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Pakistan (Muhammad Yasir)

easypaisa has launched an enhanced credit score visibility feature designed to elevate financial awareness and empower users in managing their financial health. This cutting-edge feature provides unprecedented access to users’ credit scores directly within the easypaisa app, addressing a critical gap in Pakistan, where understanding of credit scores is limited. A major challenge in our financial industry has been the lack of availability of credit score information for users. easypaisa’s new feature enhances the credit score facility by empowering users to take control of their financial well-being while simultaneously educating them on how their transaction, credit, and deposit behaviors impact their credit score.

The feature is enriched with a dynamic credit score dashboard, providing users with a clear view of their current credit score and its trends over the past 12 months. This in-depth analysis offers a transparent and detailed financial perspective that supports informed decision-making.

The feature also empowers users to understand the key factors influencing their easypaisa credit score, encompassing critical aspects of their financial health such as spending habits, loan management, savings, and in-app subscriptions. For instance, the feature analyzes customers’ digital payment behaviors—including money transfers, bill payments, mobile top-ups, and QR payments—enabling them to better comprehend their financial habits. It encourages users to increase financial transactions in areas where they may be less active and raises awareness about their transaction patterns. Loan management is another significant factor, allowing users to track their borrowing history with easypaisa, including the amount borrowed, frequency of borrowing, on-time repayments, and any late payments over various time frames (1 month, 3 months, 6 months, and 12 months).

Savings also play a crucial role in the credit score, helping users understand their deposit patterns, including the total amount saved, frequency of deposits, average balance over specific periods, and any days with zero balance. This comprehensive approach provides users with a detailed understanding of their financial behavior, encouraging more informed and proactive financial management.

Additionally, the feature offers personalized recommendations powered by advanced machine learning algorithms. These tailored suggestions help users optimize their scores and reach their financial goals, enabling them to confidently manage their credit journey with comprehensive insights and actionable advice readily available.

Muhammad Khurram Waraich, Head of Digital Lending & Data Science at TMB/easypaisa, commented, At Easypaisa, we are dedicated to fostering innovation and providing inclusive financial solutions for millions of Pakistanis. In an economy where credit is scarce and financial literacy is limited, our enhanced credit score feature aims to elevate awareness and understanding of credit scores. This initiative empowers users to actively manage their digital banking journey, monitor their scores with data-driven insights, and take control of their financial health with clear and transparent visibility.”

With this level of transparency, users can take steps to improve their credit scores and unlock incentivized offerings within the easypaisa app, such as lower borrowing costs and higher credit limits. easypaisa will continue to refine and expand this proposition, drawing on user feedback and insights to explore broader horizons.

As a leader in driving financial inclusion through digital banking, easypaisa remains dedicated to providing transparency and education, empowering consumers to take control of their financial futures. With over 45 million registered users and counting, easypaisa continues to lead Pakistan’s digital financial services landscape, fostering financial inclusion through technological innovations.

Pakistan (Muhammad Yasir)

Alternative Dispute Resolution International Center (ADRIC), Institute of Business Administration (IBA), Karachi, in collaboration with the Commercial Law Development Program (CLDP), U.S. Department of Commerce successfully hosted a seminar titled ‘Pakistan’s ADR Renaissance’, at the City Campus. The event brought together distinguished legal experts, representatives from International ADR Centers, and key stakeholders to discuss the future of dispute resolution in Pakistan with a focus on mediation.

Director IBA-CEE and SIMI Accredited Mediator, Mr. Kamran Bilgrami, delivered the welcome address, setting the stage for an engaging session. He introduced IBA-ADRIC, and its initiatives, and expressed his gratitude towards Keynote Speakers: Hon’ble Senior Puisne Justice, Supreme Court of Pakistan, Syed Mansoor Ali Shah; Hon’ble Chief Justice, Sindh High Court, Muhammad Shafi Siddique; Hon’ble Justice, Lahore High Court, Jawad Hassan; and Hon’ble Justice, Islamabad High Court, MianGul Hassan Aurangzeb.

The mediators of the event, Mr. Bilgrami; and Head of Program & Partnerships, IBA ADRIC and SIMI Trained Mediator, Syed Bulent Sohail, engaged in a discussion on Mediation Landscape in Singapore: Opportunities and Future Prospects for Pakistan. Attorney Advisors, CLDP, U.S. Department of Commerce, Eric Ives and Raquel Martinez, shared insights into the U.S. government’s services and assistance to Pakistan’s ADR movement. This was followed by an enlightening discussion on Mediation by Legal Counsel, SIMC, Sidharth Jha. He conveyed warm regards from the Chairman SIMC, Mr. George Lim.

