Category: Business

Karachi (Muhammad Yasir)

Commerce Plex, a wholly owned and fully licensed subsidiary of Simpaisa Holdings, is collaborating with Faysal Bank Ltd to seamlessly integrate fintech innovation with banking expertise. This strategic alliance aims to provide increased efficiency and transparency in remittance services. With roots originating in the UK and licensed & regulated as a Foreign Money Services Business (FMSB) by FINTRAC in Canada, Commerce Plex is committed to supporting Pakistan’s remittance landscape by further improving the inflow of USD into Pakistan through government-approved channels.

This strategic partnership between Commerce Plex and Faysal Bank Ltd will pave the way for exceptional service levels in remittance services. By leveraging cutting-edge fintech innovation and banking expertise, this collaboration aims to significantly boost the influx of USD into Pakistan. The enhanced transparency and efficiency will open new corridors for receiving remittances into the country, making it easier for expatriates to send money home.

Yassir Pasha, Co-Founder & CEO of Simpaisa, enthusiastically declared, “This partnership is set to significantly boost the inflow of foreign currency, unlocking a wealth of new opportunities for USD and other foreign exchanges to fuel our nation’s economic growth and development. By championing financial inclusion, we are empowering individuals,

freelancers, influencers and content creators, while also supporting conventional home remittances. Together, we are committed to building a stronger, more prosperous Pakistan, and the excitement is undeniable!”

This synergy marks a significant step forward in our mission to revolutionize the remittance landscape and support the country’s financial ecosystem.

 

Pakistan (Muhammad Yasir)

Engro Fertilizers Limited, one of the leading fertilizer manufacturers of Pakistan, has introduced the Rahbar Helpline to empower farmers by providing dedicated support and complaint management services.

Accessible via the toll-free number 0800 00110, the Engro Rahbar Helpline ensures seamless communication for farm advisory matters, inquiries, feedback, and complaints related to the non-availability of fertilizer, pricing and product issues. This dedicated call center provides a platform for farmers to voice their concerns and suggestions, equipped with an automated complaint management system and an escalation matrix to ensure every complaint is addressed.

Atif Mohammad Ali, Vice President – Commercial at Engro Fertilizers, commented, “Customer centricity is at the core of Engro Fertilizers’ ethos, driving our continuous improvement and innovation. The Engro Rahbar Helpline exemplifies our commitment to enhancing customer satisfaction and service excellence. This initiative will also support the Government’s efforts to ensure the availability of fertilizers at the right prices, thus, contributing to Pakistan’s enhanced food security.” 

Dubai Islamic Bank Pakistan Limited and ZLK Islamic Financial Services partner to enhance Shariah-compliant financial access.

Lahore (Muhammad Yasir) Dubai Islamic Bank Pakistan Limited (DIBPL), a subsidiary of Dubai Islamic Bank, has partnered with ZLK Islamic Financial Services, Pakistan’s first Shariah-compliant brokerage firm. The MoU signing ceremony was held at DIBPL Head Office in Karachi. The MOU was signed by Junaid Ahmed, CEO of DIBPL, and Zahid Latif Khan, Chairman of ZLK Islamic Financial Services, in the presence of Ashfaq Ahmad Khan, COO of ZLK Financial Services, and Naveed Malik, Head of Consumer Banking at DIBPL.

This strategic collaboration is aimed at enhancing access to Shariah-compliant financial products for DIBPL’s wide customer base, including Roshan Digital Account holders and local clients. Customers are set to gain access to brokerage services by investing in a variety of Riba-free financial products such as shares, GoP Ijaras Sukuk, ETFs, and Murabaha Share Financing (MSF). This initiative is a testament to DIBPL and ZLK Islamic Financial Services’ commitment to promoting and expanding ethical and Shariah-compliant financial solutions in Pakistan.

