Meezan Bank establishes 222 branches in 63 cities across Pakistan!

Karachi, Jan 3: Meezan Bank Ltd, the first and largest Islamic Bank in Pakistan, has achieved yet another milestone by establishing a branch network of 222 branches in 63 cities across Pakistan within a short span of 8 years. Meezan Bank now stands amongst the 10 largest banks in Pakistan in terms of branch network.
 
President & CEO Meezan Bank Ltd Mr. Irfan Siddiqui in his statement said that Meezan Bank started operations 8 years ago with the vision to Establish Islamic Banking as Banking of First Choice and to provide quality banking services in a Shariah-compliant manner to every citizen of Pakistan at their doorstep. At that time it was the smallest bank in the country.
 
Alhamdulillah, with the blessing of Allah (SWT) and the patronage of its customers, Meezan Bank is today ranked amongst the 10 largest banks in Pakistan.
 
Meezan Bank offers a complete range of Islamic banking products and services, including free online banking for all Pak Rupee accounts at all its branches. The Bank's retail banking network is supported by 24/7 banking services that include 169 ATMs, Internet Banking, VISA Debit card and a 24-hour Call Center. The Banks VISA Debit card allows its customers to shop at more than 30 million merchants worldwide and withdraw funds from their accounts from more than 1.4 million ATMs worldwide.
 
 

Pak-Qatar Family Takaful declares Surplus for Individual Participants

Karachi, August 30: Pak-Qatar Family Takaful (PQFTL) has declared a Surplus of 15 percent for its individual customers for the financial year ending 2009. This was announced by CEO of PQFTL, P. Ahmed following the meeting of Shariah Supervisory Board which was chaired by Justice (R) Mohammad Taqi Usmani.
 
Surplus, which is an inherent benefit of Takaful, is calculated as per the amount available in the Waqf Fund after paying off all the claims and meeting all the expenses for the year.
The company will share the surplus amount with the Individual Takaful participants on the basis of their contribution in the Waqf Fund.
 
The provision of surplus makes Takaful equitable and financially more viable as compared to conventional insurance system. We are the first Takaful company in Pakistan to declare Surplus while still in the third year of operations, Ahmed said.
 
The company has registered tremendous growth despite economic recession which speaks highly about the acceptance of Takaful by the masses. PQFTL, sponsored by some of the leading financial institutions from the State of Qatar, is part of Pak-Qatar Takaful Group which offers innovative and need-based Takaful solutions to individuals and corporations. The company began its operations in 2007.
 
 

Pak-Qatar General Takaful & Infomax Join Hands!

Karachi: Pak-Qatar General Takaful Ltd and Infomax Pakistan (Pvt) Ltd have signed an agreement, according to which Infomax Pakistan would provide vehicle tracking solutions to Pak-Qatar Takaful's participants? vehicles.
 
Mr. M. Vaqaruddin CEO of Pak-Qatar General Takaful Limited and Mr. Shahnawaz Ali Raja CEO of Infomax Pakistan Limited signed the agreement at the Head Office of Pak-Qatar General Takaful Limited. The alliance is a part of Pak-Qatar General Takaful's strategy to provide its customers with latest technology based value added services.
 
Through this arrangement the participants will be able to benefit from the latest technology based solution to protect their vehicles.
 
Speaking on the occasion CEO Pak-Qatar General Takaful Limited Mr. M. Vaqaruddin said that this agreement is the sign of our commitment to provide our clients with best available services and we are constantly putting all our efforts to attain the leading role in Pakistani takaful industry.
 
Pak-Qatar General Takaful Ltd is a dedicated Takaful operator pioneering in General Takaful products in Pakistan.  Along with high quality products which meet the needs of the public, the company is working to ensure the accurate representation of Takaful amongst the community.

Islamic banks demand baitul Maal certificates!

