Category: Business

Daraz Pakistan and Salaam Takaful join forces to ensure safety of DEX Heroes with the Islamic insurance of mobile and personal belonging.

Pakistan (Muhammad Yasir) Daraz Pakistan, the leading e-commerce platform in the country, has partnered with Salaam Takaful Limited, the largest dedicated general takaful operator and first Islamic insurtech in Pakistan, to provide Islamic insurance of mobile and personal belongings to its DEX heroes. This initiative is the first of its kind in Pakistan’s e-commerce industry, where the loss of snatching to delivery heroes, while they are on duty, will be covered.

The objective of this partnership is to ensure the safety and well-being of delivery heroes who are an essential part of the e-commerce industry. The Islamic insurance coverage will include loss or damage to personal belongings, including mobile phones, while on duty.

Expressing his views on the partnership, the COO of Daraz Pakistan, Ahmed Tanveer, stated, “We are proud to partner with Salaam Takaful Limited to provide our delivery heroes with the necessary insurance coverage. Our delivery heroes work tirelessly to ensure that our customers receive their orders on time, which is why it is important for us to provide them with a sense of security and peace of mind. Through this partnership, we aim to show our gratitude and support for their efforts.”

On this occasion, Mr. Kamran Hanif, Executive Director, Salaam Takaful Limited, stated, “We are honored to be a part of this strategic breakthrough which will definitely change the course of the e-commerce industry of Pakistan. This partnership is just the beginning of many more one-of-its-kind initiatives.”

Mr. Umair Ismail, Head of Operations, Salaam Takaful Limited, added, “We have been inclined towards creating an ecosystem in different domains where we create strategic partnerships to help the masses in general. We are thrilled to go hand-in-hand with Daraz and will provide the best services to the delivery heroes.”

This partnership is a significant step towards promoting the welfare of delivery heroes and ensuring their safety while they are on duty. Daraz Pakistan and Salaam Takaful Limited are committed to providing the best Islamic insurance coverage to delivery heroes, enabling them to perform their duties without any worries.

Pakistan (Muhammad Yasir)

Shan Shares, the corporate identity of Shan Foods committed to promoting sustainability, inaugurated a recreational park in Landhi, Karachi in partnership with Ismail Foundation, a not-for-profit organization and the CSR wing of Ismail Industries Limited that works for the development and improvement of the society.

The park is constructed under WASL (Water and Sanitation Logistics), the flagship water project of the Ismail Foundation, in collaboration with Shan Shares which will also be overlooking the maintenance of the park. Being an industrial municipality, air and water pollution in the region is one of the biggest nuisances for the residents of Landhi. The newly constructed park in the area will not only serve as a scenic and recreational spot for the locals but will also help in bringing positive changes to their health and wellbeing by being a source of clean and fresh air in the area.

Speaking during the inauguration of this green initiative, Sammer Sultan, Co-chairwoman of Shan Foods, said, “Shan Shares is very passionate about uplifting the society and the environment in every way possible. Encouraging vegetation and greenery throughout the city is the need of the hour and we should all come together to appreciate and become a part of such initiatives.”

Hamid Ismail, CEO & Executive Director Ismail Industries Limited, while appreciating Shan Shares’ cooperation in the project said, “Given the recent climate changes all across Pakistan and in Karachi, green and eco-centric initiatives have become a necessity. We hope that through this project, the area and the residents would be able to reap some environmental benefits.”

MD AAA Associates Lt. Col. Shahzad Ali Kiani (r) attends IBA Directors’ Training Program in Islamabad.

Pakistan (Muhammad Yasir) IBA Center for Executive Education made a significant stride towards nurturing the expansion of the business community in Islamabad by unveiling its anticipated Director’s Training Program. The program was launched in an event organized by the core team of IBA Alumni North Islamabad Chapter. The Chief Guest of the occasion was Chairman SECP Mr. Akif Saeed.

More than 200 people from diverse fields attended the inauguration. The new office will provide leadership and management development programmes for family companies, public sectors, state-owned enterprises, and corporates in the northern areas, with a focus on IBA Karachi’s executive and organisational development philosophy. IBA aims to bring opportunities for organizations and individuals through action learning-based capacity-building initiatives, research, forums, think tanks, and consultancies. This venture will help meet the increasing demands of today’s business world.

AAA Associates MD Lt. Col. Shahzad Ali Kiani (r), a respected IBA alumnus and Bronze Medalist of the batch of 2012, graced the occasion, marking his presence in this momentous event.

