بینک الفلاح نے جدید کارڈ مرچنٹ ایکوائرنگ نیٹ ورک متعارف کرادیا

پاکستان میں کریڈٹ کارڈز کے سب سے بڑے فراہم اور حاصل کنندہ، بینک الفلاح ، نے اپنے کریڈٹ کارڈز کے لئے جدیدکارڈ مرچنٹ نیٹ ورک Futuristic Cards Merchant Network) (کے حصول کے ذریعے اپنی کسٹمر سروسز اور ٹیکنالوجی پلیٹ فارم کی مزید بہتری کا اعلان کیا ہے۔ یہ نیا نیٹ ورک بینک الفلاح ریٹیل پارٹنر آؤٹ لیٹس میں کریڈٹ کارڈز کے ذریعے کئے جانے والے لین دین (Transactions) کی رفتار کو تیز کردے گا، اور لین دین کی صلاحیت دگنی ہو جائیگی۔

Bank Alfalah Introduces Futuristic Cards Merchant Acquiring Network

 Karachi, May 28, 2014: Bank Alfalah, Pakistan’s largest issuer and acquirer of credit cards, has announced an upgrade to its customer services and technology platform by commissioning a futuristic Cards Merchant Acquiring network for its credit cards. This new network enhances the speed of credit card transactions being conducted at Bank Alfalah retail partner outlets, whilst doubling transactional capacity.

Pak-Qatar Family Takaful Positive’ outlook

JCR-VIS assigns ‘Positive’ outlook to Pak-Qatar Family Takaful

Karachi: May 26, 2014 – JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the Insurer Financial Strength (IFS) rating of Pak-Qatar Family Takaful Limited (PQFTL) at 'A (single A).

The outlook on the assigned rating has been revised from 'stable to 'positive.’ Given low penetra¬tion of life coverage in the country, market dynamic for companies offering Life insur¬ance/ Family Takaful product remains favorable. PQFTI is one of the two Family Takaful operators in Pakistan.

PTCL Teams Up With SAP for Cloud-Based HR Innovation

Karachi: May 22, 2014 – Pakistan Telecommunication Company Limited (PTCL) today announced that it is set to transform key HR operational processes with cutting-edge cloud computing technology.

In the first deal of its kind in the country, PTCL will employ a series of solutions from SAP company “Success Factors” to streamline vital HR processes and unlock new avenues of employee productivity.

The move is set to add additional momentum to the company’s ambitious and expansive business strategy, which recently helped deliver a 31 per cent increase in the first quarter as compared to the same period of last year.

“The telecommunications market in Pakistan is fiercely competitive, and only those with the vision and ability to adapt with latest technology specially with people’s capability management will stand out. PTCL HR & IT has decided to implement state of the art systems to boost up the capability development of employees and  feels immense pleasure and pride  to be the first company in Pakistan to introduce one of the best internationally recognized talent management solution “Success factor” in the company   (whoever will be present in the conference)

“Cloud computing is all about simplicity, efficiency and return on investment, and we are proud set an industry-wide example with our adoption of this technology. The drive to innovate has been part of our DNA since day one, and SAP is the right company with the right solutions, at the right time to help us improve our performance.”

PTCL will adopt a series of Success Factors solutions encompassing the complete Talent Management Cycle including Employee Profile and Organization Chart, Visualization, Goals & Performance, Succession & Career Development, Compensation Planning, Learning Management and Recruiting. All solutions come with built-in reporting and dashboards for real-time, strategic performance insight.

“Cloud computing is here to stay, and it is having a huge impact on the way businesses like PTCL can run and plan for the future,” said Gergi Abboud, Managing Director of SAP in Gulf and Pakistan, speaking at the SAP Forum in Karachi.

“To stay ahead of the competition, companies must not only sense the present, but see the future and proactively shape it to their advantage. PTCL understands this as we have now entered an era where CIO takes major technology decisions in collaboration with other CXOs. Cloud is now all about driving business innovation and agility, enabling new processes and insights that were previously impossible”, added Abboud.

Globally, SAP is the fastest growing company at scale in the cloud, gaining market share and growing six times faster than its largest competitor. The company’s annual cloud run rate stood at €1.06 billion by close of Q4 2013, representing a 160% year-over-year subscription revenue growth.

