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Showing posts with label Banking. Show all posts
Showing posts with label Banking. Show all posts

Tuesday, July 16, 2019

Standard Chartered Pakistan Launches “Sustainability Review 2018”

Standard Chartered Pakistan Launches “Sustainability Review 2018”

Standard Chartered Pakistan Launches “Sustainability Review 2018”


  • The Bank has launched a new Community Investment Strategy, Futuremakersby Standard Chartered, empowering the next generation to learn, earn and grow.
  • This strategy builds on the success of ourexisting community programmes.
  • We will expand Goal, our existing girls’education programme; in Pakistan 4,500 girls have been empowered since 2016
  • We will endeavour to incorporate financialeducation into all programmes; in Pakistan 438 employees volunteered to conduct Financial Education sessions in 2018 alone
  • We will develop new global communityprogrammes in employability andentrepreneurship; in Pakistan we have launched the #SCWomenInTech programme to provide training and mentoring to 20 female entrepreneurs
  • We will build on the legacy of Seeing is Believing; in Pakistan over 12 million beneficiaries have been impacted since 2004 


Standard Chartered Pakistan launches its annual Sustainability Review, setting out how it has delivered on its strategy to provide a strong return for shareholders, while creating social and economic value in the communities where it operates.

As the largest international bank in the country, Standard Chartered is now truly a part of the social fabric of this country. Through the Bank’s sustainability strategy we seek to strengthen relationships between the business, community, government and clients.

Giving back to the community remains an important part of Standard Chartered’s sustainability agenda. In Pakistan, the Bank’s community efforts are focused on education and health.

As a responsible company, the Bank has continued to transform people’s lives through its community programmes with employees contributing more than 1,000 volunteering days. Globally, it surpassed the $100 million target for Seeing is Believing (SiB), the Bank’s initiative to tackle avoidable blindness and visual impairment, two years earlier.

In Pakistan, the Bank’s SiB journey in numbers is truly inspiring, impacting over 12 million beneficiaries. It has conducted over 500,000 sight restoring surgeries, trained over 60,000 lady healthcare workers, screened over 1.5 million children for refractive errors, while we have 24 visually impaired employees working in the Bank.

SiB still have projects that will continue to be implemented till 2020 in Karachi, Lahore, Islamabad, Mansehra, Haripur, Swat and Swabi, with a focus on diabetic retinopathy and accelerating support for female cataract patients through our partners Sight Savers and Layton Rehmatulla Benevolent Trust (LRBT).

We are also leveraging this opportunity to announce the Bank’s new Community Investment strategy, Future makers by Standard Chartered. This is our global initiative to tackle the issue of inequality and seeks to promote greater economic inclusion for young people in our communities. We will do this by supporting disadvantaged young people from low-income households, particularly girls and people with visual impairments, to take part in programmes focused on education, employability and entrepreneurship.For Pakistan, this would translate into furthering our Goal programme. Our adolescent girls’ focused programme grew in its third year to span 17 schools in Lyari, Saddar and Keemari and reached more than 4,500 girls. We will also be looking at providing a financially inclusive environment for females by launching initiatives such as Women in Tech.

Ms. Khadija Hashimi, Head of Corporate Affairs and Brand & Marketing, Standard Chartered, Pakistan said: “Here for good, our brand promise is all about commitment – to our customers and clients, to our people and to the communities where we work. Standard Chartered has been committed to the long term growth and development of this country. This commitment has spanned one and a half century and remains just as strong today.We stand firm in our determination to create long term value for society as well as our shareholders.”

To read the full 2018Sustainability Review, 




Monday, July 15, 2019

Zong 4G becomes connectivity partner for Faysal Bank Ltd

Zong 4G becomes connectivity partner for Faysal Bank Ltd

Zong 4G becomes connectivity partner for Faysal Bank Ltd


Pakistan’s No.1 Data Network, Zong 4G has partnered with, Faysal Bank Ltd (FBL), one of the leading banks in Pakistan to provide customized corporate voice and data services. The strategic collaboration will enable Faysal Bank Limited to optimize operations for end-to-end customer experiences through unparalleled connectivity of Zong 4G.

The partnership between the companies was formalized, after signing of contract between Mr. Moied Javeed, Acting Chief Commercial Officer of Zong 4G and Mr.Iftikhar Rasul, Divisional Head General Services, Faysal Bank in the presence of Mr. Wang Hua, Chairman and CEO, Zong 4G and Mr. Yousaf Hussain President and CEO, Faysal Bank along with other senior members of management.

Entering the alliance with Zong CMPak, Faysal Bank is set to reach new heights by uplifting the connectivity needs of their team through the widest 4G network of Pakistan. With Zong’s unmatched 4G connectivity, Faysal Bank team will be able to use the fastest internet for daily operations as well as to remain connected through Pakistan’s No.1 Data Network.

Zong 4G has demonstrated capabilities in delivering corporate solutions and managing the communication needs of corporate clientele. With the largest enterprise portfolio and widest 4G network, Pakistan’s No. 1 Data Network is enabling enterprises with seamless connectivity and finest solutions to ensure optimization of services for their customers everywhere anywhere.

“Speaking at the occasion, Chairman and CEO Zong 4G, Mr. Wang Hua said,” Our tailored corporate propositions are enablers for digital transformation for corporations, which position them to prepare for digital future. Through our industry-leading expertise and widest connectivity, we are acting as a digital bridge for Faysal Bank, allowing them to facilitate their customers with ease.”

