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SECP Chairman Proposes Digital National Agricultural Spot Market to Empower Farmers and Reduce Post-Harvest Losses

2026-10-15T22:58:42.452+05:00

The Securities and Exchange Commission of Pakistan (SECP) Chairman, Dr. Kabir Ahmed Sidhu, has proposed establishing a digital national agricultural spot market to connect farmers, warehouses, banks and buyers through standardised grading, transparent bidding and electronic warehouse receipts.

The proposal was presented at the Pakistan Institute of Development Economics (PIDE) conference titled “Mission 100 Billion Dollars”. The initiative aims to improve agricultural marketing, strengthen financing opportunities for farmers and promote greater transparency across Pakistan’s agricultural supply chain.

Under the proposed model, farmers could use stored agricultural produce as collateral to obtain bank financing instead of selling their crops immediately at potentially unfavourable prices. The system could help farmers avoid distress sales, secure better market prices and improve their bargaining power.

The digital marketplace could also help reduce post-harvest losses, strengthen accountability and improve the quality of agricultural produce supplied to domestic consumers and international markets. Standardised grading and reliable electronic records would support greater transparency in transactions and help build confidence among farmers, financial institutions and buyers.

Addressing Pakistan’s Agricultural Storage Gap

The proposal comes amid a significant gap between Pakistan’s agricultural production and its approved storage capacity. According to the figures presented, agriculture contributes 23.44% to Pakistan’s gross domestic product (GDP), while crops are valued at approximately Rs 8.8 trillion.

However, approved storage capacity stands at around 326,000 metric tonnes, compared with an estimated 55.7 million tonnes of dry agricultural production. This disparity highlights the need for modern storage facilities, improved supply-chain management and reliable digital documentation.

The proposed system could initially focus on major crops, including wheat, rice, maize, cotton and sugar, creating opportunities to improve storage, financing and marketing arrangements across important agricultural sectors.

Electronic warehouse receipts could play a particularly important role by providing verifiable records of stored commodities that farmers may use to support financing applications with banks and other eligible financial institutions.

Expanding Pakistan’s Capital Market Participation

Dr. Sidhu also highlighted the importance of broadening participation in Pakistan’s capital market, setting a target of reaching 2.5 million investors in the Pakistan Stock Exchange (PSX).

He emphasised the role of financial literacy initiatives and simpler account-opening procedures in encouraging more people to participate in the formal investment market.

In addition, the SECP Chairman called for an independent legal framework for audit oversight to strengthen financial reporting standards and improve confidence in Pakistan’s capital markets.

The proposed agricultural market, wider investor participation and stronger audit oversight reflect broader efforts to improve transparency, financial inclusion and institutional confidence in Pakistan’s economy.

If effectively implemented, a digital agricultural marketplace could help farmers unlock the financial value of stored produce while supporting more efficient agricultural trade. Its success, however, would depend on adequate storage infrastructure, credible grading standards, reliable digital records, financing arrangements and effective regulatory oversight.

Disclaimer: This report is based on the information provided regarding the SECP Chairman’s remarks at the PIDE “Mission 100 Billion Dollars” conference. Figures, proposals and policy objectives have not been independently verified by the editorial team. The proposed agricultural spot market should not be interpreted as an already operational system or a guarantee of financing or higher crop prices.

Lower Credit Pricing and Soft Collateral for SMEs Can Boost Production, Employment and Exports: Mian Zahid Hussain

2026-10-15T11:28:41.159+05:00

President of the Pakistan Businessmen and Intellectuals Forum (PBIF) and All Karachi Industrial Alliance, Chairman of the National Business Group Pakistan, Chairman of the FPCCI Policy Advisory Board, and former Provincial IT Minister, Mian Zahid Hussain, has welcomed Prime Minister Mian Muhammad Shehbaz Sharif’s directive to increase financing for small and medium-sized enterprises from Rs1.1 trillion to Rs2.2 trillion by 2028. The Prime Minister issued the directives while chairing a meeting with the Small and Medium Enterprises Development Authority (SMEDA) in Islamabad on October 12, 2026. Mian Zahid Hussain said the initiative could stimulate industrial production, investment and employment, but achieving the target would require lower credit rates, banking reforms and easier collateral for SMEs.

Mian Zahid Hussain said that, according to the Ministry of Finance, SME financing increased from Rs1.114 trillion in June 2026 to Rs1.137 trillion in September, while the number of borrowers reached approximately 350,862. The increase of Rs23 billion over three months represents positive progress however, achieving the target by 2028 would require an average quarterly increase of approximately Rs118 billion, more than five times the current pace. He urged the government to assign clear targets to commercial banks and ensure digital processing of applications and online monitoring of their quarterly performance.

Mian Zahid Hussain said that prior to the recent meeting, the Prime Minister chaired a meeting in July 2026 and set targets of increasing SME financing to Rs2 trillion and the number of borrowers to 775,000 by June 2028. Following the increase in the financing target to Rs2.2 trillion, the Ministry of Finance and the State Bank of Pakistan should jointly announce revised targets and an implementation plan. He said that approximately 350,000 small and medium-sized businesses currently obtain bank financing, while the earlier borrower target requires the inclusion of more than 400,000 additional businesses. He added that increased financing must reach new enterprises, small industries and underserved areas, particularly businesses in the remote districts of Balochistan, rather than remaining concentrated among existing borrowers.

Mian Zahid Hussain said that comparatively high markup rates on SME financing were a major obstacle to business growth. He stated that the KIBOR currently stood at 11.5 percent, while banks charged an additional spread of 5 to 6 percent on SME business loans, pushing annual borrowing rates to around 17 to 18 percent. He said other countries maintained lower financing costs to enable SMEs to expand, citing rates of 4.5 percent in India, 3 percent in China and 4.5 percent in Vietnam. Such expensive financing in Pakistan makes expansion difficult for businesses operating on narrow profit margins. He urged the government to provide SME financing at six percent below KIBOR, supported by risk-sharing coverage of at least 50 percent, so that small businesses could benefit meaningfully from the initiative.

Mian Zahid Hussain said that concessional schemes offering financing at 5, 7 and 9 percent were available, but their effectiveness must be assessed through the number of businesses served and the financing actually disbursed. Delays in loan approvals, complicated documentation and stringent collateral requirements must be addressed to broaden access. Banks should expand lending based on business cash flows, transaction records and verified supply orders, while the government should strengthen credit guarantee schemes to contain lenders’ financial risks.

Mian Zahid Hussain said SMEDA should provide feasibility studies in local languages and work with the FPCCI and district chambers of commerce to help SME entrepreneurs prepare business plans and maintain financial records. Loan tenors and repayment schedules should reflect businesses’ production requirements. He added that expensive energy, a complicated tax system and delayed payments by large buyers also constrained small business growth. The government must address these issues through coordinated policy measures so that increased financing translates into industrial development, higher exports and additional employment.

Third Solar International Conference and Technology Awards Held in Lahore

2026-10-12T23:58:34.185+05:00

Lahore: The Third Solar International Conference and Technology Awards were successfully held in Lahore, bringing together more than 350 industry professionals and experts from across Pakistan to discuss developments in solar energy, battery energy storage systems (BESS), and the future of renewable energy in the country.

The event was organised by Energy Update in collaboration with the Pakistan Solar Association (PSA) and the Renewable Energy Association of Pakistan (REAP).

Punjab Governor Sardar Saleem Haider Khan, who was the chief guest at the awards ceremony, emphasised the need for a comprehensive government policy to promote the local manufacturing of solar energy systems. He said that encouraging domestic production could generate millions of employment opportunities, provide affordable energy and help the country earn valuable foreign exchange.

Punjab Provincial Minister for Energy Faisal Ayub, the chief guest at the conference, assured participants of the Punjab government's support for the development of the solar energy sector and the commercial use of solar power in the province. Discussions also focused on the reported levy of four paisa per unit on commercial solar power use in Punjab.

Pakistan Solar Association President Adil Mahmood highlighted the contribution of solar energy to Pakistan's electricity supply, stating that solar power was providing approximately 40,000 megawatts of electricity. He also called for the removal of duties on batteries to encourage the adoption of battery energy storage systems and support the expansion of renewable energy.

Energy Update Managing Editor Naeem Qureshi said that solar energy had helped Pakistan save approximately US$6 billion and generated around two million employment opportunities. His remarks highlighted the sector's contribution to reducing energy costs, supporting economic activity and creating jobs.

Industry Experts Discuss Solar Energy and Storage

The conference featured panel discussions involving leading professionals from the renewable energy, power generation, energy storage and technology sectors.

The first panel included Dr. Naveed Arshad, Director of the LUMS Energy Institute; Altaf Hussain, Managing Director of the National Grid Company; Zohaib-ul-Haq, Technical Head of Growatt Pakistan; and Mian Fahad, Regional Head for South Asia at TBEA. Muhammad Zakir Ali, Chief Executive Officer of Inverex Solar Energy, also addressed the gathering.

