State Life Insurance Corporation of Pakistan (SLIC) scaling new heights under Shoaib
- Highest Ever Policyholder Bonus – Rs.85.6 billion,
- Highest ever Claims paid – Rs.98.3 billion
- 100% growth in New Business Sales
- Protecting more than 140m Pakistanis
The State Life Insurance Corporation of Pakistan (SLIC) is the largest (AAA rated) insurance company in the country, which has now broken all previous records of financial growth and operational performance, across its life and health business, as reflected in its 2021 full year annual results.
Over the past one year, the corporation has emerged as one of the most successful state-owned enterprises in the country, despite the massive impact of a global pandemic and unprecedented socio-economic challenges.
This year SLIC has paid the highest ever ‘Bonus’ of Rs 85.65 billion to its policyholders, reflecting a 13% annual increase from Rs 75.97 billion. During this year, it paid a staggering Rs 98.36 billion of ‘Claims’ to the customers, which shows a 52 percent increase from the previous year’s figure Rs.64.9 billion.
Moreover, it has achieved a phenomenal and an unprecedented 100% growth in New Business sales, at Rs 71.78 billion, while the previous year’s figure was Rs 35.91 billion.
The total business sales have grown by 36 percent from Rs 119 billion to Rs.161.79 billion. The Investment Income earned this year amounted to Rs 117.1 billion after a 13 percent increase from previous year’s amount of Rs 103.78 billion. Taking the total value of the corporation’s assets from Rs 1.2 trillion to Rs 1.37 trillion, an increase of 14%.
The exceptional business growth and performance has resulted in an impressive 57% increase in Net Profit, from Rs 4.2 billion in 2020 to Rs 6.6 billion in 2021. The annual ‘Cash Dividend’ paid to the shareholders amounted to Rs 1.7 billion, an increase of 13 percent from last year’s figure of Rs 1.5 billion. It is important to recall here that SLIC allocates 97.5% of its surplus from life business to its policyholders and retains only 2.5% for its shareholders.
The young and dynamic Chairman of SLIC – Mr. Shoaib Javed Hussain stated that: “It is a testament of the trust placed in us by our policyholders, customers and partners that these unprecedented financial and operational results have been achieved, during the year when State Life Insurance is also celebrating its 50th Anniversary. Today we proudly serve more than 140 million Pakistanis. This outstanding performance has been achieved due to the dedication of our professional workforce, across our officers, staff and sales force cadres; as they pursued the innovative vision and competitive strategy of our dynamic corporate leadership. Within one year, we have evolved SLIC into a rapidly growing organization driven by product and digital innovation with a focus on further enhancing policyholder care and services. A technology-driven enterprise, to launch a Digital Product-Line, ensuring unmatched customer-care and convenience.”
Deployment of innovative solutions, like: A Digital Portal and Products, Health-App, Policyholders-App, E-Office Management System and Automated ‘Complaint Management System’, has transformed the company, enabling round-the-clock responsiveness and cellular accessibility, on-the-go. This way, the corporation is pursuing; operational excellence, complete regulatory-compliance and transparency.
2022, SLIC’s 50th year anniversary, promises to be another year of exceptional performance under the leadership of its Chairman; driven by product innovation tailored to meet customer needs, to focus on policyholder servicing and strategic initiatives for sustained future growth.
State Life is the largest and the only AAA rated insurance company in the country. With a 55 percent market share, it is ensuring the wellbeing and financial security of 140 million customers, by offering: Individual-coverage, Bancassurance, Group-Life & Pension, Takaful and Health Insurance.
SLIC and TCS in financial inclusion, protection deal
- Drivers/Riders, Distribution will be facilitated across Express Centers
Mr. Shoaib Javed Hussain the Chairman of State Life Insurance Corporation of Pakistan (SLIC) signed a landmark understanding with Ms Saira Awan Malik, President TCS Private Limited, for Financial Inclusion and Protection Plans Drivers/Riders, will enable State Life policy premium collection & sales of insurance products through TCS Express Centers across the country.
Senior officials from both organizations were also in attendance on the occasion. State Life is Pakistan’s largest Life & Health Insurer, which protects more than 140 million Pakistanis and only insurer in Pakistan with AAA Ratings.
From SLIC point of view, this is an important initiative as part of its Chairman’s broader vision of providing every citizen of the country with the benefits of true social and financial protection in the event of certain unforeseen incidents.
In another first, TCS has become the first 3PL company in Pakistan to not only take steps towards improving safety for their front-line workers but also to provide their families with financial security in case of death or disability.
Further, TCS has become the first Pakistani company to enable selling of insurance products at its unrivalled network of Express Centers making insurance and financial security more accessible across the country. This is in line with TCS’s vision of providing its platform to businesses and services enabling development and commerce in the Pakistan.
The partnership between State Life and TCS is another step in State Life’s push towards creating an environment of financial and protection inclusivity in the country, serving Pakistanis across all strata society. This is SLIC’s first such association with a logistics provider, in order to further enhance policyholder services available to its valued customers.
Shoaib Javed Hussain, Chairman, State Life Insurance Company of Pakistan said that “We are excited to announce SLIC and TCS partnership to provide protection to the drivers/rider partners through, first of its kind, Financial Inclusion and Protection Plan. This will also enhance policyholder services available to our valued customers. I am certain that this collaboration will build on the synergies of these two national organizations into a deep strategic partnership with the aim of ensuring life and financial protection of hardworking Pakistanis; enabling them to further expand their financial horizons with the confidence that they are being protected by SLIC. SLIC remains firm in its resolve to meet the protection and savings needs of Pakistanis across all strata of society through innovative and value-adding solutions.”
Qasim Awan, Executive Director TCS Pvt. Ltd, said “TCS and SLIC are two national institutions working endlessly to better the lives of the citizens of Pakistan. By leveraging our geographic spread, common interests and diversified product lines we aim to build a win-win situation and benefit each other with a view towards a sustainable and positive impact on our growing ecosystems.”
Saira Awan Malik, President TCS said “While the relationship between TCS and SLIC is an old and tested one, this partnership signals the start of a deeper, more strategic collaboration. At TCS we recognize our employees as the bedrock of our company, and we are constantly thinking of ways to benefit them. Furthermore, TCS will offer innovative, value-added services to SLIC so that the synergies between these two organizations can be realized for the mutual benefit of both.”
State Life celebrates a remarkable milestone: Its 50th years launch event
State Life Insurance Corporation of Pakistan, the country’s largest life & health insurer, has launched its digital portal. It celebrated a remarkable milestone: its 50th years launch event.
From our beginning, concepts of community, innovation, and service to nation have been the driving forces behind success of this organization. We strive to make a lasting impact in the lives of our clients and communities, with the strength and stability.
On the occasion Mr. Abdul Razzak Dawood – adviser for commerce, Mr. Muhammad Sualeh Ahmad Faruqui- federal secretary commerce Mr. Shoaib Javed Hussain chairman State Life has inaugurated ‘SLIC digital portal & mobile app’ ww.digital.statelife.com.pk as part of its effort to enhance its digital footprint.