Executive Director IBA, Dr. S Akbar Zaidi delivered the executive address, offering encouragement and acknowledging the advancements IBA has made in ADR and its promotion in Pakistan. He emphasized that collaboration remains a central theme for IBA, and the Institute is committed to continuing its involvement in collaborative initiatives.

The second part of the seminar focused on a panel discussion titled ‘Bridging Borders: Enhancing International and Regional Connectivity for Economic Growth and Stability’. Mr. Sohail; and Assistant Professor Law, IBA, Ms. Mehreen Nazar moderated the session.

This session was conducted in a bi-panel, which included an engaging panel discussion on the challenges of mediation and the role that technology and digital infrastructure play in strengthening regional connectivity. The first bi-panel featured prominent experts from leading ADR centers in South Asia and Central Asia such as, Attorney Advisor US Department of Commerce, Grishma Pradhan; Managing Director of Case Management Department, AIFC Court & International Arbitration Centre, Almat Igenbayev; Partner Allen & Gledhill LLP, Singapore, Afzal Ali; Partner – Tokyo Head of International Arbitration, DLA Piper, Japan, Tony Andriotis; and Director & Secretary General, CCC-ICLP International ADR Center, Sri Lanka, Dhara Wijayatilake.

The second bi-panel featured the panelists, Senior Fellow, Center for Law & Religion, Emory University & Fulbright Specialist, Dr. Jo DeLaGarza-Chitlik; Vice Chairman Maldives International Arbitration Center, Aseel Hassan; Japan Representative, SIMC, Yuko Nitta; Chairperson, Chartered Institute of Arbitrators, Mian Sheraz Javaid; and Former General Secretary NEPCA, Nepal, Gyanendra Prasad Kayastha. The panel discussed practical ways to adopt and institutionalize mediation in Pakistan so that the law and dispute resolution mechanisms are galvanized to address the burgeoning impact of Alternate dispute resolution in Pakistan.

Secretary Law and Justice Commission, Pakistan, Ms. Riffat Inam presented a special address where she emphasized the practices that Pakistan is adopting for promotion of ADR in Pakistan. It was discussed that the Supreme Court has formed an active ADR task force the members of which are working diligently in promulgating a legal framework for mediation and ADR in Pakistan.

In his keynote address, Justice Jawad Hassan highlighted that Pakistan is on the right track in adopting ADR practices. During his recent visit to London, a leading jurisdiction in dispute resolution, he observed that Pakistan is making impressive progress in this area. This recognition from such a prominent legal center serves as evidence that Pakistan is advancing in its ADR efforts.

Justice Attique Shah informed the audience about the significance of ADR and its effective impact on reducing the caseload of the judiciary. He also emphasized the legal provisions of the ADR Act and their significance.

Justice Muhammad Shafi Siddiqui stressed the importance of focusing on all forms of ADR, not just mediation, especially given Pakistan’s significant case backlog. To effectively reduce this backlog, it is essential to leverage the full range of ADR techniques. He noted that Karachi has seen a decline in the use of mediation for dispute resolution between 2019 and 2023. Therefore, it is crucial to encourage parties and individuals to choose the ADR method that best suits their needs, rather than solely promoting mediation.

Justice Syed Mansoor Ali Shah commented on the ADR Renaissance theme and enlightened that various industries can be deduced under ADR for effective dispute resolution. He expressed that Pakistan should focus on keeping ADR as a desired dispute resolution mechanism.

The seminar concluded with closing remarks that reiterated the importance of ADR in Pakistan’s legal landscape. Mementos were distributed, symbolizing the collaborative spirit and shared commitment to advancing ADR practices in the country.

