First in Pakistan: Dr. Ruth Pfau Hospital Wins SafeCare Award
The Dr. Ruth Pfau Civil Hospital in Karachi has made history as the first public sector institution in Pakistan to be awarded the prestigious international SafeCare certification for its Children’s Emergency Room. This landmark achievement highlights the Government of Sindh’s unwavering commitment to enhancing healthcare standards and providing top-notch medical services for the children of the province.
The Children’s Emergency Room, managed by ChildLife Foundation, has achieved Level 5 status, reflecting the highest quality standards as per SafeCare’s rigorous evaluation criteria. This certification serves as a testament to the dedication and hard work of the exceptional healthcare team, alongside the continuous support from the Ministry of Health, Government of Sindh.
With this certification, the Government of Sindh reaffirms its vision to elevate the quality of healthcare in Pakistan, particularly in pediatric emergency services. This achievement is not only a significant milestone for Dr. Ruth Pfau Civil Hospital but also a beacon of hope for millions of children who rely on emergency medical care.
In partnership with the government, ChildLife Foundation treats 2 million children annually through Emergency Rooms and Telemedicine Satellite Centers across more than 300 public sector hospitals in Pakistan, operating 24/7 and free of charge.
The SafeCare certification, an initiative of PharmAccess (Netherlands), Joint Commission International (JCI), and COHSASA, sets internationally accredited standards designed to enhance healthcare quality. The recognition of Dr. Ruth Pfau Civil Hospital’s Children’s Emergency Room underscores the commitment to delivering exceptional healthcare services.
This remarkable achievement is a step forward in strengthening the partnership between ChildLife Foundation and the Government of Sindh to further enhance child health services across the province.
CDC with top AMCs and brokerage houses holds Investor Weekend
With the support and guidance of the Securities and Exchange Commission of Pakistan, Central Depository Company (CDC), in collaboration with leading AMCs and Brokerage Houses of Pakistan, has organised a 3-day long “Investor Weekend 2024” event at Dolmen Mall Clifton, Karachi from October 11 to 13, 2024.
CDC has especially organised the event to mark the World Investor Week 2024, a global initiative organised by the International Organisation of Securities Commissions (IOSCO), dedicated to promoting investor education and protection.
The event opened by Mr. Abdul Rehman Warraich – Commissioner SECP, Mr. Mujtaba Ahmad Lodhi – Commissioner SECP, Mr. Farrukh H. Sabzwari – Chairman CDC, Mr. Badiuddin Akber – CEO CDC along with representatives of top asset management companies, stock brokers companies and other financial institutions.
The entire ground floor arena of Dolmen Mall Clifton will showcase capital market participation led by CDC and SECP along with leading Asset Management Companies and Brokerage Houses, all of whom will share their expert insights and experiences with the public to assist them in making safe and informed investment decisions, thus promoting the investment culture in Pakistan.
The participating organisations include ABL Funds, AKD Securities, Al-Habib Funds, Al-Meezan Investment Management Limited, Atlas Asset Management, Faysal Funds, HBL Asset Management Limited, MCB Funds, Pakistan Mercantile Exchange (PMEX), Trust Securities and Brokerage Limited, UBL Funds and WE Financials. CDC has invited masses to attend the event for learning key information on diverse investment avenues and how to actively participate in the financial market by making smart and informed investments.
Engro Fertilizers UgAi app helps farmers with direct purchasing, advanced technologies
Engro Fertilizers has launched “UgAi”, the first integrated agri e-commerce platform of Pakistan, to offer farmers relief by enabling direct purchase of fertilizers at official prices from the Company. In the first phase, the free UgAi app has been launched for farmers in Sindh, with plans for a nationwide rollout in the near future.
With the UgAi app, Engro Fertilizers will deliver fertilizers straight from its warehouses to farmers, tailored to their farms’ size and specific needs. As a result, farmers will benefit from uninterrupted availability of fertilizers, reliable product quality, and convenient delivery. In addition to its direct purchasing feature, UgAi also integrates advanced drone technology and satellite imagery to monitor crops with precision, reduce input costs and improve crop yield.
