with Stanford Life Design Lab, this innovative initiative aims to equip management professionals and senior executives with the powerful tools and mindset of Design Thinking. The collaboration was officially launched at a curtain-raiser event held at the flagship Bank Alfalah Islamic Branch in Sky Tower, attended by key stakeholders from both organisations.
Design thinking is a methodology focused on understanding user needs, generating creative solutions, and developing prototypes, which has proven to be a catalyst for innovation and problem-solving. Organizations that embrace this methodology often witness significant improvements in revenue, customer satisfaction, and employee engagement.
Executive Director, IBA Karachi, Dr. S Akbar Zaidi expressed his enthusiasm for the collaboration and shared that “We are delighted to partner with Bank Alfalah and Stanford Life Design Lab to introduce Design Thinking to our students and the business community. This program will equip our graduates with the skills they need to become future leaders and innovators.”
Recognizing the transformative potential of Design Thinking, Bank Alfalah is spearheading this initiative by becoming the first organization in Pakistan to implement the program within its senior management. By partnering with IBA Karachi and leveraging Stanford Life Design Lab’s expertise, Bank Alfalah aims to foster a culture of innovation and enhance its ability to deliver exceptional customer experiences.
President and CEO, Bank Alfalah, Atif Bajwa stated “We are excited to collaborate with IBA and Stanford Life Design Lab to bring Design Thinking to Pakistan.” He expressed “This partnership aligns with our vision of driving innovation and creating customer value. By equipping our leadership team with Design Thinking skills, we are confident in our ability to stay ahead of the curve and deliver exceptional results.”
Group Head, Islamic Banking Group, Bank Alfalah, Dr. Muhammad Imran emphasized the importance of innovation in the banking industry, stating, “Design Thinking is a powerful tool that can help us better understand our customers’ needs and develop solutions that meet their expectations. We are committed to leveraging this methodology to create innovative financial products and services.”
This partnership between Bank Alfalah, IBA, and Stanford Life Design Lab marks a significant milestone in Pakistan’s journey towards a knowledge-based economy. This collaboration will contribute to the country’s economic growth and development by fostering a culture of innovation and creativity.
Celebrating Descon Engineering’s Excellence: Safe Completion of EnVen Project at EFERT
Descon Engineering has successfully completed the EnVen Project at the ENGRO Fertilizer Plant (EFERT) in Dharki, Pakistan.
In recognition of this accomplishment, senior management from EFERT, including Mr. Syed Shahzad Nabi (SVP Manufacturing), Mr. Muhammad Majid Latif (VP Technical), and Mr. Muhammad Nauman (GM Engineering Mechanical), visited Descon Headquarters. They were warmly received by Descon’s senior leadership, which included Mr. Taimur Saeed (CEO), Mr. Yasir Siddique (CFO), Mr. Muhammad Khawar Khan (CRCO), Mr. Anwar Ul Haq (President Industrial Services Division), Mr. Muhammad Kamran Riaz (Head Finance), and Mr. Shahzad Malik (Head Operations), along with other team members.
During the session, EFERT’s management commended Descon’s leadership, resilience, and exceptional teamwork, emphasizing how these qualities played a pivotal role in successfully overcoming numerous challenges during critical phases of the project. This recognition reflects Descon’s ability to navigate complex situations, maintain strategic focus, and deliver under pressure. This achievement highlights Descon Engineering’s strong dedication to upholding the highest standards in operational excellence, safety, and quality.
Mr. Shahzad Nabi (SVP Manufacturing) commented on exceptional management towards the challenges of the project by DEL. Furthermore, commenting on the achievement, Mr. Taimur Saeed, CEO of Descon, said: “The successful completion of the EnVen Project is a testament to the unwavering commitment and collaboration of our company. This project reaffirms our dedication to operational excellence and strengthens our partnership with EFERT.”