Mr. Junaid Ahmed, CEO, DIBPL, commented: “DIBPL remains committed towards initiating and promoting innovative Islamic banking solutions. This collaboration with ZLK Islamic Financial Services highlights our dedication to expanding access to creative financial products, promoting financial inclusion and prosperity.”

Mr. Naveed Malik, Head of Consumer Banking, DIBPL, added: “Our partnership with ZLK is designed to help customers achieve Halal Munafa (returns) on their investments. At DIBPL, we provide Shariah-compliant investment opportunities, enabling our customers to engage in financial activities that promote both financial inclusion and Shariah-compliant banking services.”

Mr. Zahid Latif Khan, Chairman, ZLK Islamic Financial Services, emphasized the strategic importance of the partnership, stating: “We are excited to partner with DIBPL to enhance our brokerage services and provide clients with seamless access to Shariah-compliant investment opportunities. Together, we will deliver value-added solutions that meet the globally accepted standards of Islamic finance.”

Through this partnership, DIBPL and ZLK Islamic Financial Services aspire to foster a conducive ecosystem for Shariah-compliant finance, contributing to the sustainable growth and development of Pakistan’s Islamic financing sector.

 

Karachi (Muhammad Yasir)

Top representatives from the banking and fintech sectors
along with state regulators gathered to discuss ways and suggest
implementable solutions to digital based financing for supply chains
for small and medium enterprises and the agriculture sectors at the
5th DigiBAP Summit 2024 on Monday at a local hotel. The summit
featured panel discussions and presentations by leading bank
presidents and CEOs as well as senior executives on issues such as
Financing the Future, Digital SME Lending, Strategies for Digital
Supply Chain Financing, and Future of Digital Lending.

 Speaking as chief guest at the 5th DigiBap Summit 2024, Deputy
Governor, State Bank of Pakistan (SBP), Saleem Ullah said that ease in
access to finance for the SME sector is the priority area for the
government and all banks need to create the requisite infrastructure
and systems to extending digital financing solutions for supply chains
of SMEs. He lamented that currently less than 5% commercial funding is
extended to the crucial SME sector. The summit was organized and
hosted by Terrabiz in collaboration with Dukan.

SBP’s 5-year strategic plan calls for doubling the size of credit to
SMEs to Rs. 1,100 billion and increasing the borrowers 150,000 small
businesses. For this we need to accept SMEs as a profitable business
segment. Saleem Ullah asked banks to develop their working plans for
this end and share those plans with SBP. SME along with Agriculture
and IT remain priority sectors and the PBA has made task forces on
this. These sectors require concrete measures on real commercial lines
and not just lip service or subsidies.

 The Deputy Governor also said that banks need to properly leverage
technology to meet targets, reduce bank costs, and increase access. We
have global examples for this including some in Pakistan as well. SBP
has extended a challenge fund to start-ups for SME and DSC financing
and good options had emerged. He stressed the need to improve on
synergies to reduce cash circulation, digital payments, digital
banking and the overall digital banking eco-system. Raast with 37
million digital accounts and Rs. 15 trillion in transactions has been
a game changer in digital banking.

Chairman Pakistan Banks’ Association Zafar Masud, said increasing
digital adoption is dismantling barriers to financial inclusion in
Pakistan, engaging people in the formal financial system, aiding in
the drive of economic growth, and posing an opportunity for Digital
Supply Chain Finance (or DSCF) to streamline and enhance financial
transactions within supply chains and offer substantial benefits to
SMEs.

 He mentioned that the banking regulator mandated banks to develop and
implement DSCF solutions within six months to address the need to
increase SMEs’ access to finance and digitize payments. In this
regard, partnerships between banks, fintechs, and other technology
providers can expedite the rollout of digital SCF offerings, making
them accessible to SMEs relatively quickly. Finance Minister Muhammad
Aurangzeb also mandated the Pakistan Banks’ Association (PBA) to work
with SBP on enhancing financial inclusion in agriculture and SMEs,
particularly in the area of technology and leveraging existing digital
platforms, he added.