Adding to the occasion, Mr. Yousaf Hussain, President & CEO – Faysal Bank said “. It gives us great pleasure to partner with Zong as Faysal Bank is looking for a long term relationship benefiting the customers with exclusive services that will be modulated under this project.  Zong 4G has a reputation of being the 4G leader in the market with widest and fastest connectivity services. Faysal Bank believes that this alliance will be mutually beneficial for both organizations and will help in reaching larger markets.’

Committed to be at the forefront of digitalization in Pakistan, Zong 4G‘s modernized and widest network coverage is shaping the digital future of enterprises and millions across the country.



Friday, July 12, 2019

Deutsche Bank to slash 18,000 jobs by 2022 - by AFP

Deutsche Bank to slash 18,000 jobs by 2022 - by AFP

Deutsche Bank to slash 18,000 jobs by 2022 - by AFP






FRANKFURT AM MAIN: Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.

The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.

The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period.

"Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank".

The lender did not immediately make clear where the axe would fall.

But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home country Germany.



The new round of job cuts comes on top of some 6,000 already carried out over the past year.

Bosses expect the restructuring plan to sap second-quarter results by some three billion euros this year, making for a net loss of 2.8 billion.

Over the whole year, Deutsche is likely to plunge back into the red after a brief flirtation with profitability in 2018.

The bank does not plan to pay out dividends this year or next.

Last chance?
The restructuring could be a last chance for Deutsche after much-hyped merger talks with crosstown rival Commerzbank fell through earlier this year.

Negotiations collapsed despite the backing of the finance ministry in Berlin, which feared seeing a vital link in the financing of the country´s economy bought up from abroad.

Over the past four years, the firm's market capitalisation has fallen by 75 percent, making it a potential target for takeovers by bigger fish.

As markets closed Friday, Deutsche was worth 15 billion euros ($17 billion), placing it firmly at the back of the pack in a European industry dominated by the likes of HSBC (165 billion euros), Spain's Banco Santander (69 billion) and France's BNP Paribas (54 billion).

"Deutsche plays in the first division, and should lay the foundations for things to stay that way" over the weekend, urged economy minister Peter Altmaier in the tabloid-style Bild´s Sunday edition.

Since he took the helm in early 2018, Sewing has attempted to refocus the sprawling group on stable revenue-generating business areas, including retail banking and so-called transaction banking for businesses.

Meanwhile Deutsche's focus has shifted from its attempt to compete with US-based global giants back to its home turf of Germany and Europe.

Investment banking burned
In particular, tough cuts to the former flagship investment banking unit have been on the agenda since May.

Sunday's announcements target the once-proud division.

Deutsche will stop almost all share trading activity, and is in talks with France's BNP Paribas to sell off some of its business and staff in the field.

On Friday, Garth Ritchie, the head of Deutsche's South African investment banking unit, was first out of the door.

The unit's business had fallen back by 20 percent in the first quarter of 2018 alone, and it was no longer bringing in the fat profits of former years.

Especially in the US, it was for years plagued by lawsuits and scandals, including some linked to the so-called "Panama Papers" leak of sensitive documents about offshore dealings.

On top of the rank-and-file cuts, Deutsche is also rebuilding its board, sending away compliance chief Sylvie Matherat and two other executives.

The group will also create a so-called "bad bank" unit to host some 74 billion euros of low-quality assets, notably those linked to derivatives transactions – highly speculative financial products.

Deutsche's woes are a microcosm of a struggling German banking sector that was once widely envied.

Last year, more than 32,000 jobs were cut in the industry, or 5.4 percent of the total workforce of 565,000, according to Barkow Consulting figures.

Bosses complain that low interest rates in the eurozone, sluggish economic growth and competition from new online platforms are sapping their performance.

Source: AFP
Deutsche Bank CEO says he reprimanded executives for having $1,800 suits fitted day of mass layoffs - via CNBC

Deutsche Bank CEO says he reprimanded executives for having $1,800 suits fitted day of mass layoffs - via CNBC

Deutsche Bank CEO says he reprimanded executives for having $1,800 suits fitted day of mass layoffs - via CNBC


Deutsche Bank CEO Christian Sewing says he reprimanded executives for having expensive custom suits tailored the day that mass layoffs hit the troubled bank’s offices in London, New York and Tokyo. 

Two tailors were photographed coming out of the German bank’s London office on Monday. Originally, the men were incorrectly identified as employees who had been sacked. 

In reality, they were at Deutsche’s London office to fit $1,800 suits for senior staff who were not hit by the job cuts, according to a report in Financial News. 

“That someone would let a tailor come on such a day is disrespectful,” Sewing said in an interview with the German newspaper Handelsblatt on Thursday. “In no way is this behavior in keeping with our values.”

When asked if there would be any personnel consequences, Sewing said only that he called the “colleagues” involved and discussed the incident with them.

“I assume in any case that the two colleagues will not forget my telephone call,” Sewing said, suggesting he gave them a tongue-lashing. 

Deutsche Bank announced Sunday that it was shutting down its global stock trading business and slashing 18,000 positions in a massive restructuring to improve the troubled bank’s profitability. 

Deutsche once sought to compete with large American banks on Wall Street, a strategy that began with its $10 billion acquisition of Bankers Trust in the late 1990s. 