Karachi 07:  Islamic financial sector stakeholders have urged the ministry of finance to expedite efforts towards issuance of Islamic treasury bills in the shape of Baitul Maal certificates to provide the Islamic banks with an opportunity to invest, as non-availability of such instruments has been posing as a liquidity management issue for Islamic banks. As a result Islamic banks are at a disadvantage compare to conventional banks in terms of optimizing returns on excess liquidity. These views were expressed by the Islamic banking sector stakeholders while speaking at the second day of 3rd WorldAsia Islamic Capital Conference here on Thursday.   
 
Mr. Pervez Said Head of Islamic Banking State bank of Pakistan said that Islamic banks must jointly workout a future plan of action with the regulators for the issuance of Baitul Maal certificates. He said that the success factor behind Islamic banking growth is supportive regulatory framework of state bank of Pakistan. He said that Islamic banks have seen phenomenal growth in last 5 years and they also have a sizeable pipeline of sukuks for near future, which has enormous potential in Pakistani market. He said that Islamic banking industry needs to have standardization of guideline documents so that the industry could work in harmony. He said that in order to facilitate the operations of Islamic banking industry , state bank of Pakistan has allowed the Islamic banks to execute any transaction only with the approval of their Shariah boards without getting prior approval from SBP, the regulators can review and approve the transactions later on.
 
Ashar Nazim Managing Director Islamic capital partners announced that Islamic capital partners would organize an investor forum in Dubai in May 2008. This investor forum would help bring gulf region investors and Pakistani corporates to explore the investment opportunities in Pakistan. He said that we would organize this conference again in November 2008 in Karachi and we hope that it would also serve to be a good platform for Pakistani financial sector.
 
Financial experts said that current 3% share of Islamic banking industry needs to grow to up to 25% percent in next decade. Experts said that trained human resource is the biggest challenge being faced by Pakistan Islamic banking industry right now. We need qualified human resource to keep the current pace of growth intact. They also emphasized the need of standardization of guideline documents for Islamic financial sector that would enable the industry to work in harmony.  
 
Speaking at a session on emergence of takaful in Pakistan, the Takaful experts said that we need to move out of niche market syndrome and grab the maximum potential available in the market. They informed that 63% Islamic banking and takaful consumers in Malaysia are non-Muslims, which show the benefits for consumers available in Islamic mode of finance.
 
Mr. Pervaiz Ahmad CEO Pak-Qatar Family Takaful emphasized the need of synergy in Islamic banks and takaful companies. He said that as compared to India we have very low insurance penetration in Pakistan. He said that the takaful products should be competitively priced and available with best services and being halal should be an added benefit into it.
 
He said that takaful operators need to bring innovation in business process and product distribution. We also need to focus on development of human resource for the Islamic financial sector.
 
Faizan Mitha, Senior Executive Vice President Habib Bank, Anwer Sheikh, Chief Executive Access Finance, Irtiza Kazmi, Head of Capital Markets & Syndication, Dubai Islamic Bank Pakistan, Anthony Dutton, of Norton Rose, Captain Jamil Akhtar, Chief Executive Takaful Pakistan, Abdul Rahim Abdul Wahab, Executive Director & Actuary- Acturial consulting Sidat Hyder Morshed Associates (Pvt) Ltd., Mufti Muhammd Mohibul Haq, Shariah Advisor, Mansoor Shakel, Head Central Shariah Group HSBC Ammanah, UAE, Asif Kamal Chairman Trust Investment Bank, Zaigham Mahmood Rizvi, chairman and Managing Director HBFC, Akmal Jamil, CEO Arif Habib Private Equity Fund, Justice Khalilur Rehman, Mufti Zubair Usamani and Mufti Irshad also spoke on the occasion.
 

SoSafe Launches affordable Water Purification Solution for Flood-affected Areas!

Karachi, August 26: The Leading Water Purification solution provider in Pakistan Sosafe has announced to design a special water purification plant for flood-affected areas that can convert the filthy flood water into drinking water removing bacteria, viruses, and odor from the water.
 