The discussions focused on the development of solar energy, grid integration, technological advancements and the role of renewable energy in meeting Pakistan's growing electricity requirements.

The second panel was moderated by Dr. Jawaria Shakeel, Director of Sustainability at Assure International. Participants included Hussain Dewan of Dewan International; Joseph Cho, Director of C&I Energy Storage Pakistan; Muhammad Farhan, Chief Executive of Power Highway; Hasnat Khan, Senior Vice President of the Pakistan Solar Association; Maroof Zuberi of AESL; Mitchi, Chairman of Nippon Energy; and Joseph Vho of iTel Energy.

The panel examined developments in energy storage, commercial and industrial solar applications, and opportunities to strengthen Pakistan's renewable energy infrastructure.

Awards Presented to 30 Companies

The event concluded with Governor Punjab Sardar Saleem Haider Khan distributing awards to 30 prominent companies in recognition of their performance and contributions to the solar energy and renewable technology sectors.

The conference provided a platform for industry stakeholders to exchange ideas, discuss policy challenges and explore opportunities for expanding solar energy adoption and local manufacturing in Pakistan.

The event also underscored the importance of supportive government policies, affordable energy storage solutions and collaboration between the public and private sectors in advancing the country's renewable energy transition.

Disclaimer: This report is based on the information provided by the event organisers and supplied source material.

Karachi despite generating 67 pc revenue, suffers from crumbling infrastructure, water shortages, rampant street crime

2026-10-11T13:34:04.949+05:00

KARACHI: Chairman Businessmen Group (BMG) Zubair Motiwala has called for an urgent, coordinated drive to rescue Karachi from its deepening civic and economic crisis, questioning how Pakistan’s economic powerhouse, contributing approximately 67 percent of federal revenue and 54 percent of national exports, continues to suffer from crumbling roads, acute water shortages, unreliable utilities, deteriorating sewerage and rampant street crime.

Addressing a high-level meeting of patron-in-chiefs, presidents, secretary generals and representatives of Karachi-based trade bodies and industrial town associations, Motiwala demanded time-bound action, institutional accountability and measurable results, stressing that Karachi needs delivery, not promises.

Highlighting the economic cost of civic mismanagement, Motiwala warned that unreliable electricity and gas, inadequate infrastructure and low industrial capacity utilization were driving up production costs and undermining competitiveness. He called for the early completion of K-IV, a fully operational Safe City system, a Karachi Bypass to potentially divert 70 percent of heavy traffic away from the city, mandatory road-restoration guarantees, independent engineering audits and a business-friendly tax regime. He also demanded transparent electricity billing, automatic consumer compensation for service failures, regionally competitive gas prices, digital land records and faster resolution of tax refunds.

Zubair Motiwala proposed identifying five immediate priorities, assigning responsibility to relevant institutions and establishing firm deadlines and measurable performance indicators. He also called for a unified platform of Karachi’s trade and industrial associations, backed by active participation from their members, to press the authorities for corrective action. Emphasizing that the objective was a liveable, secure and economically competitive Karachi, not political or administrative controversy, he urged all stakeholders to replace fragmented efforts and repeated assurances with a coordinated, results-driven strategy.

Vice Chairman BMG Anjum Nisar urged Karachi’s trade and industrial bodies to move beyond highlighting problems and develop a unified, actionable agenda to address the city’s worsening civic and economic challenges. To highlight the awful state of Karachi, he called for a common documentary exposing the city’s ground realities, including corruption, extortion, excessive taxation and deteriorating infrastructure. He advocated permanent solutions to water shortages, completion of the long-delayed K-IV project, and a practical fiscal model empowering local governments with adequate resources. He also proposed joint pre-budget consultations by KCCI and trade associations to formulate common recommendations. He emphasized stronger collective representation before federal and provincial authorities, consistent follow-up and, if negotiations failed, coordinated protest to secure Karachi’s legitimate rights, stressing that the city’s issues must be pursued as a common cause rather than individual organizational demands.

Vice Chairman BMG Jawed Bilwani urged Karachi’s business community to unite behind three to four decisive priorities, warning that the city’s longstanding problems would persist without sustained collective pressure and accountability. He demanded urgent implementation of the Safe City project, stronger action against street crime and land grabbing, protection of public land, and transparent documentation and allocation of Karachi’s revenues to meet its civic and infrastructure needs. Questioning repeated road excavation and reconstruction, alleged resale of public land, missing manhole covers, encroachments on the Lyari and Malir riverbeds and the risk of urban flooding, he called for business community oversight of public works contracts to prevent waste of taxpayers’ money and ensure quality construction. He also proposed a unified response to serious attacks on traders, including the possibility of a citywide shutdown if a trader was killed, and urged KCCI, trade associations, industrialists, transporters and small traders to launch a coordinated campaign through a joint press conference, emphasizing that only a united, evidence-based and uncompromising approach could compel authorities to address Karachi’s critical challenges.

Vice Chairman BMG Mian Abrar Ahmed called for permanent, direct representation of the Karachi Chamber in key government bodies and public-sector institutions responsible for Karachi’s civic infrastructure, utilities and economic development, including the Sindh Assembly, Karachi Metropolitan Corporation (KMC) and K-IV water project. Emphasizing Karachi’s strategic importance and substantial contribution to national revenue, he regretted that the business community remained inadequately represented in decisions directly affecting the city. He warned that corruption and bribery continued to obstruct business operations and argued that occasional meetings could not replace a formal role in decision-making. Backing the KCCI resolution passed on September 30, he stressed that institutional representation would improve transparency, strengthen accountability, provide reliable information and enable business leaders to convey ground realities directly to policymakers, making their meaningful participation essential to resolving Karachi’s longstanding civic and economic challenges.

Vice Chairman BMG Tariq Yousuf identified corruption and the networks facilitating illegal activities as fundamental causes of Karachi’s deteriorating civic conditions, questioning how roads and streets could be occupied by restaurants and commercial establishments, traffic violations tolerated, and illegal electricity connections established without financial arrangements benefiting those involved. He warned that the public ultimately paid the price through traffic congestion, inconvenience and inequitable access to essential utilities, including water, gas and electricity. Calling for decisive action, he urged the business community and relevant authorities to expose and dismantle the mechanisms enabling unlawful occupation of public spaces and misuse of civic resources, stressing that lasting improvement in Karachi’s infrastructure and public services would remain elusive unless corruption was confronted at every level.

President KCCI Talat Mahmood proposed constituting a representative committee of Karachi’s trade and industrial associations to develop an actionable reform agenda within 15 days, warning that further delays could undermine the unity and momentum needed to resolve the city’s longstanding problems. He called for issue-specific subcommittees to prepare comprehensive Terms of Reference (ToRs), regular progress reporting to KCCI and town association leadership, and a united press conference involving industrialists, traders and small businesses to press federal and provincial governments for concrete action. Highlighting Karachi’s persistent infrastructure deficiencies, he demanded a dedicated anti-corruption initiative to investigate complaints involving public offices, including the Sub-Registrar’s Office and Sindh Building Control Authority, citing allegations of substantial unofficial payments despite prescribed fees. Reaffirming the business community’s collective responsibility, he stressed that the approximately 91 percent electoral support received by BMG reflected stakeholders’ confidence and must translate into tangible results through unity, sustained engagement, clear responsibilities and coordinated follow-through.

Deputy Patron-in-Chief of the Korangi Association of Trade & Industry (KATI) Zubair Chhaya called for a coordinated, non-political campaign to resolve Karachi’s worsening civic and economic challenges, stressing that the priority must be implementation and accountability rather than repeated identification of problems. He advocated a dedicated authority to manage the city’s fragmented sewerage system, urgent implementation of the Safe City project, coordinated road and utility works, digitization of land records and decisive action against encroachments, illegal parking and corruption. Warning that untreated municipal and industrial wastewater was damaging marine ecosystems and that pollution threatened public health, he demanded equal enforcement of environmental laws against public and private entities. He also questioned the transparency of Karachi’s revenue allocation, citing the Sindh Revenue Board’s reported collection of Rs372 billion, approximately 95% of which he attributed to Karachi, and estimating annual infrastructure development cess collections at Rs150–175 billion, calling for full disclosure of collections and expenditure. Emphasizing that Karachi’s substantial economic contribution must translate into better civic services, he urged all trade and industrial associations to unite behind practical, prioritized recommendations and demand measurable results from the relevant authorities, irrespective of political affiliations.