But the German bank’s aggressive and ambitious strategy to become a global power house ultimately backfired. Deutsche has been severely weakened by a series of costly scandals related to business practices in the run-up to the 2008 financial crisis as well as other alleged wrongdoing.

Deutsche reached a $7.2 billion settlement with the U.S. Justice Department in January 2017 for allegedly misleading investors in the sale of mortgage-backed securities. The bank was also slapped with a $630 million fine over allegations of Russian money laundering. 

Those penalties came two years after the bank paid a $2.5 billion fine to U.S. and U.K. regulators for allegedly participating in a scheme to rig interest rates.





Thursday, July 11, 2019

JS Bank Digital Policing Initiative Wins Award for “Best Payment Technology/Solution Provider”

JS Bank Digital Policing Initiative Wins Award for “Best Payment Technology/Solution Provider”

JS Bank Digital Policing Initiative Wins Award for “Best Payment Technology/Solution Provider”


JS Bank, one of Pakistan’s leading banking institutions, has won the award for “Best Payment Technology/Solution Provider” for its Digital Traffic Challan Initiative at the 2019 DIGI Awards.

Held since 2017, the DIGI awards recognize out of the box thinking and initiatives in the fields of technology, E-Commerce, Fintech and Banking Innovation.
 
With its focus on innovation and technology-oriented financial solutions, the bank introduced its digital policing initiative in partnership with Islamabad Traffic Police. This innovative solution offers a suite of services in six categories including, digital traffic challan issuance, fee payments through mobile wallets, document management system, live monitoring of police official’s deployment, heat maps of traffic violations and live reconciliation of accounts.

The award was received by Tahir Sheikh, Group Head Branchless Banking & Emerging Businesses – JS Bank. Commenting on the achievement Noman Azhar, Head of Branchless Banking & Digital Implementation said,

At JS Bank, we strive to pioneer digital technology which improves the lives of our fellow citizens. This achievement will further JS Bank’s commitment towards technological innovation and public facilitation.

Committed towards its role as a catalyst of change in the financial sector, the Bank hopes to continue this journey of impact by providing a variety of innovative conventional and digital solutions in the years ahead.




Thursday, July 4, 2019

Khushhali Microfinance Bank helps set up Children Camping site near Trail 5 at Margalla Hills

Khushhali Microfinance Bank helps set up Children Camping site near Trail 5 at Margalla Hills




Khushhali Microfinance Bank helps set up Children Camping site near Trail 5 at Margalla Hills



Islamabad: In an effort to uplift the natural environment of the capital city, Khushhali Microfinance Bank, helped to set up a Children camping site near trail 5 at Margalla Hills, Islamabad on Wednesday. The project is an initiative of the Islamabad Wild Life Management Board (IWMB) and aims to provide opportunities for recreation to the younger lot of the capital city.

KMBL is an active supporter of environment-friendly initiatives and undertook this partnership with the capital’s wildlife board as part of its Corporate Social Responsibility. The initiative is also in line with the Prime Minister’s vision for a clean and green Pakistan.

At the inauguration, President KMBL, Ghalib Nishtar, expressed his views, “The purpose of this initiative is to provide a safe outdoor environment for the younger segment of the society and offer them a unique teamwork experience which will assist in the development of their physical, mental, social and emotional capabilities”.

The initiative will also help preserve the wildlife in the National Park. National park is an area set aside by the government for the protection and preservation of the fauna and flora of the area and to provide recreational activities for the public. MHNP is uniquely positioned to serve all types of outdoor adventures for people of all ages and offers varying levels of experiences.

On the occasion, Chairman IWMB, Dr. Anis ur Rahman appreciated the support offered by the bank to establish a children camping site that will teach the growing campers about virtues of responsibility, courage, and caring for nature and wildlife.

Earlier this year, KMBL worked with IWMB team to clear alien invasive species from an area of one hectare for regeneration of indigenous tree species at Margalla Hills National Park (MHNP). The Bank staff also volunteered for plantation of 100 indigenous and fast growing local tree species of Amaltas, Phulai and Kachnar in the National Park.

Tuesday, July 2, 2019

Emirates Islamic bank signs new scheme for Small-to-Medium Enterprises (SMEs)

Emirates Islamic bank signs new scheme for Small-to-Medium Enterprises (SMEs)

Emirates Islamic bank signs new scheme for SMEs


Emirates Islamic has become the first Islamic bank to sign an agreement with Emirates Development Bank (EDB) to be part of EDB's 'Credit Gua...

Emirates Islamic has become the first Islamic bank to sign an agreement with Emirates Development Bank (EDB) to be part of EDB's 'Credit Guarantee Scheme', reflecting both the banks' shared commitment to support the growth of Small-to-Medium Enterprises (SMEs) in the UAE.

EDB's Dh100 million Credit Guarantee Scheme supports the goals of the National Agenda under UAE Vision 2021, focused on boosting the GDP contribution of SMEs to 70 per cent by 2021 and is aligned with the UAE's push towards economic diversification and building a post-oil economy. The initiative offers financing of up to Dh2 million to startups through EDB's partner banks, wherein EDB guarantees up to 85 per cent of the finance amount. The scheme also offers up to Dh5 million financing to existing SMEs, with EDB guaranteeing up to 70 per cent of the finance amount.