With an intention to become a tech-driven life insurer, State Life sale its unique health and life insurance products through the portal & app, customers can use SLIC digital to buy policies online, pay the premium and avail of other services.
Getting an ‘insurance policy or health coverage’ has never been easier, now with state life’s online portal, you will get ‘digital insurance products & health coverage’ from the comfort of your home. Through this digital channel, State Life intends to expand beyond the traditional way of doing business with ease and hassle-free online payment process in this digital age.
State Life plans to undertake the next wave of digital transformation to unlock several benefits of accelerating growth, driving customer satisfaction and improving intermediary productivity and loyalty.
In Pakistan, digital insurance is being adopted at an impressive pace; the country is embracing Insurtech, which is the use of technology in insurance transactions and processes. This entails creating awareness, solving issues, and risk management. The major products used are smart devices and sensors. These products are designed to allow millennials access the insurance coverage they want.
Chairman State Life Shoaib Javed Hussain said on 50th year anniversary of SLIC: “The founding principle for state life insurance corporation of Pakistan has been to “secure that life insurance business is developed to the best advantage of the community.”
Since its inception in 1972; state life has been successfully meeting its vision; leading Pakistan’s insurance industry, enhancing social and financial protection of Pakistanis from Karachi to Khyber and Gwadar to Gilgit.
Over its 50 year journey, state life has focused on servicing its esteemed customers with more than 11,000 locations across Pakistan and is the sole insurance company to allocate 97.5% of its profits to its policyholders.
During 2021, despite unprecedented Covid challenges, State Life has continued its mission to serve its community and policyholders by declaring record setting bonuses with expected bonus allocation of more than Rs 86bn in 2021; and a historic payout ratio with more than Rs 100bn expected claim payments in 2021.
State Life has extended its services to our community beyond life protection to health solutions too. It proudly serves the Sehat Sahulat program.
By staying true to its mission and purpose, in 2021 state life has achieved record setting growth across all lines of business. Across its life and health protection solutions; state life is honored to serve more than 130m Pakistanis.
State life has strengthened its financial position via a self-sustained model, with no debt leverage or government grant since its inception; strong dividend payouts and an increasing investment and real estate portfolio with more than Rs 1 trillion assets under management. Through its sound financial management and protection solutions, state life is the only insurer in Pakistan to be rated AAA by Pacra. State life through its operations provides livelihood to more than 135,000 Pakistanis.
As state life looks towards the next 50 years; we strive to continue serving our community through:
- Enhancing value-adding life and health protection solutions for Pakistanis across all strata of society
- Solutions serving overseas Pakistanis via national remittance loyalty program and bureau of emigration
- Strategic partnerships supporting it and digital economic development in Pakistan via STZA and PSEB.
- Innovative financial and protection solutions ensuring youth and women empowerment across Pakistan
- Development of digital services and solutions for its customers
- Strategic partnerships with leading banks and organizations in Pakistan to provide ‘best-in-the-industry’ solutions to our respective customers
On behalf of the state life family, I thank our customers and partners for their continued trust and pledge our continued services to Pakistan.
Bank of Punjab and State Life reach landmark accord
The Bank of Punjab (BOP) and State Life Insurance Corporation of Pakistan (SLIC) have signed Bancaassurance and Bancatakaful agreements in a ceremony recently held in Lahore at BOP Head Office. Mr. Shoaib Javed Hussain, Chairman SLIC and Mr. Zafar Masud, President & CEO BOP were present at the ceremony. Senior officials from both organizations were also in attendance on the occasion.
This is a landmark agreement which marks a first for both organizations in terms of Bancatakaful proposition. While BOP is already offering various Bancasurance (conventional) products, it will be for the first time that a Takaful proposition is going to be offered from BOP Islamic branches as well as from Islamic windows of conventional branches. Similarly, this agreement marks the first bancatakaful agreement for SLIC, whereas SLIC is currently offering only conventional products with other partner banks.
Mr. Zafar Masud, President and CEO of the Bank of Punjab said, “At Bank of Punjab we strive to provide world-class financial services to our customers across Pakistan. We do this through innovative products and excellence in customer service. We are pleased to enter into an agreement with State Life Insurance Corporation. This agreement is just the first step towards a long and strategic partnership between the two public sector entities which will be explored in much wider areas covering other economic and social ventures”.
Mr. Shoaib Javed Hussain, Chairman State Life, said at the event, “it is pleasure to announce the partnership between State life and BOP at the start of State Life 50th anniversary. The State Life is a leading insurer in the country and is also backed by sovereign guarantee. The partnership brings together two leading organizations of Pakistan with shared vision of ensuring inclusion and protection of people of Pakistan across all strata of society with the mutual goal of increasing economic activities in the country. We see this step as a beginning of a successful partnership between the two corporate entities”.
MMBL celebrates a decade of Financially Empowering Millions
Mobilink Microfinance Bank Ltd. (MMBL), the largest digital bank in Pakistan, is celebrating 10 years of successful banking operations. With a focus on promoting financial inclusion across the country, MMBL is currently operating with over 100 branches across Pakistan and is serving over 39 million customers including 15 million+ monthly active mobile wallets.
Since its inception in 2012, MMBL has continuously introduced innovative and customized digital financial products to enhance financial inclusion, especially to uplift entrepreneurs, females, and Micro, Small, and Medium Enterprises (MSMEs) that lack access to financial savings and credit services. MMBL’s underpinning strategy for all its operations remains maximizing outreach with low operational costs, ease of access, and diversification of customer base to cover all marginalized and underserved segments of society.
In addition, spreading financial literacy amongst the masses has been at the core of MMBL’s business ethos. Through its flagship programs, Women Inspirational Network (WIN) and Humqadam, the Bank has trained over 500 women in various rural areas and onboarded more than 10 differently-abled individuals, empowering them to become financially independent and lead entrepreneurial initiatives of their own.
Sharing his thoughts on the institution’s journey so far, Ghazanfar Azzam, President & CEO of MMBL, said: “Pakistan’s microfinance industry stands at a critical crossroad in promoting financial inclusion. As a key enabler, MMBL has always been recognized for its tireless efforts in eradicating the barriers that restrict formal access to finance, particularly for the marginalized segments. MMBL’s expansive product portfolio has witnessed a significant growth trajectory since inception and we remain committed to contributing towards another era of further growth and financial empowerment for all.”
Harnessing the power of technology and the ongoing digital revolution, MMBL remains focused on uplifting the vulnerable strata by ensuring convenient and affordable access to various digital financial products and services. Moving forward, MMBL aims to continue fostering financial inclusion by reaching out to more unserved and underserved segments, to strengthen their participation in the economic sphere of Pakistan.
Govt can keep inflation down through cross-subsidies: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Wednesday said Pakistan has the weakest economy in the region but the price of petroleum products is less than other countries which is amazing.
