Category: Business

Pakistan (Muhammad Yasir) BankIslami Pakistan Limited (‘the Bank’ or ‘BankIslami’) announced its financial results for the quarter ended March 31, 2023 registering a notable increase of 262% in profit before tax i.e. Rs. 3.16 billion as compared to Rs. 0.87 billion for corresponding period of last year. Profit after tax closed at Rs. 1.79 billion as compared to Rs. 0.52 billion during same period last year i.e. growth of 244%. From beginning of the year 2023, BankIslami focused on deployment of its surplus liquidity in profitable Shariah compliant avenues due to which its financing book increased by 19.6% in first three months of 2023, improving the Advance to Deposit ratio (gross) from 53% in Dec 2022 to 63% at the end of Mar 2023. Likewise, investment portfolio also grew by 11.9% during first quarter of 2023. Owing to growth in credit book and persistent recovery efforts against delinquent exposures, infection ratio reduced from 9.0% to 8.0% during first quarter of 2023. With the increase in general provision, the overall coverage ratio has been maintained at a desirable level of 95.6%. With the improvement in earnings of the Bank, the cost to income ratio has improved from 49.8% for the year 2022 to 47.9% for the quarter ended Mar 2023.

The deposit book of the Bank observed contraction by 1.2%, however, the Bank is poised to grow its deposit book during remaining part of the year on the back of improved CASA mix. With rise in profitability and improved credit risk profile of the Bank, Capital Adequacy Ratio (CAR) of the

Bank recorded at 17.9%, well above the regulatory threshold of 11.50%. In order to reinforce its capital base and fortify its asset base, the Bank is in process of listing of its Additional Tier-1 Sukuk (Ehad Sukuk 2) to the tune of Rs. 1 billion, out of which Rs. 850 million worth of Pre-IPO phase

has already been completed. Going forward, in order to continue its growth trajectory, the Bank will focus on increasing its branch network, grow its deposit book and improving the overall customer experience through leveraging technology and expanding its digital footprint.

Pakistan (Muhammad Yasir)

Pakistan’s first private university to expand its operations in Africa, the Aga Khan University (AKU) celebrated the start of construction of its new campus in Kampala at a ceremony attended by the First Lady of Uganda, Her Excellency Janet Museveni, and Princess Zahra Aga Khan. The 60-acre campus located in the Nakawa area, at New Port Bell Road and Jinja Road will feature in its first phase a seven-storey University Centre, a nine-storey student housing building and the Aga Khan University Hospital, Kampala.

The hospital will offer care in nearly two dozen specialties, ranging from family medicine to oncology. The project represents one of AKU’s largest investments in East Africa to date. This will enable a significant expansion of the University’s existing School of Nursing and Midwifery in Kampala and will also allow the University to begin training medical specialists in fields such as internal medicine and surgery. Construction of the University Centre and student housing is currently underway. Construction of the hospital will start early next year. A four-storey ambulatory care building will offer outpatient care in a wide range of specialties in advance of the hospital’s completion. “We know that through this facility, a new crop of exceptionally skilled and equipped nurses and midwives will be available to support the health sector all over Uganda in years to come,” said Her Excellency Janet Museveni, Minister of Education and Sports. “We look forward to witnessing this project succeed, as we experience international quality health care and a new generation of phenomenal leaders in this sector!” “The Aga Khan Development Network’s goal in East Africa is to build a network of clinics and hospitals that brings primary care as close to people’s homes as possible, while also linking them seamlessly to advanced care,” Princess Zahra Aga Khan said. “We aim for these facilities to be staffed by highly trained clinicians, equipped with the latest technologies, and prepared to address the region’s changing burden of disease.” The land for the campus and hospital was generously provided by the Government of Uganda, and speakers expressed their gratitude to His Excellency President Yoweri Museveni for his vision and his strong support of the project. Funding for construction was provided by His Highness the Aga Khan, generous donors and the Government of Germany’s BMZ and KfW. Valuable support was also provided by the East African Community. Designed by the award-winning architecture firm Legorreta, AKU’s Kampala campus and hospital will form an important part of the Aga Khan Development Network’s extensive health care system in East Africa. AKU and the Aga Khan Health Services operate five hospitals and almost 100 clinics that care for more than 1.5 million patients annually in Kenya, Tanzania and Uganda. “We look forward to seeing the University train generations of future leaders in nursing, medicine, and other disciplines on this campus and to seeing the hospital provide international-quality health care in a wide range of fields,” said Ms. Cornelia Penzel, KfW Country Director for Uganda. “We are positive that AKU will continue to grow in scope, in excellence, and in impact.” AKU has been active in Uganda for 23 years. In Kampala, it has graduated 1,300 nurses and midwives who are working in government and private-sector institutions in urban and rural communities across the country. Several hundred Ugandan teachers and journalists have graduated from or are enrolled at AKU and more than 2,000 have completed short courses. The University also operates three medical centres in Kampala. In total, AKU has graduated more than 4,500 nurses, doctors, teachers and journalists across East Africa. “In the years and decades to come, countless lives will be saved and enriched on this site,” said AKU President and Vice Chancellor Sulaiman Shahabuddin. “We can’t wait to open our doors and show you the new face of AKU in Uganda.”

