Meezan Bank Announces Excellent Results For The First Quarter Of 2019

Meezan Bank Announces Excellent Results For The First Quarter Of 2019

Karachi (29th April, 2019) The Board of Directors of Meezan Bank Limited in its meeting, approved the condensed interim unconsolidated financial statements of the Bank and its consolidated financial statements for the quarter ended March 31, 2019.

The meeting was presided by Mr. Riyadh S. A. A. Edrees - Chairman of the Board and Mr. Faisal A. A. A. Al - Nassar – Vice Chairman of the Board, was also present. By the Grace of Allah (SWT), the Bank continued its growth momentum and posted excellent results for the quarter ended March 31, 2019.

Profit after tax increased to Rs. 2,851 million from Rs. 1,915 million in corresponding quarter last year – a growth of 49% . The Earnings per Share (EPS) – on enhanced capital increased to Rs.

2.44 per share. The Board has approved 10% interim cash dividend (Rs 1.00 per share) and 10% bonus shares in the meeting. Quarterly cash dividend has been approved for the first time in the history of the Bank and is in keeping with the Board desire to ensure that investors in Meezan Bank are well looked after.

The Bank has maintained an unbroken payout record since the Bank’s listing on Stock Exchange in the year 2000. The growth in profitability was driven by an increase of 57% in net spread primarily due to the Bank’s focus on maintaining a good quality high yield earning assets portfolio.

Profit paid to depositors also doubled, as a result of increase in deposits and increase in depositors’ profit rates. The fees and commission income of the Bank grew by 18% driven by an increase in trade business volume handled by the Bank.

Administrative and operating expenses increased by 24% primarily due to rising inflation, rupee devaluation and increase in costs associated with new branches – an investment in the future.

However, the rise in expenses was sufficiently absorbed by the growth in the Bank’s income resulting in improvement in the Banks income expense ratio.

The Bank added 16 new branches to its network during the quarter bringing the total number of branches to 676 in 189 cities.

The Bank is now the 7th largest Bank in terms of branch network as well as in terms of deposit base. The investments portfolio increased to Rs. 219 billion from Rs. 124 billion in December 2018 – a growth of 77%.

During the quarter, a consortium led by Meezan Bank successfully closed Pakistan’s first-ever energy Sukuk issued by the Power Holding Private Limited, a company wholly owned by the Government of Pakistan (GoP).

The Sukuk is guaranteed by the GoP and is eligible for SLR for the purposes of the State Bank of Pakistan (SBP). The Bank is the largest investor in this Sukuk with a participation of Rs. 85 billion.

The Islamic financings and related assets portfolio closed at Rs. 494 billion with an ADR of 64%. The Bank maintained its financing exposure in all sectors and continued to actively pursue growth in Small and Medium Enterprise (SME) / Commercial and Consumer segment.

The NPL ratio and NPL coverage ratio stood at 1.4% and 137% respectively. The Bank remains a well-capitalized institution with Capital Adequacy Ratio of 15.5%. The VIS Credit Rating Company Limited (formerly JCR-VIS Credit Rating Company Limited), in 2018, assigned the Bank an Entity Rating of ‘AA+’ (Double A Plus) for the Long Term and ‘A1+’ (A-One Plus) for the Short Term with stable outlook.

The Subordinated Tier II Sukuk and Additional Tier I Sukuk of the Bank has been assigned a credit rating of ‘AA’ (Double A) and ‘AA-’ (Double A Minus) respectively. These ratings represent sound performance indicators of the Bank.

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Full Video of DG ISPR Press Conference - 29 Apr 2019

Full Video of DG ISPR Press Conference - 29 Apr 2019

Full Video of DG ISPR Press Conference - 29 Apr 2019

Full Video of DG ISPR Press Conference - 29 Apr 2019

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Pakistan’s First Vlog Summit 2019 Concludes

Pakistan’s First Vlog Summit 2019 Concludes

Vlog Summit 2019 is held at Shah Abdul Latif Bhittai Auditorium Islamabad where prominent local and international Vloggers for the very first time came on the same platform and shared their success stories and current vlogging trends. They elaborated how a vlog can be used to influence the opinion of masses. Participants of the summit came from both government and corporate sector in addition had many student participants.

Chief Guest of the event Mr. Lijian Zhao – Deputy Chinese Ambassador shared his views about the event saying, “Such sessions are so much healthy and must be organized regularly to make people aware about the trending mediums”. Further he said, Pakistan is now among the top travel destinations around the world and it is very safe to travel with in Pakistan. In the end he said, “I highly appreciate the efforts made by team AlphaPro and congratulate them on success of vlog summit 2019.”

Mubashir Siddique another speaker and a famous vlogger from a remote village of Pakistan shared his experience about how he started and how his journey has been throughout, Mubashir had this very motivational message for all the new vloggers, “You need to be very patient with vlogging. It is all about making mistakes and then learning from your own mistakes. There is no age for learning you learn new things throughout life.” Mubashir has his own YouTube channel Village Food Secrets based on village cooking having more than 1 million Subscribers.

