News Update Times

UBL hosted a webinar, especially for UK based audience, on the progress and new opportunities presented by the Roshan Digital Account. Panelists for the webinar included Mr. Moazzam Ahmed Khan, High Commissioner of the Pakistan High Commission in the UK, Dr. Reza Baqir, Governor State Bank of Pakistan, Lord Zameer M Choudrey, CEO Bestway Group & Member of the Board of Directors UBL, Dr. Murtaza Syed, Deputy Governor, State Bank of Pakistan, Mr. Faisal Irfan Mian, Managing Partner/Co-Founder Liquidity Finance LLP, Mr. Shazad G. Dada, President & CEO UBL along with other senior and prominent personalities in the financial industry.

UBL held an important webinar on the progress and new opportunities pertaining to the Roshan Digital Account (RDA) on March 18, 2021. The session was very informative and interactive, offering diverse views from prominent personalities on how RDA has successfully established itself as the investment of choice for Non-Resident Pakistanis.

Mr. Shazad G. Dada, President & CEO UBL, hosted the webinar and opened the session by introducing the objective of the event and the speakers. He spoke about how RDA has quickly taken over the market as a leading investment alternative for Non-Resident Pakistanis and in what ways has UBL, along with other leading banks, contributed positively towards the promotion and establishment of this unique proposition.

Dr. Reza Baqir, Governor State Bank of Pakistan, thanked the 100,000+ non-resident Pakistanis who have already opened the RDA and have sent more than $700 million into the country within a span of just a few months. He reached out to the Pakistani diaspora by saying that by opening the RDA, they are not investing in any particular bank, but are in fact supporting Pakistan itself. He shared that the country’s economic outlook is markedly different and the present government is working with an absolute conviction that Pakistan will make an economic turnaround very soon. He said that the top leadership of the country is committed to the vision of a successful and prosperous Pakistan and is not going to rest until that goal is achieved.

Lord Choudrey, CEO Bestway Group, the largest overseas investor in Pakistan, & Member of the Board of Directors UBL, offered his congratulations to the Government of Pakistan and SBP on their pioneering initiative of RDA. He personally endorsed the initiative and said that he was pleasantly amazed by the ease and speed at which his account was opened and activated. Lord Choudrey suggested that the government needs to look at the experience of other countries with large diaspora populations, where expatriates have been the catalyst for foreign investment. He further requested the government to offer the right fiscal incentives to expatriates so that Pakistanis living abroad can invest in the country and unlock its true economic potential by creating investment opportunities in various industrial sectors like power generation, etc. and various CPEC projects. 

 

The event ended with an interactive question and answer session moderated by Mr. Sharjeel Shahid, Group Executive Digital Banking UBL. Here queries of the many local and non-resident (especially in the UK) attendees of the session were addressed.

Lahore (Muhammad Yasir) EFU Life further strengthened its partnership with UBL by launching “EFU-You Protect Plan,” a complete protection plan with both Conventional and Takaful variants designed for UBL customers. EFU- You Protect Plan provides a simple and affordable way to ensure that customers and their loved ones are financially protected in unfortunate events like hospitalization and death.

The signing ceremony was held at Marriot Hotel in Karachi and agreement was signed by Mr. Taher G. Sachak, Managing Director & Chief Executive Officer – EFU Life and Mr. Zia Ijaz, Group Executive-Branch Banking & International. The ceremony was also attended by senior officials from both organizations.

Mr. Taher G. Sachak at the event stated, “EFU Life is a pioneer in mitigating life and health risks by introducing relevant insurance and protection services for its customers, helping them sustain their financial well-being and long-term financial goals. Our relationship with UBL spans over a decade and it’s our privilege to further our commitment to financial inclusion for the masses by launching EFU- You Protect Plan a small ticket protection plan that will allow to serve the most vulnerable and unserved segment and protect them against financial uncertainties”

Mr. Zia Ijaz further added “UBL has always been at the forefront when it comes to providing its customers with need-based products. We take pride in the initiative to reach out to every market segment with the launch of EFU – You Protect Plan, offering them protection, especially in these critical COVID times “

This new strategic partnership will give both the organizations an opportunity to increase financial inclusion by providing customer-centric offerings to the masses through the network of UBL.