Princess Zahra Aga Khan and The Honourable Janet K. Museveni, First Lady of Uganda, unveil a plaque commemorating the commencement of construction of the Aga Khan University Kampala campus. 

Islamabad (Nut Desk) 

Zonergy Corporation, World’s Leading PV Inverter & module manufacturer, has globally launched its Industrial and Commercial Energy storage system (Scopio) to cater growing needs of the European Renewable energy market. Industrial and commercial energy storage systems-Scopio specifically designed for European market requirement as it is composed of battery packs (Battery Pack), battery management systems (BMS), AC-DC power converters (PCS), energy management systems (EMS) and other electrical circuits, protection and monitoring systems, etc., and can also be equipped with photovoltaic Components, wind turbines, and other new energy sources. In 2009, EU leaders set a target of a 20% share of EU energy consumption coming from renewable energy sources by 2020. In 2018, the target of a 32% share of EU energy consumption coming from renewable energy sources by 2030 was agreed. In July 2021, in view of the new EU climate ambitions, the revision of the target to 40% by 2030 was proposed to the co-legislators. After the Russian invasion of Ukraine and the resulting energy crisis, the EU agreed to rapidly reduce its dependence on Russian fossil fuels before 2030 by accelerating the clean energy transition. According to the latest European Commission Staff Working Document, capacities of 592 GW1 of solar PV and 510 GW of wind are required by 2030 to achieve the 69% share of renewable electricity modeled by the Commission. This would require average annual additions of 48 GW for solar PV and 36 GW for wind. There are two mainstream business models for industrial and commercial energy storage. Users install equipment by themselves: it can directly reduce electricity costs, but users need to bear the initial investment cost and annual equipment maintenance costs. Adopt the contract energy management model: energy service companies invest in the construction of energy storage assets and are responsible for operation and maintenance, and industrial and commercial users pay electricity costs to energy service companies. The main profit models of industrial and commercial energy storage are self-use, peak-valley price difference arbitrage, and backup power. Self-consumption is suitable for industrial and commercial users whose photovoltaic and electricity consumption are basically synchronized, and the electricity price is relatively high. Using the energy storage system, on the one hand, the photovoltaic electricity price is lower than the grid electricity price, and on the other hand, it replaces the transformer capacity to reduce the maximum power consumption, thereby saving the average electricity consumption cost. As the peak-to-valley price difference continues to widen, the peak-to-valley arbitrage space is further opened up, and the economics of the industrial and commercial energy storage industry are gradually reflected. For enterprises with high shutdown costs, they will seek backup power sources to avoid losses caused by power cuts. The supporting photovoltaic and solar-storage integrated system can not only improve the utilization rate of photovoltaic power generation but also ensure normal production during power cuts by cutting peaks and valleys of photovoltaic power generation. As a backup power source, reduce unnecessary capital losses due to shutdown. The energy storage battery material system is mainly based on lithium iron phosphate, and the battery continues to evolve in the direction of large capacity. According to the requirements of the Ministry of Industry and Information Technology, the energy density of energy storage batteries is ≥145Wh/kg, and the energy density of battery packs is ≥110Wh/kg. Cycle life ≥ 5000 times and capacity retention ≥ 80%. The current electrochemical energy storage technology, especially lithium battery energy storage technology, has entered a new cycle of change. New products and technologies such as large cells, high voltage, and water cooling/liquid cooling are gradually on the stage, and energy storage systems continue to evolve towards large capacity. , At the same time, sodium-ion batteries may occupy a place in the future due to their cost advantages. At present, the battery energy storage system in the industry mainly adopts centralized PCS. The parallel connection of multiple batteries will cause an imbalance among the battery clusters. Over time, some batteries in the parallel battery clusters will appear to be insufficient in actual output, while the other part will be used beyond the rate, resulting in a ” barrel” effect. The string PCS starts to be applied on a large scale, and the string PCS makes up for the shortage of the centralized type and starts the large-scale application. The string PCS can realize cluster-level management, improve system life, and increase discharge capacity throughout the life cycle.