It is a fully automatic and trouble free water purification system that can purify up to 12000 gallons a day thus capable of providing clean drinking water to more than 20 thousand people a day. It doesnt require man power to operate it and is maintenance free for at least one year, said a company statement.
 
This low-cost water treatment plan has specially been designed to assist the flood related relief efforts being carried out by government, UN agencies and local and international NGOs as drinking water scarcity in the flood areas is one of the major problems being faced by these flood victims.
 
CEO, Sosafe Shahid Mahmood in his statement said that instead of working on long-term solutions for provision of drinking water to the flood victims, citizens and NGOs have spent millions of dollars on bottled water thus ignoring the long-term drinking water needs of the affected people. He said that by installing specially designed water purification plants one can save not only precious resources but also ensure long-term drinking water for these people.
 
This water purification plant would removes colloidal material, Cysts, Bacteria, reduce permeate turbidity to 0.1 NTU and is also based on timer programmable automatic Control flushing and, backwash.
 
Sosafe would provide prompt back up support for the water purification plant through a team of skilled engineers from its nationwide branch network.
 
According to United Nations contaminated water and a lack of proper sanitation are causing a spike in medical problems more than 3.5 million children are at risk from waterborne diseases, skin diseases, respiratory infections and malnutrition. 

Monsanto Co and Pakistan Government sign MOU

Islamabad, April 10: A Memorandum of Understanding (MOU) was signed today between Monsanto Company and the Government of Pakistan which provides a framework to continue discussions focused on introducing BT cotton to Pakistan.
 
The MOU was signed by Federal Secretary, Ministry of Food and Agriculture, Zia-ur-Rehman and Rick Gaudet, Global Cotton Marketing Lead for Monsanto in Islamabad today. Federal Minister for Food and Agriculture, Nazar Mohammad Gondal and Federal Minister for Textile Industry, Rana Muhammad Farooq Saeed Khan were also present on the occasion.
 
Monsanto is currently working with the industry and government stakeholders in Pakistan on a sustainable business model for the introduction of Bt Cotton.
 
Monsanto plans to introduce Bollgard-II cotton technology which is undoubtedly the most extensively studied cotton technology globally. The rigorous scientific studies conducted demonstrate that Bollgard and its products are safe for the environment, human beings, animals and agriculture.
 
We believe that Bt cotton technology will bring significant benefits for the Pakistan cotton farmers in terms of contributing towards increasing yields and farm income, said Rick Gaudet, Global Cotton Marketing Lead for Monsanto.
 
For the past several years, Pakistan has been a net importer in excess of 2 million bales due to an acute shortage in cotton production. Pakistan needs to increase its bulk production of cotton. Biotechnology is one tool that can help increase the productivity of Pakistan agriculture. Worldwide, millions of farmers in over 20 countries are already reaping the benefits of Agri biotechnology.
 
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto Pakistan has been associated with Pakistan farmers since 1998. Monsanto Pakistan is already doing business in a range of superior products like Dekalb hybrid corn and Roundup herbicide.
 
* Bollgard/Bt cotton contains an insecticidal protein from a naturally occurring soil microorganism, Bacillus thuringiensis (Bt). Bollgard insect-protected cotton is used widely around the world for the control of bollworms.

Timelenders sign training contract with ADGAS

Karachi, January 13: Leading Pakistan and UAE based training and development organization Timelenders has signed a two year training contract with UAEs natural and petroleum gas operator ADGAS (Abu Dhabi Gas Liquefaction Company) yesterday here in Abu Dhabi.
 
According to this contract, Timelenders will train the officers of ADGAS in next two years on its flagship Strategic Time Management course and it is another milestone after adding value to over 400 officers at regions leading telecom operator Etisalat in the recent past, says Yameenuddin Ahmed, Head of International Operations at Timelenders.
 
