Karachi (Muhammad Yasir) Fly Jinnah, Pakistan’s new low-cost carrier (LCC), has collaborated with HUM TV to provide content for its inflight entertainment system “SkyTime”.

All Fly Jinnah aircraft are equipped with “SkyTime”, a free in-flight streaming service that allows passengers to stream a wide selection of entertainment directly to their devices and right after takeoff. By collaborating with HUM TV, Fly Jinnah customers can now enjoy a wider selection of content that includes HUM TV leading dramas, Telefilms, Award Shows and celebrity shows.

At present, Fly Jinnah connects five major cities of Pakistan including Karachi, Lahore, Islamabad, Peshawar, and Quetta. The carrier currently operates a fleet of three modern Airbus A320 aircraft. In addition to extra comfort provided by the most generous seat-pitch of any economy cabin, the carrier offers customized and affordable travel experiences to its passengers through “SkyCafe” onboard menu where passengers can enjoy a wide variety of delicacies between snacks, sandwiches, and meals at affordable prices.

Customers can now book their flights by visiting Fly Jinnah’s website (www.flyjinnah.com), by calling the call center (021-3565096) or through travel agencies.

Pakistan (Nut Desk)

Farmdar Launches AgromAI in Brazil Farmdar, a leading agricultural Pakistani Agritech startup, is thrilled to announce the launch of AgromAI, a fintech venture in Brazil. “At AgromAI, we harness the power of artificial intelligence (AI) and geospatial data to revolutionize agricultural financial solutions in Brazil.

By leveraging advanced algorithms and cutting-edge technology, we provide financial institutions and insurers with highly accurate, individual farm-level intelligence,” said Muzaffar Manghi, co-founder of Farmdar.

This enables optimized credit and insurance risk management, paving the way for enhanced productivity, profitability, and sustainability in the agricultural sector. Brazil’s agriculture contributes significantly to global food production, with total agricultural production valued at $170+ billion, while crop insurance alone accounts for R$9+ billion annually.

As Farmdar, we are extremely proud to export our artificial intelligence and data-backed products developed solely by Pakistani engineers. It is a testament to the innovation of Pakistani talent and their potential to make a contribution to the global agri-tech industry. We are excited to bring these cutting-edge solutions to Brazil, empowering financial institutions and insurers with AI-driven insights.

Join us on this transformative journey as we revolutionize agricultural financial solutions in Brazil and beyond with AgromAI, Muzaffar Manghi concluded.

Pakistan (Nut Desk)

In conjunction with the World MSME Day, Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce, has introduced the Verified Supplier membership in Pakistan to help eligible Pakistani exporters win the trust of global buyers when conducting online trade. The move is Alibaba.com’s latest effort to support small businesses in Pakistan, which account for nearly 90% of exclusive private businesses in the country.[1]

Offered in collaboration with SGS in Pakistan, Verified Supplier is the top membership tier on Alibaba.com that provides on-site verification services to suppliers from a world-leading independent, professional certification institutions. It allows buyers to easily identify a network of carefully vetted suppliers who have undergone a comprehensive verification process, which encompasses but is not limited to background checks, on-site inspections, as well as assessments of management quality and production and service capabilities. The resulting comprehensive assessment report will be accessible to all buyers through the participating suppliers’ Alibaba.com storefronts to demonstrate their trustworthiness and capabilities.

Verified Suppliers on Alibaba.com are identifiable by a “Verified Supplier” tag visible to buyers in the platform’s search results, product detail pages and the suppliers’ company profiles. Additionally, Verified Suppliers have access to an exclusive online pavilion on Alibaba.com, where they can showcase their products and enjoy greater exposure to potential buyers. The features are beneficial to eligible Pakistani companies looking to enter the global market, by helping them establish themselves as credible businesses and stand out from the competition.