Jordan Taylor, a very well-known vlogger who specially came to Pakistan for this event and for exploring the hidden beauties of Pakistan shared her views regarding the people and the land of Pakistan saying, “Pakistan is a place where the word stranger doesn’t seem to exist, where everyone you meet treats you like a long lost friend. I heard things about Pakistan but I decided to come and see for myself. I found the people and the land beautiful and full of love. I felt loved, I felt safe!”

Huubvander Mark who a vlogger from Netherlands, he was along with the local vloggers in the Summit. He is visiting Pakistan on his bus. He said during his speech in the Summit, “Pakistan is a beautiful place to visit and I have found it very safe for tourists to travel and Enjoy full hospitality of the local people.“

The summit had other famous and famed vloggers on the panel of speakers who talked about their own journey as Vloggers and encouraged more people to join. Both national and international vloggers told about the basics of vlogging, some useful tips and motivated more people who are interested in vlogging and making money for themselves through simple vlogging. The Vloggers included many known names like, Siddique Jan, Faisal Warraich, Zain Ul Abideen, Marsha Lui, Amel, Skooty Girls – Sana Shakoor & Afra Hussain and Sareesha.

The summit received huge appreciation from all the guests and participants. At the end Mr. Adeel Ayub, Managing Director AlphaPro expressed his views saying, “I am very happy to see such huge positive response from all these amazing vloggers, speakers and participants. AlphaPro has always come up with unique ideas like we have organized a successful social media summit in the past; we will keep on bringing such fruitful events which will help us promote the positive image of Pakistan. This Vlog Summit will promote a lot of tourism in Pakistan as the image of Pakistan gets clear to the world.”

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Hisense LED TV Manufacturing Facility Inaugurated In Karachi

Hisense LED TV Manufacturing Facility Inaugurated In Karachi

Tri-Angels Electronics inaugurated state of the art LED TV plant in Karachi to manufacture world renowned Hisense LED TV to cater the Pakistani market.

Tri-Angels Electronics, which started off with a small-scale unit has now launched a state-of-the-art LED TV manufacturing facility in Karachi. In their short tenure of operations, the company has grown into a fully established network of branches with over 170 employees and 350 dealers all over the country.

The newly launched factory is compliant to international quality standards and fulfills all the requirements of engineering quality products. It also features a modern Open Cell department which ensures a dust free environment in the assembling plant. The plant has a capacity of producing 500 finished LED TVs per day.

The Chief Executive Officer at Tri-Angels Electronics – Mr. Imran Ghani said, “The Open Cell department is one of the rare facilities deployed only by very few companies in Pakistan. It has a dust free clean room for LED sensitive films and is placed to ensure overall quality of the environment in the facility and the product’s quality. We have deployed an advanced Electro-mechanical PLC based conveyer system at the assembly plant with the current operational capacity of around 300 units per day which the company plans to increase to at least 500 units per day in the near future”.

Tri-Angles Electronics has been producing LED TVs in the country since 2018 and has now introduced the latest technologies of 4k ULEDs and the well-known Laser TV. The latest TV technologies being introduced by Tri-Angels Electronics not only include latest displays but also features modern sound technology by one of the world’s leading audio brands, Harman Kardon.

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Byco Petroleum Earns Gross Profit Of Rs 3 Billion Amid Tough Market Conditions

Byco Petroleum Earns Gross Profit Of Rs 3 Billion Amid Tough Market Conditions

• Byco Petroleum’s gross sales increased by 32% and net sales climbed by 35% to Rs 182.9 billion and Rs 145.2 billion respectively.

• Byco Petroleum continues to operate in a challenging business environment which had a negative impact on the company’s profits. 

(Karachi, 30 April 2019, For immediate release) Byco Petroleum Pakistan Ltd. (BPPL), Pakistan’s leading oil company, today announced its nine months financial results for the period ending on 31 March 2019. The company’s gross sales increased by 32% from the corresponding period of the prior year to Rs 182.9 billion. Net sales increased by 35% to Rs 145.2 billion. 

The oil refining sector in Pakistan experienced a challenging business environment in the first nine months of the current fiscal year marked by the economic slowdown, volatile oil prices, devaluation of the Rupee, and weak upliftment of furnace oil (FO). This had a negative impact on Byco Petroleum’s profits. 

Byco Petroleum’s gross profits fell 58% to Rs 3.03 billion in the first nine months of the ongoing fiscal year. Operating profit for the period came in at Rs 2.30 billion compared to Rs 5.85 billion in 2018. The company earned a net profit of Rs 719.6 million compared to Rs 3.53 billion a year earlier. Earnings per share for the period is Rs 0.14 compared to Rs 0.66 last year. The decline in profits was driven in large part by the factors mentioned earlier. 