Zafar Masud pointed out that Pakistan stands at a unique crossroads
with substantial opportunities and challenges in enhancing digital
supply chain financing and SME growth. A multifaceted approach
combining regulatory support, technological adoption, cybersecurity
hygiene and awareness, and strategic partnerships is essential to
enhance digital supply chain finance and SME growth in Pakistan, he
further said.

Responding to audience queries, Saleem Ullah and Zafar Masud said that
start-ups will be facilitated through a private equity fund. Normally
banks do not have the requisite infrastructure and public money at
commercial banks have to be risk protected. However, banks should also
increase their risk appetite. Saleem Ullah also said that cash
flow-based lending instead of collateral based lending is also being
encouraged. He also stressed on consumer data protection by open and
digital banks.  Zafar Masud said that a slow psychological shift is
coming in the banking sector to create ease of access to credit.

Aamir Aftab, Chief Product Officer at JazzCash, said, “Pakistan is
home to approximately 3 million small, and medium enterprises (SMEs),
and JazzCash aims to digitise its transactions. The platform processes
over 100,000 loans daily, providing a crucial financial tool for
MSMEs, which are the backbone of Pakistan’s economy but have
historically had limited access to formal financial sources,” said
Aamir Aftab. “With policy interventions that incentivize digital
payments, we can accelerate the adoption of digital financial
services. JazzCash’s extensive network allows it to digitise over PKR
100 billion each month, serving a customer base of 44 million.”

Organizer of the summit and CEO Terrabiz, Hamza Wasi Hashmi said the
digitization of the economy is a matter of paramount importance for
the government and the private sector in order to achieve maximum
financial inclusion and documentation of the economy. He further
stated that the digital supply chain finance solution is a
game-changer for Pakistan’s economy.

The summit featured a major panel discussion participated by President
NBP, Rehmat Hasnie; President HBL, Nassir Salim; Deputy CEO Meezan
Bank, Syed Amir Ali; CEO of HBL Microfinance Bank, Muhammad Amir Khan;
and Hamayun Sajjad, CEO Mashreq Bank, on Financing the Future: MSMEs,
Agriculture and Digital Transformation, and discussed issues like
expanding ease of access to financing, state collaboration, and
efforts to enhance innovation and efficiency.

 Monis Rehman of Dukan, the summit partner, also conducted a workshop
on SME financing, co-facilitated by Dr. Imran Usmani, Vice Chairman
Shariah Board of Meezan Bank and Khurram Warraich, Group Head Digital
Lending from Telenor Microfinance Bank.

Other speakers included Atif Malik, COO of JS Bank who also heads the
PBA Task Force on SME Digital Financing Solutions.

Lahore (Muhammad Yasir)

CEO Central Business District Punjab (CBD Punjab), Imran Amin, chaired a comprehensive review meeting to assess the progress of the Walton Road Upgradation Project. This pivotal initiative is set to significantly enhance the infrastructure of Punjab’s provincial capital. The meeting was attended by Executive Director Technical CBD Punjab Riaz Hussain, Director of Architecture and Planning Samir Aftab Sial, and official contractors of the project. Executive Director Technical CBD Punjab, Riaz Hussain, provided an extensive briefing on the project’s progress, highlighting key milestones achieved. Notably, the completion of the main trunk sewer and the remodeling of the ADA Nullah were reported. The ADA Nullah will soon be connected with the newly constructed nullah, marking a critical step forward. Additionally, the sub-base work on Walton Road is completed, with the water-bound layer currently in progress. Disposal stations are also set to become functional in the coming days, further facilitating project completion. A significant highlight of the meeting was the update on the Major Ishaq Shaheed Flyover, which is now 85% complete, with shuttering removal scheduled soon. This major infrastructure component is crucial for improving traffic flow and connectivity in the area. Following the review meeting, CEO CBD Punjab Imran Amin conducted an on-site inspection of the under-construction Walton Road and Major Ishaq Shaheed Flyover. During his visit, he lauded CBD Punjab’s proactive measures that effectively prevented water accumulation on Walton Road during the recent monsoon season. This accomplishment underscores the authority’s commitment to operational excellence and community well-being. CEO CBD Punjab emphasized the need to expedite the project, instructing an increase in workforce and machinery to ensure timely completion, in accordance with the directives of Chief Minister Punjab, Maryam Nawaz.. “Completing the Walton Road Upgradation Project is a top priority for CBD Punjab. We are dedicated to enhancing Lahore’s infrastructure to better serve its residents and support the city’s growth. Our proactive measures during the monsoon season demonstrate our commitment to excellence and community well-being. We will continue to work diligently to ensure this project is completed on time and to the highest standards,” said Imran Amin, CEO CBD Punjab. The Walton Road Upgradation Project is poised to set new benchmarks in urban development, contributing to sustainable growth and improved quality of life for Lahore’s residents. CBD Punjab remains committed to transforming visions into tangible, lasting improvements for the community.