Lahore (Muhammad Yasir) In an industry first, Bank Alfalah has partnered with Goldfin – a leading gold financing company – to introduce a new financing option for its Small and Medium Enterprise (SME) sector consumers.

Bank Alfalah recognized the growing demand for financing opportunities in the market in the post-covid environment, especially within the SME space. This partnership establishes a channel for SMEs to avail market-competitive rates and secure their liquidity. It also aligns with the Bank’s vision to be a market leader and introduce innovative and efficient services for the benefit of its customers.

The agreement was signed at Bank Alfalah’s Head Office between Mr. Atif Bajwa, President and CEO of Bank Alfalah, and Mr. Nadeem Hussain, CEO and Founder of Goldfin. This partnership will allow the Bank to support its customers in raising finances and growing their business. Goldfin has extensive expertise in originating loans backed by gold collateral, as well as in front-end and doorstep sales. Their available technology enables them to provide rapid and effective turnaround times.

Lahore (Muhammad Yasir) METRO Pakistan in collaboration with the Federal Board of Revenue (FBR), has completed integration of all its Point of Sales (POS) with the latest Electronic Device System (EDS) introduced by the FBR. The state-of-the-art system will allow the small retailers, medium retailers, and large tier-1 retailers to report and record their sales in real-time for taxation purposes and will ensure the sales tax paid by the customers at the POS counter and the GST at the cash counter will be deposited in the system.

The inauguration ceremony for the new system was held at METRO Store Islamabad with a live demonstration. Dr. Waqar Masood Khan, the Special Assistant to Prime Minister on Revenue, was the Chief Guest, whereas Dr. Philipp Deichmann, Deputy Head of Mission, Embassy of Federal Republic of Germany in Pakistan, graced the occasion as the Guest of Honor, along with number of other of distinguished guests from the business community.

Speaking at the ceremony, Mr. Marek Minkiewicz, Managing Director METRO said “METRO Pakistan is a prime example of foreign investment and fully respects the laws of the land, maintains its global high standards for social responsibility, and cooperates with the Government to the extent possible. METRO Pakistan supports and strengthens the documented economy and is an important exchequer collector. It is one of the largest tax collector in shape of Sales Tax and Income Tax in the Wholesale/Retail sector, from its Customers and Suppliers, and depositing the same in Government treasury. On average METRO Pakistan is collecting Rs.8.1billion per annum”.

Elaborating further, Mr. Asim Israr, Director Finance METRO added “After implementation of this integration at all tiers, there would be no hurdles left for the growth of wholesale and retail sector to flourish and also minimize any need for interaction between the taxpayer and tax-departments”. He also thanked the FBR team lead by Director General Retail Mr. Sajidullah Siddique for their guidance, support and cooperation in successful implementation of the project.

Expressing his views at the occasion, the Chief Guest Dr. Waqar Masood Khan Said “I am extremely pleased that METRO and FBR have put in a lot of effort to implement current system and have worked for the betterment of the business and country. I am hopeful that once all tiers will be covered by the government, the business community will enjoy a new viable, tax compliant integrated business model, something that will serve as a benchmark for our country in the future”.

Guest of Honour Dr. Philipp Deichmann, said “I am impressed with the automation drive being introduced in tax system to facilitate the taxpayers and increase revenue. Pakistan’s economy is improving, however, the country need to focus on cohesive economic policies, improve tax regime to widen tax base and streamline lengthy litigation procedures to promote ease of doing business and attract more investment”.

The ceremony was followed by live demonstration session for the attendees, including METRO staff, Customers, Retailers, and businessmen present.

Lahore (Muhammad Yasir) The Board of Directors of EFU General Insurance Limited on 25^th February 2021 approved the annual financial statements for the year ended 31 December 2020. 