Sardar Mohammad Bux Khan Mahar, Minister Agriculture Department – Sindh, graced the UgAi launch event as the chief guest. The event was also attended by guest of honor Rafique Ahmed Buriro – Secretary to Government Sindh Agriculture, Supply & Prices Department, senior members of the farming community and Engro Fertilizers officials.
At the inauguration, Sardar Mohammad Bux Khan Mahar commended Engro Fertilizers for this new initiative that has set new standards for the country’s farming community. He highlighted that the UgAi app will support efforts to overcome the challenges of artificial shortages, price distortion in the value chain and counterfeit products that adversely impact the farmers.
Rafique Ahmed Buriro highlighted the critical need for digitization to ease the burden on farmers and enhance their efficiency. He emphasized that this innovation would introduce cutting-edge practices, elevating Pakistan’s agricultural sector to global standards.
Addressing the audience, Ali Rathore – CEO of Engro Fertilizers, reaffirmed the Company’s commitment to supporting Government initiatives that uplift farmers and enhance Pakistan’s food security. He stated that Engro Fertilizers has been at the forefront of launching innovative initiatives that benefit the farming community. UgAi is a key step in the same direction as it will potentially transform agriculture in Pakistan through improved crop management and modernised farming practices. He added that UgAi provides a comprehensive solution for farmers by integrating real-time data on crop health and soil conditions, empowering them to make informed decisions and maximize crop yields.
AKUH Clifton Medical Services Sets New Standard with SHC Licence
The Aga Khan University Hospital’s (AKUH) Clifton Medical Services (CMS) formally received the Sindh Healthcare Commission Licence on October 4, 2024.
The recognition underscores AKUH’s commitment to enforcing the Sindh Service Delivery Standards (SSDS) and delivering healthcare services that meet global standards. CMS is AKUH’s flagship outpatient medical center in Clifton, Karachi and is also JCI and CAP accredited.
The event was attended by key figures from AKUH and Sindh Healthcare Commission including the CEOs of both organisations and their teams.
Dr. Farhat Abbas, CEO of AKU Health System emphasised the importance of SHC certifcation, stating, “Today’s milestone is another reminder of our mission to ensure quality is at the centre of our healthcare delivery. We are proud of our team’s commitment towards excellence and compassionate care.”
At the event, the Sindh Healthcare Commission CEO, Dr. Ahsan Qavi Siddiqi stressed on the importance of introducing system-based policies and procedures that ensure the highest standards of quality and patient safety.
This license not only reaffirms AKUH’s mission to offer the highest quality of service but also represents a step forward in enhancing healthcare delivery for every community and geography we serve.
AKUH named ‘Best Hospital’ President Zardari presents award
The Aga Khan University Hospital (AKUH) has been honoured with the prestigious ‘Best Hospital of the Year Excellence Award’ at the 12th Federation of Pakistan Chamber of Commerce & Industry (FPCCI) Achievement Awards.
The award was presented by the President of Pakistan, Asif Ali Zardari, to the AKUH, Pakistan CEO, Dr Farhat Abbas, T.I., S.I., at an award ceremony held in Islamabad on Tuesday, 8 October 2024.
Expressing his gratitude on the occasion, Dr. Farhat Abbas, CEO of AKU Health Services, Pakistan, said, “I am deeply thankful to our faculty and staff for their unwavering dedication to serving our patients. Our chancellor’s vision and our teams’ tireless efforts have elevated AKUH into a leading and one of the most trusted healthcare systems in Pakistan.”
The Aga Khan University Hospital’s dedication to maintaining the highest standards in healthcare has been validated by numerous national and international accreditations, including the Joint Commission International (JCI), College of American Pathologists (CAP), SafeCare Level 5 Certification, and the Sindh Healthcare Commission License. These accolades underscore AKUH’s commitment to delivering healthcare that not only meets but surpasses global standards.
Jubilee Life Insurance with PFN to Sponsor Next Three Pakistan Insurtech Summits
Jubilee Life Insurance, Pakistan’s largest private insurer, recently signed an MOU with the Pakistan Fintech Network (PFN) for sponsorship of the upcoming Pakistan Insurtech Summits in 2024, 2025, and 2026. The annual Pakistan Insurtech Summit aims to drive innovation in the insurance sector, bringing together the key stakeholders in the sector and focusing on how technology can transform insurance services across Pakistan.