In celebration of the World SME Day, Alibaba.com also co-hosted a webinar with the International Trade Centre (ITC), providing valuable insights into the latest digital trends and tools available to Micro, Small and Medium Enterprises (MSMEs) worldwide. During the webinar, titled “The Future of B2B E-commerce,” ITC emphasized that small businesses can reap significant benefits from e-commerce if they transform their organizational structure, invest in digital skills and establish a strong online presence. It also advised businesses to prioritize B2B e-commerce and select appropriate sales channels to engage in international e-commerce successfully.

Alibaba.com concurred on the value of digital transformation for MSMEs during the webinar, shedding light on its benefits of reducing business risks, expanding customer reach, improving productivity and cost management, and boosting company profits. Alibaba.com also highlighted the growing popularity of B2B livestreaming as a viable digital marketing means for MSMEs, which has been gaining traction on its platform and accumulated more than 13 million viewers by 2022, a year-on-year increase of 198%.

“We are proud to celebrate World MSME Day 2023 and the important role of MSMEs in the global economy with ITC. Alibaba.com is committed to helping MSMEs succeed by providing them with the tools and resources needed to thrive in the digital age. We believe that with our support, MSMEs can break barriers and build bridges towards a more prosperous future,” remarked Andrew Zheng, Head of Global Supplier Business at Alibaba.com.

“MSMEs are the backbone of most economies worldwide, and Alibaba.com’s efforts to help them connect and trade globally are significant. The digitalization of trade is a game-changer and can help MSMEs tap into new markets and grow their businesses. Alibaba.com is a strong partner in this journey,” said Annabel Sykes, E-commerce and SME Digital Transformation Adviser at the International Trade Centre (ITC).

During fiscal year 2023, Alibaba.com brought together more than 40 million MSMEs worldwide through its B2B e-commerce platform. It supports its extensive network of buyers and sellers with digital tools and training designed specifically for B2B trade, such as communication and engagement tools, translation assistance, AI-powered buyer-supplier matching, platform analytics and digital commerce training. This has made it possible for a substantial portion of these MSMEs to evolve into micro-global enterprises.

 

Pakistan (Muhammad Yasir) Careem, the pioneer of ride-hailing in Pakistan, receives two esteemed awards at the Pakistan Digi Awards (PDA) 2023. The awards include ‘Best Transport Service Online’ and ‘Best Meme Marketing Campaign’, recognizing its unparalleled transport service and exceptional digital campaigns.

Careem’s innovative and engaging meme marketing campaigns struck a chord with the target audience, displaying the company’s ability to connect with customers in a light-hearted and relatable manner. The award highlights Careem’s unique approach to the modern-day digital marketing, utilizing humor and cultural references to drive brand awareness and engagement.

Similarly, Careem’s seamless digital platform and its exceptional customer experience has established Careem as the leading choice for reliable and convenient transportation in Pakistan for 5 years in a row.

The Pakistan Digital Awards, known for their rigorous screening process and accomplished panel of judges, is one of the most coveted awards in the country. This annual event celebrates innovative and impactful achievements of brands in the digital arena.

Commenting on the occasion, Imran Saleem, General Manager Ride Hailing at Careem Pakistan, expressed gratitude and pride in the company’s accomplishments. “We are honored to receive these prestigious awards at the Pakistan Digital Awards. This recognition is a testament to our unwavering dedication to provide the best customer experience and value for money in our ride hailing services, as well as the dedication of our team to always come up with innovative digital campaigns to win the hearts of our customers. We extend our heartfelt thanks to the jury, our valued customers and captains, and our passionate team members who have made these achievements possible.”

Careem continues to lead the way in revolutionizing the ride-hailing industry through cutting-edge technology, innovative marketing strategies, and a customer-centric approach. The company remains committed to delivering safe and reliable services to millions of Pakistanis as well as consumers across the region.

In addition to these remarkable accomplishments, Careem remains unwavering in its commitment to fostering innovation and maintaining a leading position in the ever-evolving digital landscape. The company is dedicated to consistently enhancing its services, actively seeking and incorporating customer feedback, and leveraging powerful data-driven insights to provide personalized and highly efficient transportation solutions.