In the case of oil, a subsidy of about two billion rupees is being given daily, out of which more than half is benefiting those who do not need this concession, he said.
Mian Zahid Hussain said that the government should make oil cheaper for motorcycles and three-wheelers while fuel for cars should be expensive.
Talking to the business community, the veteran business leader said that the government can consider cross-subsidies in fuel to keep inflation a bit lower.
He said that after the bankruptcy of Sri Lanka, Pakistan has become one of the most challenged economies in the region. How can a country which cannot function without debts keep the price of oil lower than the countries of the region with stable economies, he asked.
He noted that those who sacrificed national interests for petty political gain aggravated the problem through subsidies and amnesty schemes and stopped the IMF program, which is now being revived to save the country from a debt crisis.
Mian Zahid Hussain further said that the present government has less time and more problems but Prime Minister Shahbaz Sharif and Finance Minister Miftah Ismail have focused on the revival of the devastated economy which will soon yield better results.
Prime Minister Mian Shahbaz Sharif’s strategy, good governance and efforts have significantly reduced the load shedding and inflation has started declining.
Mian Zahid Hussain said that the increase in diesel price through cross-subsidy could be avoided as it is used as fuel transport, power production, industrial production and agriculture, whereas a large quantity of petrol was used in motorcycles, rickshaws and cars.
The increase in the price of petrol increases inflation but diesel price hike is more damaging for the economy, therefore, cross-subsidy can help reduce the impact of inflation.
According to OGRA, at present petrol is being subsidized at Rs21.3 per liter while diesel is being subsidized at Rs51.2 per liter.
Jazz invests Rs14.9bn in Q1, overall investment crosses $10.2bn
Continuing its focus on driving digital inclusion, Jazz invested PKR 14.9 billion under its ‘4G for all’ ambition during the first quarter of 2022, taking its overall investment in Pakistan to US$10.2 billion.
A majority of its capital expenditure during this quarter was on the addition of approximately 500 new 4G sites, reaching a population coverage of its 4G service to 55.7%. This network expansion played a key role in increasing Jazz’s 4G customer base by 27.8 percent YoY to reach 36.7 million while its overall subscriber base touched close to 75 million.
The performance of its digital services during the quarter solidified Jazz’s position as the country’s leading digital operator. Its digital financial service, JazzCash, reached 15.7 million monthly active users and 145, 000 active merchants. Its self-care app, Jazz World, continued to enjoy strong customer adoption levels with monthly active users growing by 23.1% YoY to reach 10.5 million.
Jazz CEO Aamir Ibrahim, said, “We are continuously investing in expanding the outreach and capacity of our 4G network mainly in semi-urban and rural areas to empower the underserved, especially women, to benefit from the digital services portfolio we offer. Jazz remains committed to addressing the barriers to an inclusive digital ecosystem, including device affordability, so our fellow citizens can access health, financial, and other life-enhancing services through mobile broadband.”
Other streaming and entertainment platforms such as Tamasha, Bajao, Jazz Cricket and Deikho also enjoyed further growth as their quarterly usage increased multiple times YoY.
Syngenta Pakistan and Mehran Sugar Mills to enhance country’s farming sector
The leading global provider of agricultural science and technology, Syngenta and Mehran Sugar Mills Limited, the biggest producer & marketer of sugar, have collaborated to fulfil the mission of improving profitability of the farming sector by channelising the growth and distribution of sugarcane crops.
A Memorandum of Understanding (MOU) was signed by Zeeshan Hasib Baig, GM Syngenta Pakistan, and Ahmed Hashim, MD Mehran Sugar Mill.
Under the agreement, the two entities aim to enable growers improve their yield and profitability, resulting in a positive impact on the economy. The growers will also receive education about modern harvesting and sowing techniques. Special trainings regarding the use of crop protection products to aid in more promising development of crop is also part of the agenda.
GM Syngenta Pakistan, Zeeshan Hasib Baig, believed that the coalition would result in encouraging outcomes for all stakeholders, “We have formed a value chain partnership with a leading sugar mill of Pakistan to emancipate farmers, which will ultimately play a positive role in improving the economy, thus benefiting all stakeholders involved.”
MD Mehran Sugar Mill, Ahmed Hashim, expressed his views on the new endeavour:
“Sugarcane is a crop that makes up 0.7 percent of our GDP. With our partnership with Syngenta, we will not only help farmers enhance their operations but also create more fruitful avenues for the major cash crop.”
Dawn of Takaful industry in Tanzania
- Tanzanian Islamic finance industry will have new shine now, says Zubair Mughal
Tanzania Insurance Regulatory Authority issued new guidelines which became effective this month include the Islamic Insurance called Takaful, which is open to all and Digital Insurance Platform to give new directions for Tanzania Insurance industry.
The expectations behind these guidelines are to increase penetration and creation of new jobs. United Republic of Tanzania is geographically located in East Africa with 34.5% Muslim population. The step for Takaful guidelines by Tanzania Insurance Regulatory Authority is a role model for Muslim majority countries those do not have any regulations for Takaful industry. Tanzania’s financial industry is very developed, there are 48 licensed banks in Tanzania: 35 commercial banks, 5 community banks, 4 microfinance banks, 2 mortgage banks, and 2 development banks and there are 27 Insurance companies as well.
Government of Tanzania announced in March to issue Takaful Regulations, in this regard Tanzania Insurance Regulatory Authority issued Takaful Guidelines 2022 in April. Insurers are now bound to comply with all requirements when marketing a Takaful product and comply with Shariah law. TIRA also introduced guidelines regarding the insurance sales force and the digitalization of the industry which will enable graduates to spread the products across the country and allow various universities and web aggregators to design various and affordable products. The on sales force executives guidelines seek to address the market need of enhancing the distribution, penetration, employment and availability of insurance services. The expected outcome from it provides the avenue for growth of the Insurance Sector and meets the socially justifiable needs of the community.
On the occasion of the launching ceremony, Commissioner for Insurance Dr Baghayo Saqware said “I am calling on the stakeholders to ensure they follow all the requirements while they are implementing products such as Takaful. It should comply with the Shariah basis”. He said in order to allow implementation of both guidelines, people who want to sell the insurance must be endorsed by companies or authorities and must follow the requirements which will be available in the guidelines.
All the guidelines help to attain the targeted 50 percent of adults to use at least one insurance product by 2030. “The guidelines we are launching will start operation in May this year whereby companies can sell insurance “We want to spread insurance countrywide especially in areas that are yet to be reached.”