 

 

 

Pakistan (Muhammad Yasir)

FrieslandCampina Engro Pakistan Limited (FCEPL) announced its financial results for the first half of the year, concluding on 30th June, 2024. Despite a challenging economic environment, the Company achieved 17% growth (revenue of PKR 55.0 billion, compared to PKR 47.0 billion in the same period last year) fueled by a favorable portfolio mix, effective market investments and distribution expansion. The Company also witnessed a gross profit growth of 16% maintaining gross margins despite the inflationary pressures on commodities and energy prices. This performance demonstrates the Company’s resilience and ability to adapt to market conditions. However, profit after tax declined by 6%, (PKR 1.26 billion compared to PKR 1.33 billion in the same period last year) due to a significant increase in interest rates. DAIRY-BASED PRODUCTS SEGMENT The segment reported revenue of Rs. 48.87 billion, reflecting a growth of 18% vs the same period last year. Olper’s UHT continued to maintain its presence with the ‘Happy Subah’ campaign across key touchpoints, including TV, digital, and in-store. These consistent efforts across all relevant consumer touchpoints have strengthened Olper’s market and equity leadership in the category. Value-added brands including Olper’s Cream, Olper’s Cheese, Dobala and Tarka continued to gain volume despite competition from established players. FROZEN DESSERTS SEGMENT Despite the challenging start of the year, the segment reported a revenue of 6.16 billion, a 13% growth vs the same period last year. This was enabled due to continuous investment behind the brand through our newest campaign “Wow Bharay Deserts”, creating occasions consumption outside traditional festivities and exemplary in-store execution. FINANCIAL PERFORMANCE The financial performance of the company for the three months ended June 30, 2024, is summarized below: Half Year ended Variation (Rs. in million) 2024 2023 Net Sales 55,024 47,015 17% Operating Profit 4,003 3,873 +3% % of sales 7.3% 8.2% -96 bps Profit / (Loss) after tax 1,253 1,326 % of sales 2.3% 2.8% -54 bps Earnings / (Loss) per share (Rs.) 1.63 1.73 FUTURE OUTLOOK (Sales tax on packaged milk – Effective July 1, 2024) Through the Finance Act, 2024, the Government has imposed an 18% sales tax on the sale of packaged milk. This statutory change has resulted in a significant increase in the prices of packaged milk. As milk is a necessity, this price increase will add more financial strain on consumers who are already struggling with declining purchasing power. Furthermore, this change has widened the gap between packaged milk and loose milk, the latter of which remains untaxed and unregulated. This disparity may drive consumers towards loose milk, which could have implications for public health and safety due to the lack of regulation. The Company is actively engaging with relevant stakeholders through the Pakistan Dairy Association to communicate its position and inform them of the broader impact by highlighting how this tax will affect various Government priorities, including ensuring nutrition for all and expanding the documented economy. FCEPL remains committed to maintaining its market position and ensuring the highest quality of products for its consumers. The Company will continue to respond to consumer needs through in-market initiatives and by offering relevant product propositions while driving efficiencies across the value chain and optimizing investments to enhance the overall financial health of the business, thereby generating greater value for our shareholders. Leveraging its global expertise and 150 years of heritage, FCEPL remains committed to the highest standards to hygiene, food safety and sustainability and providing safe, affordable, and nourishing dairy products to millions of Pakistanis, every day.

Pakistan (Muhammad Yasir)

The United States Agency for International Development (USAID), through its Higher Education System Strengthening Activity, organized a high-level dialogue in collaboration with HEC and 16 Pakistani universities. Hosted by the Institute of Business Administration (IBA), Karachi, academic leaders from public sector universities gathered at this event to discuss innovative strategies and introduce reforms to guide universities towards sustainability.

The Higher Education System Strengthening Activity (HESSA), implemented by the University of Utah, brings together an extensive network of American professors to support its partner universities in strengthening their institutional performance.

The opening session of this 2-day dialogue was chaired by Ms. Kate Somvongsiri, Mission Director USAID/Pakistan, alongside Professor, Dr. Tariq Rafi, Chairman Sindh Higher Education Commission.

The event provided a forum to the Vice Chancellors to stimulate discussions on emerging issues in higher education, foster peer-to-peer learning, and facilitate the exchange of ideas and best practices among partner universities. Participants stressed the importance of extended leadership training sessions, to equip Vice Chancellors with the skills needed to effectively manage emerging challenges.

Dr. Rafi appreciated USAID’s partnership on higher education. He said, “This initiative will advance the organizational performance of public sector universities, and we stand committed to make our programs more demand-driven for better graduate employability.” He encouraged the audience to actively contribute to this process for the improvement of educational institutions.

The first day continued with sessions on HESSA work planning within the context of the mid-term evaluation report and the key accomplishments so far at each partner university. For instance, NUST has established ‘Connected Learning’, NUTECH has initiated STEM Bootcamps, and most of the partner universities have restructured their student services including the addition of wellness centers. The subsequent session featured a presentation on the monitoring framework and consultations on enhancing the effectiveness of HESSA’s approach and the impact of project interventions.

