Pakistan Stock Exchange signs MoU with IBA Karachi to enhance capacity building and data sharing with students & faculty of the Institute.
Pakistan Stock Exchange and the Institute of Business Administration (IBA) Karachi have formalized their collaboration by signing a Memorandum of Understanding (MoU) aimed at enhancing capacity building and data sharing. This MOU marks a significant milestone in their shared commitment to advancing financial education and market research in Pakistan.
The MoU was signed by Mr. Farrukh H. Sabzwari, Managing Director & CEO of Pakistan Stock Exchange, and Dr. S Akbar Zaidi, Executive Director of IBA Karachi, during a ceremony held at the IBA Karachi Main Campus.
Under this MOU, IBA Karachi will gain access to PSX’s comprehensive market information and products, enhancing the institution’s capabilities in market data analytics and related research. This initiative is designed to equip students and faculty with advanced tools and resources, promoting academic excellence and providing practical insights into Pakistan’s capital markets.
In parallel, PSX staff will benefit from specialized capacity-building programs offered by IBA Karachi, aimed at strengthening their professional skills and knowledge in areas critical to the rapidly evolving financial landscape.
Speaking at the ceremony, Mr. Farrukh H. Sabzwari stated, “This partnership represents a shared vision to promote financial literacy, enhance the market research capabilities at IBA, and provide both IBA students and PSX professionals with opportunities for continuous learning. We are confident that this collaboration with IBA Karachi will yield significant benefits for both the financial sector and academia.”
Dr. S Akbar Zaidi, Executive Director of IBA Karachi, added, “This collaboration highlights the importance of bridging academia and the financial industry. Together, we aim to drive innovation, research, and professional development in Pakistan’s financial sector.”
This strategic partnership between IBA Karachi and the Pakistan Stock Exchange underscores a commitment to fostering innovation and enhancing professional development within the Pakistani financial landscape.
Diamond Jubilee Celebrations of National Bank of Pakistan 75 Years of Unwavering Excellence
Exuberant celebrations filled with unwavering dedication and opulent prestige marked the 75th anniversary of the National Bank of Pakistan (NBP). Held at the historic Mohatta Palace in Karachi, the event was attended by eminent dignitaries from the government, business community, and customers from across the country.
Mr. Rehmat Ali Hasnie, President NBP, warmly welcomed the Chief Guest, Mr. Jameel Ahmad, Governor of the State Bank of Pakistan (SBP), industrial catalysts, and other distinguished guests alongside members of NBP’s management.
The event marked the Diamond Jubilee of NBP’s illustrious journey as a cornerstone of Pakistan’s resilient and robust financial infrastructure. It highlighted the bank’s indispensable role in the nation’s economic and social development and reflected its unwavering commitment to excellence, resilience, and progress.
The celebration featured several memorable highlights, including stirring keynote addresses, a meticulously curated commemorative occasion tracing the bank’s remarkable history, and an insightful exploration of its visionary strategies.
In his inspiring address to the distinguished gathering, Mr. Rehmat Ali Hasnie reflected on the institution’s remarkable evolution over the past seven decades. He emphasized NBP’s central role in facilitating transformative government initiatives, promoting financial inclusion, and spearheading the digital revolution within Pakistan’s banking sector.
Mr. Jameel Ahmad, Governor of the State Bank of Pakistan (SBP) highlighted, “The 75-year journey of NBP is not only a celebration of past triumphs but a resolute pledge to the future. Our legacy is built on resilience, innovation, and an unwavering commitment to the nation’s prosperity. As we look forward, NBP remains dedicated to pioneering technological advancements, promoting sustainability, and fostering inclusivity, all while continuing to serve as a catalyst for Pakistan’s growth and global prominence,” he declared to enthusiastic applause.
The event brought together a distinguished assembly of government officials, business leaders, and representatives of civil society, underscoring NBP’s pivotal role as a trusted partner in driving the nation’s economic progress. Guests had the opportunity to explore the bank’s enduring legacy through immersive, interactive exhibits showcasing its rich history and visionary initiatives in sustainability, digital banking, and financial empowerment.