On the decision of Takaful Industry Reforms and regulations in Tanzania, Muhammad Zubair Mughal, Chief Executive Officer AlHuda Centre of Islamic Banking and Economics wished very good luck to Tanzania insurance industry for this up front opportunity towards sustainable financial system. He praised the decision of the Government of Tanzania and Tanzania Insurance Regulatory Authority for their strategic vision about financial inclusion and development. He highlights the prevailing importance of digitalization, cost effective marketing strategy and efficient outcomes for insurance sector financial inclusion towards country GDP and companies’ growth. He also stated that Islamic Banks or Window operations for Islamic banking that already exist now also can offer Bancatakaful products; previously there were certain limits because of unavailability of Islamic insurance products. Tanzania’s financial industry is flourishing for Islamic bonds and Islamic capital market, these regulations will play a supportive role for further development. AlHuda CIBE is working for the development of Islamic finance industry; this phase will add new experience in AlHuda CIBE journey with its pleasant presence in the market.
Standard Chartered announces the launch of SCWomenInTech Cohort 4
After three successful years in Pakistan, Standard Chartered Bank in partnership with INNOVentures Global (Pvt.) Limited, announced the launch the Cohort 4 of SCWomeninTech
SCWomeninTech (WiT) supports female-led entrepreneurial teams with business management training, mentoring and seed funding. The WiT programme is designed to help address gender disparity in the technology sector and to use technology to tackle social challenges faced by communities. They are an important part of our entrepreneurship offering within Futuremakers by Standard Chartered, our global initiative to tackle inequality and promote economic inclusion.
In Pakistan, this initiative was launched in 2019 and so far out of the 700+ participating enterprises, 66 female founders have graduated and 19 of them have also received seed funding. Through this programme the Bank focuses on capacity building for women-owned small enterprises.
Commenting on this launch Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Pakistan said, “I feel privileged to announce the launch of Cohort 4 of the SCWiT, curated with the objective of removing barriers, providing opportunities and furthering financial inclusion for women in Pakistan, which is a key priority of the Government and State Bank of Pakistan as well. Over the years this programme has surfaced to be a great platform for aspiring women entrepreneurs in Pakistan by helping them realise their true potential. This initiative further builds upon Standard Chartered’s focus on increasing women’s access to entrepreneurial finance and supporting adolescent girls and women through capacity building. It encapsulates the essence of the Bank’s sustainability strategy of Futuremakers, enabling the next generation to learn, earn and grow.”
Partnering with INNOVentures Global, the Standard Chartered Women in Tech programme aims to promote the economic and social development of women in Pakistan through innovation or technology led entrepreneurship. This initiative was launched in Pakistan in 2019. #SCWomenInTech is aimed at helping identify and grow female led businesses by bringing their unique business ideas to the market whilst celebrating women in Pakistan.
The WiT Incubators were first launched in October 2014 by Standard Chartered Americas as a local community project. The programme is now active in nine countries and since 2019 has reached a total of 1,632young people along with providing a seed funding of USD 447,000.
Bank Alfalah partners with Jubilee Life Insurance for 24×7 Cash Collection through largest CDM Network of Pakistan
Bank Alfalah Limited (BAFL), the country’s leading financial institution and Jubilee Life Insurance Company Limited (JLICL), Pakistan biggest private sector insurer have come together, and signed an MOU for round the clock cash collection through Bank Alfalah CDM network. The signing ceremony was held at Bank Alfalah’s Head Office in Karachi. With the help of this integration, JLICL customers and sales force will be able to deposit their insurance premiums / contributions in real-time through CDM (Cash Deposit Machine) in a secured manner.
Bank Alfalah Limited (BAFL) is one of the largest financial institution of Pakistan and one of the most influential industry leaders when it comes to innovative Digital Banking products. In past 2 years, Bank Alfalah has built the largest Cash Deposit Machine network of Pakistan – spreading across several cities and offering various useful cash deposit transactions to any walk-in customer with valid CNIC. These services are available nonstop round the clock and without the need of using ATM or Debit card.
Jubilee Life Insurance Company Limited (JLICL), a well-known and a leading private sector life insurance company that offers various customized insurance products for its customers. Along with its various insurance products for individuals and corporate businesses under conventional and Islamic modes of insurance, the Company flourishes in bringing best practices and world class solutions to the financial needs of its customers. Going one step ahead with this aspiration to make buying insurance in a simple and hassle-free manner for its customers in this digital era, Jubilee Life is now ensuring new and more convenient ways of payments for its customers by offering various e-payment solutions.
Attending this event – the CEO of Bank Alfalah Limited ‘Mr. Atif Bajwa’ stated; “Digital banking and insurance have bright future together and it is quite swiftly transforming the criteria of cash collection in Pakistan with customers preferring online channels over traditional ones in substantial numbers. Our partnership with Jubilee Life Insurance will offer customers, a non-stop and secured cash deposit service through Bank Alfalah CDMs.”
The MD and CEO of Jubilee Life Insurance ‘Mr. Javed Ahmed’ stated; “Our customers have always been our top priority. We are very happy to partner with Bank Alfalah to facilitate our customers in paying their premiums in a hassle free and convenient manner. With the addition of this option, we now offer more premium payment choices to our customers as compared to any other insurer in Pakistan ”
Besides the cash management client payments such as between Bank Alfalah and JLICL, CDM offers variety of other cash services including Cash Deposit to Bank Alfalah or any other local bank, Loan payments, Credit Card payments, Mobile Top-ups, Utility Bill payments, School Fee payments and Donations etc. With over 220+ locations currently live and 300+ new locations being added, the Bank Alfalah Cash Deposit network is destined to migrate majority of over the counter traffic of bank branches to this convenient digital channel in upcoming years.
https://www.bankalfalah.com/personal-banking/self-service-banking/atm-cash-cheque-deposit-machine
Soneri Bank, S&P global market intelligence to deal for trade compliance solution
Soneri Bank Limited (SNBL) has signed an agreement with internationally renowned company S&P Global Market Intelligence (formerly IHS Markit) for implementation of IHS Trade Product Solution for ‘Price Verification of Commodities’ and ‘Identification of Dual Usage of Goods’. The signing ceremony was held on April 20 at SNBL Head Office, Karachi.
SNBL President & CEO Mr. Muhtashim Ahmad Ashai shook hands with Mr. Khalid Hussain – CEO of M/s Khalid Associates Global (local representative of IHS Markit, Singapore) to mark the occasion. The Bank’s other Senior Management present at the occasion were Deputy CEO – Mr. Amin A. Feerasta, Chief Compliance Officer – Mr. Tariq Yar Khan, Head of Operations – Mr. Ali Hasan Shah, Chief Information Officer – Muhammad Salman Ali, Chief Anti Money Laundering Officer – Muhammad Aman Yaqoob, Head – Centralized Trade Operations – Mr. Syed Zia Habib and Unit Head Trade Based Money Laundering – Muhammad Adeel Ahmed Jafri.
Speaking at the occasion, President & CEO – Mr. Muhtashim Ahmad Ashai and Deputy CEO – Mr. Amin A. Feerasta showed great satisfaction over this partnership and the benefit it brought to the Bank in effectively mitigating the risk of Trade Based Money Laundering, Terrorist and Proliferation Financing and complying with the Regulatory requirements set forth by State Bank of Pakistan.