For more information about Careem and its services, visit careem.com

Pakistan (Muhammad Yasir) The Pakistan Microfinance Network (PMN) is pleased to announce the appointment of its newly elected Chairman, Mr. Kabeer Naqvi. Mr. Naqvi brings a wealth of experience, insight and expertise to lead PMN in promoting financial and social inclusion as well as economic empowerment for the underserved population of Pakistan.

Mr. Naqvi is the President & CEO of U Microfinance Bank (U Bank) and has been with U Bank since 2015. He has played a pivotal role in the remarkable turnaround and expansion of the bank and represents a new breed of bankers who continue to push for innovation, evolution and forward thinking while staying true to the commitment and spirit of service to the country.

Mr. Naqvi has been a key figure in the microfinance industry for nearly two decades and has been deeply committed to the subjects of economic enablement, poverty alleviation and sustainable growth. His visionary leadership, strategic thinking, and proven track record make him an ideal candidate to steer PMN’s mission forward.

As the Chairman of PMN, Mr. Naqvi will assume the responsibility of designing new areas of interest, overseeing the network’s initiatives, fostering collaboration among member organizations, and driving the collective effort to expand access to financial services for the unbanked and underprivileged segments of society. His leadership will play a critical role in strengthening PMN’s advocacy for inclusive policies along with improvement and enhancement in regulatory frameworks and more open dialogues with all stakeholders to further propel the growth and development of the microfinance sector in Pakistan.

On behalf of PMN and its members, we extend our heartiest congratulations to Mr. Naqvi on his new role as the Chairman. We strongly believe that under his dynamic leadership, unwavering passion for social and economic change, and dedication to PMN’s mission will inspire and empower our stakeholders, partners, and beneficiaries alike.

Please join us in extending a warm welcome to Mr. Naqvi as the new Chairman of Pakistan Microfinance Network. Together, we will work tirelessly towards building a more inclusive and prosperous Pakistan.

InfraZamin Pakistan, Kashf Foundation and Arif Habib Limited launch Pakistan’s first ‘AAA’ rated, PKR 2.5 billion, fully Guaranteed ‘Gender Bond’ for bond capital market investors.

Pakistan (Muhammad Yasir) InfraZamin Pakistan, a licenced NBFI and credit guarantee provider and Kashf Foundation a Section 42 company and licensed microfinance institution have signed an agreement to bring Pakistan’s first “Gender Bond” to institutional capital market investors. The “Gender Bond” is a subsequently listed privately placed term finance certificate whose proceeds will go towards enhancing Kashf’s portfolio towards lending exclusively to women to develop micro-infrastructure which includes rural area school construction, flood rehabilitation of damaged homes and expansion of women-led micro businesses. As such the Gender Bond fully subscribes to the Guidelines of Gender Bond issuance by Securities and Exchange Commission of Pakistan (SECP) which are based on the UN Sustainable Development Goals and UN Women’s principles for women empowerment. Arif Habib Capital serves as the ‘Arranger’ for this bond.

This 3-year Gender Bond will raise PKR 2.5 billion under an initial private placement and subsequent OTC listing to capital market investors thereby making it eligible for a large number of capital market participants. The bond carries an InfraZamin credit guarantee of 100% of the principle amount of the bond and partial guarantee for the interest instalments. The Bond is credit rated ‘AAA’ long term and ‘A1+’ by PACRA and attractively priced at 3-month Kibor + 1.50pc spread. The InfraZamin guarantee is irrevocable and unconditional which means that in the event of any credit event InfraZamin will pay all amounts as covered by the guarantee facility.

This first-of-its-kind Gender Bond will allocate all of its proceeds via Kashf’s microfinance lending portfolio to exclusively support ~30,000 women from low-income households to develop micro- infrastructure. Kashf Foundation has a rich 25 year history of supporting women and women led businesses from its microfinance platform and has over 700,000 active women clients. Since its inception Kashf has disbursed over 6.6 million loans to women micro-entrepreneurs. Bond proceeds are expected to boost Kashf’s balance sheet and provide much needed commercial capital to women from an underprivileged stratum to pursue entrepreneurial aspirations, rehabilitate homes and expand schools and small businesses. Such lending will help women achieve financial independence, develop financial capacity and contribute towards Pakistan’s economic growth and productivity.