Lahore (Nut Desk)

Tongwei, a Chinese photovoltaic company having global presence, Thursday announced the introduction of its innovative solar energy products in Pakistan at an event “Tongwei: Shine On Lahore” in Lahore, marking the debut of Tongwei’s TNC-G12/G12R series modules in Pakistan, showcasing Tongwei’s cutting-edge PV technology and product advantages. At this event, which was held at a local hotel and attracted significant interest from Tongwei’s local partners, the company showcased its TNC-G12/G12R series modules, which feature a number of advantages including high efficiency, low temperature coefficient and minimal degradation. Based on strict control over incoming material quality, the modules adopt Tongwei’s self-developed cells, ushering the industry into an era of high-power performance with enhanced quality and efficiency. Tongwei’s TNC-G12/G12R series modules, which will provide more diverse options for technology-hungry local market, use silicon-based materials supplied by Tongwei’s integrated industrial chain and select high-quality auxiliary materials globally, ensuring high efficiency from the source. The TNC-G12/G12R not only brings dual benefits of efficiency and returns, but its unique low-voltage design allows the TNC-G12R to have more modules in series compared to the TNC-M10 within the same 1500V system, increasing the power per string by over 12%. It also saves on cables, racks, and installation costs. The large-size design also enhances transportation efficiency, with the TNC-G12R achieving over 4% more loading capacity in both 40-foot containers and 17.5-meter trucks, effectively reducing transportation costs. Additionally, to ensure stable operation, Tongwei TNC-G12/G12R modules undergo rigorous PID, salt spray, ammonia, and dust tests before shipping. These extensive tests guarantee excellent performance, protecting customer value and supporting project power generation. During the session, Rana Abbs, CEO of AE Solar Alternative Energy, discussed the strong fit between Tongwei modules and the Pakistani market, highlighting their significant and impact on enhancing efficiency and reducing costs for customers. Faisal Bawany, Sales Director of C Right Energy, stated that Tongwei’s strong production capacity for high-efficiency modules can meet the rapidly growing market demand and support quick project implementation. In 2021, Tongwei established the world’s first 5G application base in the photovoltaic industry—Tongwei Solar Technology Jintang Base. By March 2024, the base used advanced 5G management systems to implement large rectangular solar cells in modules in under a month. From the first TNC-G12R module produced on April 10 to shipping on April 22, the entire process took just 12 days. This achievement highlights Tongwei’s leading delivery speed and responsiveness, providing strong support for global customers.

AMBASSADOR SHEIKH AND RENOWNED BUSINESSMAN TAHIR JAVED DISCUSS COLLABORATION WITH CEO IMRAN AMIN TO PROMOTE CBD PUNJAB PROJECTS IN THE U.S.