Mr. Khalid Hussain – CEO of Khalid Associates – Global and Local representative of S&P Global thanked the Bank’s Management for taking this initiative and setting a market trend by being one of the Lead Banks in Pakistan to acquire the Compliance Solution of ‘Price related Due Diligence’ and ‘Identification of Dual Use of Goods’. He also briefed about the background of IHS Markit, Singapore, its recent merger with the largest market intelligence company – M/s S&P Global. He also mentioned that the implementation of this technology-based solution will bring more effectiveness in Trade monitoring processes of SNBL and will further augment the Bank’s business and growth in Trade Business.
Standard Chartered’s profits soar by 101pc in Q1
Standard Chartered Bank Pakistan Limited (SCBPL) delivered a record performance in first quarter of 2022, leading to a growth of 101% in profit before tax to PKR 11.8 billion. Profit after tax grew by 119% year on year to PKR 7.1 billion.
Overall revenue grew by 72% to deliver the highest ever quarterly revenue of PKR 14.3 billion. Net interest income grew by 36% year on year, primarily driven by volume upside from strong balance sheet growth. Non funded income recorded a growth of 167%, impelled by strong performance in FX, derivatives and securities trading. Operating expenses continue to be well managed through operational efficiencies and disciplined spending with an increase of 8% from comparative period last year. Moreover, robust recoveries of bad debts, coupled with prudent risk approach led to a net release of PKR 0.7 billion in Q1’22 compared to a net release of PKR 0.6 billion in the comparative period.
All businesses have positive momentum with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by PKR 17.8 billion (up 8%) since the start of this year. This was a result of targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by PKR 23.2 billion (up 4%), whereas current and saving accounts grew by PKR 27.8 billion (up 5%) since the start of this year and comprise 93% of the deposit base.
The Bank continues to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. The Bank strives to maximise the contribution to SBP initiatives on promoting housing finance and is consistently ranked amongst the top institutions. As of now over PKR 4 billion have been dispersed under Mera Pakistan Mera Ghar scheme. SCBPL is also amongst the top five contributors towards the Roshan Digital initiative and channelled remittances of over USD 350 million since inception and contributed USD 300 million to the investments in Naya Pakistan Certificate (NPC).
Standard Chartered has continued to invest in technological advancements and digital infrastructure to provide further convenience and cyber security to clients. With the launch of its digital onboarding proposition, Standard Chartered is now able to reach more clients and provide them with convenience of opening accounts as well as subscribing to products and banking services online. Plans are in place to offer host of other products and services that bring more accessibility to the clients and overall bank’s transformation journey stands well-curated. The Bank also continues its efforts on the sustainability and impact front; and to tackle inequality and promote greater economic inclusion through Futuremakers by Standard Chartered.
Commenting on the results, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “Our results for the first quarter of 2022 have set the tone for the year and we remain optimistic and plan to build on this momentum going forward.
Our results demonstrate strong foundations and a clear path towards delivering on our strategic priorities. They are also reflective of our commitment to the country and our desire to capture opportunities in the market whilst providing best in class banking to our clients. We continue to become more efficient and innovative operationally while investing in technologies and capabilities of the future. Our pivot to digital continues based on adopting best practices, leveraging the Group expertise and incorporating feedback of our clients in our offerings.
I am extremely thankful to our shareholders, clients and business partners for their ongoing trust in our capabilities, and our associates, staff and colleagues for their keen commitment in supporting the Bank at each step as we bring forth the best-in-class banking experience.”
UBL’s strong momentum continues as PBT rises 30pc in Q1
UBL declared Profit Before Tax (PBT) of Rs. 15.8 billion for the quarter ended March 31, 2022, which represents an increase of 30% in the bottom line. Earnings per Share (EPS) was measured at Rs. 7.78 (Q1’21: Rs. 6.05). The Bank maintained the healthy payouts to its shareholders with the first dividend of the year declared at Rs. 5.0 per share. UBL’s capital base remains strong as the Capital Adequacy Ratio (CAR) stood at 21.7% as at Mar’22, an excess of 9.2% over regulatory minimum requirements.
UBL records 25% growth in the revenue top line
The Bank’s gross revenues stood at Rs. 28.3 billion, growing by 25%, driven by the buildup in the deposit base over last year, healthy loan growth and well positioned investment portfolio. Non-markup income was recorded at Rs. 6.8 billion for Q1’22, up 17% as all major fee based revenues depicted a solid pick up in business with strong growth in foreign exchange flows. The cost to income ratio further improved to 42% from 44% last year. Provisioning expense remained controlled with enhanced risk vigilance and strong focus on recoveries across both domestic and international.
Serving a customer base of over 10 million
UBL remains one of largest private banks in Pakistan with a branch network of 1,340 branches spread across both urban and rural geographies and 1,439 ATMs across the country. The physical network is well supported by the industry’s leading Digital Banking services and our branchless banking proposition UBL Omni which serves even in the remotest locations across Pakistan. Our strength is an increasing and diverse customer base nationwide, as we continue to build on our agenda of financial inclusion and providing access to finance across all segments of society. Domestic deposits averaged Rs. 1.5 trillion for Q1’22, with strong growth of 11% in current accounts and a very profitable CASA ratio of 88%. The Bank continues to expand its customer base, particularly within current deposits, as it on-boarded 162,000 new current account relationships in the first quarter.
UBL remains an active participant in all the major economic initiatives of the Government of Pakistan and the State Bank of Pakistan (SBP). We are one of the key partners in the SBP’s Roshan Digital initiative, having opened over 78,000 accounts, with inflows of over USD 532 million. The Bank continues to play its role in the Mera Pakistan Mera Ghar initiative, with disbursements of Rs. 3.5 billion. Furthermore, we are at the forefront of the Kamyab Jawab program, with disbursements over Rs. 2.5 billion, supporting the needs of upcoming young entrepreneurs all across Pakistan.
Digital banking serving over 2 million customers
The Bank’s award winning and industry leading digital services envision a better service proposition for all banking customers, with ease and convenience never seen before in the financial sector. The key pillars of the Bank’s digital strategy is to create a consistent experience across all touchpoints and to add enabling platforms over time. We seek to evolve with the ever changing requirements and expectations of our customers as we scale into a wider payments ecosystem. Our payments throughput from ‘UBL Digital’, our mobile app, were recorded at Rs. 1.7 trillion last year, and with a growing customer base, we have already crossed Rs. 531 billion in Q1’22, a growth of 56%. These volumes clearly indicate the future business potential through digital penetration, being one of the largest banks in Pakistan. We are seeking to redefine the financial landscape with our futuristic mindset, innovative ideas and well directed capital allocation towards new technologies.