As the event concluded, NBP’s leadership expressed heartfelt gratitude to its dedicated staff, valued partners, and loyal customers, whose unwavering support has been instrumental in the bank’s remarkable success. As NBP embarks on the next chapter of its legacy, it reaffirms its mission to remain at the forefront of Pakistan’s financial sector, committed to fostering innovation, inclusivity, and prosperity for all.
‘Scicon 2024’ marks thrilling competitions and unparalleled innovation
The much-anticipated concluding ceremony of “Scicon 2024” held at Beaconhouse Jubilee Campus, Karachi concludes with Thrilling Competitions and Unparalleled Innovation and marking the end of a successful and eventful journey of science, creativity, and collaboration.
This year’s Scicon witnessed participation of around 350 students from over 20 schools and colleges, bringing together some of the brightest young minds from across the region. Students competed in a diverse range of modules, including Craftopia, Arcane Nexus, Molecular Synergy, and Scibotron, showcasing their talent, innovation, and passion for science and its interdisciplinary applications.
As of today, the competition has reached an exciting climax, with teams from Beaconhouse Jubilee Campus and Defence Campus leading the scoreboard. Their exceptional performance in modules like Newton’s Flex and Biz-Ignition has set them apart as frontrunners in the race for the Scicon 5.0 Championship title.
The concluding ceremony promises to be a grand celebration of these achievements, featuring keynote speeches from the chief guest Professor Dr. Shahana Urooj Kazmi and our regional director Mr. Ahsan Afzal, the announcement of winners, and the distribution of prizes and souvenirs.
According to Principal Ms. Tabinda Raza, “Scicon 5.0 is more than a competition; it’s a platform for students to dream, innovate, and transform the future. Our guiding principles inspire bold thinking and action.”
Stay tuned as we honour the efforts of these talented students and celebrate a festival of science, sustainability, and innovation.
Dr. Fyezah Jehan awarded prestigious ASTMH fellowship for malnutrition, child health research
AKU’s Chair of Paediatrics & Child Health, Dr Fyezah Jehan, has been selected as a Distinguished International Fellow of the prestigious American Society of Tropical Medicine and Hygiene for her accomplishments in research, advocacy and service for malnourished mothers, children and infectious diseases.
The award was granted at the Society’s annual meeting in New Orleans at a ceremony with ASTMH President Dr. Linnie Golightly and CEO Jamie Bay Nishi. The award is conferred in recognition of outstanding accomplishment by an individual who is not an American citizen and has made “eminent contributions to some phase of tropical medicine and hygiene.”
One of Dr Fyezah’s key interventions leveraged ready-to-use supplemental foods through peri-urban clinics in Karachi, reaching over 10,000 women and children at risk of malnutrition. She collaborated with Rotary International and the Trust for Malnutrition and Stunted Growth to develop initiatives aimed at early diagnosis and management of malnutrition among children and pregnant women; work that earned her recognition as a Paul Harris Fellow.
In the MUMTA trial, Dr Fyezah led a team that studied the impact of balanced energy protein supplementation, along with micronutrients in pregnant and breastfeeding women on newborn outcomes. This effort, funded by the Bill & Melinda Gates Foundation, is groundbreaking in examining how targeted maternal nutrition can support early brain health. Her work on the Alliance for Maternal and Newborn Health Improvement (AMANHI) biobank, established in collaboration with the World Health Organization and institutions across South Asia and sub-Saharan Africa, is the first population level in-country biobank in pregnancy and newborns making groundbreaking discovery in the biology of adverse pregnancy and birth outcomes.
Additionally, Dr Fyezah has worked on reshaping pneumonia treatment guidelines for children and more efficient diagnostic and treatment protocols to reduce unnecessary antibiotic use and prevent antibiotic resistance. She has published over 100 papers on topics such as vaccine equity, child health interventions, and infectious diseases. ​
Dr Fyezah is the second Pakistani and AKU faculty to have received this award. Dr. Zulfiqar Bhutta received it in 2018.