The new partnership builds on Emirates Islamic's commitment towards supporting the SME sector, which represents more than 94 per cent of the total number of companies operating in the UAE and employs over 86 per cent of the private sector workforce, according to the Ministry of Economy. SMEs are a key driver of Emirates Islamic's growth strategy, and the bank offers a wide range of business banking products and services tailored to meet the needs of companies of various sizes and backgrounds.

Salah Amin, CEO of Emirates Islamic, said: "Emirates Islamic is proud to sign this agreement with EDB, which will greatly boost access to financing and improve the business environment for SMEs. At Emirates Islamic, supporting the SME sector is a top priority, and we will continue to offer them the best in banking solutions, supported by best in class customer service."

Faisal Al Bastaki, chief executive officer of EDB, said: "We designed our latest scheme based on the needs of SMEs, and it is aligned with EDB's commitment to create and offer an integrated portfolio of innovative financing products and solutions, which enhance SMEs' access to capital. The SME sector is a major driver to the growth of the national economy and will boost the UAE's global competitiveness. As part of our ongoing strategy, we are committed to developing banking solutions that will enable SMEs to effectively contribute to increasing the non-oil GDP and advancing economic diversification."




Monday, July 1, 2019

Jaffer Business Systems & 1LINK Sign Contract for VMware Based SDDC

Jaffer Business Systems & 1LINK Sign Contract for VMware Based SDDC

Jaffer Business Systems & 1LINK Sign Contract for VMware Based SDDC (Software Defined Data Center)


Jaffer Business Systems (JBS) and 1LINK have partnered to enhance the overall infrastructure of banking sector with modern technology transformation. JBS solution will support 1LINK to maximize its security, enhance service availability and bring agility in network operations for all applications and services being offered to its client.

With this collaboration, 1LINK security posture will be upgraded via micro-segmentation and implementing always-on Active-Active Datacenter. JBS will support 1LINK in minimizing application downtime, resulting in customers getting more secure round-the-clock access on their banking transactions and improve from traditional networks to a modern industry leading Network Virtualization platform.

Veqar ul Islam, Director and CEO – JBS said: “We are committed to foster a culture of modern technical innovation so we can provide resilient and accessible solutions to our clients. What brings me joy is that due to this partnership, the direct benefit will be enjoyed by the millions of customers who use banking services in Pakistan.”

Must Read: Stimulus – Climate Launch pad Pakistan: Training Boot Camp Kicks-Off With 25 Clean-Tech Innovators from Across Pakistan

Mr. Najeeb Agrawalla – CEO, 1LINK stated: “1LINK is happy to partner up with JBS as its technology solution provider. We play a vital role in the financial industry and hence, strive to continuously adopt new technologies ensuring international service standards. With JBS support, virtualization capability will enhance 1LINK’s capacity while certifying quicker turn-around to manage increasing volumes.”

Jaffer Business Systems is one of the most reputable IT companies in Pakistan, with the motto to solve people’s business challenges with IT Solutions in a creative manner. It promotes the culture of excellence, innovation and vitality in its business processes and services.

1LINK (Pvt) Limited, owned by a consortium of 11 banks, is the country’s 1st PSO/PSP and largest switch and payment system, providing a host of valuable online banking services like ATM switching, Bills Payment, Inter Bank Funds Transfer, Fraud Risk Management, Switch Dispute Resolution, Global Payment Schemes, PayPak – Domestic Payment Scheme, etc. 1LINK is continuously evolving and adding new products and services to benefit the financial industry. For more information, please visit: https://1link.net.pk/





Thursday, June 27, 2019

Bank Alfalah Launches its New Look at Clifton, Karachi

Bank Alfalah Launches its New Look at Clifton, Karachi

Bank Alfalah Launches its New Look at Clifton, Karachi


Karachi: June 26,2019 : Bank Alfalah organized an exclusive event to celebrate its new look with the launch of the re-designed Clifton Branch which houses an elaborate Premier Banking facility and showcases the Bank’s emerging digital suite of services. 

This marks the fourth branch across Pakistan to get the premium upgrade as part of their long-term expansion plan for Bank Alfalah Premier proposition, which allows their premier customers a personalised service, access to exclusive Premier lounges, dedicated Relationship Managers and a wide array of products along with unique lifestyle experiences that are tailored to their specific requirements. The new look was unveiled by Bank Alfalah’s President and CEO, Mr. Nauman Ansari and Group Head - Retail Banking, Ms. Mehreen Ahmed.




eConceptions Partners with Apna Microfinance Bank For Digital Financial Services & BPC – SmartVista Platform

eConceptions Partners with Apna Microfinance Bank For Digital Financial Services & BPC – SmartVista Platform

eConceptions Partners with Apna Microfinance Bank For Digital Financial Services & BPC – SmartVista Platform


The Banking Industry is evolving, and regulations are changing, and we at eConceptions take pride to be always ahead of the curve. Supporting the innovations in the Digital Banking Industry, eConceptions has signed an agreement with Apna Microfinance Bank that will pave the way for the introduction of innovative payment solutions to provide a safe, simple and secure payment experience to AMBL cardholders.

A contract signing ceremony was held between eConceptions and Apna Microfinance Bank on June 20, 2019 in Lahore. The signing ceremony took place at the Avari, Lahore where Mr. Junaid Nasib, CEO, eConceptions, and Mr. Gulistan Malik, President & CEO – AMBL, officially kicked off the project. 