AAA Associates, under the leadership of Lt. Col. Shahzad Ali Kiani (r), has always respected and supported initiatives that contribute to business growth and professional development. The company sees the Director’s Training Program as an invaluable addition to the educational resources available to Islamabad’s business community.

The new training program, tailored to address the unique challenges faced by family-run businesses, promises to equip entrepreneurs with the essential skills and knowledge required to manage their business complexities efficiently.

Lt. Col. Shahzad Ali Kiani (r) expressed his support for such initiatives, stating, “At AAA Associates, we believe in the power of continual learning and professional development. This program aligns with our commitment to fostering business growth in Islamabad. We congratulate IBA Center for Executive Education on this significant milestone and look forward to seeing the impact this program will have on the business community.”

AAA Associates is a leading multidimensional business conglomerate, recognized for its exceptional dedication to excellence and customer service. They have grown into a highly reputable entity within Pakistan’s business landscape. AAA Associates specializes in a broad array of services, including real estate development, consultancy, investment opportunities, and construction services. Their landmark project in Bahria Town Karachi, AAA Octa 2, will be launched in Karachi shortly.

Pakistan (Muhammad Yasir)

Mobilink Bank and Hashoo Foundation (HF) have signed a Memorandum of Understanding (MoU) to jointly enhance financial inclusion for Micro, Small, and Medium Enterprises (MSMEs). This collaboration strives to empower MSMEs supported and trained by Hashoo Foundation, fostering their entrepreneurial journey. Mobilink Bank, through this partnership, is committed to enabling the growth and success of small businesses amidst a rapidly evolving economic landscape.

Ms. Ayesha Khan shared how Hashoo Foundation has positively impacted the lives of three million people through its signature programs like Entrepreneurship Training Hub and Incubation Center (ETHIC) and received multiple awards including the International Forum (iF) Social Impact Prize, BBC Global Challenge Award, and the Clinton Global Initiatives Award, for empowering women through various value chain approaches. An innovative action research initiative was training women entrepreneurs for waste-to-money conversion in the Sustainable Methods and Resilient Technologies (SMaRT) village project. In the past year, HF empowered over 12,000 women and men through such collaborations in various partnerships.

Ghazanfar Azzam, President and CEO of Mobilink Bank, and Ms. Ayesha Khan, CEO of HF and Chief Sustainability Officer (CSO) at Hashoo Group signed the agreement in the presence of senior officials from both organizations. With a specific focus on fostering an inclusive banking ecosystem, this partnership harnesses the potential of digital onboarding processes and grants entrepreneurs’ access to a diverse range of essential financial products and solutions. As part of the agreement, female beneficiaries of HF will also gain access to the Bank’s Bint-e-Hawwa product.

Sharing his thoughts at the signing ceremony, Ghazanfar Azzam, President and CEO Mobilink Bank said, “Mobilink Bank’s partnership with HF is a powerful catalyst for change, as it fuels the growth of women-led SMEs and micro enterprises, creating a ripple effect of empowerment, prosperity and a more equitable financial landscape. Through the provision of customized capacity-building initiatives and avenues for networking, we actively support the advancement of these enterprises, narrowing the gender gap, and constructing an inclusive economy that yields benefits for all individuals.”

Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. Mobilink Bank’s flagship sustainable initiative, the Women Inspirational Network (WIN) program, is dedicated to minimizing the gender gap in financial inclusion. Jointly leveraging their respective capacity-building programs, Mobilink Bank and HF will host collaborative events to identify and transform potential prospects into business project plans. With a shared vision of empowering women and MSMEs, both institutions are committed to creating synergies that will ensure their growth and prosperity.

Lahore (Muhammad Yasir)

Pakistan Business Forum (PBF) Lahore President Muhammad Ejaz Tanveer welcoming the inauguration of the Pak-Iran border market has suggested the re-launching of a cargo train between Pakistan and Turkiye via Iran to reap the maximum benefit of formal trade between these countries. A successful experience has already been done in the near past and can be initiated on a permanent basis which can lead to increased trade between these three countries by providing a faster, more cost-effective, and more reliable transportation option for goods, Ejaz said in a press statement issued here on Tuesday. This could lead to increased economic growth and job creation in both countries, Muhammad Ejaz Tanveer said in a statement issued here Tuesday. He said Turkiye is the gateway to Europe while a cargo train can travel to Europe in just 15 days via Turkiye. He said Pakistan should take advantage of this strategic location of Turkiye and introduce a more reliable and safe transportation mode for cargo. The cargo train project can enhance connectivity between these countries by improving transportation infrastructure and reducing transportation costs. This could facilitate greater regional integration and cooperation. The cargo train project can diversify Pakistan’s trade routes, reducing the country’s reliance on sea and air transportation, which can be affected by geopolitical tensions, piracy, and other risks. The cargo train project can provide a boost to Pakistan’s logistics industry by creating new opportunities for logistics providers, freight forwarders, and other businesses involved in the transportation of goods. The cargo train project can strengthen bilateral ties between Pakistan, Iran and Turkiye by promoting greater economic and cultural exchange. This could facilitate greater cooperation on a wide range of issues, Muhammad Ejaz Tanveer added. Concluding his statement, Ejaz Tanveer said the Pakistan-Turkiye cargo train project has the potential to be a game-changer for Pakistan’s trade and transportation sector. It could help to diversify Pakistan’s trade routes, boost economic growth, and strengthen bilateral ties with Europe through Iran and Turkiye.