MNA Mirza Ikhtiar Baig pledged coordinated parliamentary support to address Karachi’s longstanding civic and economic challenges, congratulating KCCI and BMG Chairman Zubair Motiwala on their electoral victory and collective initiative. Highlighting his engagement through parliamentary committees, he said key projects, including K-IV and the proposed Lyari elevated expressway, had been taken up at the parliamentary level, with efforts underway to address funding gaps. He strongly opposed prolonged area-wide electricity load-shedding that penalizes regular bill-paying consumers for others’ defaults and proposed a meeting involving Federal Minister for Energy Awais Leghari, KCCI, Karachi’s MNAs and K-Electric to pursue on-the-spot solutions. He also called for further engagement on the withdrawal of gas supplies to industrial captive power plants and its implications for production costs and competitiveness.

Former President KCCI Zakaria Usman urged Karachi’s business community to abandon ceremonial engagements and pursue an assertive, sustained campaign to secure practical solutions to the city’s decades-old problems. Drawing on nearly 40 years of trade politics experience, he stressed that Karachi’s challenges were already well documented and required decisive action rather than further deliberations. He called for an uncompromising campaign against corruption, fraudulent property documentation and land grabbing, highlighting administrative inefficiencies, alleged demands for unofficial payments and prolonged delays in legitimate tax refunds.

Chairman Association of Builders and Developers (ABAD) Hanif Gauher called for a united, uncompromising campaign against extortion, deteriorating law and order, land grabbing and alleged corruption in Karachi’s regulatory institutions, warning that meetings and speeches would achieve little without sustained collective action. He urged KCCI, ABAD and industrial estate associations to strengthen the framework through joint consultation and a focused agenda. Citing security threats to businesses, including the reported killing of a security guard at a builder’s office, he stressed that individual associations could not effectively confront these challenges in isolation.

Leader of Pakistan Cloth Merchants Association Ahmed Chinoy called for a dedicated Implementation Committee under KCCI’s leadership to translate Karachi’s civic and economic reform agenda into measurable results through a time-bound 100-day action plan. Congratulating BMG Chairman Zubair Motiwala on bringing key stakeholders together, he proposed prioritizing issues and assigning responsibilities within the first 15 days, engaging relevant government departments and securing firm commitments by day 30, and systematically monitoring progress from day 31 to day 90.

President Korangi Association of Trade & Industry (KATI) Sheikh Umer Rehan identified institutional incompetence, weak accountability and administrative failures as fundamental reasons Karachi’s longstanding problems remained unresolved, urging comprehensive reforms, devolution of powers and strict performance-based accountability across public institutions. Drawing on his experience as KATI President in 2019 and following his re-election approximately seven years later, he questioned why the same civic and administrative challenges persisted despite repeated discussions. Criticizing the FBR for placing additional compliance burdens on documented businesses through digital invoicing and surveillance-camera requirements, he called for expanding the tax base, bringing untaxed economic activity into the net and strengthening the tax authority’s own capacity and governance.

Chairman Pakistan Petroleum Dealers Association Malik Khuda Baksh sought KCCI’s intervention over 15 notices reportedly issued by the FBR to petrol pumps concerning digital invoicing, maintaining that petroleum dealers operate as commission agents and that no legal provision, in his understanding, requires them to issue digital invoices in the manner demanded. Informing participants that the association had already held two meetings with the Chief Commissioner Inland Revenue and had another meeting scheduled with the FBR Chairman on Tuesday, he expressed concern over the compliance burden and sought KCCI’s legal guidance to formulate a unified position.

President North Karachi Association of Trade & Industry Faisal Moiz urged KCCI to approach the federal government for a streamlined, business-friendly administrative framework for Karachi’s industrial estates, commercial markets and economic hubs, arguing that repeated consultations over six to seven years had failed to resolve the city’s fundamental problems.

Former President KCCI Abdullah Zaki questioned the effectiveness of engaging authorities over Karachi’s land-grabbing crisis. Urging the business community to abandon fruitless consultations and adopt a firm, united stance, he proposed a boycott if meaningful progress was not achieved within six months.

President Federal B. Area Association of Trade & Industry Raza Hussain urged KCCI and participating associations to translate discussions on Karachi’s civic, administrative and law-and-order challenges into a clear, actionable strategy, identifying the relevant authorities, formal channels for pursuing grievances, assigned responsibilities and effective follow-up mechanisms.

Chairman Warehouse & Logistics Association Naveed Farooki urged KCCI to institutionalise quarterly or monthly meetings to monitor progress on Karachi’s civic and economic challenges, warning that alleged corruption and demands for unofficial payments by regulatory bodies, including the Sindh Food Authority, EOBI and SESSI, were adding to businesses’ operational costs and mental stress.

Former President KCCI Iftikhar Ahmed Vohra urged Karachi’s trade and industrial associations to move beyond discussions and unanimously adopt a concrete resolution outlining shared priorities, practical measures and a coordinated strategy to address the city’s longstanding challenges.

Former President SITE Association of Industry Saleem Parekh urged KCCI to restore and secure business community representation in key institutions, including the Karachi Water and Sewerage Board, K-Electric, Sui Southern Gas Company (SSGC) and Karachi Metropolitan Corporation (KMC), to enable direct engagement on water, electricity, gas and civic issues.

Representative of Pakistan Hotels Association Ather Bhutto urged Karachi to emulate Shanghai’s transformation through disciplined governance, accountability and long-term infrastructure planning, identifying corruption, water theft and weak public services as major impediments to progress. He called for universal water metering and effective enforcement to improve revenue recovery, development of ring roads and modern transport infrastructure, and provision of basic facilities such as public toilets.

Concluding the meeting, President KCCI Talat Mahmood proposed resolution to constitute five committees comprising nominees of all participating trade and industrial associations, mandated to finalize actionable recommendations and comprehensive Terms of Reference (ToRs) within 15 days. He further proposed regular progress reviews, close coordination with KCCI and town associations, and a united press conference involving industrialists, traders and small businesses to present the business community’s consolidated demands.

SECP and CCRA Establish Coordinated Regulatory Framework for Pakistan’s Cannabis Sector

2026-10-08T22:55:49.453+05:00

The Securities and Exchange Commission of Pakistan (SECP) and the Cannabis Control and Regulatory Authority (CCRA) have established a coordinated regulatory framework for Pakistan’s medicinal and industrial cannabis sector through the signing of a Memorandum of Understanding (MoU).

The MoU was signed by Muzzafar Ahmed Mirza, Commissioner, SECP, and Asif Haroon, Director (Operations/Licensing/Vigilance), CCRA. The signing ceremony was attended by Dr. Kabir Ahmed Sidhu, Chairman SECP, and Major General (Retd.) Zafarullah Khan, HI(M), Director General CCRA.

Under the new framework, companies intending to include cannabis-related business objects will be required to obtain a No Objection Certificate (NOC) from the CCRA before incorporation. The requirement will also apply where an existing company seeks to make subsequent changes to its principal business objects, directors or shareholding involving cannabis-related activities.

The SECP will oversee corporate registration and associated compliance matters, while the CCRA will remain responsible for sector-specific licensing, regulatory requirements and oversight of cannabis-related activities.

The coordinated framework is intended to provide businesses with a clearer regulatory pathway while strengthening institutional coordination between the two regulators. It also establishes a defined mechanism for ensuring that companies operating in the medicinal and industrial cannabis sector comply with both corporate and sector-specific regulatory requirements.

PSBA Annual Dinner Celebrates Leadership Transition and Brokerage Industry’s Growing Role

2026-10-07T11:00:32.904+05:00

The Pakistan Stock Brokers Association (PSBA) hosted its Annual Dinner, bringing together members of the securities brokerage industry and representatives from across Pakistan’s capital market ecosystem for an evening of fellowship, appreciation and celebration.

A key highlight of the event was the formal farewell to the outgoing PSBA Board and the welcome extended to the newly elected Board. The occasion provided an opportunity to acknowledge the contributions of the outgoing leadership and to convey best wishes to the new Board as it assumes responsibility for advancing the shared interests and objectives of the securities brokerage industry.

Over the years, PSBA has developed into an important representative platform for the securities brokerage sector. From a focused vision, the Association has expanded its engagement and representation across various segments of Pakistan’s Capital Market.

According to the Association, its role has evolved through active engagement with Capital Market Infrastructure Institutions, government and tax authorities, regulatory forums, and Senate and National Assembly Standing Committees.

PSBA has sought to strengthen the voice of the brokerage industry in discussions concerning policies, regulations and other matters affecting the capital market. Its activities have focused on representation, advocacy, engagement and addressing issues relevant to securities brokers and the wider capital market.

The Annual Dinner also marked a transition between two leadership teams, with the outgoing Board being recognized for its contribution and the newly elected Board taking forward the Association’s agenda.

The gathering underscored the importance of continued collaboration among market participants and institutions to support the development, efficiency and transparency of Pakistan’s capital market.

Disclaimer: This report is based on information available and is intended for general news and informational purposes. It does not constitute investment, financial or legal advice.