Speaking at the signing ceremony Mr. Junaid Nasib, CEO eConceptions said:
"Our aim is to create and deliver experiences for a digital world that’s Always On. Our solutions enable today’s consumer to move and manage money with ease, speed and convenience. eConceptions scale and geographical reach mean that we can serve customers effectively, regardless of their size or location – from financial institutions to commercial banks and microfinance banks."

Mr. Khurram Ijaz, Chairman eConceptions said:
"eConceptions is investing more resources in Fintech industry and is already in talks with global partners to bring in latest international collaborations and expertise to Pakistan."

Mr. Gulistan Malik, President & CEO – AMBL, said: We are pleased to have started 2019 with this initiative as AMBL has always strived to stay true to its roots and provide convenient banking services to its customers. With Smart Vista advanced technology, we aim to move further towards that vision with full use of the digital banking platform.

Mr Zubair Ellahi, CIO/Head IT – AMBL, said: We have signed a turn key solution with a company who’s is in JV with an international leading switch service provider. This would bring the products like Debit Card, internet banking, mobile banking and mobile wallet with the latest technology, better options and user friendliness. These products will be available in shelf in the 3rd and 4th Q.

Mr. Furrukh Ali Baig, Country Manager – BPC Group, said: We are delighted to implement our world-class product Smartvista in Apna Microfinance Bank.The product will greatly benefit the bank customers with its state of the art cards payment and ATM switch system. BPC is looking forward to serve the Pakistan market with its large solution offering that covers the entire range of payments products for banks, microfinance institutes, and fintech companies.



Tuesday, June 25, 2019

Meezan Bank partners with IBM Analytics to Create Data-Driven Customer Experiences!

Meezan Bank partners with IBM Analytics to Create Data-Driven Customer Experiences!

Meezan Bank partners with IBM Analytics to Create Data-Driven Customer Experiences!




Karachi, June 25, 2019: Meezan Bank, Pakistan’s leading Islamic bank and the Best Bank in Pakistan, has recently announced its partnership with IBM (International Business Machines Corporation) Pakistan, to accelerate its digital transformation. The new solution shall enable real-time analysis of data and help the Bank uncover customer behavioral insights. With a network of over 676 branches in more than 180 cities in Pakistan, Meezan Bank will utilize IBM’s data analytics to improve and personalize customer experience, provide new efficiencies to the Bank's operations and mitigate financial risks. 

Meezan Bank serves more than two million customers currently. The new partnership will enable the Bank to develop insights to improve customer acquisition, servicing as well as overall productivity. 

“Meezan Bank is acutely aware of the increasing importance of leveraging technology to deliver solutions for both customers and the Bank’s own processes. We continue to invest heavily in technology and I am confident that this Data Analytics project will be a game changer,” said Mr. Ariful Islam – Deputy CEO of Meezan Bank. “Technologies are disrupting our lives at an accelerated pace, and it is our endeavor to deliver as per the expectations of our customers using the tools that new technologies will give us. The future of banking depends on the speed with which we can adapt these new realities.” 

The implementation of this Data Analytics project will give Meezan Bank the ability to ingest and analyze data in real time from various sources, including social media and mobile, and in turn, uncover customer behavioral insights, such as past purchasing behaviors, and make more informed data-driven decisions. 

"Data has become the biggest differentiating factor in the constantly evolving and competitive financial services industry," said Mr. Ghazanfar Ali - Country General Manager of IBM Pakistan." Through IBM’s analytics and cognitive solutions, Meezan Bank will be able to benefit from a data driven approach to create personalized customer experiences, expand the business and drive efficiencies that will extend its leadership in the banking marketplace."



Monday, June 17, 2019

ITMinds Limited and Faysal Asset Management Limited sign agreement for outsourcing Back Office Accounting Services

ITMinds Limited and Faysal Asset Management Limited sign agreement for outsourcing Back Office Accounting Services

ITMinds Limited and Faysal Asset Management Limited sign agreement for outsourcing Back Office Accounting Services


Karachi: June 17, 2019: Faysal Asset Management Limited (FAML) and ITMinds Limited, a wholly owned subsidiary of Central Depository Company of Pakistan Limited, have signed an agreement enabling ITMinds to provide Back Office Accounting Services to FAML. The agreement was signed by Mr. Khaldoon Bin Latif, CEO-FAML, and Mr. Iqleem-uz-Zaman Khan, Acting CEO-ITMinds in the presence of Mr. Badiuddin Akber, Director-ITMinds and CEO-CDC.

Through this arrangement, ITMinds will facilitate FAML in concentrating on its core business activities, i.e. managing investors’ money and savings, by providing back office accounting services including Settlement, Unit management, Fund accounting, Facilitation for Compliance/ Reporting, Business Continuity and IT arrangements.

Commenting on the occasion, Mr. Khaldoon Bin Latif, CEO-FAML, said that “This arrangement will facilitate FAML to concentrate on its core business while outsourcing the back office accounting work to a professional Fund Administrator.” Also commenting on the agreement, Mr. Badiuddin Akber, Director ITMinds and CEO-CDC, said that “Considering this is an era of specialization, we have commissioned  ITMinds with an aim to enable AMCs and other organizations to outsource their back office functions to a competent and reliable BPO partner, thus facilitating them to augment the focus of their management on the core business which is more integral to their commercial success while achieving efficiency, scalability & transparency of processes.”