The 2nd Pakistan Insurtech Summit will take place in November 2024, at Karachi following a theme of “Transforming Pakistan’s Insurance Landscape: Synergy of Tech, Partnership and Policy” where industry professionals will come together to shed light on various pressing issues concerning the industry right now. The third and fourth Pakistan Insurtech Summit are slated to take place in 2025 and 2026 respectively. Each summit will gather key industry players, insurers, regulators, and tech innovators to explore how digital platforms, technology and innovation can revolutionize the insurance industry. Jubilee Life’s sponsorship of the flagship event resonates with its overarching goal of facilitating improvements to the field of insurance through the use of latest technological innovations.
Mr. Farhan Faridi, Group Head – Retail Operations, Marketing, and Admin at Jubilee Life Insurance, shared his thoughts on the partnership stating, “Jubilee Life has always been committed to advancing innovation in the insurance sector. Our collaboration with Pakistan Fintech Network for the Insurtech Summits demonstrates our vision of a future where technology plays a pivotal role in making insurance more accessible, efficient, and customer-centric. We are proud to be the driving force behind such an important industry event.”
Mr. Fahad Sajid, CEO of Pakistan Fintech Network, expressed his enthusiasm for the partnership, noting, “We are thrilled to have Jubilee Life Insurance on board as the title sponsor for the Pakistan Insurtech Summits. Their involvement underscores the importance of collaboration between financial institutions and the fintech ecosystem to drive the future of Insurtech in Pakistan. These summits will be instrumental in connecting innovators with industry leaders to create sustainable growth for the insurance sector.”
The Pakistan Insurtech Summit serves as a platform to discuss emerging technologies, exchange ideas, and build collaborations that will shape the future of insurance in Pakistan. The event highlights how digital platforms, AI, and analytics can improve efficiency, enhance customer experience, and enable better risk management across the industry.
New era of collaboration: Bahra Electric and Pakistan Cables to boost industiral growh
Bahra Electric and Pakistan Cables Limited signed a Memorandum of Understanding to strengthen partnerships between the two organisations ushering a new era for collaboration in the industrial and energy sectors between the Kingdom of Saudi Arabia and Pakistan. The MoU was signed by Mr. Kareem Idriss, Deputy Chief Executive – Bahra Electric and Mr. Fahd K. Chinoy, CEO – Pakistan Cables at a signing ceremony in Islamabad on October 10, 2024.
The value of the MoU is estimated to be up to USD 100 million and is anticipated to contribute towards the strong economic relation between both the countries.
This was one of several MoUs signed during the visit of a Saudi delegation led by Honourable Mr. Khalid Bin Abdulaziz Al-Falih, Minister of Investment, Kingdom of Saudia Arabia.
The two sides agreed that Bahra Electric and Pakistan Cables will collaborate to develop electrical products for the energy sector, strengthen capabilities and supply chain resilience, and widen distribution networks. The two sides would continue to view the relationship between Bahra Electric and Pakistan Cables from a strategic and a long-term perspective, take effective measures to accelerate industrial development in the engineering and energy sectors, promote economic development and work together to jointly foster regional collaboration, and contribute towards building closer Pakistan-Saudi business relations.
Bahra Electric is amongst the world largest cable manufacturers and is the fastest growing cable manufacturer in Saudi Arabia. Bahra Electirc boasts a wide product portfolio to serve the construction, electric utilities, distribution, industrial, oil & gas, and petro chemical sectors in Saudi, GCC and International Markets.
Pakistan Cables, is the pioneer of wires and cables industry in Pakistan. With an impressive history of over 7 decades, Pakistan Cables has the largest retail network in Pakistan across over 200 cities and town. It has recently enhanced capacity and added backward integration through its recent expansion in a world class modern manufacturing facility spread over 42 acres of land in Nooriabad, Sindh.