Mr. Amir Abbassciy, CEO of Byco Petroleum Pakistan Limited, said on the occasion: “Despite many factors which have been working against us, including oil prices, currency weakness, and an evolving fuel mix for the nation, we are hopeful for better results in the near term.” Byco expresses its deepest appreciation and gratitude to the Government of Pakistan, its shareholders, customers, and strategic partners for offering cooperation in this period. The company reiterates its resolve to manage this difficult time to the best of its abilities and will continue to strive to deliver optimum results for its stakeholders.

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Hutchison Ports Pakistan deploys 5 new hybrid yard cranes

Hutchison Ports Pakistan deploys 5 new hybrid yard cranes 

Karachi, Pakistan - April 30, 2019 – Hutchison Ports Pakistan has deployed 5 new hybrid yard cranes as the terminal continues with its productivity enhancement programme and to provide better customer service. It brings the terminal’s total number of hybrid yard cranes to 31.This new batch of equipment will improve the overall service potential of the terminal and will greatly increase berth productivity as well as landside deliveries.

“We are constantly in pursuit of improving our industry and everything it touches”, 

said Captain Syed Rashid Jamil, General Manager & Head of Business Unit, Hutchison Ports Pakistan.

“Adding hybrid cranes will enable us to further enhance the speed of our operations, directly and indirectly benefitting our customers. Moreover, we truly care for the communities around the port area. The deployment of hybrid cranes will significantly help us reduce emissions as well as to protect and conserve air quality in our surrounding areas. We take this as our responsibility and will do everything we can to reduce the impact of our operations. .” 

In October 2019, Hutchison Ports Pakistan will receive 11 state-of-the-art electric remote-controlled yard cranes. This induction will make Hutchison Ports Pakistan the only terminal in the region to deploy such equipment.

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FBR finds #Hascol Petroleum involved in tax fraud of Rs3.9 billion - Via Profit

FBR finds Hascol Petroleum involved in tax fraud of Rs3.9 billion

ISLAMABAD: Hascol Petroleum Limited, a company engaged in the purchase, storage and sale of petroleum products, is committing tax fraud to the tune of Rs3.9 billion, it emerged on Monday.

Documents available with Pakistan Today state that Hascol Petroleum Limited has concealed and evaded sales tax amounting to Rs 3.6 billion and further tax amounting to Rs279 million. Scrutiny of record/data available for the period from July 2016 to December 2018 of sales tax returns-cum-payment challans revealed that M/s Hascol petroleum has declared self-sales by issuing flying invoices in the name of M/s Hascol Petroleum Limited to conceal further tax on supplies of lubricants and other related items.

Hascol, however, denies any wrongdoing.

The company has shown Rs13 billion sales value, Rs2.5 billion sales tax and there is Rs279 million further tax involved, documents stated.

On the basis of the above mentioned facts, Hascol has short paid further tax amounting to Rs279 million.

Further scrutiny of sales returns for the period July 2018 to March 2019 vis-à-vis July 2017 to March 2018 revealed certain anomalies that total purchase have increased by 15 per cent for the period of July 2018 to March 2019 as compared to corresponding period of last year. However, total sales only increased at 5 per cent for the same period.

If the purchases increased by 15 per cent, then sales should have increased by approximately 15 per cent as well. The trend shows that the registered person is evading supplies by accumulating into carry forward of input tax which resulted in short payment of sales tax.

It further stated that Section 21(2) of the Sales Tax Act, 1990 read rule 12(a)(i) of the Sales Tax Rules, 2006 clearly stipulates that the commissioner having jurisdiction, if satisfied that the registered person has issued fake invoices or has committed tax fraud, the registration of such person may be suspended by the commissioner through system without prior notice, pending further inquiry.

“In the light of above stated facts and in exercise of powers conferred under section 21(2) of the sales tax act, 1990 read with rule 12(a)(i) of the sales tax rules, sales tax registration of above mentioned registered person is hereby suspended with immediate effect and until finalisation of the proceedings. Furthermore , the tax payers will be considered as non-active taxpayers as per provision of rule 12A read with clause (1) of section 2 of sales tax act 1990,” the document said.

Attempts were made to reach out to the owner of Hascol Petroleum for clarification but no response was received.

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Pakistani motorbike-based ride-hailing and logistics startup Bykea raises $5.7 million in series a funding

Pakistani motorbike-based ride-hailing and logistics startup Bykea raises $5.7 million in series a funding

Bykea, a technology platform for on-demand transport and related services, a startup accelerated at National Incubation Center Karachi, has announced that it has completed a $5.7 million Series A round of financing from Pakistan’s first VC fund Sarmayacar and institutional investors from South East Asia and the Middle East.

The financing will be used to fund Bykea’s expansion in ride-sharing, express delivery and conversion of cash for digital use, for both consumers and businesses across Pakistan.