Friday, June 14, 2019

BankIslami visits Edhi Children Home for its ‘Share to Care’ CSR movement

BankIslami visits Edhi Children Home for its ‘Share to Care’ CSR movement

BankIslami visits Edhi Children Home for its ‘Share to Care’ CSR movement


As part of its Corporate Social Responsibility (CSR) movement “Share to Care”, BankIslami, one of Pakistan’s leading Islamic banks recently visited Edhi Children Home in Korangi, Karachi. The Bank’s staff visited the Edhi Welfare Centre to spread the spirit of benevolence in this holy month of Ramzan where they spent time with children, had Iftar with them and distributed Eidi and new clothes for Eid.

Edhi Foundation is a well-known Non-Government Organization (NGO) working for many years supporting orphans and abandoned children by providing shelter and related support activities. A total of 18 homes have been set-up by Edhi Foundation all over Pakistan. As a whole, 8,500 younger boys and girls including elder ladies and gents have been accommodated in these 18 homes.

Must Read: Technology an enabler of spiritual, social and commercial activities in Pakistan during the holy month of Ramadan

BankIslami is pleased to work with Edhi Foundation with the aim to spread sheer happiness among children. It realizes that these children are a joint responsibility of society and they deserve a fair chance to grow up as productive members of the society.The Bankremains committed to further leveraging its CSR initiatives to create significant social value for people, especially those who are less privileged.

With a network of 330 branches in 114 cities nationwide, BankIslami Pakistan Ltd. was the first Islamic commercial bank to receive the Islamic banking license under the Islamic banking policy of 2003 from State Bank of Pakistan on March 31, 2005. The Bank started its operations from 7 April 2006 and offers Shariah compliant retail banking, investment banking, consumer banking, and trade finance products. For more information, please visit: https://bankislami.com.pk/




JS Bank & MJSF collaborate to serve Iftar for the Underprivileged

JS Bank & MJSF collaborate to serve Iftar for the Underprivileged

JS Bank & MJSF collaborate to serve Iftar for the Underprivileged


JS Bank in collaboration with its charitable partner, Mahvash & Jahangir Siddiqui Foundation MJSF organized Iftars for underprivileged people across Pakistan during the month of Ramzan. JS Bank strives to serve the community in which it operates through continual social responsibility initiatives and activities.

The auspicious month of Ramzan demonstrates the true spirit of Islam. Muslims around the world spend the month in prayer and reflection, fasting each day and joining together in family and community. JS Bank & MJSF shared the sense of Ramzan with the underprivileged across the country. Iftars have been arranged for the disadvantaged individuals on an annual basis since 2013 till date. Since inception, over half a million Iftar meals have been served.

Every year, ‘Feed the Deserving Iftar Program’ is held in the month of Ramzan where Iftar meals are distributed across Pakistan. JS Bank in collaboration with MJSF works towards providing a better and brighter tomorrow for the people of Pakistan.

JS Bank is one of the fastest growing banks in Pakistan, with 345 branches in 172 cities including one international branch. The Bank is a leader in the digital banking space and distribution of insurance solutions. JS Bank has received the prestigious Asiamoney award for the ‘Best Bank for SMEs’ and has been recognized as the ‘Best Environmental and Social Governance Bank’ at the Pakistan Banking Awards. The Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services groups.

The Mahvash and Jahangir Siddiqui Foundation (MJSF) is the charitable arm of JS Group. With a focus on healthcare, education, and sustainable development, the Foundation works to enhance the dignity and quality of life of individuals, families and communities by eliminating barriers to opportunity and helping people in need reach their fullest potential.




Wednesday, June 12, 2019

Citi invites Middle East, North Africa, Pakistan and Turkey #Fintech Community

Citi invites Middle East, North Africa, Pakistan and Turkey #Fintech Community

Citi invites Middle East, North Africa, Pakistan and Turkey Fintech Community


Call for Entries to the Citi MENA Fintech Challenge

Karachi /Dubai – Citi announced today the launch of the Citi Middle East and North Africa (MENA) Fintech Challenge. The Citi MENA Fintech Challenge offers the region’s Fintech community the opportunity to put their ideas into practice and come up with innovative solutions around four identified problem statements: 

Digitizing Cash Collections 
Assured Payments 
B2B2C Enablement 
Digitizing Trade Processes

“We are calling Fintechs with relevant innovative solutions, ranging from existing enterprises to early stage start-ups, to participate in this challenge. The launch of this challenge is an important milestone in our quest to uncover innovative solutions for our clients, said Emre Karter, Treasury and Trade Solutions Head, MENAPT, Citi. By offering the Fintech community the opportunity to showcase their ideas, we hope to contribute to the development and growth of Fintech companies in the region.’’
Shortlisted Fintechs will get the opportunity to work with Citi Treasury and Trade Solutions on these challenges and showcase their designed solutions to executive sponsors at the Citi MENA Fintech Challenge Day on the 9th September, 2019. Finalists will also be invited on 10th September, 2019 to Global Finance’s Digital Bank & Innovator conference in Dubai, UAE. Finalists will be awarded an opportunity to work with Citi in developing a market-ready solution by March 2020. Click Here for more details.