This first-ever Gender Bond will not only foster inclusivity and diversity but also contribute to the development of the bond capital markets. InfraZamin’s 100% principle guarantee and partial interest guarantee provides complete comfort and protection to investors against default/credit risk and will play a vital role in crowding in private institutional investor capital to augment Kashf Foundation’s balance sheet.

Recent SECP amendments have also facilitated this risk mitigation by allowing 85% exemption to NBFC’s for exposures against InfraZamin’s guarantees (similar to the State Bank of Pakistan’s exposure exemptions to commercial banks) along with other areas of support for mutual funds as well.

Commenting on the occasion, Maheen Rahman, CEO – InfraZamin Pakistan, said, “We are excited to the part of the first Gender Bond transaction in Pakistan and grateful to Kashf Foundation for their pioneering vision towards their long history of enabling women empowerment. As a country which sits near the bottom of the Gender Equity Index this transaction marks a significant leap forward in raising commercial capital directed to female empowerment and financial inclusion and represents an important milestone in the development and growth of the capital market. This transaction also demonstrates the power of using guarantees and credit enhancement facilities to enable a crowding in of private institutional investment into private sector led projects.

Commenting on the occasion, Roshaneh Zafar, Managing Director – Kashf Foundation, said, “Collaboration between Kashf Foundation and InfraZamin will not only be a significant leap forward for the financial sector but will also accelerate the process of creating financial opportunities for women entrepreneurs by introducing the first-ever Gender Bond in the capital market of Pakistan. Expanding access to affordable finance for more women-led businesses will create employment opportunities and fuel sustainable economic growth in the country. It is hoped this initiative will encourage other organizations and stakeholders to prioritize the economic potential and aspirations of women. This transaction will open up new avenues of investors for the microfinance sector particularly the Non profit MFIs. Kashf Foundation is hoping to work with diverse universe of investors and providing them with the opportunities to indirectly support the agenda of Financial Inclusion in the country.”

Commenting on the occasion, CEO Arif Habib Limited, Mr. Shahid Ali Habib stated: “ Arif Habib Limited is pleased to launch the first of its kind AAA Rated ‘Gender Bond’ in Pakistan being issued by Kashf Foundation and fully guaranteed by InfraZamin. The proceeds will be utilized for economic empowerment and financial inclusion of women in Pakistan which is essential for Pakistan’s sustainable development. We are delighted that InfraZamin Pakistan is taking the lead in promoting private sector infrastructure projects and is acting as a Guarantor providing complete risk protection to bondholders of Kashf Foundation. “

Kashf Foundation, InfraZamin Pakistan and Arif Habib Limited are grateful to the support and facilitation extended to them by the Securities Exchange Commission of Pakistan (SECP) to enable the launch of this new product for Pakistan’s bond markets.

The Gender Bond has already been launched in marketing phase and hopes to complete the subscription by July subject to all requisite approvals from the SECP.

Roshaneh Zafar, MD – Kashf Foundation (sitting 1^st from left), Maheen Rahman, CEO – InfraZamin Pakistan (sitting 2^nd from left), Shahid Ali Habib, CEO – Arif Habib Limited (standing 4^th from right) and other senior members from respective organizations were also present at the occasion.

 

Lahore (Nut Desk)