JS Bank’s Mobile App Wins Mobile App Award at Asian Banking & Finance Fintech Awards 2026

2026-08-20T12:31:56.972+05:00

JS Bank has won the Mobile App Award at the Asian Banking & Finance Fintech Awards 2026, marking another milestone in the bank’s efforts to promote digital innovation and provide customers with faster, simpler and more convenient banking services.

The recognition highlights the capabilities of the JS Mobile App, which incorporates a range of digital banking features designed to improve the customer experience.

Among its key innovations is JSense, an in-app AI assistant that enables customers to interact conversationally with the application to find information about banking products, services and discounts.

The app also offers Pay in a Blink, a Face ID-based transaction approval feature that allows customers to approve transactions without relying on traditional One-Time Passwords (OTPs). Other digital services include Raast transfers, QR payments and debit card management.

Commenting on the recognition, Basir Shamsie, President & CEO of JS Bank, said the bank has consistently remained at the forefront of technological innovation in Pakistan’s banking industry.

“JS Bank has always been a forerunner in bringing technological innovation to Pakistan’s banking industry,” Shamsie said, highlighting the bank’s initiatives ranging from the country’s first WhatsApp Banking service to its AI-powered JSense assistant.

He added that the bank continues to use technology to make banking simpler and more convenient for customers, describing the award as further recognition of JS Bank’s commitment to driving innovation in Pakistan’s financial sector.

The Asian Banking & Finance Fintech Awards recognise financial institutions and fintech companies across Asia for achievements in financial technology and digital innovation.

JS Bank Limited is a Pakistani public limited banking company incorporated on March 15, 2006. It is a subsidiary of Jahangir Siddiqui & Co. Ltd. (JSCL) and is engaged in commercial banking and related services under the Banking Companies Ordinance, 1962.

PSW, Sindh Board of Revenue Sign SLA to Digitize Stamp Duty Collection

2026-08-14T10:28:07.035+05:00

Pakistan Single Window (PSW) and the Board of Revenue, Sindh (BoRS) have signed a Service Level Agreement (SLA) to formalize the digital collection of Sindh Stamp Duty on cross-border trade declarations through the PSW platform.

The agreement was signed by Naveed Abbas Memon, Chief Domain Officer, PSW, and Nazir Ahmed Qureshi, Member RS&EP, Board of Revenue Sindh.

Under the new arrangement, a dedicated interface will be established for the Board of Revenue Sindh, enabling real-time monitoring of stamp duty collections. The system will also facilitate efficient daily and monthly reconciliation of collections against government receipts.

The digital mechanism is expected to strengthen transparency, visibility and traceability in the stamp duty collection process while improving the efficiency of revenue management.

The partnership also marks a further expansion of the PSW digital ecosystem by bringing additional government processes onto a unified digital infrastructure. The initiative is aimed at supporting greater automation, improved coordination among government agencies and enhanced trade facilitation.

The agreement reflects ongoing efforts to advance digital transformation in Pakistan's trade and revenue systems and create more efficient, transparent and integrated government services.

KCCI Clarifies No Extension in FBR Biometric Verification Deadline Under SRO 350

2026-07-15T12:33:12.328+05:00

The Karachi Chamber of Commerce and Industry (KCCI) has issued an important circular for its members, clarifying that the Federal Board of Revenue (FBR) has not extended the deadline for biometric verification required under SRO 350.

According to the KCCI, the deadline for completing biometric verification remains July 31, 2026. The Chamber advised members not to rely on unverified reports circulating on social media or other platforms claiming that the deadline has been extended or revised.

The KCCI further stated that the growing number of simultaneous biometric verification requests has placed significant pressure on the system, resulting in server congestion and operational disruptions. To help avoid unnecessary delays and technical issues, members have been advised not to rush the process at the same time.

Instead, businesses and taxpayers are encouraged to complete their biometric verification at their convenience before the July 31, 2026 deadline to ensure compliance with FBR requirements under SRO 350.

The Chamber emphasized that timely completion of the verification process will help members avoid last-minute complications while ensuring smooth compliance with tax regulations.

Mian Zahid Hussain Welcomes Shift Toward Industrial Growth, Urges Swift Implementation

2026-02-16T21:10:00.000+05:00

Prominent business leader Mian Zahid Hussain welcomed Finance Minister Muhammad Aurangzeb’s declaration that Pakistan has moved beyond economic stabilization and entered a phase focused on industrial growth.

Reacting to the minister’s speech at the Pakistan Economic Growth Conference held on Saturday, Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, Chairman of the National Business Group Pakistan, Chairman of the Policy Advisory Board of FPCCI, and former provincial minister for information technology, said the business community felt reassured by the acknowledgment that the state cannot provide jobs to the entire population and that the private sector must serve as the primary engine of employment.

He emphasized, however, that the promise to extend “all possible resources” to businesses must materialize in the form of reduced energy tariffs and single-digit interest rates. Without these steps, he warned, industrialization would remain a distant dream.

Mian Zahid Hussain particularly underscored the minister’s assurance regarding the Super Tax. He termed the review of the mechanism and the possibility of allowing installment payments a significant confidence-building measure. He urged the Federal Board of Revenue to issue a notification within 48 hours to protect compliant taxpayers from unnecessary harassment.

Highlighting the urgency of relief for exporters, he referred to the finance minister’s commitment to announce concrete measures for the textile sector within 10 to 12 days. While welcoming the timeline, he cautioned that any delay would prove damaging as regional competitors such as India continue to enjoy advantages including duty-free access to Western markets.

The business leader also appreciated the minister’s frank assessment of the IT sector, noting that exports currently stand at around $3–4 billion but could potentially reach $10 billion if the digital ecosystem is facilitated rather than overregulated. He welcomed the invitation extended to sectoral associations for further dialogue in Islamabad in the coming fortnight.

Supporting the government’s firm action against tax evasion, Mian Zahid Hussain cited the recent FIR against a sitting senator in the tobacco sector as evidence of the state’s authority. Nevertheless, he stressed that enforcement should target the vast informal economy and smugglers instead of placing additional burdens on salaried individuals and documented businesses.

He concluded by calling for the proposed Construction Relief Package to prioritize low-cost housing and industrial infrastructure rather than fueling real estate speculation. Such a focus, he said, would help activate dozens of allied industries connected to construction.

“The Finance Minister has spoken the language of the business community in Lahore,” he remarked. “Now the bureaucracy must move swiftly to turn this vision into reality.”

Pakistan Stock Exchange Hosts Gong Ceremony to Celebrate International Women’s Day

2025-03-11T12:08:00.002+05:00

In a powerful demonstration of commitment to gender equality and women’s empowerment, the Pakistan Stock Exchange (PSX) collaborated with UN Women Pakistan, the Central Depository Company of Pakistan Limited (CDC), CFA Society Pakistan, the International Finance Corporation (IFC), the Women on Board (WoB) Initiative, the Pakistan Institute of Corporate Governance (PICG), and Alfalah Investments to host a prestigious Gong Ceremony on International Women’s Day.

The event brought together industry leaders, corporate professionals, and trailblazing women from various sectors, fostering meaningful discussions on inclusivity, leadership, and the role of women in finance and corporate governance. The ringing of the gong symbolized a collective commitment to breaking barriers and promoting gender diversity in the corporate world.

Speaking at the ceremony, representatives from PSX and collaborating organizations highlighted the significance of gender-inclusive workplaces and the economic benefits of fostering female leadership. Experts underscored the progress made in integrating women into key financial and business roles, while also acknowledging the challenges that persist.

Dr. Shazia Amjad, Country Representative of UN Women Pakistan, commended the initiative, stating, “Empowering women in the corporate sector is not just about representation; it’s about ensuring equal opportunities, leadership roles, and financial inclusion for a more progressive economy.”

PSX’s Managing Director, Farrukh Khan, emphasized the importance of gender-balanced leadership, adding, “We are proud to reaffirm our commitment to inclusivity. Women bring valuable perspectives to the financial sector, and their contributions must be recognized and encouraged.”

The event concluded with a call to action for continued efforts to enhance gender diversity and create a more equitable corporate landscape. As Pakistan continues to advance towards a more inclusive economy, initiatives like these serve as crucial milestones in shaping a progressive and empowered future for women in business and finance.

Finance Minister Chairs a Meeting at FBR to remove discrepancies in the Finance Bill-2023

2023-06-20T22:43:00.003+05:00

Federal Finance Minister Mr. Mohammad Ishaq Dar visited the Federal Board of Revenue Headquarters today and chaired a meeting to review the suggestions submitted by the Anomaly Committee-Business and Anomaly Committee-Technical to remove discrepancies identified in the Finance Bill-2023.