Citi MENA Fintech Challenge – Key Dates:
Last date of submission:                           10th July 2019
Shortlisted Fintechs to be notified            1th August 2019          
Engagement & Virtual Collaboration        1th August – 8th September 2019
Citi MENA Fintech Challenge Day           9th September 2019 
Global Finance Conference                     10th September 2019 

Citi’s Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 98 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
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Tuesday, May 28, 2019

Allied Bank Limited Partners with Avanza Premier Payment Services to Enable Payfast Payment Gateway

Allied Bank Limited Partners with Avanza Premier Payment Services to Enable Payfast Payment Gateway

Allied Bank Limited Partners with Avanza Premier Payment Services to Enable Payfast Payment Gateway



Allied Bank Limited (ABL) and Avanza Premier Payment Services (APPS) have collaborated to revamp online transactions through Payfast; APPS’ payment gateway. Payfast will allow the customers of ABL to shop on APPS’ vast ecosystem of merchants which ranges from schools, billers, mutual funds, marketplaces and other entities via their bank accounts.

Allied Bank is the 5th largest commercial bank in Pakistan having over 75 years’ experience of providing innovative banking products and services catering to conventional, Islamic and digital banking requirements. The Bank is operating with a robust equity, asset and deposit base. Allied Bank serves a diverse range of retail and corporate customers through an extensive network of 1350+ branches and 1388 ATMs. The Bank has also been assigned the highest long-term AAA entity credit rating by PACRA.

APPS is a start-up fintech governed under PSO/PSP regulation of the State Bank of Pakistan (SBP), focused on becoming a catalyst of digitization in Pakistan by transcending into a digital payment switch for the enablement of various online services such as Mobile Payments, P2P transfers, E-Commerce and creating an entire payment trail for Pakistan’s digital economy.

Mr. Adnan Ali, CEO – APPS, said, “We go beyond cash by empowering customers through services that enable seamless digital payments, through our digital ecosystem. This signing signifies an important milestone as Allied Bank ranks amongst the top banks in Pakistan. We will be working in unison towards mainstreaming how online payments are conducted while promoting Pakistan’s digital economy and Going Cashless.”***




Friday, May 24, 2019

Allied Bank Limited Partners With Avanza Premier Payment Services to Enable Payfast Payments

Allied Bank Limited Partners With Avanza Premier Payment Services to Enable Payfast Payments

Allied Bank Limited Partners With Avanza Premier Payment Services to Enable Payfast Payments


Allied Bank Limited (ABL) and Avanza Premier Payment Services (APPS) have collaborated to revamp online transactions through Payfast; APPS’ payment gateway. Payfast will allow the customers of ABL to shop on APPS’ vast merchant network which ranges from schools, billers, mutual funds, marketplaces and other entities via their, bank accounts.

Allied Bank is the 5th largest commercial bank in Pakistan having over 75 years of experience of providing innovative banking products and services catering to conventional, Islamic and digital banking requirements. The Bank is operating with a robust equity, asset and deposit base. Allied Bank serves a diverse range of retail and corporate customers through an extensive network of 1350+ branches and 1388 ATMs. The Bank has also been assigned the highest long-term AAA entity credit rating by PACRA.
 
APPS is a start-up fintech governed under PSO/PSP regulation of the State Bank of Pakistan (SBP), focused on becoming a catalyst of digitization in Pakistan by transcending into a digital payment switch for the enablement of various online services such as Mobile Payments, P2P transfers, E-Commerce and creating an entire payment trail for Pakistan’s digital economy.

Mr. Adnan Ali, CEO – APPS, said:-
"We go beyond cash by empowering customers through services that enable seamless digital payments, through our digital ecosystem. This signing signifies an important milestone as Allied Bank ranks amongst the top banks in Pakistan. We will be working in unison towards mainstreaming how online payments are conducted while promoting Pakistan’s digital economy and Going Cashless."

Mr. Muhammad Zaman, Group Head Digital Banking – ABL,  said:-
"ABL is focused on enabling digital payments for customers of all segments. Partnership with APPS is yet another step to expand the digital payments ecosystem of the bank. We hope that this initiative will greatly help to expand digital payments in Pakistan."

For further information on Avanza Premier Payment Services or Allied Bank Limited, you can visit their websites; www.apps.net.pk or www.abl.com



Thursday, May 23, 2019

National Bank declares 14.5 percent decline in after tax profit on imposition of super tax

National Bank declares 14.5 percent decline in after tax profit on imposition of super tax

National Bank declares 14.5 percent decline in after tax profit on imposition of super tax


KARACHI: National Bank of Pakistan (NBP) has declared 14.5 percent decline in after tax profit for the first quarter ended March 31, 2019 due to imposition of super tax.

Meeting of the Board of Directors (BoD) of NBP was held on Wednesday at Bank’s Head Office in Karachi in which the BoD approved the financial statement of the Bank of the quarter ended March 31, 2019. The after tax profit for the quarter ended March 31, 2019 was at Rs4.2 billion, which was 14.5 percent lower when compared with Rs4.9 billion in the corresponding period of the last year.

The bank attributed the decline in profit to imposition of super tax which was imposed through Finance Supplementary (Second Amendment) Act, 2019 for the tax year 2018 (financial year ended December 31, 2017.

Pre-tax profit of the bank was at Rs8.7 billion for the period under review as against Rs7.6 billion for the corresponding quarter of 2018, registering 14.5 percent increase.

The bank earned mark-up/ interest income amounting to Rs45.8 billion which is 45.9 percent higher than Rs31.4 billion earned during the corresponding period last year.