Mr. Yameenuddin from Timelenders and Mr. Hussain Ali Daiban (Learning Resources Team Leader ADGAS) signed the contract, while Mr. Sabeer Kohinoor was also present in the meeting.
Hussain and Yameen believe that Timelenders courses will bring positive changes in the ADGAS officers and the trainings will contribute to the vision of ADGAS of having capable, efficient and highly qualified people to sustain its years of successful operations.
 
The agreement is inline with the Timelenders vision of facilitating individuals and organizations to unleash their potential through worthy and powerful visions, says Suleman Ahmer, the founder and CEO of Timelenders.
 
ADGAS is the subsidiary of UAE based worlds 6th largest oil and gas group ADNOC (Abu Dhabi National Oil Company) with 92,200 million barrels liquid and 198,500 million cubic feet natural gas reserves worldwide having 70% shareholding of ADGAS with other shareholders including the Japanese Mitsui & Company, British Petroleum and French operator Total.
Timelenders, which is famous for its life and attitudinal changing training courses and consulting was established in 2002 and around 15000 people from hundreds of organizations have benefited from its trainings, consulting and coaching. Timelenders has a client base in Pakistan, UAE, Saudi Arabia, Kuwait, Bahrain and Sudan and the regions top organizations select Timelenders for its life changing programs and interventions.

US $2 Billion for Sewage Treatment Plants in Pakistan!

Karachi, January 17: National Water Engineering, the only sewage/wastewater treatment plants accredited technology provider in Pakistan has announced that through the UN Kyoto Protocol Act, company has lined up foreign environmental investment companies who are willing to invest US $ 2 billion to develop small to mega sewage-wastewater treatment plants in Pakistan.
 
According to Jamaal Hassan, CEO of National Water Engineering, the company has been granted approval from several foreign environmental Investment companies to develop small to mega sewage-wastewater treatment plants in Pakistan and we have identified 7 keys areas for development of treatment plants in Sindh, most of these areas are Industrial areas where toxic effluent is dumped without being treated, and in return these toxic effluent wastewater is used for agriculture and consumable purpose, hence this is the cause for majority of viral and untreatable diseases in Sindh.
 
National Water Engineering has identified key areas in Sindh and has submitted proposals to various government departments of Sindh. It is believed that development of over 100 sewage-wastewater treatment plants are vital for the survival of key agricultural land in Sindh, or else in the next two years Sindhs main soil components will deplete drastically. The existing water used by farmers is highly toxic with high BOD and COD content, are posing great threat to consumers and growers and with the existence of stagnant and still floodwaters, it has now become a major disease breeding area, which is a source of many viral infections.
 
However we do realize that the government lack financial resources to develop these treatment plants, hence through the UN Kyoto Protocol Act, we have lined up foreign environmental investment companies who are willing to invest US $ 2 billion. This is a great opportunity we have availed for Pakistan, and the government should take serious notice for development of these plants. We have also lined up investors for development of treatment plants in Karachi especially for DHA , KPT and City District Authorities ; as only 10% of wastewater is treated and the remaining is dumped into the sea, which has destroyed the ecosystem near the coastal belt, where if treated water can be reused for several purposes saving over 100 million gallon of potable water which is otherwise used for greenery development and can be directed for domestic consumption.
 
Jamal Hassan, of National Water Engineering (Pvt) Ltd later said that all related government departments and private industries owners to contact the company for development of Sewage/Effluent treatment plants for better development of environment and conservancy of water resources.
 

Aman Foundation deploys state-of-the art ambulances & Paramedics for flood victims in Sindh and Punjab

Karachi, August 12: The Aman Foundation, upon request of the DG Health, has dispatched mobile health teams to provide medical emergency relief in Multan. Aman Emergency Medical Services (EMS), based out of Karachi, dispatched six ambulances with Advance Life Support (ALS) systems this morning. In addition 43 trained staff, including 15 doctors and 15 paramedics have been deployed in the area.
 