Pakistan (Muhammad Yasir)

Pakistan Single Window has launched a new service to facilitate the import and clearance of pesticides in Pakistan. As part of the service PSW has also deployed the unified registration system enabling electronic registration of pesticide products and premises with the Department for Plant Protection. The URS enables real-time validation of pesticide products and premises at the time of customs clearance.

Under Pakistan’s trade regulations, all imports of pesticides are subject to mandatory Pre-Shipment Inspection (PSI) by independent third parties, to ensure that imported pesticides conform to international and national requirements. With a view to facilitate regulatory compliance, the module also allows PSI companies to electronically communicate inspection certificates with the PSW system, which are then made available to traders and relevant regulatory departments for verification.

PSW’s new module is based upon electronic validations driven by PSW’s integration with the DPP and the indigenously developed Integrated Tariff for Trade (ITT) which allows pesticide traders to provide 4-digit product codes while filing a declaration on the PSW system. The ITT allows PSW to derive relevant regulatory requirements for each consignment and automatically route it to the relevant DPP office for processing.

In a statement released from his office, Syed Aftab Haider CEO Pakistan Single Window stated, “The new services simplifies the inspection process and ensures consistent application of laws while at the same time reducing the time and cost involved in submission of paper based documents to multiple authorities. Electronic receipt of the PSI certificates further enhances the transparency and integrity of the process.”

The new service is an important milestone in PSW’s mission to transform and digitize the cross-border trade landscape of Pakistan by enabling electronic validation and processing of trade consignments, thereby significantly reducing trade compliance costs and time.  

Pakistan Single Window (PSW)

The Pakistan Single Window initiative led by Pakistan Customs aims at reducing the time and cost of doing business by digitalizing Pakistan’s cross border trade and eliminating paper based manual processes. The DPP is the first government department to have integrated with the PSW system and is currently offering services for electronic issuance of Import Permit (IP), Release Order (RO), and Export Certificate (EC) through the PSW platform. As of April 2023, DPP has processed more than 100,000 documents through PSW with 36% of import permits and 55% of export certificates processed and issue the same day resulting in substantial savings for the traders.

The MoU aims to foster entrepreneurship and employment opportunities at National Incubation Center Islamabad.

Pakistan (Muhammad Yasir) S&P Global has signed a Memorandum of Understanding (MoU) with Team up Pakistan. The initiative aims to establish a sustainable, and mutually beneficial collaboration to provide employment to the youth and help facilitate, train and upskill young and upcoming entrepreneurs in Pakistan.

Mujeeb Zahur, Managing Director at S&P Global said, “Partnership is a core pillar of our values and this MoU is a great example of working collaboratively with communities we operate in. We are certain this partnership will lead to many joint initiatives that produce new synergies, add strategic insights for upskilling talent, and will ultimately foster economic growth and development in Pakistan. This is aligned with our people-first strategy and vision to power markets around the world.”

Under the agreement, S&P Global Pakistan will facilitate and upskill entrepreneurs and students who are part of the Career Launch Pad program of Team Up. Team Up is located in the National Incubation Centre. This Centre is powered by Jazz and Teamup under the umbrella of the Ministry of IT and Telecom nurturing and growing talent across Pakistan.

Zouhair Khaliq, Co-Founder of Teamup said, “I am thrilled to announce our collaboration with S&P Global as it is a powerful combination that will unlock the potential of entrepreneurship and innovation. With their shared vision and expertise, we will pave the way for a brighter future of economic growth and development. This partnership is a testament to our commitment to nurture the next generation of entrepreneurs and provide them with the resources and support they need to succeed.”