This growth is attributed to the increase in discount rate, as well as a volumetric growth in both investment and advances, YoY. Also, the Bank’s non mark-up / interest income increased by 40.2 percent YoY and amounted to Rs8.3 billion.

The bank’s unconsolidated pre-provision profit amounted to Rs10.98 billion which is 45.2 billion higher than Rs7.6 billion for the corresponding period o the last year. Earnings per share amounted to Rs1.97 as against Rs2.30 for the corresponding quarter ended March 31, 2018.

The total assets of the bank as at March 31, 2019 stood at Rs2,401.8 billion as compared with Rs2,798.6 billion as on December 31, 2018, registering decline of 14.2 percent. Gross advances of the bank amounted to Rs1,046.1 billion which is slightly lower than Rs1,059.5 billion as on December 31, 2018.

However, YoY, total advances registered increase by Rs176.6 billion or 20.3 percent as compared to Rs869.5 billion as of March 31, 2018.  Total deposits of the bank as on March 31, 2019 amounted to Rs1,778.7 billion, lower by Rs232.7 billion (11.6 percent) as against Rs2,011.4 billion as of December 31, 2018. The drop was observed due to withdrawal of deposits by certain financial institutions. Customer deposits that from the core of bank’s funding pool however remained stable.



Mufti Muhammad Hassaan Kaleem appointed as Chairman of Shari’ah Advisory Board for Pak-Qatar Takaful Group

Mufti Muhammad Hassaan Kaleem appointed as Chairman of Shari’ah Advisory Board for Pak-Qatar Takaful Group

Mufti Muhammad Hassaan Kaleem appointed as Chairman of Shari’ah Advisory Board for Pak-Qatar Takaful Group


Karachi, 22nd May 2019: Mufti Muhammad Hassaan Kaleem has been appointed new chairman of Shari’ah Advisory Board for Pak-Qatar Takaful group. Mufti Muhammad Hassaan Kaleem had already been serving as member of Shari’ah Pak-Qatar Takaful for more than a decade since the company’s inception in 2007.

Former Justice Mufti Muhammad Taqi Usmani had earlier been serving as Shari’ah Board Chairman for Pak-Qatar Takaful and Shari’ah member for many Islamic Financial institutions over the past two decades. However, due to recent poor health conditions and major involvement in academic projects, Mufti Taqi has decided to be succeeded by his preferred nominee and henceforth discontinue his services at Pak-Qatar Takaful Group as Chairman Shari’ah Advisory Board.

He had recently withdrawn from a number of other financial institutions as well accordingly. He has nominated prominent figure of Islamic Finance Industry, Mufti Muhammad Hassaan Kaleem on his behalf to take the charge which is a clear indication of his trust and confidence. 

Mufti Hassaan Kaleem apart from his over a decade role as member of Shari’a Advisory Board for Pak-Qatar Takaful, is currently also serving as Member of Shari’ah Board for Dubai Islamic Bank Pakistan (DIBPL) and is also Country Head of Shari’ah, DIBPL. Mufti Hassaan has vast experience in matters related to Shari’ah teachings and advisory and has been teaching various courses in Islamic Studies and Arabic at Dar-ul-Uloom Karachi for the last many years. 

Mufti Taqi Usmani stated, “My relationship with Pak-Qatar Takaful Group will never end and I will continue to offer my guidance whenever required. I have best wishes for the group and would like Pak-Qatar to continue its cause (Takaful) for spreading awareness amongst the masses.”  



Wednesday, May 22, 2019

Allied Bank Limited Partners With Avanza Premier Payment Services to Enable Payfast Payments

Allied Bank Limited Partners With Avanza Premier Payment Services to Enable Payfast Payments

Allied Bank Limited Partners With Avanza Premier Payment Services to Enable Payfast Payments


Allied Bank Limited (ABL) and Avanza Premier Payment Services (APPS) have collaborated to revamp online transactions through Payfast; APPS’ payment gateway. Payfast will allow the customers of ABL to shop on APPS’ vast merchant network which ranges from schools, billers, mutual funds, marketplaces and other entities via their, bank accounts.

ABL, with its existence of over 75 years, has built itself a foundation with a strong equity, assets and deposit base. It offers universal banking services while placing major emphasis on retail banking. The Bank has a large network of over 1300+ online branches and ATMs in Pakistan and offers various technology-based products and services to its diverse clientele.
 
APPS is a start-up fintech governed under PSO/PSP regulation of the State Bank of Pakistan (SBP), focused on becoming a catalyst of digitization in Pakistan by transcending into a digital payment switch for the enablement of various online services such as Mobile Payments, P2P transfers, E-Commerce and creating an entire payment trail for Pakistan’s digital economy.

Mr. Adnan Ali, CEO – APPS, said:-
"We go beyond cash by empowering customers through services that enable seamless digital payments, through our digital ecosystem. This signing signifies an important milestone as Allied Bank ranks amongst the top banks in Pakistan. We will be working in unison towards mainstreaming how online payments are conducted while promoting Pakistan’s digital economy and Going Cashless."

Mr. Muhammad Zaman, Group Head Digital Banking – ABL,  said:-
"ABL is focused on enabling digital payments for customers of all segments. Partnership with APPS is yet another step to expand digital payments ecosystem. We hope that this initiative will greatly help to expand digital payments in Pakistan."

For further information on Avanza Premier Payment Services or Allied Bank Limited, you can visit their websites; www.apps.net.pk or www.abl.com



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