Bykea enables a crowdsourced network of motorbike owners to transport people and parcels allowing them to supplement their incomes while delivering cost-effective logistics solutions. Its cash on delivery technology enables real-time transactions in a nascent payments market thereby pioneering the development of e-commerce in Pakistan.

Over two hundred thousand motorbike owners have installed the partner app to connect with over two million users in Karachi, Rawalpindi, Islamabad and Lahore. Bykea does one million bookings a month. Although available in English, the platform is mostly deployed in Urdu with voice notes to facilitate the use of technology by the broadest audience in their local language.

Bykea Team: Rafiq Malik, Abdul Mannan, Jonas Eichhorst, Muneeb Maayr, Rabeel Warraich, Ishaq Kothawala, Haider Ali Left to Right: Rafiq Malik, Abdul Mannan, Jonas Eichhorst, Muneeb Maayr, Rabeel Warraich, Ishaq Kothawala and Haider Ali Hilaly

“We’re aiming to solve technology adoption and economic activity for the 200 million people in Pakistan by allowing users to connect with one another via simple steps in Urdu or voice chat. We are also working with leading telecommunication providers to enable feature phones, or not-so-smart phones, to connect to our driver partner network of part-timers,” said Muneeb Maayr, CEO of Bykea.

The additional investment will pave the way for deeper penetration into the masses enabling Pakistanis at large to use technology to better facilitate personal and business activity in the cities.

Bykea was seed funded by a group of angel investors in a round led by Ithaca Capital who have made several pioneering venture capital investments in Pakistan. It was founded by veterans from eCommerce and logistics, (Muneeb Maayr, Co-Founder at Daraz.pk, now an Alibaba company and Director Operations for 7 years at SNL Pakistan, now S&P Global, one of the largest IT exporters from Pakistan), Abdul Mannan (formerly at Rocket Internet’s Kaymu.pk), Ishaq Kothawala (Head Actuary at Pak-Qatar, a leading insurance company) and Rafiq Malik (formerly COO at TNT Logistics Pakistan a subsidiary of one of the largest logistics networks in the world).

“We are pleased to join Bykea on its journey of building affordable technology solutions that will create income-generating opportunities for tens of thousands in Pakistan while addressing rampant challenges in the transportation, logistics and payments sectors of the country. This transaction also ushers a new era of venture capital investment into Pakistan by bringing together varied and complementary value propositions of institutional VCs from different parts of the world to back one of Pakistan’s most promising startups,” said Rabeel Warraich, Managing Partner at Sarmayacar.

Haider Ali Hilaly, Managing Director at Ithaca Capital said:-

"After regularly visiting Pakistan over the past 3 years, the tremendous potential of the country is obvious to me. Bykea and its team are in a great position to play a leading role not only in advancing the nascent startup sector but can also become a local champion within the overall economy, similar to GoJek’s tremendous success in Indonesia” said Singapore-based Jonas Eichhorst, who will join the company’s board as part of the transaction."

“We are excited for the next round of Bykea’s development and welcome the institutional investment that brings relevant expertise from other developing markets to the Company. We have worked with Muneeb and his team to develop Bykea by seeding this project despite the obstacles involved in raising substantial further capital for venture-stage companies in Pakistan. We are also pleased to have been the main sponsor of one of the largest Series A investments in Pakistan’s history.

Bykea’s funding announcement follows a series of customer launches, including a collaboration with the country’s leading telecom network Jazz on connecting customers with drivers using a simple dial-in mobile number 0307-1234567.

In addition, the Company has received grants from USAID’s Small & Medium Enterprises Development Authority to help create jobs in the hospitality sector and the Mahvash & Jehangir Siddiqui Foundation for providing short term lending to enable motorbike owner operators with income opportunities. The announcement was made at the National Incubation Center Karachi, as Bykea is one of Karachi chapter’s first members.

Going forward, Bykea intends to use funds from the new raise to continue to focus on increasing its driver network and provide new members with income-generating opportunities in the transport, delivery and e-commerce space. The company is also actively looking to fill roles within the organization as it expands its execution capabilities.

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Careem has Received “Most Popular Ride-Hailing Service” Award in the PakWheels Automobile Survey 2018

Careem has Received “Most Popular Ride-Hailing Service” Award in the PakWheels Automobile Survey 2018

For the second year in a row, Careem received the “Most Popular Ride-Hailing Service” award in the PakWheels Automobile Survey for 2018, with the​highest ranking amongst competition service brands available in Pakistan.

In the ride-hailing category, 64% of the 35,000+ respondents in the survey chose Careem as the best app providing the service in Pakistan.

Careem bags Best Ride-Hailing Service Award

• Careem has received the “Most Popular Ride-Hailing Service” award in the PakWheels Automobile Survey for 2018, the second time in a row.
• 64% of the respondents chose Careem as the best ride-hailing service in Pakistan.
• The Pakwheels survey analyses spending patterns and perceptions in the automobile sector in Pakistan.