Non Fund Income contribution
The Bank’s Non-Fund Income (NFI) was reported at Rs. 6.8 billion for Q1’22, contributing 24% to total gross revenues. Fee revenues of Rs. 3.9 billion were earned in Q1’22, with an increase of 29%, as strong momentum was witnessed across all major businesses. The Bank remains the preferred partner to overseas Pakistanis who continue to place their trust in UBL. As a result, the Bank recorded a market share of over 21% within the home remittances space with commission income of Rs. 448 million earned in Q1’22. The Bank also maintained its market presence within the bancassurance business as commission income was recorded at Rs. 479 million in Q1’22, with strong growth of 26%.
UBL Ameen scaling up well with wider footprint
Islamic banking remains a key priority and UBL continues to expand within this fast growing segment. UBL Ameen’s branch network stands at 145 branches and is further supported by 197 Islamic Banking Windows (IBWs) within commercial branches. UBL Ameen’s deposit base closed at Rs. 158 billion at Mar’22, growing by 13% over Dec’21. Islamic advances continue to grow as the loan book stood at Rs. 67 billion at Mar’22, an increase of 52% over Dec’21.
Loan book records 17% growth with improvement in credit quality
UBL continues to grow in its intermediation role within the economy, as performing advances averaged Rs. 629 billion in Q1’22, a strong growth of 17%. The Bank is actively working on creating a wider eco system to support its corporate client base and expanding its reach within the SME and rural banking segments. This includes leveraging our digital capabilities to offer customised products and becoming a technology partner in the future to our customers. Deepening relationships with ancillary services are improving customer yields, as evident in the 17% growth in income from trade and 14% growth in earnings from cash management.
Commenting on the results, Mr. Shazad G. Dada, President & CEO of UBL said: “UBL had the most profitable year in its history in 2021 and we continue to deliver even stronger growth in 2022, a year for which we have very high ambitions. We remain Pakistan’s most innovative Bank bringing new customer centric products and services to our valued customer base of over 10 million. Urooj account, is our latest product exclusively catering to the needs of women in Pakistan. Branch Banking remains the engine for sustainable growth for UBL, growing its deposits in each region across the country. We believe that the future banking landscape is ‘phygital’ – a combination of a well penetrated branch footprint supported by the power of digital banking making customer journeys effortless and convenient. Customers are at the heart of everything we do and we are excited about the new and innovative solutions which we will continue to bring to the market in the future. We are committed to delivering sustainable growth with a strong culture of controls and governance. Our people remain our greatest strength, we value their contribution and shall continue to invest in their development as we set even higher aspirations for the franchise in the years to come.”
IBA Stock Market Learning Challenge draws to a grand finale, awarding students with cash prizes and internships
IBA students show massive interest in simulation-based competition to learn investing skills.
With over 500 students intensely engaged and 10,000 trades executed, IBA’s Virtual Stock Market Challenge, iStockX22 came to a successful close. The closing ceremony of IStockX’22 was held at the auditorium of the Pakistan Stock Exchange (PSX). Prizes were distributed among the Top 3 IBA students and Top 30 players were duly appreciated as they all outperformed the market. The winner, Talha Zahid obtained a massive 278% return, while runner ups Ahsan Khan and Rohan Khawar obtained 189% and 158% respectively.
Attendees included Executive Director, IBA Karachi, Dr. S Akbar Zaidi; Former Chairman, PSX, Mr. Muneer Kamal; Chief Operating Officer, PSX, Mr. Nadir Rahman; CEO, Topline Securities, Mr. Mohammed Sohail; Group Director, Elahi Group of Companies, Mr. Sohail Ilahi; Head of Marketing and Business Development, PSX, Ms. Raeda Latif; and CEO, Investors Lounge, Mr. Baqar Abbas Jafri.
CEO Topline Securities, and IBA alumnus, Mr. Mohammed Sohail commenced the ceremony and shed light on the objective of the event. He said, ‘IStockX’22 provided an opportunity for students to learn how to trade and apply their theoretical learning to the real world.’ He highlighted that IBA students were provided with world-class courses on the Investors Lounge portal along with analytical tools.
He further added that this marks the end of the Phase I of the tournament. Phase II, involving investment in stock markets with real money, would start from July, 2022. Top 30 participants from Phase I will advance to the next stage where trading would continue till December 31, 2022. The winners of this stage will be rewarded with money and employment opportunities.
Mr. Jafri highlighted the high engagement of IBA students and how this demonstrated a need for continuance of such platforms. He mentioned that over the period of one month, more than 508 students registered, and more than 10,000 trades were executed which involved more than 13 million shares and portfolios worth PKR 523 million.
Mr. Jafri said, ‘Students are not able to produce desired results despite having a degree. So, we realised the need for experiential learning to be built in the academic curriculum of investment management and finance to bridge this gap. Hopefully starting with help from IBA and support of the present team, this can be propagated into other universities.’
Speaking to the attendees, Dr. Zaidi praised the efforts undertaken to organize the month-long online trading competition, IstockX’22 organized by IBA alumni to train the IBA students to improve their skillset which shows their dedication towards giving back to their alma mater. He further stressed the need of increased interaction between the alumni, students and faculty of IBA. Dr. Zaidi advised the IBA student body, and alumni to look beyond the FMCG and conventional Banking industries, and venture in the world of financial markets.
Mr. Ilahi applauded the efforts of the IBA Finance Club, Investors Lounge & Topline securities for educating the young investors about investing strategies and providing them a great learning platform. ‘With proper learning and guidance to the youth regarding stock trading, we can address the problem of a low investor base in Pakistan’. Mr. Ilahi believes that there are ample opportunities for the investors and new heights can be achieved if the players running the show (brokerage houses & regulators) join hands as Topline Securities and Investors Lounge did.
Mr. Rahman appreciated the collaboration and emphasised on the need of increasing the investors in Pakistan.
Mr. Kamal highlighted the importance of learning beyond the books through such competitions and appreciated the role of the IBA Karachi in providing the learning opportunities for students.
Patron of the IBA Finance Club, Ms. Tahira Mariam Jaffery congratulated the members of the IBA Finance Club for successful execution of phase I and thanked Topline Securities and Investor’s Lounge for their corporation. Moreover, Ms. Jaffery expressed her wish to further expand the competition and include more participants from different institutes in future.
Mr. Inam Masood, Manager, IBA Finance Club emphasized upon the need for providing such platforms to students to create financial awareness and literacy among the Pakistani Youth.
Winners were given a chance to share their trading strategies, along with the technical and fundamental analysis, with the industry professionals during the event.
The event concluded with distribution of prizes to the winner and the runner ups.
UBL, PAFLA to facilitate freelancers across Pakistan
United Bank Limited (UBL) and Pakistan Freelancers’ Association (PAFLA) recently signed a Memorandum of Understanding (MOU) to formalize a mutually beneficial partnership to facilitate Freelancers in Pakistan. The ceremony was held at the UBL Head Office in Karachi and was attended by Mr. Shazad G. Dada, President & CEO UBL and Mr. Kazi Rahat Ali, Secretary General PAFLA and Presidential Initiative for Artificial Intelligence & Computing and Mr. Ibrahim Amin, Executive Vice President – PAFLA, along with senior executives from both institutions.