“We are very pleased today about the signing of the Memorandum of Understanding between Bahra Electric and Pakistan Cables which should pave the way for a comprehensive partnership. We see a fantastic window of opportunity for both the countries by leveraging on such partnerships which are critical to address rapid infrastructure developments for upgrading electrical grids and for liveable, sustainable, and smart cities. The objective of the MoU is to develop solutions for emerging energy market needs through globally recognised products and technologies and through improved industrial and business cooperation between our two countries.”, said the two companies in a joint statement.
Fatima Fertilizer and ZTBL in deal to Enhance Financial Access for Smallholder Farmers
Fatima Fertilizer Company Limited and Zarai Taraqiati Bank Limited (ZTBL) have entered into a groundbreaking partnership to promote financial inclusion and support for smallholder farmers in Pakistan. This collaboration aims to integrate farmers into the formal financial system while providing them with essential agricultural resources and innovative solutions to enhance productivity and livelihoods. This is the first-of-its-kind agreement in the industry, pioneering a new way forward for agricultural financing and farmer empowerment.
The MOU was formally signed by Mr. Asad Murad, Chief Operating Officer of Fatima Fertilizer Company Limited, and Mr. Tahir Yaqoob Bhatti, President & CEO of ZTBL. The ceremony, attended by senior officials from both organizations, marked a significant step toward empowering farmers and addressing Pakistan’s agricultural challenges.
Mr. Asad Murad, Chief Operating Officer of Fatima Fertilizer Company Limited, emphasized the importance of the partnership, stating, “This MOU strengthens our mission to provide smallholder farmers with the tools they need to improve productivity and contribute to Pakistan’s food security. By combining our innovative solutions with ZTBL’s financial services, we are not only empowering farmers but also pioneering our way ahead in sustainable agricultural practices across the country.”
Representing Fatima Fertilizer at the signing were Ms. Rabel Sadozai, Director Marketing & Sales; Mr. Usman Arshad Mian, Head of Planning & Business Integration; Mr. Raja Shakir Khan, Manager Planning & Business Integration; Mr. Hessan Amin, Lead Digital Projects; and Mr. Abdullah Khalid, Assistant Manager BI & Digitization.
Mr. Tahir Yaqoob Bhatti, President & CEO of ZTBL, echoed these sentiments, adding, “ZTBL is committed to empowering farmers through financial inclusion. This partnership with Fatima Fertilizer will not only provide smallholder farmers with the agricultural inputs they need but also offer them the financial support to grow and thrive.”
From ZTBL, the team included Mr. Zahid Hussain, Group Head Business; Mr. Sulman A. Shah, Head of Product Development & Liability Management Division; and Mr. Arshad Hassan Awan, Head Credit Division.
The MOU also underscores both companies’ shared commitment to promoting digital transformation in agriculture and creating sustainable growth opportunities for farmers across Pakistan, setting new benchmarks for the industry.
Pak-Qatar Asset Management announces dividend of PKR 1.1508 per unit for its Pak-Qatar Monthly Income Plan
Pak-Qatar Asset Management Company Limited (PQAMC) is a leading dedicated Islamic Asset Management Company in Pakistan, and part of Pak-Qatar Group, which is Pakistan’s Pioneer and Premier Islamic financial services group. PQAMC has recently announced the monthly dividend of Pak-Qatar Monthly Income Plan (PQMIP) under PQAMC’s Shariah-Compliant Income Fund. The plan is also amongst the highest return paying plan in the category.
PQMIP announced dividend of PKR 1.1508 per unit for the month of September’24 with an annualized return of 20.45% YTD, earned as on October 07, 2024. PQAMC is rated AM2 with ‘Stable Outlook’ by PACRA. The PQMIP plan is also rated A+ with a ‘Stable Outlook’ by PACRA.
The Chief Executive Officer of Pak-Qatar Asset Management Company Limited – Mr. Farhan Shaukat has approved the distributions of dividends for the month of September 2024, under the authority delegated to him by the Board of Directors.
Mr. Farhan further stated that: “We are pleased to announce this distribution to the unit-holders of PQMIP. This reflects strong, steady performance and our commitment to delivering value and excellence to Participants of PQMIP. We thank our investors for placing their trust in us as we continue to drive success in the market”.