Zeeshan Hasib Baig, Head of Operations Careem Pakistan, said on the occasion “We feel extremely proud receiving a consumers choice award for the best ride-hailing application in Pakistan. I believe Online Marketplaces such as Careem and PakWheels play a key role in accelerating the growth of the digital economy of Pakistan. ”

The PakWheels survey analyzes useful information for consumers and stakeholders, covering public spending habits, driving behaviour, expectations and routine practices in the automobile sector in Pakistan.

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➨ #Jobs - #Career_Opportunities - #Jobs - Multiple Jobs –for application visit the link

➨ #Jobs - #Career_Opportunities - #Jobs -  Multiple Jobs –for application visit the link

#Vacancies_Jobs #Jobs_in_Pakistan #Search_Job #Job_Alerts #Newspaper_Jobs #Jobs_in_Dubai, #Hospital_Jobs #University_Job #Karachi_Jobs #School_Jobs #Pakistan_Army_Jobs #NAVY_Jobs #Government_Jobs #Govt_Job #Bank_Jobs #Jobs_in_Bank #Government Jobs

Dawn – April 28, 2019

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Government of Sindh Announces Summer Vacation 2019 in Sindh Schools

Government of Sindh Announces Summer Vacation 2019 in Sindh Schools

KARACHI (Apr 29, 2019(: Government of Sindh has announced Summer Vacation 2019 for all private and public colleges

The Summer Vacation for all Public & Private Colleges shall be observed from 1st May to 30th June 2019.

Government of Sindh College Education Department has issued a notification announcing the Summer Vacation for all Public and Private Colleges operating in Sindh Province.

The Notification was issued dated 29 April 2019.

The Notification states:

With the approval of the competent authority and in pursuance of decision of Steering Committee meeting held on 2nd January 2019, the Summer Vacation for all public and private Colleges under the administrative control of College Education Department shall be observed from 1st May 2019 to 30th June 2019.

All Colleges shall be opened on 1st July 2019.

Government of Sindh Announces Summer Vacation 2019

Significant changes in the academic year schedule was decided during a meeting held in January this year

The meeting of the Steering Committee for Education chaired by Minister for Education and Literacy Syed Sardar Ali Shah was held on January 2, 2019.

Items on agenda among other things were

The beginning of the new academic year

• ·         Admissions schedule
• ·         Summer vacations
• ·         Timings of schools and colleges
• ·         Sports and co-curricular activities at the school level
• ·         Transparent examinations and
• ·         Redesign of exam papers

During the meeting of the Steering Committee for Education, it was also decided that the national days will also be celebrated with great enthusiasm to impart the importance of these days. National Days such as :

• ·         Kashmir Day,
• ·         Pakistan Day,
• ·         Independence Day,
• ·         Shah Abdul Latif Bhittai Day,
• ·         Eid Miladun Nabi

·         Quaid-e-Azam Muhammad Ali Jinnah’s death anniversary

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Jubilaton of New district of Upper Chitral: centuries old traditional custom reviews by senior citizens.

Jubilaton of New district of Upper Chitral: centuries old traditional custom reviews by senior citizens.

By Gul Hamaad Farooqi

CHITRAL: Residents of upper Chitral jubilating crating fo new district of Upper Chitral. In this connection literary organization Qalam Qabeela organized a function  at Booni in which senior citizens of 70 plus years of age performed Nahtik and Phistik culturally custom (tradition). In this tradition senior citizens beating duff with hands, singing songs and go to the house of bride they perform a special dance.

When they come back in procession with bride and bride groom they singing other types of songs with separate dance and beating of Duff a hand made musical ornament. One of them was blind man who also came from Chappali to Booni to perform this art and to display to the youth so as lest they forget.

Poets, educationists, intellectuals, artists, singers and elites of both district lower and upper Chitral stressed upon the young generation to not forget their tradition and must exercise and review their centuries old cultural events.

The speakers also spoke and presented their papers regarding challenges and problems on creating of new district. They also proposed its possible solutions

At last awards were also distributed among the senior citizens, artists, poets, intellectuals.

Talking to this scribe president of Qalam Qabeela Zakir Muhammad Zahmi said that this is centuries old culture and tradition of Chitral which is being forgetting by young generation and he demanded from the authorities for financial support to survive this centuries old culture.

Anwar Wali Khan who is graduate from Qauide Azam University Islamabad said that some 14 languages spoke in Chitral but some of them are ending now and he demanded to federal government for giving space to Chitrali language in PTV.

