Mr. Waqas Ahmad, Chief Executive Officer of Pak-Qatar Family Takaful Limited Elected as Member, Executive Committee of the Insurance Association of Pakistan
Pak-Qatar Family Takaful Limited (PQFTL), a leading provider of Family Takaful solutions and part of Pak-Qatar Group, is pleased to announce that their Chief Executive Officer, Mr. Waqas Ahmad, has been elected as a member of the Executive Committee of the Insurance Association of Pakistan (IAP) for the year 2024-26.
This appointment marks a significant milestone for the Takaful industry in Pakistan, as it provides a platform for greater representation and growth opportunities within the insurance sector. Mr. Ahmad’s election to this prestigious position reflects his extensive experience and expertise in the Takaful and insurance industry, spanning over three decades.
Mr. WaqasAhmad expressed his enthusiasm about the new role, stating, “I am honoured to represent Pak-Qatar Family Takaful and the wider Takaful industry on the IAP Executive Committee. This position will allow us to contribute meaningfully to the development and promotion of Shariah-compliant Takaful solutions in Pakistan that are technologically driven, innovative and are customer focused.”
With his impressive track record in various domains, including life insurance/Takaful underwriting, product development, strategic partnerships, and digital transformation, Mr. WaqasAhmad is well-positioned to bring valuable insights to the IAP.This appointment is expected to strengthen the position of Takaful in Pakistan’s financial landscape and promote greater awareness and adoption of innovative Shariah-compliant Takaful solutions. It aligns with PQFTL’s vision of driving innovation and delivering value through the use of technology to all stakeholders in the Islamic financial sector.
IAP was established in 1948 and it is a dynamic and vision driven association that represents the insurance and Takaful industry of Pakistan. The Association is licensed from the Ministry of Commerce, is registered with the Securities and Exchange Commission Pakistan as a section 42 trade association and is member of the Federation of Pakistan Chambers of Commerce & Industry. IAP strives to promote, support and protect the status, common interest and welfare of companies carrying on the business of insurance and Takaful in Pakistan.
NBP won the ADB Disability Inclusion Champion Award 2024
National Bank of Pakistan has won the prestigious Disability Inclusion Award 2024 from the Asian Development Bank (ADB). This is a historic moment, as NBP is the first bank from Pakistan to receive this award, competing against top banks from Asia and the Pacific. This achievement positions NBP as a leader in disability inclusion, both nationally and internationally. The commitment from NBP’s BoD, the President, HRMG, and group chiefs is commendable and reflects the organization’s ongoing dedication to fostering an inclusive workplace for all.
Mr. Mirza Muhammad Asim Baig, Group Head HRMG, received this distinguished award on behalf of NBP at a grand ceremony in Singapore. The bank’s exemplary efforts in creating a barrier-free environment, implementing inclusive policies, and empowering employees with disabilities have earned it this significant recognition and are a testament to NBP’s commitment to leading the way in inclusion.
The award acknowledges our efforts in creating an inclusive and accessible environment through employing 169 individuals with disabilities, the highest in Pakistan’s banking sector, establishing model branches with full accessibility features, implementing inclusive policies and training programs, and setting a benchmark for diversity.
These dimensions highlight the bank’s ongoing commitment to being a leader in disability inclusion and its efforts to create meaningful change for employees with disabilities.
NIC Karachi Welcomes 37 Startups for Cohort 12, Driving Innovation with Strategic
Industry Partners
NIC Karachi is thrilled to announce the commencement of its Cohort 12, welcoming 37 promising startups into its incubation program. Following a rigorous selection process that saw over 400 applications and 112 pitches, NIC Karachi, managed by Lucky Landmark Pvt. Ltd. (part of YBG) in partnership with LMKT and Acceleration Partner – Orbit Startups, is set to empower these selected startups on their innovation journey.
Funded by Ignite – National Technology Fund, NIC Karachi continues to stand as Pakistan’s largest incubation centre and startup accelerator. Over the past six years, NIC Karachi has incubated startups that have created over 1 million jobs, generated more than PKR 8 billion in revenue and raised over PKR 9 billion in investment. With Orbit Startups, one of the leading international VC firms operating in Pakistan, the 12th cohort will benefit from enhanced mentorship, capacity-building initiatives and greater access to capital, ensuring these startups are well-equipped to scale locally and internationally.