Pak-Qatar Group has a vision to add value to the economy of Pakistan by making valuable investments and creating innovative and Halal financial ventures and services for sustainable growth.
The stakeholders can also review the performance of Pak-Qatar Monthly Income Plan on the website of the Mutual Funds Association of Pakistan (MUFAP).
PTCL Group Wins ‘Best Business Strategy and Expansion’ at SAMENA LEAD Awards 2024
PTCL Group, Pakistan’s largest ICT services provider, has been honored with the ‘Best Business Strategy and Expansion’ award at the Leadership & Excellence Awards in Digital Development (LEAD) by the SAMENA Telecommunications Council.
The prestigious award was presented to Hatem Bamatraf, President and Group CEO of PTCL & Ufone 4G, in recognition of the company’s relentless efforts to innovate and broaden its market presence. Moreover, the award recognizes PTCL Group’s exceptional business strategies, which have enabled the company to take challenges head-on, make strategic decisions, and successfully position itself on a path of sustained growth and success.
Commenting on the achievement, Hatem Bamatraf said: “PTCL Group’s success at the SAMENA LEAD Awards 2024 is a reflection of our commitment to driving growth through strategic business expansion. This recognition highlights the strides we have made in contributing to the telecom sector and positions PTCL as a leader in the highly competitive global telecom industry. It is a testament to our dedication to excellence, innovation, and delivering exceptional customer satisfaction across the region.”
PTCL Group has always been at the forefront when it comes to business strategies that have allowed it to remain competitive in the dynamic telecom landscape. The Group continues to introduce new products and services to reach a broader customer base, while also bridging the communication gap with the underserved regions in Pakistan.
The SAMENA LEAD Awards 2024, organized by the SAMENA Telecommunications Council, celebrate outstanding achievements in the telecom sector, recognizing the efforts of operators, and regulators across national, regional, and global levels. The LEAD Business Excellence Awards is a platform where leading companies like PTCL showcase their transformative contributions to the telecom industry, inspiring others to pursue innovation and leadership.
This recognition reinforces PTCL Group’s commitment to continuous innovation, growth, and the delivery of cutting-edge telecom services.
Climate finance accelerator showcases innovative climate projects at investor roadshow
The UK-funded Climate Finance Accelerator (CFA) Pakistan has organised its two-day Investor Roadshow in Karachi, bringing together seven innovative climate mitigation projects spanning sectors such as power, e-mobility, healthcare, food, agriculture, and technology.
The CFA, implemented by DAI Pakistan on behalf of the UK Government, has provided the projects with technical, financial, and gender inclusion expertise to help ready them for investment. The third cohort of projects marks a significant milestone in the UK’s efforts to bolster Pakistan’s environmental sustainability and climate resilience.
Designed to combat the intensifying challenges of climate change, these projects will be presented to a distinguished panel of investors from financial institutions, venture capitals, corporates, and key Government bodies during the two-day event.
The British Deputy High Commissioner, Sarah Mooney, underscored the UK’s commitment to addressing climate change in Pakistan:
“Pakistan is on the front lines of the climate crisis. There is an urgent need for sustainable solutions to help Pakistan adapt to climate change and mitigate against it. Finance is essential to achieve this. We are unlocking investment opportunities through innovative projects to drive long-term, positive change in Pakistan and globally.”
Secretary Ministry of Climate Change – Ms. Aisha Humera while addressing the gathering, said, “We value the UK Government’s initiative, which emphasizes the importance of private sector involvement in Pakistan’s green transition. We’re excited to engage with innovative low-carbon projects led by visionary young entrepreneurs that will go a long way in achieving a sustainable future and lead to strong public-private partnerships, unlocking climate finance, and pursuing innovative solutions to combat climate change.”
James Naughton of DAI UK and Ian Milborrow of PwC UK spoke about the genesis of the global CFA programme, the activities of CFA Pakistan since its 2022 launch, and the overall environment of climate financing in Pakistan. Khurram Lalani, CFA Pakistan Team Leader, highlighted the significance of this third cohort: “This cohort exemplifies the type of transformative change that is possible when we bring together innovative ideas, expert knowledge, and the right financial instruments. The CFA has been pivotal in helping these projects move closer to investment readiness. It goes beyond funding – it’s about building lasting partnerships and creating systems that address the climate crisis while fostering economic growth.”