This strategic partnership aims to facilitate the proliferation of Pakistan Freelance market with the provision of a tailored value proposition that is attuned to financially empower freelancers through multiple spheres of their journey as remote income earners. Both organizations are looking forward towards mutual cooperation in the future.
JS Bank joins NdcTech to modernize its core banking and drive business agility
JS Bank, a leading Commercial Bank of Pakistan has modernized its Core Banking platform with renowned IT company NdcTech as the implementation partner. This deployment is a central part of the Bank’s strategy to rebuild its technology and support its future growth objectives.
Enhancing the customer experience has always been a top priority for JS Bank and Temenos open platform for composable banking enables the Bank to offer a rich integrated experience for its customers. The Bank collaborated with NdcTech to help modernize its banking operations and upgrade the technology stack to achieve scale. The Bank is now able to use an integrated architecture to support its retail, corporate, and treasury needs and create a more flexible environment to sustain forthcoming expansions.
NdcTech has the capability of conducting large transformations using industry best practices, skilled expertise on Temenos products, and in-depth knowledge of accelerated methodologies and tools. This was a complex project to execute, with a change at all layers of the Core Banking technology stack which required extensive cycles of testing and dress rehearsals prior to a successful cutover for Go Live.
Mr. Tauseef Ahmed, Director Project Delivery & Customer Care, NdcTech said: “JS Bank chose NdcTech for this transformation based on our ability to comprehend and adapt to the local market and environment and our rich expertise in transforming banks. A common value that JS Bank and NdcTech share is our focus on customer-centricity, and always going beyond capabilities to deliver a premium customer experience. We are pleased to announce the successful Go-live of JS Bank, enabling them to deliver on the full promise of digital transformation”
Khushhali’s successful skill training
Khushhali Microfinance Bank Limited in collaboration with the Institute of Rural Management (IRM) has successfully completed the skill development program for women from Rawalpindi’s marginalized communities. The training program included a tailoring and beautician course. KMBL provided sewing machines and makeup kits to the attendees to encourage them in launching their own businesses.
Jubilee Life join hands with Arthouse (SOP)
Jubilee Life join hands with Arthouse by Sarwat Gilani for a special Iftar hosted for the Arthouse students from Special Olympics Pakistan (SOP) accompanied by Ronak Lakhani, Chairperson of SOP, Scinosa and Kiran Foundation. The evening comprised of storytelling, games and arts & crafts so the children could enjoy and develop their skills in multiple creative ways. The children had fun while interacting with Sarwat Gilani and made Eid cards for their loved ones.
Mid term review decision, severe rupee devaluation hit KE’s profitability
Driven by continued and targeted investments of PKR36.99 billion across the power value chain, key operational indicators showed positive growth over comparative period. However, despite showing consistent improvement in reduction of transmission and distribution losses of 1.5%, and driving an increase in the units sent out by 2.8%, KE’s net profitability declined by 84% to settle at PKR 1.5 billion in relation to last year’s PKR 9.44 billion.
The impact of KE’s operational performance was set-off by negative impact of Pakistani rupees’ substantial devaluation in the international currency market resulting in exchange loss of PKR 4 billion in comparison to last year’s gain of PKR 1.2 billion along with an increase in financing cost by PKR 1.4 billion due to increase in effective rate of borrowing and Mid-term review (MTR) decision.
As of March 31st 2022, KE’s net receivables from various Federal and Provincial government entities stood at PKR 53 billion on principal basis. Delays in reconciliation and release of legitimate payments from these entities are severely affecting the Company’s cashflow position and ability to further accelerate investment in key power infrastructure. Further, on March 01, 2022, NEPRA issued its decision on KE’s MYT Mid-Term Review, wherein NEPRA made a downward adjustment of PKR 0.22/kWh on the utility’s determined tariff and disallowed an additional investment of PKR 138 billion by KE to improve on its services including power supply and reliability.
An important update for this quarter is the finalization and deployment of KE’s 900 MW RLNG-based power project, BQPS-III. The first Unit of 450 MW proceeded with its mandatory testing in March 2022 as well as synchronization with KE’s Grid, and is now in the final testing stages before commissioning.
KE has also upgraded its infrastructure in its service areas to keep pace with and facilitate the economic growth in the city’s peri and suburban regions. Aside from rehabilitation, the grids in Winder are being enhanced and the 66kV line upgraded to 132 kV along with commissioning new lines to improve transmission capacity and reliability in the region. Additionally, to improve on capacity and systemic reliability, 6 new power transformers have been integrated into the network to ensure reliable power supply to consumers across Karachi.
On the distribution front, the Company continued to make strides on its loss reduction efforts. Over 200,000 KG of illegal hooks (Kunda) have been eliminated from the system in the first 9 months of the current fiscal year, and a total of 800 Pole Mounted Transformers have been converted to Aerial Bundled Cables (ABC), with around 125,000 new connections installed. Furthermore, to focus on customer centricity, 17 additional ‘Customer Facilitation Centers’ have been deployed to facilitate our customer’s billing inquiries.
In line with Sustainable Development Goals (SDG7), KE has signed an MoU with Sindh Energy Department (SED) and the World Bank (WB) for the establishment of solar projects with 350MW capacity. This tri-partite collaboration is set to add another 700 GWh to KE’s total clean energy supply and off-set 300-350 kilotons per annum of carbon emissions. KE has also partnered with Akhuwat and donated PKR 7.5 million as interest free microfinance loans to households for the installation of solar photovoltaic (PV) systems within the service territory of the Company.
Aside from sustainable development, KE is heavily invested in empowering individuals and communities. After the success of the first cohort of the Roshni Baji Neighborhood Women Ambassador Programme, an expanded batch of 60 women were inducted in November 2021. They will be on field for nine months across Karachi’s most densely populated neighborhoods. By the end of March 2022, the Roshni Bajis held discussions on safety and legal connections with over 210,000 households, bridging the gap between the utility and a key demographic of women consumers in Karachi. Separately, 11 women from the first batch of the programme have been hired as KE female Meter Data Maintenance Officers (MDMO). This programme has received international recognition at the S&P Global Platts, under the Global Energy Award. This is also the first time for an energy company in Pakistan to receive the coveted award and recognition.
In line with KE’s commitment towards safety, the Company initiated a comprehensive plan to revalidate the safety parameters on its High-Tension and Low- Tension network with the goal to improve on network resilience and uphold public safety; with 99% of project completion achieved. Furthermore, KE’s HSEQ department conducted extensive Behavior Safety Management sessions for field staff to inculcate a culture of safety across the company.
KE continues to engage with stakeholders on finalization and execution of the Power Purchase Agency Agreement (PPAA) and Interconnection Agreement (ICA) for supply of 2,050 MW to KE from the National Grid along with a Tariff Differential Subsidy Agreement (TDS) for timely release of subsidy which will streamline the process for the utility and relieve the pressure on the company’s financial viability.