AGTL Partners with Punjab Government on Landmark Green Tractor Scheme
Al-Ghazi Tractors Limited (AGTL) is proud to announce the signing of a historic agreement with the Punjab Government for the Chief Minister Green Tractor Scheme, marking a significant milestone in agricultural mechanization across the province. The agreement was signed in the presence of Minister for Agriculture Punjab, Syed Muhammad Ashiq Hussain Shah Karmani, and Secretary Agriculture Punjab, Mr. Iftakhar Ali Sahoo.
The partnership aims to strengthen Punjab’s agricultural sector by making modern farming equipment more accessible to the farming community. Through this initiative, AGTL will play a crucial role in supporting the government’s vision of agricultural modernization and sustainable farming practices.
“This collaboration represents our commitment to empowering Pakistan’s farmers with reliable and efficient agricultural solutions,” said Sakib Eltaff, Chief Executive Officer of AGTL. “By partnering with the Punjab Government, we are taking a significant step toward agricultural modernization while supporting the backbone of our economy – our farmers.”
MCB Bank Enhances Digital Security with BPC SmartVista Fraud Risk Management Solution
MCB Bank Limited (MCB), one of Pakistan’s leading banks, has selected BPC, a global leader in payment solutions, to strengthen the security of its digital channels by implementing the BPC SmartVista Fraud Risk Management Solution.
The agreement was signed by Mr. Waqas Mahmood, Chief Compliance Officer MCB, and Mr. Furrukh Ali Baig, Managing Director Pakistan at BPC in the presence of senior leadership from both organizations.
In accordance with the State Bank of Pakistan’s 2023 directive for all banks to enhance the security of digital banking products and services—which mandates the implementation of a consolidated and centralized fraud management system capable of real-time fraud prevention using AI-based machine learning models—MCB has reaffirmed its commitment to delivering innovative financial solutions while upholding the highest standards of security for its customers through the implementation of the SmartVista Fraud Risk Management solution.
SmartVista Fraud Risk Management Solution is a next-generation AI-powered solution that will provide MCB with a suite of advanced features to bolster its fraud prevention capabilities. The solution offers real-time monitoring and a comprehensive view of customer transactions across all channels, enabling the customer to detect and respond to suspicious activities instantly. Its sophisticated link analysis examines relationships between transactions, accounts, and entities to uncover complex fraud networks and behavioral patterns that might evade traditional detection methods. The system allows to track fraud based on rules, statistical profile of customer leveraging AI/ML-powered models, allowing to continuously adapt to emerging fraud patterns and will allow MCB to stay way ahead of new and evolving threats.
Mr. Shoaib Mumtaz, President & CEO at MCB Bank, said: ” At MCB Bank, the security of our customers and their financial data has always been and will remain our highest priority. With the adoption of the SmartVista Fraud Management solution, we are further strengthening the digital safety of our valued customers while proactively enhancing our digital banking infrastructure. This state-of-the-art technology will enable us to detect and prevent fraud in real time, ensuring that our customers continue to enjoy a secure and seamless banking experience as we drive innovation in the financial sector.”
Mr. Furrukh Ali Baig, Managing Director Pakistan at BPC, added: ” We are honored to onboard MCB in their mission to strengthen fraud prevention measures. Our SmartVista Enterprise Fraud Management solution is designed to meet the evolving challenges of digital fraud. By leveraging advanced AI and machine learning technologies, we are confident that MCB will be well-equipped to protect their customers and stay ahead of emerging fraud threats. At BPC, we are committed to supporting innovation and aligning with MCB’s goals. Our next-generation SmartVista platform provides the right tools to drive innovation and deliver secure digital payment experiences.”