Despite the Covid 19 Pandemic the Company holds a leading position in non-life insurance business. It created another history by becoming the first company to underwrite premiums (including Takaful Contributions) of 22.6 billion.

The underwriting profit for the year was Rs. 739 million as compared to Rs. 505 million in the preceding year i. e. increase by 46%.   The after tax profit was Rs. 2,371 million (earning per share of Rs. 11.85).  

The market value of investments and property increased from Rs.28 billion in the preceding year to Rs. 30 billion.    

The Board of Directors recommended final cash dividend @ of Rs. 5.50 per share (i.e 55%) in addition to already paid three interim cash dividends of  Rs. 1.50 per share i.e 15% in each quarter, making total distribution for the year to 100 % (i.e Rs. 10.00 per share).

Director Mr. Rafique R. Bhimjee commended the Company’s performance for the year and stated that the growth in premiums in 2020 was remarkable as it was achieved despite Covid 19 pandemic. reduced vehicle production and lesser imports.  This achievement was made possible by years of experience in serving the needs of the valued and loyal customers.  The company’s Balance Sheet is strongest in the industry and I am sure company will continue to maintain its lead position.  

The Company is rated by A. M. Best, the world’s specialized insurance rating agency and has assigned Financial Strength Rating of “B+” and a Long-Term Issuer Credit Rating of “bbb-” with Stable Outlook for both. The Company is also rated by two national rating agencies i.e. VIS Credit Rating Company Ltd. and Pakistan Credit Rating Agency.  Both the rating agencies have assigned rating of AA+ with stable outlook.

Chairman Mr. Saifuddin Zoomkawala commented on the Company’s performance and stated that this result is because the Company is managed by the best insurance professionals in the country and continuous investment in people, systems and processes.   

Lahore (NUT DESK) Pakistan Meteoroligical Department (PMD) on Monday forecast rain wind-thunderstorm (snow over high mountains) in Khyber Pakhtunkhwa, Kashmir, Gilgit Baltistan,Upper/central Punjab, north Balochistan and Islamabad during next 24 hours. Hailstorm is expected at a few places, while heavy fall is also expected in upper/central Khyber Pakhtunkhwa, Punjab, Gilgit Baltistan and Kashmir during the period, MET office reported. A strong westerly wave is affecting the upper and central parts of the country and may persist in upper parts till Wednesday(morning). Rainfall(mm):Punjab: Murree 65, Kot Addu 27, Islamabad (Zero point 19, Saidpur 14, Bokra 11, Airport 09, Golra 10), Mangla 19, Rawalpindi (Shamsabad 14, Chaklala 03), Toba Tek Singh 17, Jhelum 16, DG Khan 15 , Rahim Yar Khan 11, Gujarat 10, Khanpur 08, Hafizabad, Mandi Bahauddin, Jhang 07, Faisalabad, Sargodha (PAF06, City 03), Khanewal 06 Chakwal, Sahiwal 05, Sialkot (City, Airport 05), Okara, Multan (City, Airport) 04, Gujranwala, Bhakkar 03, Bahawalpur (Airport 03, City 02), Lahore (City 02, Airport 01), Narowal 02, Noorpur Thal, Layyah, Kasur 01 Kashmir: Rawalakot 59, Garhi Dupatta 47, Muzaffarabad (Airport 36, City 27), Kotli 23, Khyber Pakhtunkhwa: Malam Jabba 29, Ka Kool, Parachinar 24, Balakot 17, Saidu Sharif 15, Pattan 14, Dir (Lower 11, Upper 13), Bannu 10, Kalam, DI Khan, Peshawar 07, Mir Khani 03, Drosh 02, Cherat, Takht Bhai 01, Balochistan: Khuzdar 22, Quetta (City 17, Samungli 15), Ziarat 16, Pishin 10, Muslim Bagh 09, Zhob 07, Chaman, 06, Loralai, Mastung 05, Kalat 02, Dalbandin 01, Gilgit-Baltistan: Astor 20, Bunji 05. Skardu, Chillas 03, Bagrote, 02, Gupis 01, Sindh: Mohenjo-Daro 12, Dadu 11, Larkana 03, Padidan 02, Jacobabad, Shaheed Benazirabad and Rohri