Those who spoke on the occasion were Zakir Zahm, Fakhruddin, Mukaram Shah, Inayatullah Aseer, Aftab Alam, Mansoor Ali Shabab, Baba Fatahuddin, Rahmat Ghazi, Afzalullah Afzal, former MPA Sardar Hussain, Sadiqullah Sadiq, Zafarullah Parwaz, Karimullah and others. A large number of people participated in the function. Later on they also presented poetry and held a cultural show and musical concert.

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Coca-Cola to release Coke and coffee hybrid drink this year

Coca-Cola to release Coke and coffee hybrid drink this year

By the end of 2019, Coca-Cola will be releasing Coke Coffee in 25 markets around the world to get a foothold in the industry. 

The beverage is just as it sounds: Coca-Cola blended with coffee. With more caffeine than a can of soda, but less than a cup of coffee, the product will be pitched as an energy drink for that mid-afternoon slump, reports CNBC. 

It's not the first time the beverage giant has tried to launch coffee-flavored Coke.

The brand first introduced Coca-Cola Blak in 2006 but discontinued it two years later, CNBC notes. Coca-Cola Australia also launched Coca-Cola Plus Coffee in 2017. 

Last year, Coca-Cola announced plans to acquire UK-based coffee chain Costa for US$5.1 billion, in an attempt to get in on the hot beverage market. The deal closed in January. AFP

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Bank Alfalah Islamic signs Strategic Partnership MoU with LUMS

Bank Alfalah Islamic signs Strategic Partnership MoU with LUMS

Bank Alfalah Islamic Banking has recently signed MoU for Strategic Partnership with Centre for Islamic Finance (CIF) at Lahore University of Management Sciences (LUMS) to jointly setup a research initiative to promote Pakistan’s first ever asset side Musharakah based financing product.

The understanding between one of the leading Islamic Banking Institution and Pakistan’s top business school will encourage innovation through developing new products and would help the industry to align itself with the regulator’s preference towards participatory modes of Islamic financing.

Dr. Muhammad Imran, Group Head Bank Alfalah Islamic, at the occasion of the signing ceremony said that this partnership will go a long way in realizing the Bank’s vision to launch products and initiatives based on the Islamic principles of Musharakah and Mudarabah. He said, “Innovation is the cornerstone of banking at Bank Alfalah Islamic and this initiative with LUMS would further strengthen Bank Alfalah Islamic’s position as a leader in innovative Islamic banking”.

Dr. Saad Azmat, Chair Centre for Islamic at LUMS said, “I am delighted that we have signed this MoU and look forward to working with Bank Alfalah Islamic in promoting the use of Musharakah and Mudarabah based financing by Islamic Banks. This collaboration would help us undertake research on risk sharing, which is one of the core principles of Islamic Finance. This MoU signed will help us to deepen our understanding of Islamic finance, along with developing institutions and instruments to support sustainable and inclusive growth of the Islamic Finance industry in Pakistan”.

Mr. Syed Ali Sultan, Group Head, Bank Alfalah Treasury & Capital Markets provided an insight on the overall economic situation and the importance of Islamic Financial transaction in the global economic landscape. Dr. Alnoor Bhimani, Honorary Dean, LUMS welcomed the enthusiasm of Bank Alfalah Islamic to help drive a better understanding of Islamic banking. 

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Airlink Communication and Huawei Technologies join hands for the next generation Cloud Computing & Data Centre in Pakistan

Airlink Communication and Huawei Technologies join hands for the next generation Cloud Computing & Data Centre in Pakistan 

Karachi: April 29, 2019 – Airlink Communication and Huawei Technologies join hands for the Cloud Data Center in Pakistan. The landmark agreement was reached at “Pak China Trade and Investment Forum” currently being held in Beijing. The Cloud will be named as Huawei Airlink Cloud and this collaboration will be first of its kind in Pakistan. The main focus of this agreement will be to bring a revolution in Media and Finance Industries of Pakistan by introducing world class IT Solutions and infrastructure.

Airlink Communication has remained preferred partner of Huawei in Pakistan since 2012. This agreement is in continuation of sustained business relations between the two companies. The CEO of Airlink Communication, Mr.Muzzaffar Hayat Piracha, lauded this historical engagement between the two companies and said that Airlink Communication believes in bringing the best IT solutions to Pakistan and it will continue to play its role in the growth and development of Pakistan’s economy. Mr. Piracha also shared that Airlink Communication will further strengthen its relationship with Huawei Technologies to reach other sectors in near future. Huawei CEO, Mr. Chinlinchun said in this regard “With Airlink’s contribution Huawei will offer solutions for media and finance industry, work will facilitate into global content sharing, high cloud platform like OTT etc, where commitment will come in content sharing. Adding important content, milestone in finance industry Huawei will provide Agility service, business investment, service intelligence etc to make Pakistan more and more advanced in the field of technology”

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"No Face Veils In Public": Sri Lanka Announces Ban After Easter Bombings

"No Face Veils In Public": Sri Lanka Announces Ban After Easter Bombings

President Maithripala Sirisena used emergency powers in the wake of the Easter Sunday bombings. The order clarifies that the key criterion for establishing the identity of a person is the need to clearly expose the face.