Marginal increase in domestic cement despatches in November 2024
Cement despatches increased by 5.58% in November 2024. Total Cement despatches during November 2024 were 4.146 million tons against 3.927 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 November 2024 were 3.342 million tons compared to 3.264 million tons in November 2023, showing a slight increase of 2.39%. Exports despatches also increased by 21.27% as the volumes increased from 662,374 tons in November 2023 to 803,258 tons in November 2024.
In November 2024, North based cement mills despatched 2.925 million tons cement showing an increase of 2.01% against 2.867 million tons despatches in November 2023. South based mills despatched 1.220 million tons cement during November 2024 that was 15.21% more compared to the despatches of 1.060 million tons during November 2023.
North based cement mills despatched 2.757 million tons cement in domestic markets in November 2024 showing an increase of 1.23% against 2.723 million tons despatches in November 2023. South based mills despatched 585,689 tons cement in local markets during November 2024 that was 8.24% more compared to the despatches of 541,079 during November 2023.
Exports from North based mills increased by 16.90% as the quantities increased from 143,942 tons in November 2023 to 168,265 tons in November 2024. Exports from South also increased by 22.48% to 634,993 tons in November 2024 from 518,432 tons during the same month last year.
During the first five months of current fiscal year, total cement despatches (domestic and exports) were 18.779 million tons that is 5.24% lower than 19.818 million tons despatched during the corresponding period of last fiscal year. Domestic despatches during this period were 14.752 million tons against 16.690 million tons during same period last year showing a reduction of 11.61%. Export despatches rose by 28.73% as the volumes jumped to 4.027 million tons during the first five months of current fiscal year compared to 3.128 million tons exports done during same period of last fiscal year.
North based Mills despatched 12.399 million tons cement domestically during the first five months of current fiscal year showing a substantial reduction of 10.39% than cement despatches of 13.836 million tons during July-November 2023. Exports from North increased by 26.47% percent to 878,324 tons during July-November 2024 compared with 694,503 tons exported during the same period last year. Total despatches by North based Mills reduced by 8.62% to 13.278 million tons during first five months of current financial year from 14.531 million tons during same period of last financial year.
Domestic despatches by South based Mills during July-November 2024 were 2.353 million tons showing massive reduction of 17.55% over 2.853 million tons cement despatched during the same period of last fiscal year. Exports from South also increased by 29.38% to 3.148 million tons during July-November 2024 compared with 2.433 million tons exported during the same period last year. Total despatches by South based Mills increased by 4.05% to 5.501 million tons during first five months of current financial year from 5.287 million tons during same period of last financial year.
A spokesman of the All Pakistan Cement Manufacturers Association mentioned that cement sales specially the domestic off-take can be increased if the government slashes duties and taxes thereby reducing the cost to end consumer. It will boost demand thereby enabling the sector to use its idle capacity, he added.
Islamic Finance takes centre stage at IBA Karachi’s World Forum 2024 on innovation and climate
IBA Karachi proudly hosts a two-day conference, World Islamic Finance Forum (WIFF) 2024, with the theme, “Islamic Finance: Innovation, Climate Finance & Sustainable Growth”, which has been organized by IBA’s Centre for Excellence in Islamic Finance (IBA-CEIF). The forum was inaugurated at Movenpick Hotel, Karachi to discuss Policy Guidelines & Academic Footprints in the field of Islamic Finance. The conference brought together Regulatory Authorities, Researchers, Policymakers, renowned Academicians, leading Islamic bankers, Shariah Scholars, and prominent personalities from Local & Global Islamic Financial Institutions.
The highlight of the conference was the addresses by the Chief Guest, Prof. Ahsan Iqbal, Federal Minister for Planning, Development & Special Initiatives; Dr. S Akbar Zaidi, Executive Director, IBA Karachi; Dr. Ishrat Husain, Professor Emeritus & Chairman, IBA-CEIF; Mr. Akif Saeed, Chairman, SECP; Mr. Saleem Ullah, Deputy Governor, SBP, and Mr. Ahmed Ali Siddiqui, Director, IBA-CEIF.