Pakistan (Muhammad Yasir)  realme, the world’s fastest-growing smartphone brand confirms the official launch date of its realme 11 Pro Series 5G. Coming in two variants – realme 11 Pro+ 5G and realme 11 Pro 5G, the stellar new lineup will be released on May 10th. 

realme 11 Pro Series is collaboration between realme Design Studio and Matteo Menotto – former Gucci Prints designer, realme 11 Pro Series 5G comes with a striking-new master design, featuring an elegant lychee leather back and a lace-like strip circles its camera module and goes straight down to the bottom. According to Matteo, the design inspiration comes from Milan, a fashion-forward city and also where Matteo grew-up. He took inspiration from the beautiful monuments in the city, where the rising run drapes classic architectures and creates a pale golden hue, just like the new phone’s colour variant – Sunrise Beige. Aside from Sunrise Beige, realme 11 Pro Series 5G also offers Oasis Green and Astral Black – a total of three dynamic colour variants. 

Together with realme Design Studio, Matteo brings texture, prints, and craftsmanship that are usually seen on luxury items. So aside from a premium lychee leather back, realme 11 Pro Series 5G also uses a 3D couture-level seam technique and an industry-first 3D woven texture to create a unique and premium grip feeling in hand.

Pakistan (Muhammad Yasir)   OPPO’s latest operating system, ColorOS 13, was honored today with six prestigious awards at the 2023 iF Design Awards. Competing against 11,000 entries from 56 countries, ColorOS 13 received five awards in the User Experience (UX) category for its Aquamorphic Design, Multi-Screen Connect, Smart Sidebar Suggestions, Game Assistant, Smart Wallet, and one award in the App category for Clone Phone. The six awards add to the growing recognition for ColorOS 13 and OPPO’s ongoing commitment to creating products with a sleek and intuitive user experience.

The iF Design Awards are amongst the most prestigious design awards in the world. In addition to winning the six awards for ColorOS 13, OPPO also received an award for the OPPO Find N2 Flip smartphone in acknowledgement of OPPO’s achievements in designing new and exciting form factors.

Aquamorphic Design – iF Design Awards 2023 Winner

Aquamorphic Design, the new design concept for ColorOS, received widespread recognition at this year’s awards. Inspired by water, Aquamorphic Design aims to provide an aesthetically pleasing and immersive experience that is both calming and dynamic. Underlining the design is a selection of fresh system theme palettes, fonts, and a card-style layout with polymorphic textures that enhance the relationship between humans and technology through more comfortable, flexible, and comprehensive interaction.

Multi-Screen Connect – iF Design Awards 2023 Winner

Multi-Screen Connect enhances productivity and efficiency and overcomes the limitations associated with different smart devices by enabling seamless data transmission and manipulation across phones, PCs, and tablets. Through Multi-Screen Connect, users can enjoy a more convenient experience across multiple screens and devices.

Smart Sidebar Suggestions – iF Design Awards 2023 Winner

Smart Sidebar Suggestions provide convenient access to a collection of smart tools from the phone’s sidebar, enabling users to quickly access the relevant tools needed to complete or enhance tasks, helping to reduce distractions and improve efficiency in the process.

Game Assistant – iF Design Awards 2023 Winner

Game Assistant optimizes network conditions and provides intuitive control gestures and multi-window support to enhance gaming performance and provide a more immersive gaming atmosphere and multi-sensory experience.

Smart Wallet – iF Design Awards 2023 Winner

Smart Wallet offers a secure and convenient way to manage payments and other financial transactions. It provides versatile features for payments, public transport, and electronic car keys and access cards, along with secure storage for digital documents. The powerful digital wallet streamlines daily tasks and provides added convenience by removing the need to constantly unlock the phone or switch between multiple apps.

Clone Phone – iF Design Awards 2023 Winner

Winner of a 2023 iF Design Award in the App category, Clone Phone is a secure app that simplifies data migration from old to new phones without the need for cables or other devices, improving the data migration experience while protect user data through additional security.