Bank Makramah forms strategic partnership with Avanza Solutions to empower future of banking with Novus Suite
Bank Makramah Limited (BML) has entered into an agreement with Avanza Solutions to further strengthen their digital transformation initiatives, showcasing their dedication to implementing cutting-edge technologies to enhance customer interactions and optimize business processes.
Under this partnership BML will benefit from Avanza’s leading Novus Suite platform. A signing ceremony was held at BML’s Head Office, Karachi in this regard, attended by President and CEO Jawad Majid Khan accompanied by Deputy CEO Farhan Baig and Head of ADC Ashfaq Naveed along with Avanza Solutions’ CEO Omer Ahmed Khan, CBO Jalil Ahmed Farooqui, COO Danish Farooque with other team members.
Avanza’s Novus Suite is a comprehensive, state-of-the-art solution designed to revolutionize digital banking operations. It integrates multiple core banking functionalities into a single, cohesive platform, providing financial institutions with the tools they need to stay ahead in a rapidly evolving industry. The Novus Suite is not just a product; it is a transformative solution that enables banks to deliver secure, efficient, and personalized services to their customers.
The recent upgrade at Bank Makramah incorporates several key components of the Novus Suite, including Enterprise Service Bus (ESB) — a robust middleware solution that enables seamless integration across various banking channels and systems, ensuring a smooth flow of data and communication. It also provides an advanced platform for the management of card issuance, personalization, and lifecycle management, enabling Bank Makramah to offer secure, flexible, and customized card services to its customers.
Furthermore, it offers a powerful switching solution that facilitates real-time transaction processing across multiple channels, including ATMs, POS, and online banking, enhancing the customer experience with faster and more reliable services. These features not only optimize Bank Makramah’s operations but also empower them to meet the growing demands of their customer base with enhanced security and efficiency.
Commenting on this momentous development, BML Deputy CEO Farhan Baig said, “At BML, our commitment to innovation and excellence drives us to continuously enhance the way we serve our customers. Upgraded integration of Avanza’s Novus Suite is a significant milestone in our digital transformation journey, we are not only optimizing our operations but also setting new standards for secure, efficient, and personalized banking services. This partnership empowers us to meet the evolving needs of our customers with agility and foresight, ensuring that Bank Makramah remains at the forefront of the banking industry.”
Avanza Solutions CEO Omer Ahmed Khan said, “The signing of Bank Makramah for our Novus Suite is a testament to Avanza’s commitment to delivering top-tier banking solutions. We are excited to see the transformative impact this upgrade will have on Bank Makramah’s operations and their ability to offer cutting-edge services to their customers.”
IBA-ADRIC hosts a seminar on ‘Pakistan’s ADR Renaissance’
Alternative Dispute Resolution International Centre (ADRIC), Institute of Business Administration (IBA), Karachi, in collaboration with the Commercial Law Development Programme (CLDP), US Department of Commerce successfully hosted a seminar titled ‘Pakistan’s ADR Renaissance’, at the City Campus. The event brought together distinguished legal experts, representatives from International ADR Centers, and key stakeholders to discuss the future of dispute resolution in Pakistan with a focus on mediation.
Director IBA-CEE and SIMI Accredited Mediator, Mr. Kamran Bilgrami, delivered the welcome address, setting the stage for an engaging session. He introduced IBA-ADRIC, and its initiatives, and expressed his gratitude towards Keynote Speakers: Hon’ble Senior Puisne Justice, Supreme Court of Pakistan, Syed Mansoor Ali Shah; Hon’ble Chief Justice, Sindh High Court, Muhammad Shafi Siddique; Hon’ble Justice, Lahore High Court, Jawad Hassan; and Hon’ble Justice, Islamabad High Court, MianGul Hassan Aurangzeb.