The progressive group of members of the Lahore Chamber of Industry and Commerce has urged the government to make the recently adopted IMF program final by introducing economic and institutional reforms in the country. The Progressive Group further said that under this package, a digital one-window industry setting-up app should be introduced to facilitate the establishment of industries in the country. This app should also be linked to the Federal Board of Revenue, Customs, WAPDA, Banks, Social Security, Environment, Labour and all other concerned departments to obtain the necessary permits and subsequently create an investor-friendly and convenient environment for the smooth running of the industry. Muhammad Ejaz Tanveer, the central leader of the Progressive Group and a member of the Executive Committee of the Lahore Chamber of Commerce and Industry, said in a statement that measures should be taken on a war footing basis to increase domestic exports, in which the availability of export raw materials would be made easy and guaranteed. Exporters should also be awarded national hero status, establishing criminal cases against government officials harassing exporters and ensuring the appointment of commercial attachés worldwide on merit and linking their promotion to their performance. He added that steps should also be taken to increase the export of Made in Pakistan value-added products on a war footing. Muhammad Ejaz Tanveer also emphasized the reforms in the government structure of the bureaucracy. In this regard, he said that the CSS system should be changed and the advancement of bureaucrats should be made conditional on their performance. The leader of the Progressive Group further said that running National Bank, Utility Store, PSO, PIA, Steel Mills, Government Power Plant, Railways and Commercial Institutions is not the government’s job, therefore the National Corporations under government patronage are corrupt. It is not possible to get rid of the IMF without privatizing it. Ejaz further said that this is the time to take the country to the point where the IMF will not be needed in the future with such economic reforms and if it is not done now, it will never be possible.

Meezan Bank’s Entity Ratings have been reaffirmed to AAA/A-1+ by VIS Credit Rating Company Limited.

Pakistan (Muhammad Yasir) VIS Credit Rating Company Limited has reaffirmed the entity ratings of Meezan Bank Limited (‘MEBL’ or ‘the Bank’) at ‘AAA/A-1+’ (Triple A/ A-One Plus). The medium to long-term rating of ‘AAA’ denotes highest credit quality, with negligible risk factors, being only slightly more than for risk-free debt of Government of Pakistan (GoP). The short-term rating of ‘A-1+’ denotes highest certainty of timely payment; short-term liquidity, including internal operating factors and/or access to alternative sources of funds, is outstanding and safety is just below risk-free short-term obligations of GoP. VIS has also reaffirmed ratings of the outstanding Basel 3 Compliant Tier 1 and Tier 2 Sukuk (sukuk 3 and sukuk 4) of MEBL at ‘AA+’ (Double A Plus) and ‘AAA’ (Triple A) respectively. Outlook on the assigned ratings is ‘Stable’. The previous rating action on the entity was announced on June 29, 2022.

The assigned rating incorporates the strong market positioning and franchise of MEBL. Meezan Bank Limited (MEBL) is the first and largest Islamic commercial bank in Pakistan. As of Mar’23, MEBL has strengthened its position, becoming the 4th largest bank in terms of deposits and the 3rd largest in terms of financings, with market share of 7.60% and 8.87% respectively. With a network of 972 branches operating in 324 cities across Pakistan, MEBL has significantly expanded its operations in the past decade. The Bank’s major shareholders include Noor Financial Investment Company (NFIC), Pakistan Kuwait Investment Company (Pvt.) Ltd (PKICL), and Islamic Development Bank, Jeddah (IDB).

Additionally, MEBL has experienced notable changes in asset allocation and deposit composition, demonstrating strong growth in business assets and deposits while maintaining a robust liquidity profile. The financing and investment portfolio has become the dominant asset class, accounting for 85.2% (Dec’21: 72.4%) of total assets as of Mar’23. The Bank’s financing-to-deposit ratio (FDR) has increased, reflecting its strong position in utilizing deposits for financing activities. MEBL’s liquidity profile remains strong, with Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) were comfortably high.

Furthermore, MEBL has shown improved asset quality compared to its peers, with effective non-performing loan (NPL) management and high provisioning coverage. The Bank’s gross infection rate of 1.47% as of Mar’23 is the lowest among large banks in Pakistan. With the recent increase in the State Bank of Pakistan’s policy rate, MEBL is well-positioned to navigate emerging credit risk concerns due to its exposure to blue-chip clients and substantial provisioning coverage.

MEBL’s financial performance in 2022 was commendable, driven by wider spreads and improved return on average assets (RoAA), despite prudent provisioning. The Bank achieved significant growth in spread income, supported by higher deployed assets and low-cost deposits. Profitability was further enhanced by fee and commission income. MEBL’s RoAA was the highest amongst ‘Large Banks’. MEBL’s strong asset quality indicators and high provisioning coverage are expected to limit additional provisioning costs, leading to further earnings growth in 2023.