ColorOS 13 is the latest version of OPPO’s operating system and is currently available on a range of OPPO devices. The powerful and user-friendly operating system features an intuitive interface and advanced functionality that set a new standard for mobile devices. Going forward, OPPO will continue to develop user-centric and innovative products and services as it brings even more unparalleled experiences to users worldwide.

delivery riders across Pakistan

• To show appreciation for its delivery partners, foodpanda doubled the tips received from customers across Pakistan.
• This initiative was rolled out in various phases across the country, offering delivery partners an additional financial boost for the Eid Holidays.
• Through this initiative, foodpanda has spotlighted the importance of delivery partners’ role in the ecosystem.

 

Pakistan (Muhammad Yasir) Embodying the true spirit of Ramadan and Eid, foodpanda has completed its ‘double tips, double love’ campaign to show appreciation for delivery partners who are consistently working hard to deliver food and groceries across the country. During the campaign period, foodpanda matched every rupee delivery partners received in tips from customers on the app, so they would earn twice the amount of tips.

As with all tips that customers give to delivery partners through the app, 100 percent of the tips earned were fully credited to delivery riders’ accounts.

Launched first in the Philippines, the campaign boosted livelihoods across six different foodpanda markets, including Pakistan, Singapore, Malaysia, Bangladesh, and Cambodia. More than 124,000 foodpanda delivery partners across Asia benefited from it.

CEO foodpanda, Muntaqa Peracha commented on the occasion, “Our delivery partners are the backbone of our business, and we prioritise their welfare at all times. At foodpanda, we are proud to show our appreciation for our delivery partners through various initiatives. The ‘double tips, double love’ campaign is one such program that has allowed our delivery partners to earn double the amount of tips from customers, which motivates and supports them, especially in such trying times for the economy. We thank them sincerely for their hard work and dedication, wishing them even greater success in the future.”

 

Prioritising a positive environment for delivery partners

The increasing popularity of delivery services in recent years has led to more individuals participating in the platform economy, giving rise to a new way of working. Platform work offers individuals the flexibility to choose when, where, and how long they prefer to work – an arrangement that was not available with traditional models of employment. The autonomy to manage one’s schedule while earning a living makes platform work an appealing option for people who have varying needs and responsibilities.

foodpanda has always prioritised the well-being of its delivery partners through various initiatives. These include offering insurance so that  riders can work with peace of mind,  and investing  in riders’ upskilling and personal development, and more.

Pakistan (Muhammad Yasir)

Prominent UAE national, investor, and a longstanding friend of Pakistan, H.E. Nasser Abdulla Hussain Lootah (the “Investor”), has acquired a controlling stake in Summit Bank, a move that was recently approved by the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and Competition Commission of Pakistan. The Investor’s vision for the Bank is to transform it into a full-fledged Islamic bank, providing exceptional services, innovative products, and a commitment to the principles of Islamic finance.

To demonstrate his unwavering commitment to the Bank’s success and positive vision for Pakistan (despite the current economic situation), the Investor subscribed to 3.98 billion new shares of the Bank at PKR 2.51 per share, giving him a majority equity stake. In this regard PKR 10 billion has already been injected into the Bank in January 2023 through an advance payment for the proposed share issuance.

With the Investor’s acquisition and renewed focus on Islamic finance principles, Summit Bank is well-positioned to become a market leader in the banking industry. The Bank’s leadership and staff are enthusiastic about the future of the Bank and committed to providing ethical and transparent financial services to its clients.

The President of Summit Bank, Jawad Majid Khan, emphasized that the Bank’s revival involves more than just new equity injection and Islamic banking. In addition to the acquisition, Summit Bank shall undergo a complete overhaul of its operations and digitalization in accordance with modern banking practices. This shall also include rebranding of Summit Bank, allowing it for a fresh start and a new identity. The Investor, with the assistance of A.F. Ferguson & Co. (a member firm of PricewaterhouseCoopers) and Haidermota & Co. (Legal Consultants) is in the process of devising a medium and long-term strategic and restructuring plan for Summit Bank. The Bank’s renewed commitment to its clients and principles will be a fundamental aspect of its success. The Bank will also benefit from the Investor’s relationships in the Middle Eastern banking industry.

With the Investor’s acquisition of the majority stake in Summit Bank, renewed focus on Islamic finance, and a dedicated leadership and staff, the Bank’s overall future looks bright, and it is poised for success.

 

Pakistan (Muhammad Yasir)

Karandaaz Pakistan and foodpanda Pakistan recently signed an agreement which aimed to increase financial inclusion in the country by facilitating the onboarding of customers, who are habitual users of the Cash on Delivery (COD) option while ordering through the foodpanda app, to digital payment options like mobile wallets, RAAST ID and debit or credit cards.