Dr. Zaidi, in his welcome note, highlighted the significant challenges ahead as Pakistan embarks on a transformative journey to align its economic system with the Islamic principles under the constitutional mandate. The Chief Guest, Prof. Ahsan Iqbal, underscored the critical role of Quality Education in shaping future leaders who can guide the country & world toward progress and prosperity. Addressing a diverse audience, the Federal Minister highlighted the importance of Education in not only imparting knowledge but also fostering Innovation, Critical Thinking, and a sense of Ethical Responsibility.
Dr. Ishrat Husain highlighted the stark disparities in poverty levels between urban centers and smaller towns in Pakistan. He explained that targeted innovations in education, infrastructure, and technology can uplift marginalized communities, fostering economic inclusion and resilience.
Pak-Qatar Asset Management Company Achieves PKR 50 billion AUM in First Two Years
Pak-Qatar Asset Management Company Limited (PQAMC)-Rated AM2 with stable outlook by PACRA, Pakistan’s emerging dedicated Islamic Asset Management Company and part of Pak-Qatar Group, Pakistan’s premier and pioneer Islamic financial services group. PQAMC proudly announce a remarkable achievement in Pakistan’s Islamic financial sector, surpassing PKR 50 billion in Assets Under Management (AUM) within just two years of operations. This milestone establishes PQAMC as the truly emerging asset management company in the country, demonstrating exceptional growth and market penetration in Pakistan’s competitive financial landscape.
“This extraordinary milestone reflects our commitment to excellence and the trust our investors have placed in us,” said Mr. Farhan Shaukat, Chief Executive Officer of PQAMC. “Reaching PKR 50 billion in AUM by the end of its second operational year is not just a number; it is a testament to our team’s dedication, our strong investment strategies in Shariah-compliant financial solutions, and our promise to deliver superior value to our stakeholders while maintaining the highest standards of Shariah compliance.”
The achievement reinforces PQAMC’s position as a real emerging force in Pakistan’s asset management industry, highlighting the company’s operational excellence and strategic vision in building a diverse portfolio that resonates with both corporate/institutional and individual investors.
Political and military leadership handled crisis well: Mian Zahid
The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on November 29 the business community pays tribute to the political and military leadership for handling the recent political crisis well.
He said that the government’s patience and tolerance have made this march a failure, which has relieved the masses and the business community.
He added that the focus should be on economic development and providing all possible relief to the people.
Talking to the business community, the veteran business leader said Islamabad had been a battlefield for several days. Still, despite this, the President of Belarus visited Pakistan with a 70-member high-power delegation and dozens of agreements were signed.
He underlined that the stock exchange also crossed the 100,000-point mark, which shows the growing confidence of the international and business communities.
Mian Zahid Hussain said that the stock market has not performed well since 2017, but the IMF program and the determination of the political and military leadership to improve the economy have changed the situation.
In addition, the business community has become convinced that the anarchist group will no longer be allowed to influence the country’s economy.
The business leader said the central bank had $2.9 billion in May. Still, it has increased to $16 billion; oil prices are moderate. At the same time, smuggling and unnecessary imports have been controlled, hich has improved the overall economic situation.
Due to better strategy, inflation and interest rates are declining, which has made the business community and the public optimistic about the future. The stock market was affected for a few days by the recent attack on Islamabad, but things have improved, leading to a huge surge.
Mian Zahid Hussain said the business community does not care who is in power. Still, they have become convinced that the policies will continue, which has increased their morale.
Mian Zahid Hussain further said that investment is essential for the country’s long-term economic development, and employment provision is fundamental for this.
Almost sixty per cent of Pakistan’s population consists of youth, who are already worried due to unemployment while providing human resources to the anarchist gang.
He said that the government should fully focus on providing employment to the youth to prevent them from engaging in negative activities and that FPCCI should fully cooperate with the government for this noble cause.