Parvez Abbasi, Project Director of the National Incubation Center, also expressed excitement over the partnership, saying, “We are thrilled to witness this partnership between Teamup and S&P Pakistan. This collaboration will not only provide our students with access to valuable resources and opportunities, but also help us further our mission of promoting innovation and entrepreneurship in our community. We believe that by working together, we can make a positive impact on the future of our economy and create lasting value for all stakeholders involved.”

 

 

Lahore (Muhammad Yasir)  Forbes announced its 8th Annual “30 under 30 Asia” List featuring 30 notable honorees across 10 different categories: Co-founders of Pakistan’s leading Shariah-aligned consumer financing startup – KalPay, Shershah Hassan and Waleed Amjad Islam, were selected for the prestigious list in the Finance and Venture Capital category.

These young entrepreneurs are making waves in major industry segments within the Asia-Pacific Region, including art & style, education, social impact, enterprise technology, and finance, etc.

Founded in 2021, KalPay has now become the largest Shariah-aligned buy now pay later fintech startup based out of Lahore. KalPay is working with hundreds of e-commerce merchants across multiple product and service categories to provide BNPL services for their customers. Customers can buy their favorite products right away and pay in three equal monthly installments using cards, e-wallets and bank transfers without any interest or extra charges.

While expanding in the e-commerce space, KalPay has also launched new verticals including KalPay Rasayi and KalPay Taleem, offering its BNPL services on purchase of productive assets like smartphones and fee payments for education and skill development services. With a strong focus on creating a positive impact in the society, KalPay intends to make easy, hassle-free and Shariah-aligned credit accessible to the under-banked masses across Pakistan.

Through partnerships with Pakistan’s largest tech enablers such as Careem, Foodpanda and renowned B2B financial lenders such as Muawin, KalPay is working towards creating a thriving ecosystem of financial inclusion for individuals and enterprises through capital financing.

 Shershah Hassan, CEO of KalPay, stated “When we started working on the idea of KalPay, I could never have imagined the magnitude of impact that we would be able to create. With a long way to go still, we are glad to play our part in helping bring financial inclusion and awareness for the underbanked population of Pakistan. Here is to hoping we continue to thrive and make a positive impact and make KalPay a Pakistani fintech unicorn!”

Waleed Amjad Islam, COO of KalPay, added “The BNPL concept is still fairly new in Pakistan due to the lack of financial awareness. Our goal here is to give the masses access to credit that enables them to succeed. We’re focused on providing tech-based productive assets and educational loans and hope it brings about the positive impact we’re aiming to create.”

 

Standard Chartered Bank and Mastercard sign an exclusive strategic partnership to accelerate payment innovation in Pakistan.

Pakistan (Muhammad Yasir) Standard Chartered Bank Pakistan Ltd. and Mastercard have signed an exclusive strategic partnership to accelerate payment innovation in Pakistan.

This partnership is expected to expand the Bank’s existing offerings and fuel the growth of the digital payment landscape across the country. Building on a long-standing partnership, Mastercard has once again become the preferred and exclusive partner for Standard Chartered for all consumer and commercial debit and credit portfolios.

The collaboration also includes the launch of Mastercard’s World and World Elite cards, targeted at ultra-high-net-worth individuals (UHNWI), offering priceless lifestyle and travel benefits and experiences. These include access to select luxury experiences, shopping opportunities in cities around the world, discounted car rental and chauffeur services, complimentary nights at select hotels and resorts, as well as access to premium airline services.

Saadya Riaz, Head CPBB, Standard Chartered Pakistan said, “Our partnership with Mastercard reflects our commitment to offering our customers – best in class products and solutions with value-added benefits and a differentiated, digital-first client experience.”

Andrew Pugh, Vice President, and Head of Global Key Account Management, EEMEA, at Mastercard said, “We are delighted to extend our long-standing partnership with Standard Chartered. It is only through forging strategic collaborations like these that we can achieve sustainable and inclusive growth, building a more connected ecosystem and thriving world beyond cash, where everyone has equal access to a better life.”

Strengthening the collaboration with Standard Chartered further underscores Mastercard’s commitment to helping financial institutions diversify their payments’ solutions portfolio. Such efforts fall in line with Mastercard’s global pledge to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025. With investments in new and secure products that cater to the needs of a cross-section of consumers, Mastercard continues to make steady strides in fostering a robust cashless economy. Together, Standard Chartered Bank and Mastercard are committed to responding to changing consumer behaviour by offering the Bank’s customers the latest in payments’ innovations and bringing to them a market-leading portfolio of products and propositions that make everyday purchases secure, seamless and rewarding.