The mediators of the event, Mr. Bilgrami; and Head of Program & Partnerships, IBA ADRIC and SIMI Trained Mediator, Syed Bulent Sohail, engaged in a discussion on Mediation Landscape in Singapore: Opportunities and Future Prospects for Pakistan. Attorney Advisors, CLDP, US Department of Commerce, Eric Ives and Raquel Martinez, shared insights into the US government’s services and assistance to Pakistan’s ADR movement. This was followed by an enlightening discussion on Mediation by Legal Counsel, SIMC, Sidharth Jha. He conveyed warm regards from the Chairman SIMC, Mr. George Lim.
Executive Director IBA, Dr. S Akbar Zaidi delivered the executive address, offering encouragement and acknowledging the advancements IBA has made in ADR and its promotion in Pakistan. He emphasized that collaboration remains a central theme for IBA, and the Institute is committed to continuing its involvement in collaborative initiatives.
The second part of the seminar focused on a panel discussion titled ‘Bridging Borders: Enhancing International and Regional Connectivity for Economic Growth and Stability’. Mr. Sohail; and Assistant Professor Law, IBA, Ms. Mehreen Nazar moderated the session.
This session was conducted in a bi-panel, which included an engaging panel discussion on the challenges of mediation and the role that technology and digital infrastructure play in strengthening regional connectivity. The first bi-panel featured prominent experts from leading ADR centers in South Asia and Central Asia such as, Attorney Advisor US Department of Commerce, Grishma Pradhan; Managing Director of Case Management Department, AIFC Court & International Arbitration Centre, Almat Igenbayev; Partner Allen & Gledhill LLP, Singapore, Afzal Ali; Partner – Tokyo Head of International Arbitration, DLA Piper, Japan, Tony Andriotis; and Director & Secretary General, CCC-ICLP International ADR Center, Sri Lanka, Dhara Wijayatilake.
The second bi-panel featured the panelists, Senior Fellow, Center for Law & Religion, Emory University & Fulbright Specialist, Dr. Jo DeLaGarza-Chitlik; Vice Chairman Maldives International Arbitration Center, Aseel Hassan; Japan Representative, SIMC, Yuko Nitta; Chairperson, Chartered Institute of Arbitrators, Mian Sheraz Javaid; and Former General Secretary NEPCA, Nepal, Gyanendra Prasad Kayastha. The panel discussed practical ways to adopt and institutionalize mediation in Pakistan so that the law and dispute resolution mechanisms are galvanized to address the burgeoning impact of Alternate dispute resolution in Pakistan.
Secretary Law and Justice Commission, Pakistan, Ms. Riffat Inam presented a special address where she emphasized the practices that Pakistan is adopting for promotion of ADR in Pakistan. It was discussed that the Supreme Court has formed an active ADR task force the members of which are working diligently in promulgating a legal framework for mediation and ADR in Pakistan.
In his keynote address, Justice Jawad Hassan highlighted that Pakistan is on the right track in adopting ADR practices. During his recent visit to London, a leading jurisdiction in dispute resolution, he observed that Pakistan is making impressive progress in this area. This recognition from such a prominent legal center serves as evidence that Pakistan is advancing in its ADR efforts.
Justice Attique Shah informed the audience about the significance of ADR and its effective impact on reducing the caseload of the judiciary. He also emphasized the legal provisions of the ADR Act and their significance.
Justice Muhammad Shafi Siddiqui stressed the importance of focusing on all forms of ADR, not just mediation, especially given Pakistan’s significant case backlog. To effectively reduce this backlog, it is essential to leverage the full range of ADR techniques. He noted that Karachi has seen a decline in the use of mediation for dispute resolution between 2019 and 2023. Therefore, it is crucial to encourage parties and individuals to choose the ADR method that best suits their needs, rather than solely promoting mediation.
Justice Syed Mansoor Ali Shah commented on the ADR Renaissance theme and enlightened that various industries can be deduced under ADR for effective dispute resolution. He expressed that Pakistan should focus on keeping ADR as a desired dispute resolution mechanism.
The seminar concluded with closing remarks that reiterated the importance of ADR in Pakistan’s legal landscape. Mementos were distributed, symbolizing the collaborative spirit and shared commitment to advancing ADR practices in the country.