COLOMBO: Muslim women in Sri Lanka will not be allowed to wear any form of face veils in public from Monday under new regulations announced by President Maithripala Sirisena who used emergency powers in the wake of the Easter Sunday bombings.

The new regulation banning any form of face covering was announced by the President on Sunday, a week after the coordinated blasts hit three churches and three luxury hotels, killing over 250 people and injuring more than 500 others.

"The ban is to ensure national security... No one should obscure their faces to make identification difficult," the President's office said in a statement.

He took steps under the emergency regulation to prohibit the use of face coverings of all sorts which is an obstacle to ensure the identity of the people and a threat to national and public security, Colombo Page reported.

The order clarifies that the key criterion for establishing the identity of a person is the need to clearly expose the face, the report said.

The President has taken this decision to establish a peaceful and cohesive society which does not inconvenience any community people as well as ensure national security, it added.

Media cameras and journalists have been allowed inside St. Anthony's church for the first time since it was bombed in an Easter Sunday attack in the Sri Lankan capital Colombo.

Muslims account for 10 per cent of the population and are the second-largest minority after Hindus. Around seven per cent of Sri Lankans are Christians.

Nine suicide bombers carried out a series of devastating blasts that tore through three churches and three luxury hotels on the Easter Sunday, killing 253 people.

The Islamic State claimed the attacks, but the government has blamed local Islamist extremist group National Thowheeth Jamaath (NTJ) for the attacks.

Sri Lanka on Saturday banned the National Thowheeth Jamaath and a splinter group linked to the ISIS.

A total of 106 suspects, including a Tamil medium teacher and a school principal, have been arrested in connection with the Easter Sunday blasts.

According to Sri Lanka's Foreign Ministry, the number of foreign nationals who have been identified as killed remained at 40, including 11 from India.

Sri Lanka has a population of 21 million which is a patchwork of ethnicity and religions, dominated by the Sinhalese Buddhist majority.

Source: NDTV

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Bon appétit! Expo 2020 Dubai’s 200-plus F&B outlets to serve up innovative culinary experiences and a world of flavours

Bon appétit! Expo 2020 Dubai’s 200-plus F&B outlets to serve up innovative culinary experiences and a world of flavours

• An F&B destination in its own right, Expo will cater to the diverse tastes of millions

• Discover the future of food via cutting-edge tech like robotics and virtual reality

• Enjoy Emirati hospitality, join a culinary tour and sample newly-created dishes 

Karachi / DUBAI, 29 April 2019 – A good meal can unite people of all nationalities, cultures, ages and backgrounds. And Expo 2020 Dubai is set to bring millions of visitors together to discover global cuisines, innovative culinary experiences, future-shaping food tech, old classics, new favourites, street bites and gourmet delights across more than 200 food and beverage (F&B) outlets.

Expo 2020 will be a foodie’s paradise, with options to suit every palate and budget. There will be 50-plus cuisines to try across an area equal in size to seven football pitches, with almost 300,000 meals served per day – enough to feed every person in Barbados. Visitors can also book a culinary tour for a delicious, deep-dive experience spanning cultures and continents. 

World-famous chefs will further stir up the excitement, while visitors will also gain a glimpse of the culinary experiences of tomorrow, with Expo looking to incorporate robotics, augmented reality and virtual reality into its F&B offering. 

Darren Tse, Director – F&B, Programming at Expo 2020 Dubai, said: “As a global celebration welcoming millions from around the world, it’s only fitting that Expo 2020 Dubai is a world-class dining destination featuring a wealth of flavours and innovative concepts from every corner of the planet. There will be something to suit everyone’s taste and budget, whether you are a foodie seeking a new gastronomic experience, an innovator keen to see how technology will change how you order food, or simply looking to feed your family without breaking the bank.”

Emirati hospitality will be on show, as will Dubai’s diverse and innovative F&B scene. Much-loved local restaurants and talented up-and-comers will be introduced to an international audience, while UAE-inspired cuisine and traditional dishes from the wider Arab world will be enjoyed in a food hall setting. 

Visitors can also discover the creative merging of flavours and cuisines, such as Arabic tacos or Levantine fusion, epitomising the nation’s multicultural society. UAE-based small and medium-sized enterprises (SMEs) will comprise 20 per cent of F&B outlets, bringing to life Expo 2020’s commitment to support SMEs. 

A variety of healthy and affordable food, and options that meet various dietary requirements, will also form part of Expo 2020’s world-class visitor experience, which is underpinned by quality, inclusivity and diversity. Crucially, Expo will ensure fair pricing structures for F&B, rather than charging premium event prices.