The Company also remains engaged with Government entities for an amicable resolution to the issue of historic receivables and payables in accordance with law as well as with NEPRA to expedite the determination of pending quarterly tariff variations including costs in lieu of recovery loss for the period FY 2017 to FY 2021 claimed as per the mechanism provided by NEPRA in KE’s MYT. A sustainable resolution to these issues and timely approvals remains critical for Company’s sustainability and execution of planned investment.
Beaconhouse students’ art exhibition helps raise funds
Beaconhouse, Pakistan’s largest network of private educational institutions, has recently helped set up a community play area at the Children’s Hospital, Faisalabad. Funds for this play area were raised from an Art Exhibition, themed ‘A Brush Can Change Everything’, held at Beaconhouse Kindergarten Branch, Faisalabad, as a charity initiative.
The aim of the Art Exhibition was to hold a fund-raising activity at the school with the help of young students’ artwork, while showcasing their creative skills and learning. Artwork created by the students of Beaconhouse Kindergarten Branch, Faisalabad was sold to parents, teachers, and other stakeholders and attendees during the exhibition, which helped raise a total of Rs. 600,000. The collected amount was then used to collaborate with the Children’s Hospital in Faisalabad to inaugurate a play area at the medical facility for its young patients.
Inspiration for the project was taken from the Beaconhouse funded recreational and play facilities at Children’s Hospital Lahore inaugurated in 2017, which includes an aviary.
Speaking at the inauguration ceremony of the play area, Kasim Kasuri, Chief Executive of Beaconhouse, stated, “At Beaconhouse, we encourage our students to act as Dignity Ambassadors and community helpers, in order to inspire within them the core values of self-worth, charity, and the spirit of giving. I am proud of our students, their parents, teachers, and everyone else from the Beaconhouse team, who came together and helped execute this noble endeavour. I would also like to thank the team at the Children’s Hospital for their support with designating ample space at their vicinity, helping us make this possible.”
The play area at the Children’s Hospital features bright, pleasing colors to lift up spirits, and is complete with a variety of swings, trampolines, and play mats for the children’s entertainment during dreary hospital visits.
The organisation was established in 1975 and has been showcasing educational expertise ever since, with a current student strength of over 315,000 across Pakistan.
ACCA March 2022 result announced
Pakistani students smash global records with 10 top positions
The Association of Chartered Certified Accountants (ACCA) on April 18, 2022 announced the results of students who sat exams in the March 2022 session. A whopping 10 Pakistani students scored the highest marks globally outperforming exam sitters worldwide.
Ghaus Ullah, Sara Yousuf, Muhammad Usama Khan, Shafaq Zeeshan, Zainab Bibi, Eman Siddique, Mahed Muhammad, Ume Rumma, and Fatima Shahid (with 2 positions) scored the highest marks in the world in Recording Financial Transactions, Maintaining Financial Records exam and Management Information.
These global prize winners were commended by Assad Hameed Khan, Head of ACCA Pakistan. He said, “Our youth continues to set a precedent of high performance further cementing their commitment to the global profession as well as the betterment of Pakistan. Their achievements help us in establishing Pakistan as a global hub for world-class talent in accounting and finance.”
The ACCA degree is widely regarded as the gold standard in accountancy, with recognition and presence in over 178 countries worldwide, providing access to highly respected and rewarding career opportunities.
NIMA, IRA agree to promote education, research
A Memorandum of Understanding was signed between the National Institute of Maritime Affairs (NIMA) and the Institute of Regional Studies (IRS), Islamabad for bilateral cooperation in promoting education and fostering joint efforts in research.
The ceremony was held at the NIMA Head Office, Bahria University Islamabad. The documents were duly endorsed with the signatures of Vice Admiral (Retd) Abdul Aleem HI(M), Director General, NIMA, and Ambassador Nadeem Riyaz President of IRS Islamabad.
By signing the MoU, the two parties agreed to establish a formal mechanism of collaboration and cooperation for new initiatives. The purpose of the agreement is to improve the research and academic activities between the two Institutes and to promote and intensify cooperation in the entire area of interaction and research. The agreement will not only foster bilateral collaboration but will also play an important role in promoting joint activities, and the exchange of information and expertise.
The two parties have agreed to provide assistance to each others request for literature consultation, exchange of publications/research material, joint research projects and use of facilities at respective institutes.
On the occasion, Director General NIMA, Vice Admiral (Retd) Abdul Aleem assured wholehearted support from NIMA to IRS, in research, policy analysis, and other related subjects. He mentioned this agreement will not only enhance bilateral collaboration but will also play an important role in promoting joint activities.
Meanwhile, the President of IRS, Ambassador Nadeem Riyaz hoped that this collaboration will be a great opportunity to get benefit from each other. He said that this MoU would help in studying the geo-strategic dynamics of Indian Ocean affairs.
The Director NIMA Islamabad Commodore (Retd) Bilal Abdula Nasir SI(M), and its research team along with the faculty members of the (IRS), were also present.
LCBDDA Successfully Completes First Batch of Apprentice Program
Lahore Central Business District Development Authority (LCBDDA) also known as Central Business District (CBD) Punjab has successfully completed training for the first batch of The Apprentice Program. This program was launched as the country’s most unique graduate development program in February 2022, to give fresh graduates proper professional training leading towards flourishment of their skill sets to attain permanent jobs.
The authority shortlisted 35 candidates out of 150 finalist who went through rigorous professional training for two months at the Executive Development Centre which was specially established for the Apprentice Program. These selected apprentices were given special classes to equip them with 10 hard skills and 12 soft skills. During these special classes, lectures were delivered by Directorate Heads of CBD Punjab and seasoned HR professionals.
Apprentices also witnessed a professional working environment in CBD Punjab House (HQ of LCBDDA) in the last three weeks of their training. During this time period, they were mentored by Directorate Heads of different directorates of CBD Punjab to have a hands-on experience in the professional work environment. CSR activities, sessions with motivational speakers, and visits to various media houses and corporate firms were also arranged for the apprentices during their training.
Chief Operating Officer – LCBDDA, Brig (R) Mansoor Janjua said at the closing ceremony of the program that “CBD Punjab has laid the foundation of the country’s most unique and anticipated graduate development program. We believe our youth is our future and to polish their skills and to provide them life-changing opportunities is of utmost importance to us”.
After the successful completion of the first batch, LCBDDA is all geared up to start the second batch of apprentice program in the near future and its details will be shared through media and social media platforms.
Team Bagallery visit TCF for Eid gifts distribution
Our children are our future. They alone can change the future of Pakistan through the power of their intellect and knowledge with the right guidance and support. TCF is doing an amazing job in making dreams come true. The Bagallery team was delighted to see the zeal and hunger for knowledge in the eyes of these students and honored to meet these children as they focus on studying by defying all odds, upon our visit to the TCF Korangi branch to distribute Eid gifts among the students.