Finally, MEBL maintains a strong capital adequacy position, well above the minimum requirement set by the State Bank of Pakistan (SBP) and meeting the benchmark for ‘AAA’ rating. The Bank’s capitalization buffers are supported by strong profitability and lower payout ratio. MEBL’s capital adequacy ratio (CAR) is expected to remain comfortable, underpinned by robust internal capital generation, strong credit quality, and lower exposure to market risk compared to its peers.

 

Karachi (Muhammad Yasir)

Xenith Public Relations (Private) Limited, a leading full-service communications agency in Pakistan, has announced the appointment of Raheel Nabi as its new Director and Chief Executive. Zainab Ansari, founder of Xenith PR, will be taking on the role of the organization’s Chairperson.

In his new role, Raheel will be responsible for overseeing all aspects of Xenith PR’s operations, including client management, business development, and strategic planning. He will also be the key force in leading the agency towards expansion within the country and strengthening its position in the industry.

Sharing her views on the announcement, Zainab Ansari said: “I am proud to be presenting Raheel as the new Director and Chief Executive of Xenith PR today. He has been with us for over a decade and has risen from within the organization’s ranks to taking charge of the agency today. This will mark a new chapter in the company’s growth and success, and I have full faith in his abilities to build upon our strong foundation and drive the agency to even greater heights”.

Raheel Nabi is an award-nominated marketing & communications expert, with over 13 years of local and international experience and expertise in Digital Marketing, Client Communications, and Project Management. Raheel has been affiliated with Xenith PR since 2012, starting from the agency’s digital wing and moving up the ranks to his previously assigned role of Chief Disruption Officer.

“I am absolutely honored to lead Xenith PR into its next phase of growth and success. Zainab Ansari has built an incredible organization, respected by all businesses and business leaders, across all industries, alike, and I am committed to continuing forward her legacy of professional excellence. As we look towards expanding our operations and reach, our core focus will always remain on driving innovation and delivering value to our clients, across the communications framework” said Raheel Nabi upon his assuming of the new title.

BankIslami Honored with Best Bio Technology Award for One Touch Banking at The Pakistan Digital Awards 2023

 

Lahore (Muhammad Yasir)

Pakistan’s leading Islamic financial institution, BankIslami, has been recognized with the prestigious Best Bio Technology Award for its innovative OneTouch Banking solution at the Pakistan Digital Awards 2023. The award ceremony, held on 24th June 2023, celebrated the outstanding achievements and contributions of organizations in the field of Digital Technology.

The Best Bio Technology Award at the Pakistan Digital Awards 2023 recognizes BankIslami’s relentless pursuit of innovation and its commitment to delivering exceptional digital banking solutions that cater to the evolving needs of customers in an increasingly digital world.

The Pakistan Digital Awards is a platform that acknowledges and appreciates organizations for their technological advancements and exceptional digital solutions, which have revolutionized various industries. BankIslami’s OneTouch Banking solution utilizes state-of-the-art biometric technology, enabling customers to conduct over-the-counter financial transactions securely, efficiently, and conveniently. With OneTouch Banking service, customers can make pay orders, transfer funds, pay bills and withdraw cash with just their CNIC number and thumb impression.

Commenting on this remarkable achievement, President and CEO, BankIslami, Syed Amir Ali, expressed his gratitude and enthusiasm, stating, “We are truly honored to receive the Best Bio Technology Award for One Touch Banking at the Pakistan Digital Awards 2023. This recognition is a testament to our unwavering commitment to providing our customers with innovative and secure banking experiences. Our OneTouch Banking solution not only simplifies the banking process but also ensures enhanced security through biometric authentication, allowing our customers to conveniently access their accounts with just a thumb impression. This award reaffirms our dedication to leveraging cutting-edge technologies and creating a digital banking ecosystem that exceeds customer expectations.”

Ashifa Paracha (Founder & CEO of PDA) extends her best wishes for BankIslami’s continued success in transforming digital banking.