It may be noted that Chairman FBR Mr. Asim Ahmad constituted the two Committees on June 13, 2023, to identify and remove the business and technical-related anomalies identified in the Finance Bill-2023 and present recommendations to FBR for removal of the same.

The meeting was also attended by Special Assistant to the PM on Finance Mr. Tariq Bajwa, Chairman FBR, and senior officials from the Revenue Division and Finance Ministry.

The Finance Minister reviewed the suggestions given by both Committees and said that practicable recommendations will be incorporated into the Finance Bill-2023.

IT Park to be established near Karachi Airport, Groundbreaking within this month: Amin ul Haq

2022-06-05T23:12:00.001+05:00

Federal Minister for Information Technology & Telecommunications Syed Aminul Haq has informed that a piece of land at a cost of Rs31 billion has been acquired from Civil Aviation Authority near Karachi Airport for setting up an IT Park in Karachi where plots will be available at much lower rates so that maximum number of Small and Medium Enterprises (SMEs) associated with IT services could be encouraged to establish their businesses at the IT Park which will be fully equipped with state-of-the-art infrastructure and all IT related facilities.

Exchanging views at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI), the IT Minister said that ground breaking ceremony for IT Park will be staged within the current month and the leadership of Businessmen Group and Karachi Chamber will be specially invited to grace the ceremony with their presence.

Chairman Businessmen Group Zubair Motiwala, Vice Chairmen BMG Anjum Nisar, Jawed Bilwani, General Secretary BMG AQ Khalil, President KCCI Muhammad Idrees, Vice President Qazi Zahid Hussain, Former Presidents Majyd Aziz, Shamim Ahmed Firpo, Agha Shahab Ahmed Khan and KCCI Managing Committee Members attended the meeting.

Amin ul Haq, who was accompanied by Federal Minister for Maritime Affairs Faisal Ali Subzwari and Member National Assembly Khalid Maqbool Siddiqui, further informed that although he intended to launch 5G technology in the month of December 2022 but it has been extended for three months to March 2023 which will initially be launched in major cities of Pakistan.

He said that rigorous efforts were being made to improve IT exports and an ambitious target of US$15 billion has been set for IT exports in the next five years. “We want to bring the IT exports at par with textile exports and would strive really hard to leave behind the textile exports and make IT exports the leading exports of Pakistan”, he added.

“When I assumed charge of the Ministry, the IT exports were less than $1 billion which improved to US$1.4 billion in 2019-20 and reached US$2.1 billion 2020-21. We expect IT exports to rise further and reach US$3 billion this year”, he said.

He further stated that the Ministry has invested a sum of Rs60 billion to improve connectivity across the country. “Our plan of action is not confined to Karachi only but we have initiated IT and telecommunication projects in Jamshoro, Dadu, Larkana, Badin and other areas of the country as well.”

“Keeping in view the grievances being faced by the business community, I demanded from the Prime Minister to twist the ears of the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) and he has agreed to do so”, the Minister said while appreciating the support being extended by Prime Minister Shehbaz Sharif.

Federal Minster for Maritime Affairs Faisal Ali Subzwari assured full support and cooperation in resolving issues being suffered by the business community Karachi. “My Mobile number is available with representatives of business community hence, instead of contacting anyone else from my office, you should directly get in touch with me as I am just a call away”, he said, “As 95 percent of my Ministry’s work happens in Karachi, I spend five days a week here and just a day in Islamabad”. 

Faisal Subzwari seconded President’s KCCI Proposal of having a regulatory framework for shipping lines but the proposed regulatory body for this purpose should comprise of all stakeholders including members of the business community and representatives of shipping lines. “We will also look into the possibility of incorporating KCCI’s representative on PQA Board wherein a representative of Bin Qasim Association of Trade and Industry is already present”, he added. 

Speaking on the occasion, Khalid Maqbool urged the business community to raise a strong voice for the rights of MQM-P and Karachi city. He said the next general elections will be held upon completion of fresh census. MQM has made written agreements with the PML-N and PPP in the larger interest of Karachi and Pakistan, he added.

Chairman BMG Zubair Motiwala, in his remarks, stressed that the government has to come up with an effective policy that leads to generating employment opportunities, enhances exports and promotes import substitution, besides creating an enabling business environment for the industries who were the only source for providing jobs and capable to pull the people out from poverty.

Expressing deep concerns over high cost of doing business, he suggested that a committee at the National Assembly level should be formed and tasked to evaluate and study the cost of doing business in Pakistan and compare it with cost of doing business in India, Bangladesh, Vietnam, Thailand and Sri Lanka. “If our cost of doing business is the same then we, the exporters, are responsible for lesser exports but if it is not, then the government must bring down the cost of doing business at par with our competitors which is the only way forward”, he said, adding that the country will not prosper if even playing field was not provided to the business and industrial community.

“We only need those basic facilities which are available to citizens in other countries around the world. It is the responsibility of the government to make arrangements and provide facilities to industries so that they could become socially complaint as per requirement of the international community”, Chairman BMG stressed.

He was of the view that poor policies and bad governance have created a disturbing situation in which the rich were becoming richer while the poor were getting poorer. The government has to focus on promoting industrialization as well as the exports and must also resolve pending issues being faced by industries on top priority as it was these industries which can create employment opportunities and ensure progress and prosperity for the country.

Zubair Motiwala also advised the IT Minister to come up with some kind of program wherein those individuals working from home could be provided solar panels along with laptops and a business plan so that they could come out of the frustration of being jobless and become self-reliant. Moreover, the existing libraries in universities must also be transformed into virtual universities and the space available be converted into IT sections where our youth must be imparted latest IT-related trainings which would help in achieving the IT export targets set for next five years.

President KCCI Muhammad Idrees, in his welcome address, stressed the need for having strong liaison and coordination between the Karachi Chamber, Federal and Sindh Government so that the some of the serious issues of Karachi which have been pending since long could be resolved. “We all must make collective efforts and should be on one page in dealing with numerous issues being faced by the business community of Karachi”, he added.

Taking advantage of Maritime Minister’s presence, President KCCI particularly mentioned that shipping lines were creating a lot of problems and overcharging the traders hence, an autonomous regulatory body has to be formed at the earliest to put an end to the looting and highhandedness of all shipping lines. “As KCCI representative is given a slot as trustee on KPT Board, similar representation must also be given on Port Qasim Authority’s Board so that the issues being faced by business community in dealing with PQA authorities could also be amicably resolved”, he added.

Keeping in view the potential of Blue Economy, the Karachi Chamber, Pakistan Navy and Ministry of Maritime Affairs can join hands and work collectively to promote the massive opportunities available in the Blue Economy.

He also requested the Maritime Minister to hand over the Textile City situated near Port Qasim to Karachi Chamber so that it’s infrastructure could be developed by KCCI as per international standards and the industrial plots could be leased to genuine industrialists.

He further urged the IT Ministry to take KCCI onboard in all the IT development projects while the desperately needed IT Park should be established at the earliest. “The ambitious target of US$15 billion for IT exports was doable but the government has to provide the required facilities so that this target could be achieved without any hitches”, he added.

Dr Reza Baqir unveils Asaan Mobile Account to enable opening of branchless banking accounts

2021-12-14T07:52:00.000+05:00

Governor State Bank of Pakistan, Dr. Reza Baqir, unveiled the Asaan Mobile Account (AMA) today in a launch ceremony held at SBP headquarters Karachi. AMA allows opening of a branchless banking account by dialing a simple code *2262# on a mobile phone. The account holder can then deposit money in his or her account at any branchless banking agent and use the same for transactions through mobile phone. AMA is an initiative of State Bank of Pakistan (SBP) to achieve National Financial Inclusion Strategy (NFIS) target of promoting digital financial inclusion in the country. AMA has been launched with the key support of various stakeholders including PTA, NADRA, Branchless Banking (BB) Providers, Cellular Mobile Operators (CMOs) and Virtual Remittance Gateway (VRG). VRG has been licensed jointly by SBP and PTA under the regulations for mobile banking interoperability. The launch ceremony was chaired by Dr. Reza Baqir, Governor SBP and addressed by Ms. Sima Kamil, Deputy Governor SBP, Chairman PTA Major General (R) Amir Azeem Bajwa HI (M), Chairman NADRA Mr. Muhammad Tariq Malik and Mr. Ikram Sehgal, Chairman VRG. The ceremony also witnessed signing of a Memorandum of Understanding (MoU) among 13 branchless banking service providers. The MoU was signed to affirm their commitment in facilitating customers through continued collaboration for more innovations in line with NFIS vision.

While speaking on the occasion, Dr. Reza Baqir thanked the stakeholders for their contributions that culminated into the successful launch of the AMA initiative. He said that AMA is expected to bring a significant increase in bank account opening and the lack of internet access or proximity to branchless banking outlets/bank branches would no longer be barriers for Pakistanis to access financial services. Accounts can now be opened simply by dialing a USSD code *2262# from any mobile phone (smart or simple feature phone) through any mobile network, without requiring internet connectivity. Customers will have the choice to choose from any of the 13 branchless banking service providers that are currently offering AMA.