Lahore (Muhammad Yasir)  The newly appointed Pakistani Ambassador to U.S. Rizwan Saeed Sheikh, visited Punjab Central Business District Development Authourity (PCBDDA), also known as Central Business District Punjab (CBD Punjab) in a bid to discuss potential opportunities to attract foreign investment and foster relation between Pakistan and U.S. Accompanying him was the prominent business figure Tahir Javed. The visit was marked by a comprehensive briefing provided by Imran Amin, CEO of CBD Punjab, who outlined the various ongoing and planned projects under the CBD Punjab initiative. The briefing session was attended by COO CBD Punjab, Brigadier (R) Mansoor Janjua, Executive Director Technical, Riaz Hussain, Director Marketing, Waseem Sadiq, and Director Architecture and Planning Sameer Aftab Sial. Each of these officials contributed insights into their respective domains, highlighting the integrated and multifaceted approach of CBD Punjab towards urban development and economic growth. During the briefing, Ambassador Rizwan Saeed Sheikh underscored the transformative potential of CBD Punjab’s projects. He stated, “CBD Punjab’s initiatives can be game changer for the region. These projects are equipped with all the features necessary to attract international investment.” His comments reflected a strong endorsement of the vision and execution strategy of CBD Punjab, emphasizing the critical role these projects could play in regional development and international investment attraction. CEO Imran Amin expressed his satisfaction and pride at the recognition received from the Pakistani Ambassador to the United States. He remarked, “It is encouraging to see the appreciation from our ambassador. We invite the American business community to invest in CBD Punjab’s projects, which will contribute to writing a new chapter of development for the province of Punjab.”. The discussion extended beyond mere appreciation and recognition, leading to actionable outcomes aimed at fostering closer ties between CBD Punjab and the American business community. One of the notable outcomes of the meeting was the agreement to establish a CBD Punjab NSIT Facilitation Desk within the Pakistani Embassy in Washington, D.C. This desk is envisioned as a dedicated resource to assist and facilitate American investors interested in exploring opportunities within the CBD Punjab projects. Additionally, the meeting concluded with a commitment from CBD Punjab to actively participate in business networking events in the United States. This participation is expected to provide CBD Punjab with direct access to the American business community, enabling it to showcase its projects, share insights, and build valuable connections. By engaging in these events, CBD Punjab aims to raise awareness about its initiatives, highlight the investment opportunities available, and attract a diverse range of investors.

Lahore (Muhammad Yasir)

Daroghawala Industry Owners Association Registered (DIOA) has announced to fully support to the PIAF in the upcoming elections of the Lahore Chamber of Commerce & Industry (LCCI). The announcement made at an impressive event arranged by the Dargohawala Industry Owners Association Registered the other night with the patron in chief of the PIAF Mian Anjum Nisar as the chief guest and Chairman PIAF faheem Ur Rehman Saigol Guest Of Honour. The Association’s office-bearers said that the reception was arranged to felicitate the PIAF- for all the services rendered by it for the welfare of the business community. Also nominate Irfan Qureshi to be a contestant in the LCCI Elections 2024 for corporate class . Speaking on this occasion, DIOA Chairman Mian Muhammad Mansha, President Muhammad Asim Rafique and General Secretary Muhammad Anis said that the members of their association had decided to support Mian Anjum Nisar, Faheem ur Rehman Saigol, Nasrallah Mughal, Tahir Manzoor Chaudhary, Muhammad Ali Mian , Syed Nabeel Hashmi,Abuzar Shad , Asim Qadri, Tahir Manzoor and other leadership to ensure continuation of the policies adopted by the PIAF for the welfare of the business community, accelerating the businesses and industrial activity and strengthening of the national economy. They said that Dargohawala Industrial Area is the hub of small and big industries and they would be supporting the PIAF Mian Anjum Nisar Group.

AAOIFI and Meezan Bank jointly hosted a public hearing session on the new AAOIFI Sukuk Standard.

Karachi (Muhammad Yasir) The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) with Meezan Bank hosted a significant public hearing session on the draft Shariah Standard on Sukuk. The event took place at the Movenpick Hotel in Karachi and brought together prominent figures from the Islamic finance industry, regulatory bodies, notable Shariah Scholars, Shariah Board members from various Islamic Financial Institutions,  academia and university professors.