In line with Expo 2020’s subtheme of Sustainability, the F&B programme will showcase the latest in sustainable dining trends and practices. Every contracted F&B outlet at Expo 2020 has signed up to the ‘Food Ethos’, a set of values designed to push forward sustainability and wellness across the broader industry. These values include environmentally-conscious and organic F&B, the use of ethically- and locally-sourced products, and actions designed to minimise energy use and food and packaging waste.

Darren Tse said: “We want to inspire visitors to try new flavours at Expo 2020, whether it’s a cuisine they know nothing about or a clever twist on a popular dish. The F&B programme supports Expo’s theme of ‘Connecting Minds, Creating the Future’. Food connects people with culture, and what better way to enjoy the company of others than by sharing delicious cuisine and fresh experiences together?”

Expo 2020 is set to be an unmissable global celebration that will bring together millions of visitors to enjoy a world of discovery, innovation and entertainment. A jam-packed calendar of events that will change each of the 173 days of Expo will ensure there is something for everyone – and visitors will want to come more than once. 

Expo 2020 Dubai runs from 20 October 2020 to 10 April 2021. It is expected to record 25 million visits, with 70 per cent of visitors to come from outside the UAE – the highest proportion of international visitors in the 168-year history of World Expos. 

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Rana Sana Ullah uses foolish language about Bilawal and Shaikh Rashid - Watch this video what he said about them

Rana Sana Ullah uses foolish language about Bilawal and Shaikh Rashid - Watch this video what he said about them

بلاول مرد نہیں ہے، وہ شادی نہیں کرے گا : رانا ثنااللہ، میڈیا عمران خان کے صرف صاحبہ کہنے کو تو بار بار دکھا رہا ہے،لیکن اس کو کیوں نہیں دکھا رہا ؟

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Engro to invest Rs7.5b in telecom infrastructure

Engro to invest Rs7.5b in telecom infrastructure

KARACHI: Engro Corporation has decided to diversify its businesses further as it notified plans to invest Rs7.5 billion in telecommunication infrastructure by acquiring and constructing mobile internet 3G/4G shared towers.

It has also announced that it will conduct a feasibility study to establish a polypropylene plant as the chemical is used in a variety of industrial products including packaging material and plastic parts for the automotive industry, stated a bourse filing on Friday.

The board of directors also approved the acquisition of dormant Engro Eximpt FZE from Engro Fertiliser at a price of Rs1.76 billion. The company had set up wholesale outlets to sell premium-quality rice in Karachi, said the notification.

Engro Corp’s share price inched up 0.11%, or Rs0.36, and closed at Rs323.37 with trading in 739,900 shares at the Pakistan Stock Exchange.

The company revealed that Enfrashare – a wholly owned subsidiary of Engro Infiniti – would develop potential business opportunities and accelerate the development of the country’s connectivity infrastructure while providing an opportunity to the people to be part of the new digital era.

Engro would help reduce the mobile network “operators’ capital investment on passive infrastructure, allowing them to focus on their core business and improve connectivity uptime,” it said.

“We believe the telecommunication investment by Engro is similar to Dawood Hercules’ investment (but at a lower scale) in tower share business (Edotco), which was eventually called off amidst delays in regulatory approvals,” Topline Securities said in its report. “To note, Dawood Hercules was expecting IRR (internal rate of return) of 23% on its tower share business.”

Engro Corp said the new petrochemical business under consideration “will create opportunities for both import substitution and enhancing the export potential, thus assisting in building the foreign currency reserves of the country.”

In this connection, the board of directors approved the commencement of a feasibility study of a polypropylene facility based on a propane dehydrogenation plant, which would enable the company to initiate discussions with potential partners and/or contractors, it said.

Engro Corp earns Rs4b

Engro Corporation’s consolidated profit dropped 5% to Rs4 billion in the quarter ended March 31, 2019 due to a notable fall in income from the petrochemical business.

Topline Securities said the drop in earnings came “due to 25% decline in earnings from its petrochemical arm (Engro Polymer) and 189% increase in administrative expenses in its unconsolidated operations.”

The company declared interim cash dividend of Rs7 per share.

“Engro Polymer’s (EPCL) earnings declined due to the absence of insurance gain amounting to Rs250 million that EPCL realised in 1Q2018 and higher finance cost (+70% year-on-year),” it said.

Unconsolidated administrative expenses were on a rising trend for the third consecutive quarter. During 1Q2019, the company witnessed 190% growth on the back of expenditure on the creation of Engro Leadership Academy (for training of its employees) and other feasibility-related expenses, it said.

The fertiliser business showed stagnant profitability during the outgoing quarter, where profit of Engro Fertilisers inched up 3% on a yearly basis due to realisation of unusual income to the tune of Rs650 million on the sale of land to EPCL. “Core earnings of fertiliser business were down 10-12%,” it said.

“We highlight poor crop season, scarcity of water for sowing, volatility in polymer margins and change in regulatory structure in the energy division as key risks for the holding company,” it said.

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