Lahore (NUT DESK) Pakistan Telecommunication Authority (PTA) Chairman Maj Gen (Retd) Amir Azeem Bajwa said on Monday that PTA was committed to resolve the issues of business community in shortest possible time. He said that mobile service providers had already been directed to improve their services. He expressed these views while talking to businessmen here at Lahore Chamber of Commerce & Industry (LCCI) where the LCCI President Mian Tariq Misbah and Vice President Tahir Manzoor Chaudhry also spoke on the occasion while EC members Haji Muhammad Asif Sehar, Zeshan Sohail Malik, Sheikh Sajjad Afzal, Malik Riaz Iqbal and Saleem Asghar Bhatti were also present. The PTA Chairman said that signal quality issue was being faced at congested areas, narrow streets and basements. He said that due to COVID-19, online working had been increased as 70 per cent rise in data usage had been witnessed. He said that 2 to 2.50 million new subscribers were coming in the system. He said that operators had been directed to improve quality of services. He said that installation of towers would take time. He said that mobile assembling had been started in Pakistan, citing that last year, 2.4 million handsets were assembled in Pakistan while during last two months, 1.5 million sets were assembled. This showed the rapid growth of this sector. Fifty per cent parts of handsets would soon be manufactured in the country, he added. LCCI President Mian Tariq Misbah said, “Our members have been complaining for the last few months about the poor signals of mobile networks especially in dense markets of Lahore. ” He said that the use of mobile phones had increased tremendously in Pakistan as the number of cellular subscribers had touched 180 million while the number of 3G/4G subscribers had reached 95 million. Lahore, being a large city with population in excess of 11 million held a considerable share in the usage of mobile phones.

Mian Tariq Misbah said that in these times, the businessmen were making great use of mobile phones for running and promoting their businesses. There were number of Apps like Whatsapp, imo, skype etc. , being used for making audio/video calls and also sharing multimedia. “Furthermore, the ‘Mobile Banking’ has emerged as another very important and useful tool in last few years. The networks available to the businessmen like UBL Omni, Easypaisa, Jazz Cash, Upaisa and Paymaz Zong etc. , have also brought great ease in making quick payments to remote clients across the country,” he maintained. The LCCI President said that with the greater use of such technology, the dependency of businesses had increased on the quality of mobile companies. “You can understand that in case of zero or poor signals, all these commercial activities get severely affected,” he observed. He added, “The old markets in Lahore are densely populated and these are mostly bearing the brunt of this issue.

We have taken up this matter with Governor Punjab and the senior management of Mobile companies. Since PTA supervises this sector, so, we thought to engage you to have a long-term solution of this issue. ” Mian Tariq Misbah said that during the meetings with the top management of mobile phone operators, the LCCI tried to convince them that they needed to increase the number of towers in proportion to the added number of mobile users for boosting the signal strength. “You will agree with me that over the time the efficiency of mobile signal towers does deteriorate that must be addressed by the relevant mobile companies, and this issue should be addressed on priority,” he concluded.

RIYADH (NUT Desk) –  Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday.
Saudi Arabia, the world’s biggest oil exporter, retained its position as China’s top supplier in the first two months this year, with volumes up 2.1% to 1.86 million barrels per day (bpd), China customs data showed on Saturday.
The kingdom beat Russia to keep its ranking as China’s top crude supplier in 2020 despite unprecedented production cuts in a pact between the Organization of the Petroleum Exporting Countries and its allies to balance global markets after demand plunged during the COVID-19 pandemic.
“Ensuring the continuing security of China’s energy needs remains our highest priority – not just for the next five years but for the next 50 and beyond,” Nasser said in a video speech.
“We appreciate that sustainable energy solutions are crucial to a faster and smoother global energy transition … But, realistically, this will take some time since there are few alternatives to oil in many areas.”