Zindigi, The King’s Trust International and PAGE expand ‘The Achieve’ initiative to empower girls across Pakistan
Zindigi — powered by JS Bank, The King’s Trust International, and the Pakistan Alliance for Girls Education (PAGE) have extended their efforts to empower young girls in Pakistan by signing a Memorandum of Understanding (MoU) to launch an expanded phase of “The Achieve Programme.” Achieve is a social and emotional learning Programme that aims to provide young girls in Pakistan with core life skills such as confidence, communication, problem solving and emotional resilience.
Building on the success of its initial pilot in 2023, the Pakistan chapter of “The Achieve Programme” has already empowered over 100 underserved girls from three schools in Islamabad and Swat. This next phase aims to broaden its impact, reaching out to an additional 200 young girls.
Speaking at the event, Asma Anwar, Head of CE, People & Culture at Zindigi, stated, “We are delighted to strengthen our collaboration with The King’s Trust International and PAGE Pakistan. This initiative aligns deeply with our mission to empower the youth of Pakistan, and we believe it will create a sustainable model that equips young girls with the education and skills they need to succeed.”
Fajer Rabia Pasha, CEO & MD of PAGE, added, “We are excited to bring the Achieve Programme to even more adolescent girls from marginalized backgrounds. With a concerning dropout rate of 10.5% for girls by grade 9, the need for such initiatives is critical. Our ongoing partnership with Zindigi and The King’s Trust International is expanding the opportunities available to these girls, ensuring they stay on the path to success and grow into the leaders of tomorrow.”
Wasim Malik, Head of Programmes – Asia and Middle East at The King’s Trust International, commented: “Launched with the support of Zindigi in early 2023, the Achieve pilot project has not only been successful in supporting young girls to (re)engage with the formal education, but it has also improved and equipped them with life skills. Out of those participants who were surveyed, 97% felt more comfortable in working with others, which promotes the essential life skill of teamwork. All the respondents felt an increase in their self-confidence, and strongly agreed that participating in Achieve has increased their willingness to attend school more regularly. Teachers reported a positive change in their teaching style.”
“On furthering their support, I express the deep appreciation of The King’s Trust International to the leadership of Zindigi – powered by JS Bank and our delivery partner organization, Pakistan Alliance for Girls Education. It is highly commendable to see the commitment which Zindigi and JS Bank are showing towards helping young girls to succeed in their education and careers. We see Zindigi, JS bank and Pakistan Alliance for Girls Education as steadfast long-term partners to expand and develop the programme to empower more girls across Pakistan,” added Wasim.
The extension of “The Achieve Programme” reflects Zindigi’s ongoing commitment to fostering entrepreneurship among Pakistan’s youth, with a particular focus on empowering young girls. By equipping them with essential skills and support, Zindigi is helping to cultivate the next generation of entrepreneurs, laying the foundation for their future financial success.
Governor Sindh visits IMC and lauds localisation achievements
Indus Motor Company (IMC) announced notable progress in the local auto industry, highlighting recent achievements in localization and international expansion. During a visit to IMC’s plant, Chief Executive Officer, Ali Asghar Jamali briefed the Governor of Sindh, Kamran Tessori, on the company’s advancements and future plans.
The Governor whilst on the company’s state-of-the-art manufacturing facility tour, was briefed on the latest production processes utilized, including the globally renowned Toyota Production System.
Indus Motor, one of the leading players in Pakistan’s automotive industry, has been the front-runner of the “Make in Pakistan” initiative, localization efforts in the country and a US$100 million investment for the introduction of the fuel efficient and environmentally friendly, 4th generation Corolla Cross, the country’s first locally manufactured HEV with the highest-ever local content in the SUV category.