The third cohort includes the following projects:
Go Energy (Sector: Power – A 500MW floating solar project at Keenjhar Lake, aiming to provide clean energy, create thousands of jobs, and reduce dependence on fossil fuels in Pakistan.
Ahya (Sector: Technology) – An AI-powered platform for measuring emissions and a digital carbon marketplace aimed at significantly reducing CO2 emissions.
Quintech Sciences (Sector: Healthcare) – Offering bio-detergents to eco-conscious consumers, reducing harmful chemicals in wastewater and promoting environmental sustainability.
National Rural Support Programme (Sector: Agriculture) – Converting agricultural waste into biomass to enhance soil health, sequester carbon, and reduce greenhouse gas emissions.
Vlektra (Sector: E-mobility) – Producing zero-emission electric motorcycles to transform mobility in Pakistan, focusing on increasing production for tough road conditions.
Pakistan Environment Trust (Sector: Development) – Creating Pakistan’s first large-scale, sustainable biomass supply chain to produce clean energy from agricultural waste.
Five Star Foods (Sector: Recycling/ Food & Beverages) – Establishing a facility to produce Recycled Polyethylene Terephthalate (R-PET) resin, reducing plastic waste and conserving natural resources.
The CFA Investor Roadshow fosters relationships between financial experts, investors, and project developers, with the goal of accelerating Pakistan’s transition to a low-carbon economy. Should these projects secure the necessary financing, they are poised to deliver significant benefits to communities nationwide, ranging from pollution abatement and job creation to enhanced access to clean energy, effective waste management solutions, and the promotion of gender equality and social inclusion.
The event continues tomorrow with a high-level roundtable bringing together policymakers, climate finance experts, and representatives from banking, corporate, and development sectors. The discussion – “De-risking Climate Projects: Tools and Strategies” – will consider the future of climate finance and low-carbon projects in Pakistan.
Adamjee Insurance secured 1st place in the 2023 Best Corporate & Sustainability Report Awards by ICAP & ICMAP for the Insurance Sector, its fourth consecutive win.
Adamjee Insurance Company Limited, Pakistan’s leading insurer, has once again secured the prestigious first place in the insurance category at the 2023 Best Corporate & Sustainability Report (BCSR) Awards. Organised by the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP), this marks the fourth consecutive year that Adamjee Insurance has been recognised for its excellence in corporate governance and sustainability reporting.
The award was presented to Muhammad Asim Nagi, Chief Financial Officer of Adamjee Insurance, by the Chairman of the Securities and Exchange Commission of Pakistan (SECP), along with council members from ICAP and ICMAP. This event underscores the importance of transparency, regulatory compliance, and sustainability within Pakistan’s corporate environment.
Muhammad Ali Zeb, Chief Executive Officer of Adamjee Insurance, remarked, “It is a great honor to receive this prestigious award, which highlights our commitment to strong corporate governance, transparency, and excellence in reporting. I would like to extend my heartfelt appreciation to our dedicated employees and stakeholders, whose hard work and support have been instrumental in achieving this success.”
Adamjee Insurance’s consistent recognition at the BCSR Awards highlights its leadership in promoting transparency and ethical business practices in the insurance industry. The company’s corporate reports adhere to the highest standards of accuracy, timeliness, and regulatory compliance, ensuring that shareholders and stakeholders receive reliable and comprehensive information.
This award not only reflects Adamjee Insurance’s dedication to upholding its corporate responsibilities but also reinforces its commitment to sustainable business practices. The company continues to focus on integrating environmental, social, and governance (ESG) factors into its core operations, ensuring long-term value creation for all its stakeholders.
With a legacy of over 64 years in the insurance industry, Adamjee Insurance remains committed to maintaining its position as a trusted leader in the sector, delivering innovative insurance solutions, and promoting a culture of accountability and sustainability across its business operations.