DG Health had requested the teams to divide into three groups -- for deployment between Multan, Muzafargarh and Layyah. Aman has deployed similar ALS ambulances and personnel to operate between Thatta, Sujawal and Jhirk. The number of staff deployed here is 38 and includes 12 doctors and 21 paramedics.
 
The organization is also providing medical back-up to The Karachi Electric Supply Companys relief efforts in Sindh.
 
CEO Aman Foundation, Mr. Ahsan Jamil, says that at this time of national crises it is imperative for people to respond quickly and generously while aligning themselves to work together. Aman Foundation is committed to serve those affected by the worst floods in Pakistans history. While providing health care support with about 100 paramedical staff and 10 state-of-the-art ambulances in Sindh and Punjab, the Foundation has also made arrangements to bring in 10 rescue boats with water rescue personnel.
 
Amans Emergency Medical Service consists of a strategically positioned network of 100 state-of-the-art ambulances with doctors and Emergency Medical Technicians (EMT) on board to provide comprehensive, round-the-clock coverage to the city of Karachi. Since the start of its operations last year, Aman has the experience of handling 60,000 emergency medical interventions, many of them life saving.
 
The Aman Foundation is committed to the development of a vibrant and thriving Pakistan, with an effective system of health and education that is second to none and accessible to all. The Foundation endeavors to serve as a model to catalyse social development in the country and aims to achieve these objectives by engaging in the relentless pursuit of sustainable, scalable and systemic development in the areas of Health, Education and Nutrition.

PGJDC Gem Bazar Kicks off!

Peshawar: Pakistan can earn millions of dollars by exporting its precious gemstones after value addition.  This was stated by Vice Chancellor University of Peshawar Professor Dr. Azmat Hayat Khan after formally inaugurating the Gem Bazar organized by Pakistan Gems and Jewellery Development Company (PGJDC) at its newly built Gem Exchange at Khayal Arcade Namak Mandi, Peshawar today. 
 
This ?Gem Bazaar? is the third of its kind in Peshawar, which will provide a lucrative opportunity and platform for those interested in buying and selling gemstones and mineral specimen.
 
Around 65-70 exhibitors displayed their gemstones and mineral specimen for the interested buyers. A variety of gemstones and mineral specimen were displayed under one roof, where interested buyers had the maximum exposure to a wide range of quality display.
 
Mr. Fawad H. Khan, CEO, PGJDC in his statement said that ?Gem Bazaar? has been organized in a professional manner, which will ensure high security and transparency in trading. The Gem Bazaar will be an ongoing feature which will contribute immensely to the continuous efforts that PGJDC is putting in for the development of Gems & Jewellery industry of Pakistan.?
 
He said 'such initiatives by the Company will boost confidence, motivation and trust on PGJDC's initiatives for the development of the industry.  It will further enhance the value chain productivity of the sector, which will also enable the miners to rise above unnecessary exploitation and deprivation from direct trading. The interested buyers will be exposed to quality products on competitive prices, which will add tangible value to their business endeavors.?
 
Professor Dr. Azmat Hayat Khan said that such initiatives by PGJDC will boost confidence, motivation and trust on PGJDC's initiatives for the development of the industry.  It will further enhance the value chain productivity of the sector, which will also enable the miners to rise above unnecessary exploitation and deprivation from direct trading.
 
The interested buyers will be exposed to quality products on competitive prices, which will add tangible value to their business endeavors.
 
 

Bahria University Organizes Career Fair for Students!

Karachi: Provincial IT Minister Muhammad Raza Haroon has stressed the need of mutual cooperation between corporate sector and education institutions in order to produce the suitable human resource with skills and abilities required by the job market. He expressed these views at a Career Fair ?Careers 2009? organized by Bahria University Karachi Campus for its students today.
 
Raza Haroon appreciated the idea of organizing Career Fair for passing out students and said that Government would support all such joint efforts where varsities and corporate sector organizations could come up at a platform to provide jobs to fresh graduates.
 