The Covid-19 pandemic sped up the move towards digitalisation, and countries with better digital payment systems did better during the crisis than those that were slower to adopt digital technologies. During and post lockdown, online platforms, like foodpanda, experienced a hike in demand as they were able to provide day to day necessities to consumers and digital payments proved to be a lifeline to both them and users.

Sharjeel Murtaza, Director Digital Financial Services (DFS) Karandaaz, discussed the program saying, “Karandaaz Digital is committed to promoting financial inclusion and enhancing the adoption of digital payments in Pakistan. We believe that partnering with non-financial institutions is critical for achieving this objective. The strategic partnership with foodpanda, an established player in the food and grocery delivery space, is a very exciting development. Our primary objective is to convert foodpanda users, who currently opt for Cash on Delivery, to digital payment methods. We also aim to leverage foodpanda’s outreach for increasing demand side awareness around the advantages of being banked and adopting digital payments. We believe this partnership will result in digitization of payments, new accounts acquisition and also open up formal avenues for access to finance for the SME segment.”

Talking about the significance of the plan being set in motion with the partnership, Waqas ul Hasan, CEO Karandaaz, said, “This partnership with foodpanda is an important step in Karandaaz’s drive to pave the way for a digital tomorrow. A significant preference for cash on delivery (COD) has persisted in Pakistan for a variety of reasons. Though, it is worth noting that the Karandaaz Financial Inclusion Survey (K-FIS) released earlier this year shows a sharp increase in the level of trust in mobile money services (increase from 39% to 82%) and mobile money agents (increase from 37% to 77%) between 2013-2022.^[1] The digital industry must further capitalize on and maintain this trust level by ensuring robust consumer protection, grievance redressal and fraud detection and prevention mechanisms. The partnership Karandaaz is signing with foodpanda will demonstrate how COD customers can be successfully transitioned to full digital users.’’    

CEO foodpanda, Muntaqa Peracha, said “We are excited to announce our partnership with Karandaaz to promote financial inclusion in Pakistan through online payments. At foodpanda, we are committed to bringing convenience to our customers, and increasing our online channels is a key part of this mission. This partnership will enable us to grow the overall consumption portfolio of online channels in Pakistan, contributing to the development of the digital economy and reducing cash dependency across the board. We aim to leverage Karandaaz’s position as a key player in financial inclusion initiatives to drive greater adoption of digital payments and financial services, ultimately helping build a more inclusive economy.”

Pakistan (Muhammad Yasir)

Philip Morris (Pakistan) Limited (the Company) announced its financial results for the quarter ended March 31, 2023. During the quarter, the Company reported a Total Net Turnover of PKR 5,822 million reflecting an increase of 8.9% vs. the same period last year (SPLY) driven by tobacco exports of PKR 2,365 million, (US$ 9.7 million), reflecting an increase of more than 100% due to delay in exports from last quarter of 2022. While the Company’s domestic Net Turnover of PKR 3,456 million reflects a significant decrease of 23.1% vs. SPLY driven by the massive decline in volumes by 44% vs. Q1’22 due to an excise hike in Feb’23. The Company recorded a profit after tax of PKR 379 million for the quarter ended Mar 31, 2023, reflecting a huge decrease of 67.0% vs. SPLY driven by the impact of the decline in volumes as mentioned above. During the quarter ended Mar 31, 2023, the Company’s contribution to the National Exchequer in the form of excise duty, sales tax, and other Government levies, stood at PKR 5,990 million with a decrease of 16.4% vs. the prior period reflecting the impact of volume decline driven by Feb’23 excise driven price increase.

The Track & Trace System (“the System”) was rolled out with a view to enhance tax revenue, reduce counterfeiting, and prevent the smuggling of illicit non-tax-paid goods through the implementation of robust, nationwide electronic monitoring. However, to date, Philip Morris (Pakistan) Limited (the Company) and two other companies have fully implemented the System whereas, the remaining tobacco manufacturers are still operating without the implementation of the System. The System could only be effective with its across-the-board implementation and robust monitoring. Without effective monitoring, the annual estimated loss of more than PKR 80 billion to the National Exchequer caused by the illicit non-tax paid sector is expected to further increase.