Governor Baqir highlighted that the AMA would play an important role in enhancing digital access and use of formal financial services in the country. He added that Pakistan has over 187 million biometrically verified mobile subscribers with Tele-density of around 85%, however; there are only 106 million 3G/4G subscribers with mobile internet penetration standing at 48%. This gives us the potential market of around 81 million mobile subscribers which don’t have access to internet and could become users of AMA if provided with the right value proposition.

AMA will particularly help low income segments with non-digital phones and no access to internet to enjoy banking as it offers a simpler process, such as dialing a code, to avail financial services. Moreover, AMA will be a highly suitable platform to onboard Pakistani women customer segments as well since they face greater obstacles in accessing formal financial services due to mobility, cultural and documentation issues. AMA with its ease of use will be instrumental in bringing the next 50 million Pakistanis under the banking ambit.

This initiative is also in line with Government of Pakistan’s holistic approach of “Digital Pakistan” initiative to enhance access & connectivity, digital infrastructure, and innovation. Now, the Government will also have the option to use this channel for disbursing money under the flagship poverty alleviation Ehsaas Program to reach 15 million beneficiaries.

Federal Minister of ITT Syed Amin-ul-Haq visit KCCI

2021-12-05T21:23:00.004+05:00

Federal Minister for IT and Telecommunication Syed Amin-ul-Haq along with Mr. Muhammad Sohail Rajput, Secretary (IT&T) and Syed Junaid Imam, Member (IT) visited Karachi Chamber of Commerce and Industry (KCCI) on Friday 3rd Dec 2021.

He was warmly welcomed at KCCI. President KCCI, Mr. Muhammad Idrees emphasized that Pakistan must strengthen its technology base as a long-term strategy.
Pakistan’s youth is well versed in tech. There is a need to further strengthen the IT sector with a special focus on start-ups by the government and being the largest Chamber of the country, KCCI is the best forum to promote IT and telecom as the world is fast moving towards digitalization. After textile industry, IT is the leading export sector. Pakistani industry will increasingly need to adopt automation and digitalization, thus a highly-skilled workforce is needed in future-ready technologies.

BMG Chairman Siraj Teli laid to rest

2020-12-11T12:41:00.000+05:00

Namaz e Janaza of Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Late Siraj Kassam Teli was held at Masjid e Saheem on Thursday which was attended by thousands of people belonging to all walks including ministers, politicians, KCCI Office Bearers & Managing Committee Members, family members, friends, relatives, prominent business personalities, bureaucrats and a large number of BMGIANs.Late Siraj Teli, who has left behind a widow, a son and a daughter, was laid to rest at Defense Phase 7 Ext. Graveyard. Quran Khuwani for Esal e Sawab of the departed soul will be held on Friday at Masjid e Saheem, Khayaban e Rahat DHA Phase 6 between Maghrib and Isha Prayers.

President KCCI M. Shariq Vohra, while paying homage to Siraj Teli for his matchless contribution and lifelong quest for the rights of business & industrial community and the city of Karachi, said, “Siraj Teli will stay alive in our hearts and will always be remembered for his exceptional and dedicated services to the entire business & industrial community and Karachiites under the policy of Public Service. “Siraj Teli was a dynamic leader whose illustrious career spanning over 28 years has indeed left an indelible impression on the entire business & industrial community. He was instrumental for grooming the business leaders by giving them the opportunity to become President KCCI and always guiding them round the clock on how to deal with issues.”Shariq Vohra also appreciated everyone who expressed their condolences from all over the country and around the world. “We are indebted to everyone for joining us in prayers for the departed soul”, he added.He prayed that may Almighty Allah place the departed soul in Jannat ul Firdous and grant courage to the members of the bereaved family, friends, well-wishers and all BMGIANs to bear this irreparable loss.

Late Siraj Kassam Teli was a distinguished industrialist possessing eminent qualities of leadership. He belonged to a renowned family that has been active in business since the inception of Pakistan. Siraj Teli’s valuable family background has been a great source of strength in enabling him to conduct his life ethically and successfully. As Chairman of the Businessmen Group, Siraj Teli was recognized for his extraordinary leadership of the Business and Industrial community over the past 28 years. He brought about revolutionary and progressive changes in trade politics and in the functioning of the Karachi Chamber of Commerce & Industry, the SITE Association of Industry and other platforms of public service and social work. To recognize Siraj Teli’s outstanding contribution to the national economy and public service, the then President of Pakistan Asif Ali Zardari was pleased to confer the award “Sitara-e-Imtiaz”. Siraj Teli’s services to the private sector, his efforts for the industrial development and his endeavor for the unity of the nation in general and business and industrial community in particular, his aggressive and creative plans to boost export and his contribution to the economic development of the country were indeed creditable and commendable.Siraj Kassam Teli’s unrelenting, sincere and honest efforts have changed the outlook of Trade Politics. As a result, now genuine stakeholders are seen taking part in the affairs of KCCI. His leadership had been instrumental in changing the mindset of the Business Community in such a manner that the Chamber now looks after the general interest of Karachi as a whole and, without any discrimination of cast, color or creed. Late Siraj Kassam Teli’s services to the private sector, his efforts for industrial development, his endeavors for the unity of the nation in general and business and industrial community in particular and his contribution to the economic development of the country, were indeed commendable and will always be remembered.

FATF keeps Pakistan on grey list

2020-10-24T16:20:00.003+05:00

The Financial Action Task Force (FATF) has decided to keep Pakistan on its grey list until February 2021 despite complying successfully with 21 out of 27 points of action.

The decision was made by the global watchdog for curbing terror financing and money laundering in its virtual plenary session from October 21 to 23. It reviewed Pakistan’s progress on the 27-point action plan.

FATF President Marcus Pleyer announced the decision after the three-day session came to an end on Friday. Pakistan has been on the watchdog’s grey list since June 2018.

Federal Minister of Industries and Production Hammad Azhar, in a series of tweets after the decision, said that Pakistan has achieved impressive progress on its FATF action plan. He said that 21 out of 27 action items now stand cleared while remaining six items have been rated as partially complete.

He said that within a year, the government progressed from 5/27 to 21/27 completed items. “FATF acknowledged that any blacklisting is off the table now,” added the minister of industries and production.

Hammad said that instead of the current action plan, discussions remained focused on how Pakistan can be facilitated for its upcoming second evaluation (MER), which is due by the mid of the next year. “I congratulate our Federal and Provincial Teams who have worked day and night even during the pandemic to ensure this turn around,” he added.

Before the decision was announced, Foreign Minister Shah Mahmood Qureshi, while talking to the media on Friday, said that India’s nefarious designs to push Pakistan into the blacklist of the FATF will fail because the world has recognised Pakistan’s measures against terror financing and money laundering.

The foreign minister said that out of 27 actionable points, Pakistan has shown 100 per cent progress on 21 and progress has also been made to meet the remaining six points.

FM Qureshi asked the FATF forum to positively respond to the significant progress made by Pakistan to comply with its action plan.

The global financial watchdog had in 2018 placed Pakistan on its gray list of countries with inadequate controls over money laundering, a potential source of terror financing, and gave it the action plan to implement.

In February this year, the country won a four-month grace period, until June this year, to meet the international anti-terrorism financing norms. That deadline was extended to October due to the coronavirus pandemic.

“The FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020,” the FATF had said in a statement issued after a meeting in Paris in February. “Otherwise, should significant and sustainable progress especially in prosecuting and penalising TF (terrorism financing) not be made by the next Plenary, the FATF will take action.”

In February, the FATF had noted that Pakistan had delivered on 14 points but missed 13 other targets. On July 28, the government reported to Parliament compliance with 14 points of the 27-point action plan and with 10 of the 40 recommendations.

By September 16, however, the joint session of the parliament amended about 15 laws to upgrade its legal system matching international standards as required by the agency.

Officials have been hopeful of a positive outcome, especially after the recent legislation by parliament on counter-terror financing and money laundering.

However, being placed on the black list would put Pakistan in company with Iran and North Korea and see it shunned by international financial institutions. (PT)

Jubilee Life Insurance announces financial results for the first quarter

2014-04-24T16:26:00.000+05:00

Jubilee Life Insurance Company, the largest insurance company from the private sector, announced an impressive batch of results for the financial quarter ending on 31 March 2014. The results were declared by the Board of Directors who met under the chairmanship of Mr. Kamal A. Chinoy to review the performance of the company.

The company reported a pre-tax profit of Rs295 million for the first quarter of 2014, up 45% from Rs 204 million for the same quarter in the preceding year. With after-tax profit of Rs 202 million, the earnings per share (EPS) stood atRs2.80.