Earlier he visited the Career Expo of Bahria University where around 18 corporate sector organizations had set up their booths to search for suitable human resource for their respective organizations. Minister also visited the projects displayed by Bahria University Students.
 
Minister was informed that Bahria University Karachi Campus organizes this Career Fair as a Semester-event to provide a platform where students and the corporate world can be congregated with the prospect of knowing each other strengths and requirements.
 
Speaking on the occasion Director Bahria University Karachi Campus Capt. Retd Ashfaq Agha said that it will be highly advantageous for the students in terms of getting aware of the job market requirements as well as the prevailing trends in corporate sector. He said that organizations would be able to offer training/employment opportunities to the recently graduated students after giving them their company presentations, open house interactive sessions, recruitment test and on spot interviews etc. 
 
Hundred of fresh Bahria graduates participated in this Career Fair to explore and apply for Jobs posted by participating organizations. They appeared in on-the-spot interviews, listened to speakers, and interacted with HR heads of local and multinational companies regarding career opportunities.
 
Students learnt about the different career tracks in various industries, participated in Interactive Sessions, listened to company presentations and attended Career Counseling sessions.  
 
 

Siemens restructures its worldwide operations!

Lahore: Siemens AG, the world's largest Engineering Company is restructuring its worldwide operations to focus on three Sectors Industry, Energy and Healthcare. These will be divided into 15 Divisions. This was announced by Siemens Pakistan at the start of their media campaign "Answers" that showcases Siemens capabilities in these sectors.
 
Siemens Pakistan MD and CEO Mr. Sohail Wajahat Siddiqui said business in Pakistan will also be streamlined in line with global restructuring providing a more focused approach to customers and greater profitability for the company. He said this campaign is being launched to coincide with the Independence Day celebrations in the country to reaffirm our commitment to continue our journey as reliable partners for the progress and prosperity of the country. He said Siemens Pakistan can provide answers to all the issues facing planners as far as these three sectors are concerned.
 
The Industry and Energy Sectors will each have six Divisions each, while the Healthcare Sector would comprise of three divisions.
 
The Industry Sector will comprise of six Divisions: Industry Automation, Motion Control, Building Technologies, Industry Solutions, Mobility and Osram. The Energy Sector will also have six Divisions: Fossil Power Generation, Renewable Energy, Oil & Gas, Service Rotating Equipment, Power Transmission, and Power Distribution. The Healthcare Sector will be organized in three Divisions: Imaging & IT, Workflow & Solutions and Diagnostics.
 
Siemens IT Solutions and Services as well as Siemens Financial Services (SFS) will support Sector activities as business partners and, in addition, continue building up their own business with external customers.   
 

Al-Shaymaa launches its operations in Pakistan

Karachi: Al-Shaymaa (Private) limited a subsidiary of Al-Shaymaa FZE; a UAE based investment group has launched its operations in Pakistan.

Al-Shaymaa has entered into the Pakistani market with a diversified portfolio of technology related businesses. With a prime focus on hi-tech solutions for security and surveillance, the group portfolio of businesses include: complete Fleet Management System, Vehicle tracking and Anti-theft solutions, IP based surveillance systems and integrated Education Management System (EMS) for IT & Education industry.

Al-Shaymaa is investing heavily in infrastructure of an extensive network spreading all over Pakistan with offices in Karachi, Lahore and Islamabad.

H.E Abdullah Al Daboos, Chairman Al-Shaymaa group in his statement said that Al-Shaymaa is entering in Pakistani market with a vision to serve it with our strength of strong technological know-how and capability to provide the simplest solutions to the most complex of problems.

Declamation competitions foster thinking and analytical abilities!

Karachi: Declamation competitions foster the thinking and analytical skills among students and constructive arguments help understanding each others views thus creating a more progressive society. These views were expressed by panel of judges at bilingual declamation competition held at Dawood Public School.