Atif R. Khan, CEO of LMKT, shared his thoughts, saying, “We are excited to embark on this new journey with our Cohort 12 startups. As LMKT holds the largest incubation footprint in Pakistan, our commitment to fostering innovation remains stronger than ever. Through our collaboration with Lucky Landmark and Orbit Startups, we are elevating NIC Karachi to even greater heights. This cohort will have access to enhanced mentorship and funding, preparing them to thrive in both local and international markets.”
Abdul Sattar Jumani, CEO of Yunus Energy Pvt. Ltd. (YBG), emphasized YBG’s role in fostering innovation, stating, “YBG’s vision is to create meaningful economic impact, through our involvement with NIC Karachi, we are extending this mission to Pakistan’s vibrant startup ecosystem. We look forward to closely supporting these emerging startups, offering them the resources and guidance needed to drive breakthrough innovations, particularly in Industrial Automation, FinTech, and Cybersecurity.”
Adeel Sheikh, CEO of Ignite, commented on the significance of this collaboration, saying, “Ignite is proud to continue supporting National Incubation Centers across Pakistan, with NIC Karachi being a flagship in the entrepreneurial ecosystem. Cohort 12 reflects our dedication to nurturing the next generation of innovative leaders. We are thrilled to witness the strong collaboration between our partners – Lucky Landmark, LMKT, and Orbit Startups – in advancing this shared vision.”
Mian Zahid suggests tax system reforms and digitalisation to strengthen economy
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, said on October 2 that the country’s economy is becoming stable day by day due to the support of the government and SIFC.
Exports, remittances, foreign exchange reserves, and investor confidence are increasing while inflation, interest rates, and unemployment are decreasing, he said.
Mian Zahid Hussain said that the rupee’s value is stable, and fears of a drop of up to Rs 75 per dollar have died down.
Talking to the business community, the veteran business leader said that the stock market is growing rapidly, which is a positive sign.
The business leader stated that it is now necessary to address the FBR’s revenue shortfall. Authorities should accept the challenge of reducing the size of the undocumented economy.
He claims that the IMF has indicated that the GDP rate will be higher than three percent and that lowering electricity prices to nine cents and the markup rate to a single digit is necessary to increase Pakistan’s exports and reduce the trade deficit.
He pointed out that since increased tax collection will lessen the debt load, all stakeholders must join hands to shrink the undocumented economy.
According to Mian Zahid Hussain, the lack of trust between the public and tax collection agencies is the primary cause of the documented economy’s shrinkage and the undocumented economy’s growth.
There should be no need for human contact between tax collector and taxpayer. A report by Lums reveals that taxpayers, tax collectors, and tax practitioners share Rs 38 out of every Rs 100 collected for the exchequer, leading to a significant reduction in revenue.
In order to restore public confidence in the tax collection agencies, he demanded a tighter accountability system.
Apart from this, the tax system should be simplified and government spending should be controlled because taxpayers believe their money is being spent on non-developmental projects without a return.
Mian Zahid Hussain emphasised that digitisation can play a fundamental role in expanding the size of the document economy. Pakistan has consistently lacked sustainable economic stability due to a lack of serious efforts, but this trend can no longer persist.
Mian Zahid Hussain stated that according to the World Bank’s 2022 report, Pakistan’s black economy is $457 billion annually. According to the actual size of Pakistan’s economy, tax revenue can be at least 18 thousand billion rupees annually, which needs to be addressed so that Pakistan can stand on its own.
About 75 per cent of Pakistan’s labour works in the undocumented sector of the economy, and the spread of the black economy affects the documented economy; if this continues, the country’s economy will not be able to run properly, he warned.
IBA and ministry of energy launch key session on power sector reforms
Institute of Business Administration (IBA), Karachi and the Ministry of Energy (Power Division) co-hosted an event, where the first keynote session for the Pakistan Power Reforms Project commenced. The session was organised by School of Business Studies (SBS), IBA. Students, faculty, economists, media and general audience attended the enlightening address.