The Governor, lauding IMCs contributions to the local auto industry, expressed, “It’s been a remarkable experience visiting Indus Motor and witness first-hand its modern plant that has set a benchmark in Pakistan’s automotive industry. The heavy capital and human resource investment speak volumes of the company’s focus on the quality and safety of its products. It’s no wonder that our people love and trust the Toyota brand. The company’s recent foray into export of “Make in Pakistan” Toyota vehicles and parts is commendable, one that firmly places Pakistan on the world map. The provincial government is keen to continue supporting initiatives that drive economic growth and also promote environmental responsibility not only in Sindh, but across the country.”, said the Governor, Kamran Tessori.
Ali Asghar Jamali welcomed the Governor and commended the government’s support, which has been pivotal in aiding the recovery of the auto industry through a challenging period. “We’re honoured to have the Governor visit us at the Plant and his presence reaffirms the government’s support for industrial growth. We are committed to contribute to the country’s economic development and have also recently exported our skilled human engineering talent to Japan. This exchange of knowledge and expertise not only benefits the individuals but also positions Pakistan as a hub of skilled labor in the global automotive industry.”
He highlighted the impressive 64% localization levels achieved by Toyota’s models’, with the Corolla range now boasting over 60% localization. He also added that, IMC has commenced the export of semi-processed raw materials to Egypt and vehicles to Oceanian countries, marking a significant milestone in Pakistan’s OEM export history.
Governor Sindh, Kamran Tessori, appreciated IMC’s contributions to the local auto industry, the national economy, and employment generation. He affirmed his commitment to supporting initiatives that foster the growth of the manufacturing sector and bolster Pakistan’s economic development.
EFU General partners with Faysal Bank to launch ‘Mehfooz Ghar Takaful Plan’
EFU General in collaboration with Faysal Bank Limited (FBL) is proud to announce the launch of the “EFU Mehfooz Ghar Takaful Plan,” a groundbreaking house Takaful plan designed to provide homeowners with unparalleled protection. This comprehensive Takaful plan covers the structure of the home, its contents, and even valuables, with coverage extending up to PKR 100 million, ensuring that homeowners are safeguarded against a wide range of risks and uncertainties.
The EFU Mehfooz Ghar Takaful Plan is tailor-made to address the unique needs of homeowners in Pakistan, offering them peace of mind by protecting their most valuable assets. This plan covers not only the physical structure of the home but also its contents such as furniture, electronics, and appliances, along with valuable items including jewelry and other personal belongings. Whether it’s damage caused by natural disasters such as floods or earthquakes, or incidents like fire, theft, or vandalism, the plan ensures that homeowners are fully protected.
One of the standout features of this Takaful plan is its affordability and flexibility, making it accessible to a broad range of customers. Homeowners can opt for coverage that fits their specific requirements and budget, while still enjoying the extensive protection offered by the plan. The Shariah-compliant nature of the plan ensures that customers can enjoy these benefits while adhering to their ethical and religious values.
The agreement was signed by Mr. Ahmed Anwar Hemani, Head of Retail Products & Wealth Management at Faysal Bank Limited, and Mr. Syed Salman Rasheed, Deputy Managing Director of EFU General – WTO. The event was attended by senior leaders from both organizations, including Mr. Fahad Khan, Head of Wealth Management and Priority Banking at FBL, and Muneeb Khan, along with Mr. Kamran Rashid, Executive Director from EFU General.
Syed Salman Rashid echoed these sentiments, saying, “We are proud to partner with Faysal Bank to launch a product that addresses a critical need in the market. With the EFU Mehfooz Ghar Takaful Plan, homeowners can feel confident that their homes, belongings, and loved ones are protected. We are committed to delivering exceptional service and ensuring that our customers feel secure in every aspect of their lives.”
The EFU Mehfooz Ghar Takaful Plan underscores the shared vision of EFU General and Faysal Bank to offer customer-centric, Shariah-compliant solutions that provide lasting value. This plan not only meets the immediate needs of homeowners but also aligns with the broader goals of fostering financial security, resilience, and inclusivity in Pakistan.