Experts said that such competitions help students mastering the language they speak in and fine tunes their powers of persuasion.

Nine schools including The Anchorage School, The City School, Foundation Public School, Habib Girls Secondary School, International School of Studies, The Mama Parsi Secondary School, River Oaks Academy and St. Michaels Convent School participated in this declamation competition.

The topics for English Declamation were To try & Fail is better then not to have tried at all, Would a mechanical teacher be better than a human teacher and Can terrorism ever be justified? While the topics for Urdu declamation were The use of technology making youngsters lazy and Bad behavior of youngsters: who to blame?

All the students presented their views and arguments with utmost zeal and confidence and left a forceful impact on the audience and students alike.

Huma Baqar Mama Parsi School was declared first while Ammara Mohsin Anchorage School and Javeria Khalid St. Michael School got second and third position respectively in English language declamation. Hira Arshad Habib Girls School secured first position, Kiran Lakhani Mama Parsi School got second and Sana-e-Zehra St. Michael School got third position in Urdu language declamation

PRGMEA - Public/Private Sectors to join hand together to defend the label Made in Pakistan

Public/Private Sectors to join hand together to defend the label Made in Pakistan

Karachi: Central Chairman Pakistan Readymade Garments Manufacturer and Exporters association (PRGMEA) Mohsin Ayub Mirza has said that apparel industry of Pakistan is already at a verge of collapse due to non-availability of electricity and 6% further rise in electricity tariffs would put the industry into serious crisis.

The utilities disturbed supply has resulted in a complete catastrophe for the industry but mainly for the small players who dont have their own emergency power generation.

He said that due to power shortages, we are unable to deliver the foreign orders on time thus we are losing credibility in the world and India, China and Bangladesh are fast filling the gap with cheap rates and timely delivery of apparel goods.

He said that we will request the government to cap the electricity prices for two years for Textile Sector so that we could work out better pricing to compete in International markets.

He said that government has set the export target of US$ 25 billion for textile sector. Based on this target, proper marketing strategy has to be defined and implemented. For this we have to set up Trade Houses world wide like Korea, Indonesia etc. Local Professional should be hired for this purpose to create an image of Pakistan and promotes its product.

He informed that due to fierce competition by India, China and Bangladesh and high cost of doing business in Pakistan, countrys apparel sector is fast becoming uncompetitive and we are losing the business due to our high cost occurrence and poor efficiencies are further adding to the problem.

He said we need to work hard together for strengthening the image of our country. We need to improve the law and order situation in the country. He said that exposure of our products in International markets through trade officers should be our government priority while good quality, good compliance and timely delivery could ensure the respect of label Made in Pakistan.

He said that Textile Policy has been appreciated throughout by the industry and the best government could do in these difficult circumstances they have done it. Thanks for the efforts made by the Honorable Minister Rana, Mr. Waquar Masood and Mr. Naseem Qureshi and I also appreciate the efforts by Idress Ahmed textile commissioner for promoting training centers in textile units.

We need to establish training centers across Pakistan to introduce Textile as a subject in the curriculum so that our new generation could learn about the potential of this industry. Training of Middle Management is seriously lacking, we should have institute giving Diploma for merchandising since in todays world communication is the most important and the merchandiser should have proper understanding of handling orders.

One single factor which could result in immediate boost is the GSP and no duty on our products to European Union & America. Our government especially His Excellency Mr. President has been working in this direction. Lets pray and hope that we get this GSP Support. This would definitely result in boost of our export since competitors like Srilanka and Bangladesh already enjoying the same.

60% of the balance R&D matter should be immediately resolved since because of crisis the industry is already facing serious liquidity problems. This money should be immediately reimbursed since I feel that Justice delayed is justice denied.

CIMA launches Global Business challenge

Karachi: Chartered Institute of Management Accountants (CIMA) has launched a Global Business challenge, an international business management competition designed to bring out the best in potential business leaders among young people.