The Federal Minister for Power, Sardar Awais Ahmad Khan Laghari gave a keynote address, identifying the fault lines, and a clear roadmap for reforms that can improve efficiency of the power sector, catalyzing industrial, and economic growth in the process. The keynote was followed by a discussion with the Minister, and Executive Director, IBA, Dr. S Akbar Zaidi as panelists and Entrepreneur, Mr. Junaid Iqbal, as the moderator.
The Minister emphasised that structural reforms are complex, with results expected in a few months. The Power Division is focused on enhancing governance in distribution companies and transforming transmission infrastructure to boost efficiency and reduce losses. Additionally, plans are underway to stimulate industrial demand and accelerate economic growth.
Discussing the issue of tariffs, he highlighted that front-loaded debt repayments contributed significantly to capacity charges, and addressing the same through various policy levers can result in rationalised prices across the board. Moreover, it’s extremely important that we actively move towards a competitive market regime, where electrons can be traded between buyers, and sellers, such that efficiency is rewarded, moving away from a cost-plus regime focused on a single-buyer model.
The Minister announced a forthcoming policy to promote Electric Vehicle (EV) adoption, especially for 2-wheelers and 3-wheelers, which will boost electricity demand, lower transport costs, and reduce fuel imports. He noted that Pakistan has one of the world’s cleanest energy mixes, with over 55% of electricity from clean sources, projected to exceed 70% in a few years. Additionally, nearly 75% of electricity comes from indigenous sources, expected to rise above 90% soon.
Following the session an engaging Q&A followed.
The event concluded positively, emphasizing a reform agenda aimed at improving governance and efficiency in electricity generation, transmission, and distribution. This is expected to lower electricity prices and stimulate industrial and economic growth.
Pak-Qatar Family Takaful Limited Achieves AM2 Rating from PACRA
Pak-Qatar Family Takaful Limited (PQFTL), a leading and pioneer provider of Family Takaful solutions in Pakistan and part of Pak-Qatar Group, has been assigned the Asset Manager rating of AM2 as Pension Fund Manager with stable outlook by The Pakistan Credit Rating Agency Limited (PACRA). This prestigious rating reflects PQFTL’s strong market position, financial stability, and commitment to innovation in Islamic financial services.
PQFTL has consistently maintained its market share in the Takaful sector, leveraging its substantial investment portfolio and stable income streams. The company’s financial strength is further evidenced by its Insurer Financial Strength (IFS) rating of A++ with stable outlook from PACRA. In a pioneering move, PQFTL has expanded its services by acquiring a Pension Fund Manager license from SECP, launching the Pak-Qatar Islamic Pension Fund (PQIPF) in December 2022.
The Islamic Pension Fund industry in Pakistan has shown significant growth potential, with an AUM of PKR 39 billion as of December 2023. PQFTL is well-positioned to capitalize on this expanding market, supported by favorable government policies. The company has implemented a comprehensive risk management framework integrated across all operations, ensuring strong internal controls and compliance.
On this occasion, Mr. Waqas Ahmad, CEO of PQFTL expressed enthusiasm in his statement, “We are pleased to receive the Asset Manager rating of AM2 as Pension Fund Managers from PACRA, which reflects our commitment to providing technologically innovative Takaful solutions to our customers and bringing excellence to their experience with us. This not only validates our strong market position as the first Takaful operator to introduce pension fund in Pakistan but also reinforces our dedication to providing Shariah-compliant financial solutions.”
The Asset Manager rating (AM2) emphasizes on PQFTL’s ability to maintain strong performance while expanding its market presence as a Takaful Operator and Pension Fund Manager. The company remains focused on enhancing profitability and maintaining a strong market position, further strengthening its role as a key player in Pakistan’s Islamic financial services sector.
NBP launches easy loan facility ‘Cash N Gold’ to meet customer needs
National Bank of Pakistan introduces its latest service, “NBP Cash N Gold,” offering a seamless way for customers to obtain quick loans against their gold items. With the promise of easy terms, minimal paperwork and competitive processing, NBP provides a hassle-free experience for those in need of immediate funds.