SAP currently has more than 35 million cloud users. This includes the leading social business platform with over 12 million users, the world’s largest business network with more than 1.4 million connected companies transacting over $500 billion in commerce on an annual basis, and the largest business cloud implementations in the world, with more than 2 million users.

SAP’s cloud portfolio encompasses the market’s leading public cloud application portfolio (number one in Human Capital Management, procurement, business networks, and social business collaboration), as well as the most-trusted private cloud environment.

National Bank of Pakistan have new CEO and Presidnet.

 Ishaq Dar finally find the "suitable" person to head countries largest financial institute National Bank of Pakistan (NBP). Syed Ahmed Iqbal Ashraf Ex group chief NBP now appointed as Chief Executive of the bank.  

Media information issued by NBP said that Syed Ahmed Iqbal Ashraf, Managing Director / Chief Executive Officer of PAIR Investment Company Limited, appointed President and CEO.

Syed Iqbal has over 33 years of International banking experience serving in senior positions in United Kingdom, United States of America, Middle East and Pakistan.

 Ashraf is a Fellow of Association of Chartered Certified Accountants (FACCA) from England, where he was educated. He started his career in banking in UK. After working in the UK, U.S. and U.A.E. for 19 years, he returned to Pakistan.

NBP President post was vacant since July ,2013 after the resignation of Asif Borhi on the allegation of miss conduct. Instead appointment full time CEO newly powered federal government give acting charge to Asif Hassan.

There were very strong roomer  that Munir Kamal will be appointed President and CEO of the bank.  Sources says that his appointment summery was ready and in any day it will be approved by Prime Minister. Munir Kamal also see very closed with PM Nawaz Shareef during youth loan scheme related events.         

Prior to joining PAÏR Investment Company Limited as MD/CEO, Mr Ashraf served as a Group Chief of NBP, as the Deputy Managing Director /Director of Pak China investment Company, and as Managing Director and Chief Executive Officer of Bank of Khyber.

He has also served as Country Head Investment Banking & Head of Financial Institutions for Societe Generale (SG) –The French International Bank of France from 1996 to 2002. His main achievements at SG were the appointment as the Financial Advisor to Privatization Commission of Pakistan for the successful privatization of United Bank Limited. During his tenor with SG, he also successful arranged numerous syndicated facilities as the sole Arranger. He was appointed in the SG consortium as Financial Advisor for privatization of PESCO, by the Privatization Commission.

He has also worked with Habib Bank Limited as Executive Vice President - Head of Investment Banking. He set up Investment Banking function at HBL, and has won numerous mandates.

SAEED AHMAD ASSUMES CHARGE OF DEPUTY GOVERNOR, STATE BANK OF PAKISTAN

Government of Pakistan increased number of deputy governor (DG) State Bank of Pakistan (SBP) and appoint Saeed Ahmad as third deputy governor of the central bank. SBP announced  

Federal government issued the notification of appointment of Saeed Ahmad as deputy governor State Bank of January 20, 2014. And today he assumed the charge. According to the notification Saeed Ahmad appointment is for the 3 years and will be extended further. No additional benefits given to newly appointed DG.  Saeed Ahmad has same terms and conditions as approved for the two present working Deputy Governors, SBP.

According to sources in central bank newly appointed DG will be looking after development of Islamic Bank and Riba free financial system.  

Agriculture credit disbursement rose 13.5 percent.

 Pakistan Agriculture credit on the rise and farmers are shifting their financial need toward banking system. State Bank of Pakistan issued the six monthly agriculture loan credit figures, which shows that banks disbursed Rs 159.3 billion. Last year banks provide Rs. 140.3 billion  to aggri sector. It shows increased about 13.5 %.

Banks achieved 44% of their annual indicative targets of Rs 360 billion despite multitude of challenges such as high non performing loans, recovery drive, insufficient bank’s infrastructure and overall security and macroeconomic conditions. 

ICM launches new certification programmes for capital markets

 Islamabad, January 20: The Institute of Capital Markets (ICM) is launching four new certification programmes for capital market professionals.

 

The new certification programmes are ‘Pakistan Markets and Regulations Certification’, ‘Fundamental of Capital Markets Certification’, ‘Financial Derivatives Traders Certification’ and ‘Financial Advisor Certification’. The first examination of new certification programmes will be held in February and March 2014.