This is the first time that Pakistani students would also get the chance to participate in this international competition and prove their skills and understanding in the field of finance.

The competition is open to full time undergraduates of public and private colleges and universities ideally from a business or finance background. The teams taking part will come from the Pakistan, UK, Ireland, Hong Kong, Sri Lanka, India, China, Malaysia, Singapore, South Africa, UAE and Australia.

The international competition provides students with a great opportunity to test the depth of their financial knowledge, try out their business management skills, expand upon their competitive ability, and has even led to internship opportunities from well known organisations. Teams will be expected to analyse, report and present on a CIMA case study. The winning team from each country will win the chance to compete in the grand finals in Malaysia, representing their country and institution.

The CIMA Global Business challenge 2009 winners, Anova, who represented Hong Kong, from the Chinese University of Hong Kong, commented: Winning the CIMA Global Business Challenge was rewarding, it was a great opportunity to broadcast our skills on a global scale and present to a panel of expert judges. Our victory has opened doors and is the start of great things to come.

Ray Perry, Executive Director of Brand, Profile and Marketing at CIMA, added: CIMA provides an internationally recognised professional qualification in management accountancy and represents some of the highest flying finance leaders in the world. The CIMA Global Business Challenge has been set up to bring out the best in the potential business leaders of tomorrow and provides a valuable platform for those taking part. We believe there is a great pool of business talent in Pakistan and we look forward to receiving registrations from the region. .

The Chartered Institute of Management Accountants, founded in 1919, is the worlds leading and largest professional body of Management Accountants, with 171,000 members and students operating in 165 countries, working at the heart of business. CIMA members and students work in industry, commerce and not-for-profit organisations.

Registration for The CIMA (Chartered Institute of Management Accountants) Global Business Challenge (GBC) opens today To sign up, log onto www.cimaglobal.com/globalbusinesschallenge

CDC implements Induction of Unpaid Rights in Central Depository System (CDS)

Karachi: CDC has recently implemented the functionality for induction of Unpaid Rights into CDS. The electronic issuance and settlement of unpaid Rights will result in increased efficiency and convenience for the investors as well as Issuers.

Previously, Unpaid Rights could only be issued in physical form which entailed cumbersome manual processing. With the new functionality, Unpaid Rights are credited into the shareholders accounts in CDS in the form of a separate security just like any other security in CDS which can be easily settled and pledged.

Investors can subscribe, fully as well as partially, to the right issue by making the payment to the designated banker to the issue before the last payment date, after which the securities are directly credited into the accounts of shareholders making the entire process virtually straight-through. The Rights issued in physical form can also be easily deposited into CDS through the deposit request functionality.

This recent introduction of the functionality to cater the induction of unpaid Rights through CDS will help the issuers in reducing unnecessary costs of printing and dispatching of letter of rights to the shareholders and also eliminate the manual processing relating to dispatch, verification and renunciation of Letter of Rights.

As the issuance, exercise and renunciation of Rights will become virtually paperless and hassle free, it will enhance the capacity of brokers to handle large volumes. Investors prior to the introduction of this functionality had to face various problems in receiving the LoRs through mail and physical settlement after trading. With the introduction of the automated process, investors would not only be saved from these common problems but also would be spared from the hassles of filling forms for subscription and renunciation of the Right Issue.

To ensure smooth implementation, extensive training sessions to the CDS Elements (including Registrars / Transfer Agents) have been held in Karachi, Lahore and Islamabad.

Approved procedures and amended CDC Regulations including tariff in connection with Right Issues has already been placed on CDC's corporate website i.e. www.cdcpakistan.com.


Since its inception, CDC has facilitated efficient processing of all corporate actions through the Central Depository System (CDS). A major step in moving towards a paperless and highly efficient capital market, this recent development points at a long-standing aspiration for the efficient handling of Unpaid Rights by the market participants, regulators and CDC alike.