Customers can borrow up to 70% of their gold’s value, ensuring they meet their financial obligations without difficulty. With a commitment to delivering exceptional services, NBP continues to cater to the evolving needs of the Pakistani public.
German Consul General praises transformative impact of Thar coal project
Dr. Rüdiger Lotz, the German Consul General, recently visited Thar Coal Block II in Pakistan’s Tharparkar district to observe the operations of the Sindh Engro Coal Mining Company (SECMC), the 660 MW Engro Powergen Thar Limited (EPTL) power plant, and the community development programs led by the Thar Foundation, the CSR wing of Block II entities.
The visit showcased the operational success of the mine-mouth power plant, which supplies affordable electricity to the national grid, and highlighted the Thar Foundation’s holistic approach to uplifting local communities through investments in healthcare, education, women’s empowerment, and sustainable infrastructure.
During the visit, Dr. Lotz toured several Thar Foundation initiatives, gaining a deeper understanding of their positive impact on the local community. At the Thar Foundation School, he met with students and teachers, expressing his admiration for the quality of education provided. He also visited the Government Polytechnic Institute (GPI) in Mithi, where he interacted with female students enrolled in the DAE (Diploma of Associate Engineering) mining programme, which is supported by Thar Foundation scholarships. While there, he inaugurated a “Tailoring & Dressmaking” unit.
The Consul General also visited mobile clinics and the Thar Foundation hospital, commending the healthcare services available to the local community. Additionally, he toured cultural heritage sites such as Gori Mandir and Marvi Well and participated in a tree plantation activity, recognising the efforts to make Thar green. At a Reverse Osmosis (RO) unit, he interacted with female operators and distributed certificates to newly trained staff. At the mine site, Dr. Lotz engaged with female dumper drivers, appreciating the initiative aimed at empowering local women in the workforce.
Reflecting on his visit, Dr. Lotz said, “What I witnessed in Thar is truly remarkable, especially in terms of community development. The public-private partnership here is creating real, lasting value for both the country and its people.”
Nadir Salar Qureshi, CEO of Engro Energy Limited, thanked the German Consul General for his visit and emphasized the importance of international collaboration in showcasing the progress made in Thar. “The Thar Coal Block II projects are delivering affordable and reliable electricity to the national grid, demonstrating the power of public-private partnerships in fostering sustainable development. We are deeply grateful to the Government of Sindh and our other partners for their continued support, by prioritising both energy security and the community wellbeing, we are committed to enable the prosperity of the nation” he stated.
Amir Iqbal, CEO of SECMC & Thar Foundation, echoed these sentiments, saying, “We are honoured to host Dr. Lotz and look forward to welcoming more international diplomats to witness the transformative impact Tharparkar is having on Pakistan’s development.” He further emphasized the potential of collaboration with global advanced economies like Germany, noting, “Such partnerships are crucial for transferring technical knowledge, skills development, and empowering local communities, while enhancing Pakistan’s standing as a global partner in energy and economic progress.”
Challenges ahead: Mian Zahid Hussain on implementing IMF conditions for recovery
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, said on September 30 that Pakistan will receive a seven billion dollar loan from the IMF over 37 months.
The loan has an interest rate of less than five percent, and paying the first installment of one billion dollars is a pleasant experience.
Mian Zahid Hussain said that now it will be possible for Pakistan to get cheap loans from the global financial market, which will significantly reduce Pakistan’s debt servicing burden, which has reached ten thousand billion rupees annually.
Speaking to the business community, the veteran business leader stated that the government is taking the necessary steps to meet the IMF’s goals, including abolishing or merging some federal ministries. The Federal Minister of Finance has recently announced a reduction in government expenditure.
He added that the IMF’s conditions also include the elimination of losses in the electricity and gas sectors, an increase in the tax base, and the privatisation of public companies that are losing money.
The business leader stated that implementing these conditions is not easy, but it will improve the situation, whereas failure to do so may worsen it.
According to him, Pakistan’s problem is declining tax collection and rising government expenditure, which necessitates serious efforts.