In addition to the targeted revenue of PKR 200 billion in taxes from the tobacco industry announced by the Government through the mini budget in Aug’22, another supplemental budget was announced in Feb’23 with a further increase in revenue from the tobacco industry over and above the Aug’22 target. With the supplemental FED increase in cigarettes by 150%, the cumulative increase in FED in the current fiscal year stands at more than 200%. The minimum price prescribed under the tax laws for the levy and collection of FED and Sales Tax has also now been increased from PKR 70.1 to PKR 127.4 per pack. However, according to the latest market observation, illicit non-tax-paid cigarettes are being sold at an average price of PKR 100 per pack which is significantly below the legal minimum price as mentioned above. This unexpected and unprecedented increase in excise is likely to provide an opportunity for illicit non-tax-paying tobacco manufacturers to expand their businesses and grow further at the expense of the compliant tax-paid tobacco industry. This will likely result in a shortfall of the revenue targets set by the Government from the tobacco industry.

“At Philip Morris Pakistan, we believe that a robust collaboration between tax-paid industry and the Government is critical to address the issue of the non-tax-paid (illicit) tobacco trade,” said Mr. Roman Yazbeck Managing Director of Philip Morris Pakistan. “We urge the Government to ensure across-the-board implementation of the Track & Trace System for the tobacco industry and take immediate and effective enforcement action against the non-tax-paid illicit tobacco sector as it will help the Government to achieve its revenue targets and will also provide an even level playing field to the compliant tax paid tobacco sector. The excessive increase in FED is likely to lead to shortfalls in Government revenue as more adult smokers may shift from the tax-paid sector to the non-tax-paid sector. We remain committed to contributing to the growth of the national economy and are eager to continue collaborating with the Government on this important issue.”

 

Emaan Islamic Banking and TPL Insurance (WTO) join hands to launch Emaan All-in-One Account.

Pakistan (Muhammad Yasir)

Emaan Islamic Banking, a division of Silk Bank Limited, and TPL Insurance Limited – Window Takaful Operation, have announced the launch of their latest offering, the Emaan All-in-One Account. The account is tailored to cater to the needs of new-to-bank customers and existing Emaan account holders.

The Emaan All-in-One Account is the ultimate power bundle for clients because of its abundance of features, advantages, and free safeguards. Due to the numerous value-added services it provides to its customers, this account distinguishes apart from most retail-based banks. Customers of Emaan Islamic Banking who maintain an average balance of at least Rs. 100,000 can benefit from complimentary value-added services from TPL Insurance – WTO, including health, life, and travel takaful.

TPL Insurance – Window Takaful Operation is pleased to be collaborating with Emaan Islamic Banking, as a Takaful solution provider for their All-in-One Account. Through this partnership, TPL Insurance – WTO aims to provide Emaan Islamic Banking customers with the experience of real-time and hassle-free coverages and claim-to-service.

Speaking on the occasion, Mr Aurangzeb J. Siddiqui – Head of FIG, TPL Insurance said, “Through our collaboration with Emaan Islamic Banking – (A division of Silk Bank Limited), our focus is to reach large audiences to build awareness and usage of our innovative takaful solutions. Moreover, through its Insurtech platforms, TPL Insurance – Window Takaful Operation intends to provide Emaan Islamic Banking customers with the experience of real-time and hassle-free coverages and claim servicing.’’

This collaboration between Emaan Islamic Banking and TPL Insurance – WTO will enable customers to opt for complimentary takaful coverages while enjoying several free-of-charge transactional benefits. The account is digitized, making it the first of its kind in Pakistan to offer the fastest claim processing.

“We are excited to start this new journey with TPL Insurance – WTO by adding innovative and rewarding solutions for our customers. This collaboration will enable our customers to opt for complimentary takaful coverage while enjoying several free-of-charge transactional benefits. Silkbank Limited is committed to continuously strengthening its retail product suit with a laser-sharp focus on service delivery and innovative products,” said Mr Naveed Mushtaq, Head of Consumer Banking, Marketing & Phone Banking at Emaan Islamic Banking.

Adding to the conversation, Mr Syed Fahim Hassan, Head of Emaan Islamic Banking said, “Emaan All-in-One Account is tailored to be an ultimate power-packed account that provides various complimentary protections and transactional benefits for their customers. Unlike most retail-based banks which are not offering many value-added features to their customers, this alliance will allow individuals to maintain an average balance of Rs. 100,000 and above with Emaan Islamic Banking (A division of Silk Bank Limited) to avail FOC value-added features such as health, life, and travel takaful via TPL Insurance – WTO. Being digitized, it would be the first of its kind on accounts with the fastest claim processing.”