Key attendees included Justice (Retd.) Muhammad Taqi Usmani (Chairman Shariah Board of AAOIFI and Meezan Bank), Mr. Omar Mustafa Ansari (General Secretary AAOIFI), Mufti Irshad Ahmed Ijaz (Chairman Shariah Advisory Committee of State Bank of Pakistan and Security and Exchange Commission of Pakistan), Mr. Irfan Siddiqui (President & CEO, Meezan Bank), Syed Amir Ali (Deputy CEO, Meezan Bank), Mr. Ghulam Muhammad Abbasi (Director, Islamic Finance Policy Department – SBP) and Ms. Nighat Tanweer (Director, Islamic Finance Development Department – SBP ).

In his keynote address Justice (Retd.) Muhammad Taqi Usmani emphasized the importance of Sukuk as vital Islamic finance instrument. He also encouraged the industry to explore innovative ways to utilize Sukuk effectively for development projects beyond addressing budgetary deficits.

General Secretary of AAOIFI, Mr. Omar Mustafa Ansari, highlighted that the draft Sukuk standard underwent an extensive eight-year compilation process. It was meticulously discussed during multiple sittings of the AAOIFI Shariah Board.

The public hearing provided a platform for constructive dialogue where various suggestion and comments were provided by the industry, to ensure the robustness and relevance of the proposed standard.

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a leading standard setting body for Islamic finance. AAOIFI develops and maintains Shariah, accounting and auditing standards to promote transparency, consistency and ethical practices in the industry.

Karachi (Muhammad Yasir) 

The Overseas Investors Chamber of Commerce and Industry (OICCI), has released the results of its latest Security Survey 2024, highlighting increasing concerns over the country’s deteriorating security environment.

Respondents reported a deterioration in the overall security situation in 2024 compared to 2023. Specifically, Karachi saw a worsening situation from 69 per cent to 80 per cent, with members expressing concerns about growing incidents of street crime not only in the metropolis but across Sindh. Similarly, Balochistan’s security situation also worsened, increasing from 68 per cent to 75 per cent.

The survey, conducted during June 2024 compared the same period last year, covering members’ feedback on the security environment in Pakistan’s commercial hubs.

On a positive note, marginal improvements were noted in Lahore, where the security situation improved from 73 per cent to 49 per cent, in Punjab from 63 per cent to 53 per cent, and in Peshawar from 68 per cent to 58 per cent.

It is pertinent to note that security remains one of the top three concerns for doing business in Pakistan for 71 per cent of the survey respondents, consistent with the 2023 survey.

Commenting on the results, Kamran Ataullah Khan, OICCI management committee member, remarked, “Our members stress the importance of sustained efforts by law enforcement agencies to enhance security, which is crucial for attracting foreign direct investment (FDI).” He pointed out that visits by foreign nationals for business purposes have been impacted by economic instability and security incidents.

OICCI CE/Secretary General M Abdul Aleem highlighted that the survey provides detailed feedback from foreign investors on various aspects of doing business related to security, such as street crimes, expatriate security, illegal gratification, and protests.

The OICCI Security Survey has been conducted annually since 2015. This year responses were received from over two-thirds of members, including CEOs and senior management. Approximately 75 per cent of OICCI members are based in Karachi, with the remainder in Lahore and Islamabad, operating throughout the country.

The OICCI is the collective voice of major foreign investors in Pakistan, with over 200 members, from more than 30 countries. OICCI members contribute over one-third of Pakistan’s total tax revenue and are involved in 14 sectors of the economy. They facilitate the transfer of technology and skills and provide employment to a significant number of people. About a fourth of OICCI member companies are listed on the Pakistan Stock Exchange, and many are associates of Global Fortune 500 companies. OICCI members also engage in corporate social responsibility activities benefiting 46 million persons from underprivileged communities.