Mian Zahid Hussain said that the government should now strictly deal with tax defaulters because the burden of direct taxes on the public has been steadily increasing and there is no longer room for further tax hikes.
He said that new measures are also necessary for recoveries. Government expenditure, which includes debt and interest payments, defence expenditure, development expenditure, subsidies, salaries, pensions, and so on, is much higher than its total revenue, resulting in a budget deficit.
Mian Zahid Hussain said that taking loans to cover this deficit is no longer feasible and that one of the main reasons for the flight of capital, industries, and experts from the country is our cruel tax system, which the taxpayers are unwilling to accept.
Loss of revenue discourages taxpayers and makes people reluctant to pay taxes, which increases the size of the underground economy and decreases the size of the formal economy.
Mian Zahid Hussain said that the government is trying to reduce the tariff of IPPs, which benefits everyone. He further noted that many IPP owners are not willing to cooperate with the government despite earning huge profits compared to their investment and looting trillions of rupees through all kinds of illegal and unethical tactics, for which the government will have to apply pressure; otherwise, the electricity tariff could not be reduced.
Local cement despatches continues to shrink at -18%
Consequent to increased cement prices due to irrational taxation, coupled with low demand, local despatches further reduced by 18% and now stands at level of 2017.
Cement despatches declined by 5.63% in September 2024. Total Cement despatches during September 2024 were 3.540 million tons against3.751 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 September 2024 were2.650 million tons compared to 3.233 million tons in September 2023, showing a decline of 18.02%. On exports side, despatches increased by 71.52% as the volumes jumped from 570,692 tons in September 2023 to 978,871 tons in September 2024.
In September 2024, North based cement mills despatched 2.407 million tons cement showing a decline of 12.78% against 2.759 million tons despatches in September 2023. South based mills despatched 1.246 million tons cement during September 2024 that was 14.23% more compared to the despatches of 0.992 million tons during September 2023.
North based cement mills despatched 2.222 million tons cement in domestic markets in September 2024 showing a decline of 15.51% against 2.630 million tons despatches in September 2023. South based mills despatched 470,931 tons cement in local markets during September 2024 that was 28.95% less compared to the despatches of 662,786 during September 2023.
Exports from North based mills increased by 42.93% as the quantities increased from 142,226 tons in September 2023 to 203,280 tons in September 2024. Exports from South also increased by 81.02% to 775,591 tons in September 2024 from 428,466 tons during the same month last year.
During the first three months of current fiscal year, total cement despatches (domestic and exports) were 10.269 million tons that is 13.59% lower than 11.885 million tons despatched during the corresponding period of last fiscal year.
Domestic despatches during this period were 8.130 million tons against 10.133 million tons during same period last year showing a reduction of 19.78%. Export despatches showed 22.19% growth as the volumes increased to 2.140 million tons during the first three months of current fiscal year compared to 1.751 million tons exports done during same period of last fiscal year.
North based Mills despatched 6.863 million tons cement domestically during the first three months of current fiscal year showing a reduction of 17.65% than cement despatches of 8.333 million tons during July-September 2023. Exports from North increased by 18.42% percent to 507,101 tons during July-September 2024 compared with 428,235 tons exported during the same period last year. Total despatches by North based Mills reduced by 15.88% to 7.370 million tons during first three months of current financial year from8.762 million tons during same period of last financial year.
Domestic despatches by South based Mills during July-September 2024 were 1.267 million tons showing reduction of 29.63% over 1.8 million tons cement despatched during the same period of last fiscal year. Exports from South increased by 23.42% to1.632 million tons during July-September 2024 compared with 1.323 million tons exported during the same period last year. Total despatches by South based Mills reduced by 7.16% to 2.9 million tons during first three months of current financial year from 3.123 million tons during same period of last financial year.
A spokesman of All Pakistan Cement Manufacturers Association mentioned that it the fourth straight month in which we are experiencing decline in cement despatches. He expressed disappointment on the trend and said that industry is on the verge of a crisis due to continuous downfall in its capacity utilization. “If the government gives relief in duties and taxes to curb the cost of production, it canboost the domestic demand and will also make our product competitive in international markets, enabling us to tap more opportunities to earn foreign exchange for the country,” he added.