 

SECP steps up enforcement efforts against corporate and market fraud

The Securities and Exchange Commission of Pakistan (SECP) plans to ramp up policing of corporate and market fraud by seeking charges against more individuals and pursuing larger fines against companies that commit wrongdoing.

The SECP’s Enforcement Department while enforcing compliance of corporate and allied laws continued its efforts to attain zero tolerance for violations of shareholder rights as well as facilitation of corporate and statutory compliance by companies.

Credit Rating Agencies Code of Conduct revise in Paksitan

ISLAMABAD–January15: The Securities and Exchange Commission of Pakistan (SECP) has issued revised Code of Conduct for the Credit Rating Agencies (CRAs) which will replace the 2005 code. Company can break the contract with CRA and appoint other agency without no objection certificate.

The regulatory landscape for the CRAs has experienced a shift on the global level as a number of jurisdictions have taken various regulatory measures to strengthen oversight of CRAs and to raise their standards. Considering this development, it was important for the SECP to ensure that domestic CRAs continuously adhere to the international standards and best practices.

In order to review the role and responsibilities of CRAs, the SECP constituted a committee having representation from the SECP, State Bank of Pakistan and both domestic CRAs. The committee in its report proposed revamp of the 2005 code in light of the best international practices and the IOSCO Code of Conduct for CRAs. Considering recommendations of the committee and in order to fairly regulate affairs of CRAs and to develop and promote the debt capital market, the SECP has issued the revised code.

The salient features of the new code include well-defined rating criteria, methodologies and procedures to enhance the quality and integrity of the rating process. The CRAs are required to have analysts who are competent and qualified to carry out rating assignments. The code requires appointment of a compliance officer for continuous monitoring of compliance with the provisions of law.

The concept of “rating shopping” has been introduced, i.e. the CRAs will not accept a rating assignment where a client has prematurely terminated a rating contract with its existing CRA, without obtaining an NOC from its existing CRA.

Now the CRAs are also required to have detailed policies for whistle-blowing, rotation of analysts and complaints handling for combating the misuse of inside information by the employees.

The code requires the CRAs to monitor and review all the outstanding ratings continuously and any potential change therein is to be disseminated to the market, in a timely and effective manner. Confidentiality of information has also been covered and the procedure for treatment of confidential information has been laid out. Further, the CRA is now required to conduct training programs for the skill development of the employees of market participants.

The new code has covered the independence and avoidance of the conflict of interest situations by including the concept of independent directors requiring the CRAs to have at least one third or two independent directors whichever is higher. The CRAs have to follow the SECP’s fit and proper criteria for appointment of members on their board of directors, including chairman and chief executive.  The CRAs are now also required to disclose their latest pattern of shareholding and the name of the entity/group contributing 10% or more in CRA’s revenue as well as their criteria, methodologies and procedures for both solicited and unsolicited credit ratings. The code requires the CEO of the CRA to be independent, with no direct or indirect shareholding in the CRA. Moreover, the shareholding by an institution has been restricted to less than 26% and that of an individual to less than 10%, whereas the Individual aggregate shareholding shall not exceed 40% at any time. The SECP has directed the CRAs to diversify their shareholding by December 31, 2014.

Investors and other stakeholders give immense importance to the assessment conducted and opinions expressed by the CRAs. The growing importance placed on their assessments and opinions, requires the CRAs to conduct their credit rating activities in accordance with the principles of integrity, transparency, quality and good governance. This will help to assure that investors and issuers are treated fairly and the confidential material information provided to them by the issuers is safeguarded and not misused.

SECP reduced the criteria for the CFO and HOIA

Securities and Exchange Commission of Pakistan (SECP) reduced that criteria for the chief financial officer. This move to give listed companies to higher financial official on lower rates.  

The Securities and Exchange Commission of Pakistan (SECP)  amended  certain provisions of the Code of Corporate Governance for listed companies. With this  amendment SECP relaxed the criteria for the appointment of chief financial officer. Now listed companies can appoint CFO and head of internal auditor (HOIA) with minimum 3 year experience instead of 5 years.   

SBP and FIA Join Hands to Cub Money Laundering, Terrorist Finance and Capital Flight

Pakistan financial sector regulator and Federal Investigative Agency join hands to curb white color crime. The State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) have signed a Memorandum of Understanding (MoU) to further formalize  coordination between the two institutions. A SBP announcement disclosed.