Jubilee Life has further strengthened its position by registering 34% increase in net premium income over the same period of last year.

Mr. Javed Ahmed, Managing Director & CEO Jubilee Life, commented, “Our results reflect our strategy of robust business growth, together with sustainable profitability.” He also added that Jubilee Life has a strong focus on customer servicewhich is the lifeblood of our business.

Jubilee Insurance is a global brand of Aga Khan Fund for Economic Development (AKFED) that offers diverse insurance solutions (life, health and general) in the Asian and East African markets. Jubilee Life in Pakistan offers uniquely designed range of life and health insurance plans, catering to various customer segments and needs. These include retirement, child education, marriage, saving & protection, wealth accumulation, life insurance plans for women, rural insurance plans and life and health insurance solutions for the less privileged of our country.

Pakistani Business Leaders Congratulate Iftikhar Ali Malik

2014-01-10T18:56:00.000+05:00

Iftikhar Ali Malik

The Vice Presidents of FPCCI Mr. Gulzar Firoz, Mr. Shaheen Ilyas Sarwana and Mr. Naveed Jan Baloch, Mr. Abdul Khaliq Khan have Congratulated Mr. Iftikhar Ali Malik on his re-nomination as Vice President of SAARC Chamber of Commerce for the term 2014-15. While expressing warm wishes they said the re-nomination of Mr. Iftikhar Ali Malik is recognition of his services and devotion which he extended to business community and promotion of economic activities in SAARC region.

Central Bank reduces policy rate by 50 basis points to nine percent

2013-06-22T11:32:00.003+05:00

Yaseen Anwar, Governor SBP

By Mohammad Nazakat Ali

(Pakistan News & Features Services)

The State Bank of Pakistan (SBP) has decided to reduce the policy rate by 50 basis points to bring it down to 9 percent with effect from June 24, 2013.

This was decided by the Central Board of Directors of the State Bank of Pakistan at its meeting held under the chairmanship of SBP Governor, Yaseen Anwar, in Karachi on June 21.

According to the Monetary Policy Decision, the SBP has decided to place a higher weight to declining inflation and low private sector credit relative to risks to the balance of payments position.

Following is the complete text of the Monetary Policy decision:

“There has been a discernible positive change in sentiments post May 2013 elections because of clarity on the political front. The change in the behavior of banks in auctions of government securities and reaction of stock market are two examples. Importantly, there has been a considerable improvement in SBP conducted surveys of consumer confidence, expected economic conditions, and inflation expectations. The absence of foreign financial inflows and high fiscal borrowings from the banking system, however, remain formidable economic challenges, especially for monetary policy. Similarly, power shortages and security conditions continue to be strong impediments to growth.”

“An almost continuous and broad based deceleration in inflation over the last year has had a favorable impact on inflation outlook – a key variable in monetary policy decisions. In May 2013, the year-on-year CPI inflation was 5.1 percent while trimmed measure of core inflation was 6.7 percent; the lowest levels since October 2009. The average CPI inflation for FY13 is expected to be at least two percentage points below the target of 9.5 percent.”

“However, in the latest budget the government has announced an increase of 1 percentage point in the General Sales Tax (GST), from 16 percent to 17 percent, and changes in the tax structure for some goods and services. In addition, the government is considering a phase-wise upward adjustment in electricity tariff. The exact magnitude and timing of this adjustment is yet to be decided. Therefore, there is a risk that average inflation for FY14 could exceed the announced target of 8 percent for the year. However, aggregate demand in the economy is expected to remain moderate, which could have a dampening effect on inflation.”

“A reflection of the current declining trend in inflation can be seen in the muted real economic activity, especially private investment expenditures. Beset by energy shortages and law and order conditions, the GDP growth has struggled to ameliorate in the last few years and this year was no exception. The provisional estimate of GDP growth for FY13 is 3.6 percent, which is lower than the 4.3 percent target for the year. Similarly, private fixed capital formation has decreased by 1.8 percent – the fifth consecutive year of a declining trend. Although there has been an encouraging uptick in the growth of Large Scale Manufacturing (LSM) sector, 4.8 percent in April 2013, it is too early to term it as an emerging trend.”

“A declining inflation trend and below potential GDP growth make a case for further reduction in the policy rate. The argument is twofold. First, the SBP has been giving a relatively high priority to inflation in its monetary policy decisions over the last few years. Thus, continuing to do so would indicate consistency in the monetary policy stance. Second, without further reduction in the policy rate, the real interest rate – policy rate minus expected inflation – would increase due to declining inflation. High real interest rates are not helpful for supporting private investment in the economy.”

“However, as indicated in the last monetary policy decision, the current balance of payments position and a structural imbalance in fiscal accounts suggest vigilance. The stress in the balance of payments position was a prime consideration in maintaining the policy rate at 9.5 percent in the last two monetary policy decisions. The basic argument has been that the return on rupee denominated assets needs to be sufficiently attractive to discourage speculative demand for dollars.”

“There is no significant revision in the assessment of the balance of payments position since the last monetary policy decision. The external current account deficit is expected to remain manageable, around 1 percent of GDP for FY13, signifying very low risk from this source for the external accounts. The real challenge continues to emanate from the lack of financial inflows. Let alone finance the small current account deficit, there has been a cumulative net capital and financial outflow of $143 million during the first eleven months of the current fiscal year. Add to this the on-going payments of IMF loans and it becomes clear that the pressure on foreign exchange reserves has not abated. As of 14th June 2013, SBP’s foreign exchange reserves stand at $6.2 billion.”

“There are two developments, however, that are worth highlighting. First, there has been a noticeable change in sentiments, as highlighted above, that can potentially have a favorable influence on private financial inflows. Other than the overall economic outlook, investment decisions do take into account the relative political certainty that determines the continuation of economic policies for some time in the future. Second, declining inflation has increased the relative real return on rupee denominated assets. This could provide some room for downward adjustment in nominal returns to cater to broad macroeconomic considerations despite external account concerns.”

“In this context, a lot depends on the fiscal outlook. The fiscal deficit for FY13 has been estimated to reach 8.8 percent of GDP, which is considerably higher than earlier projections. The source of deviation is structural and well known – low tax revenues due to absence of meaningful tax reforms and continuation of untargeted subsidies without comprehensively addressing the energy sector problems. For FY14, the federal government has announced a provisional estimate of 6.3 percent of GDP. “

“From the monetary policy perspective, it is the financing pressure of the fiscal position that is the source of stress. Due to almost zero net external financing in FY13, the burden of financing the sizeable deficit of 8.8 percent has fallen disproportionately on domestic sources, in particular the banking system. During 1st July – 7th June, FY13, fiscal borrowings from the banking system for budgetary support were Rs1230 billion, including Rs413 billion from the SBP. The high level of these borrowings has kept an upward pressure on the system’s liquidity and thus short term market interest rates and is restraining growth in the private sector credit.”

“If the economy is to reap the benefits of evolving positive sentiments and lure the domestic as well as foreign investors then implementation of a reform oriented and credible medium term fiscal outlook is essential. On its part, the Central Board of Directors of SBP has decided to place a higher weight to declining inflation and low private sector credit relative to risks to the balance of payments position. Therefore, the policy rate is being reduced by 50 basis points, to 9 percent, with effect from 24th June 2013.”

Pakistan Deep Water Container Port to create employment opportunities young workforce

2013-06-17T00:12:00.000+05:00

By Abdul Qadir Qureshi

(Pakistan News & Features Services)

The Federal Minister for Ports and Shipping, Senator Kamran Michael, visited the Karachi Port Trust (KPT) where he took round various maritime installations and the ongoing development projects. He was accompanied by the KPT Chairman and other high port officials.

The Minister visited all the operational berths including the three oil piers and during his three-hour visit and he also inspected the newly laid out breakwaters that will streamline the channels of Karachi Port.

He visited the deepened length of the approach channel while the Chairman explained the desirability of deeper access for berthing of large post-panamax carriers.

During inspection of under construction Pakistan Deep Water Container Port, the Minister directed the KPT to bring all the issues related to delay caused in its completion so that action could be taken at the appropriate forum for their resolution.

He said that PDWCP will create much needed employment opportunities for the young workforce of Pakistan.

While having an appraisal of current state of operations at Karachi Port the Minister raised many pertinent queries about various operational practices.

He conveyed the vision of the present government and asked the officers to implement it transparently to ensure greater performance efficiency and made the same a role model for others to follow.

He stressed on having strategic priorities for the Port to bring them in an alignment with international maritime requirements. He pointed out that Karachi Port, being the largest recipient of Pakistan’s national maritime trade, is expected to perform the assigned tasks with diligence and devotion.

On the occasion he listened to the issues raised by port workforce and issued on the spot orders for solving them. He promised to look into their long term problems and assured their representatives that he will try utmost to find solution to them.