The second day began with a session dedicated to reviewing the strategic plan preparation initiatives by partner universities. This was followed by a panel discussion on ‘Transforming Universities towards Sustainability’, moderated by Dr. S Akbar Zaidi, Executive Director, IBA Karachi. Panelists included Dr. Sarosh Lodhi, Vice Chancellor, NED University of Engineering & Technology; Dr. Shakeel Khoja, Dean, School of Mathematics and Computer Science (SMCS), IBA Karachi; and Ms. Malahat Awan, Director, Alumni Affairs & Resource Mobilization, IBA Karachi.

Overall, the event marked a significant milestone for HESSA as it transitions into its fourth year of implementation. Emphasizing strategic planning, academic relevance, and the importance of cross-component coordination, the discussions reinforced the need for continued collaboration and accelerated efforts by partner universities. With two years remaining, the focus of HESSA will remain on refining capacity building programs and enhancing institutional support.

 

Karachi (Muhammad Yasir)

Khushhali Microfinance Bank Limited (KMBL) marked a significant milestone on otherday, celebrating its 24th anniversary with a cake-cutting ceremony at the KMBL Corporate Office. The event was a vibrant tribute to the bank’s enduring legacy and commitment to financial inclusion across Pakistan.

The ceremony, was attended by the CEO, the management committee, and head office staff. While, branch offices across the country joined the celebration virtually, with simultaneous cake-cutting ceremonies held at their respective locations. This collective celebration underscored the unity and shared vision that has driven KMBL’s success over the past 24 years.

In his opening remarks, President and CEO, Mr Aameer Karachiwalla explained, “The bank has certainly covered a long journey since its inception in 2000. Our resilience in facing challenges and the need to carry forward with unity and determination are our strongest assets.” Reaffirming the bank’s commitment to serving underserved communities, he stated, “KMBL has always been more than just a bank; it’s a movement toward financial empowerment for all Pakistanis.”

Mr. Saleem Akhtar Bhatti, Group Head of Finance & CFO, Mr. Muhammad Aftab Alam, Chief Business Officer & Ms. Saira Gabol, Chief Human Resource Officer, shared their reflections on being part of an institution dedicated to societal progress. They emphasized their resolve to turn challenges into opportunities. The management also reminded the team that KMBL’s anniversary is celebrated every year along with Pakistan’s Independence Day celebrations. This coincidence serves as a reminder for all of us that we should work for the economic and social well-being and betterment of our beloved country and its people.

The ceremony also featured heartfelt remarks from staff members across various branches, who expressed their appreciation for the opportunities KMBL has provided them. Stories showcasing employees who have grown their careers within the bank also added to the significance of the moment, further solidifying KMBL’s reputation as a nurturing ground for professional development.

A montage of cherished memories over the years was displayed, offering a visual journey through the bank’s history. The celebration also included a quiz competition, engaging employees in a light-hearted yet meaningful way. The ceremony concluded with cake-cutting and a photo session, leaving all with a renewed sense of purpose and belonging.

As KMBL looks to the future, it remains steadfast in its mission to provide financial services to all, with a focus on boosting employee satisfaction and driving growth. Despite the challenges that lie ahead, KMBL remains optimistic about its role in uplifting communities across Pakistan. The bank’s 24th anniversary is not just a celebration of past achievements but a reaffirmation of its commitment to fostering a financially inclusive future for all.

Lahore (Nut Desk)

S M Tanveer, Patron-in-Chief of the United Business Group (UBG) and former Punjab Minister, has made a pressing appeal to the government to collaborate with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to attract billions of dollars in investment to Pakistan. Tanveer cited the ongoing political crisis in Bangladesh, which has led Western investors to withdraw their investments, presenting a timely opportunity for Pakistan to capitalize on this situation. Additionally, he highlighted the cancellation of large quantities of textile export orders from Western clothing brands in Bangladesh, which may be diverted to other countries like India, Vietnam, or Cambodia if swift action is not taken. To seize this opportunity, Tanveer emphasized the need for immediate government intervention, stressing that the window of opportunity is only two weeks. He recommended the government to reduce energy prices to 9 cents, allow domestic supply chain for exports under SRO 1125 immediately, and decrease interest rate to 12 percent to make the local textile industry viable. By taking these steps, he said, Pakistan can attract significant investment and secure billions of dollars in textile export orders, creating millions of jobs and boosting the country’s economy.