He said he will visit Karachi Port regularly and monitor its activities personally. He directed the management to provide his detail appraisal of all port activities to enable him to take appropriate steps thereof.

KCCI assures total support and cooperation to SSUET

2013-05-17T12:13:00.000+05:00

By Abdul Qadir Qureshi

(

Pakistan

News & Features Services)

The elected representatives of the business community at the Karachi Chamber of Commerce and Industry (KCCI) have expressed the hope that dwindled economy and battered industrial sector will witness a new surge during the next five years.

They made the assessment on the basis of formation of new government to be formed by Mian Mohammad Nawaz Sharif which, they noted, has dedicated industrialists, businessmen and experts in the related fields in its fold who are capable to deliver which the previous government could not.

Their remarks in this regard came in a meeting with Engr Mohammad Adil Usman, Chancellor of Sir Syed University of Engineering and Technology (SSUET), Karachi, held at the university campus on May 15 The 21-member delegation of KCCI, led by its President, Mohammed Haroon Aagar, visited the university and discussed various matters to further strengthen the existing coordination and relationship with SSUET.

The KCCI chief pointed out that no expansion occurred in the industrial sector during the last 5 years and this sector has much hopes on the new government which is going to be formed with an industry-related background. He offered large scale internship opportunities for the SSUET students, foreseeing the rapid industrial growth that is likely to take place in the coming years.

He specially referred to the ongoing energy crisis and said that with other sources of energy generation potential also existed to tap solar energy prospects for use in the industries. He also offered to extend sponsorships for the SSUET students, wherever required.

In his remarks on the occasion the SSUET Chancellor, Engr Adil Usman, thanked the delegation for coming over and described it highly encouraging with fruitful discussion. He said while foreseeing the future development prospects, there is imperative need to encourage the students studying engineering in this university which is being run with its self-generated resources to provide best possible knowledge to future builders of the nation.

The Chancellor said that the university does not receive any government grant, still no student is allowed to give his studies just for financial implications and all requirements of poor students are fulfilled by this university which has been awarded the highest “W4” category by Higher Education Commission.

He suggested the KCCI to establish a fund for poor students of this university which will be utilized under the criteria to be worked out by KCCI itself. He also referred to the SSUET’s Research and Development programs and pointed out that world over such programs are supported by the industry. He said that R&D programs at universities ultimately prove beneficial for the industry.

He informed the KCCI officials that the university can send talented students abroad if a fund is created by KCCI for this purpose. Engr Adil Usman also referred to the bio-plant designed with SSUET’s cooperation and emphasized that it needs further development to launch it for meeting energy needs.

He appreciated KCCI’s offer for 6-month IT training for the university students and said the University at its end can offer solutions for IT related problems if these come from the Chamber.

On the occasion, Shamim Firpo, Senior Vice-President KCCI, appreciated SSUET’s participation in the Chamber’s ‘My Karachi; exhibition held at Expo Center last year and said that the projects displayed on that occasion drew big public liking.

He said this year the KCCI is organizing the exhibition in July and will earmark an exclusive education pavilion to showcasing the projects of engineering students. He said such programs will help enhance greater SSUET-industry collaboration.

He also referred to the menace of energy crisis and observed that if the new government surmounts this menace, the industry will grow and in turn new job opportunities will create and simultaneously ongoing law and order come under control.

He assured KCCI's total support and cooperation for the SSUET along with other members of the visiting delegation who appreciated the presentation given on the occasion by Registrar SSUET Shah Mahmood Hussain Syed and particularly referred to the quantum of scholarships awarded and the financial assistance give to needy students.

First Meeting of Pakistan-Korea Business Council of FPCCI held in Karachi

2013-03-20T15:03:00.000+05:00

Mr Sohail Nisar, Chairman Pak-Korea Business Council of FPCCI convened the First Meeting of the Council which was graced by Mr. Chang-Hee Lee, Consul General of Republic of Korea in Karachi.

Haji Fazal Kadir Sheerani, President FPCCI in his welcome address emphasized the need for more interaction between the Business Communities of two countries. He also stressed upon that opportunities for joint ventures that exist in many fields including alternate energy, agriculture, engineering sectors, food processing, technical and technological collaborations etc. He also suggested frequent exchange of trade delegations, promotion of new products by organizing exhibitions, conducting joint study to find new products for bilateral trade, and to remove hurdles that impede the bilateral trade between Pakistan and South Korea.

Mr Sohail Nisar, Chairman Pak-Korea Business Council mentioned that Korea has demand for at least 20,000 tons of mango, which is currently being met through imports from a few countries. But the delicious, aromatic and different varieties of mangoes grown in Pakistan have no parallel. He said despite a 30% duty on mango imports, the Pakistani fruit could have a good demand in the Korean market. He, however, called for swift processing of mango at the existing facilities.

Members of the Council informed the Consul General about the difficulties being faced by them in the process of obtaining visas, despite the fact that they have visited Korea several times for business purpose. The President FPCCI suggested establishing a special window at the Consulate General of Korea in Karachi to issue visa to the genuine businessmen on the recommendation of FPCCI.

The Consul General was also informed that Pakistan-Korea JBC meeting is due for last six years and sought his cooperation in holding it at the earliest so that the two sides could take a fresh look at the opportunities and challenges before them in order to achieve comprehensive development and foster greater collaboration.

Mr. Chang-Hee Lee, Consul General of Republic of Korea in Karachi thanked the FPCCI for inviting him. He informed that Korea is the 12^th largest economy in the world and 4^th largest in Asia. He said Pakistan and South Korea have a lot in common, be it socio politics or cultural aspects and enjoy a much deeply enrooted friendly and mutually co-operative relations since more than six decade. He said it was encouraging for him to witness the presence of big Korean Corporations in Pakistan, like Samsung, LG, Lotte, Ssangyong, POSCO, Daewoo and establishing relationship with Pakistani business community. Mr. Chang-Hee Lee said the problems faced by Pakistani businessmen are regrettable and he would take up the matter with the Authority in Korea for rectification.

NBP Embarks to Establish the Largest Data Center

2013-03-20T01:25:00.000+05:00

In line with the NBP President’s vision of technology at the core of banking, National Bank of Pakistan inked its Data Center Project on turnkey basis with Getronics (AGCN) Pakistan. The project shall be an International Standards Certified Tier III Data Center Project. This Data Center facility will serve more than 1290 online branches for Centralized Banking Applications; to ensure 24x7x365 (Always Online) IT services across the bank and all its applications including a 24 hours IT services monitoring & operations center.

The Project Head NBP Mr. Qasim Y. Khan (Vice President/Wing Head IT Strategic Planning Wing) and country manager Getronics Pakistan Mr. Faisal Rao signed the contract in the presence of the President, National Bank of Pakistan Dr. Asif A. Brohi and senior executives of the bank. Mr. Mahmood Siddique (Chief Information Officer) and Mr. Yasir Ansari (Deputy CIO) acknowledged the project to be a success for the future NBP services & increase customer satisfaction through highest availability and resiliency. This is one of its kind projects in the financial industry of Pakistan with latest equipment and technology and an IT milestone for the largest commercial bank of Pakistan.

Arif Bukhari calls on Chancellor Schroeder

2013-03-07T00:33:00.003+05:00

By Abdul Qadir Qureshi

(Pakistan News & Features Services)

Arif Ali Shah Bukhari, Chancellor of KASBIT and Chairman of KASB Foundation, called on former Chancellor Gerhard Schroeder of Germany, on the sidelines of the recently held YPO-WPO Global Leadership Conference in Istanbul, Turkey.

Arif Bukhari apprised the German Chancellor about the successful implementation of the FATA Children Scholarship Programme that was run by the KASB Foundation with the support of the German Foreign Office to educate the children who were displaced because of the violence in the FATA region.

Realizing the importance of Pakistan, which will serve as the transit point in the new business order of the world to connect the Middle East, Afghanistan and the former Soviet Bloc countries, East Asia and more importantly China with the rest of the world, Chancellor Schroeder looked forward to the timely development of infrastructure in Pakistan to meet the challenges that would have to be met for the prosperity of Pakistan in particular and the South Asian Region in general.

Arif Bukhari, who is also the Chairman of the Pakistan China Business, Cultural and Social Society, which serves to develop the social-cultural, economic and people to people contacts between Pakistan and China, invited Chancellor Schroeder on behalf of the society to visit Pakistan as a special guest speaker to inform its members about the vision he holds for the South Asian Region and the supportive role he could play on behalf of his country to which the Chancellor responded that he looked forward to do so whenever the right opportune allowed him to visit Pakistan.

The German Ambassador to Pakistan, Dr Michael Koch, having taken very keen interest in the running of the FATA Children Scholarship Programme, was also appreciative of the KASB Foundation initiative.