Category Archives: General Business News

Pak-Qatar Family Takaful and DIB Achieve Rs. 3 billion Mark in BancaTakaful business

Karachi, April 11, 2018 (PPI-OT): Pak-Qatar Family Takaful has achieved yet another milestone by generating over Rs. 3 billion BancaTakaful business with its first partner Dubai Islamic Bank. The 9 year old business portfolio that commenced in October 2009 has now crossed PKR 3.05 Billion with 9,000 customers across Pakistan availing various BancaTakaful products via Dubai Islamic Bank.

Pak-Qatar Family Takaful, Dubai Islamic Bank Pakistan and FWU AG Pakistan recently celebrated over PKR 3 Billion milestone BancaTakaful relationship as business partners offering Takaful products nationwide. A special ceremony was held by Pak-Qatar Family Takaful, Dubai Islamic Bank Pakistan and FWU AG Pakistan to mark this milestone at DIB’s BancaTakaful Family Gala 2018.

The CEO of Dubai Islamic Bank Pakistan, Mr. Junaid Ahmed, CEO of Pak-Qatar Family Takaful, Mr. Nasir Ali Syed and Country Head FWU AG Pakistan Branch, Mr. M. Azam Khan were present at the occasion along with senior management teams of respective organizations.

Pak-Qatar Family Takaful offers a wide range of sharia compliant protection and saving products to its clients.Pak-Qatar Takaful Group (PQTG) – the first and largest dedicated Takaful enterprise in Pakistan’s Islamic Finance industry, comprises of Shari’ah-Compliant ventures like; Pak-Qatar Family Takaful Ltd. (PQFTL), Pak-Qatar General Takaful Ltd. (PQGTL) and Pak-Qatar Investments Ltd. (PQIL). These ventures are driven by modern technology and a service-culture, to achieve the fastest growth and high-credibility, by providing innovative Takaful solutions since 2007.

Pak-Qatar Takaful Group’s shareholders include some of the strongest financial institutions in the state of Qatar, including; Qatar Islamic Insurance Company (QIIC), Qatar International Islamic Bank (QIIB), Masraf Al Ryan with a combined asset base of more than US$37 billion and equity over US$5 billion. PQFTL is strengthened by Re-Takaful arrangements with Munich-Re and Hannover-Re, besides a strategic Banca-Takaful alliance with FWU AG (Germany). PQGTL is backed by Re-Takaful arrangements with Labuan Re, Emirates Re, Saudi Re and African Re.

For more information, contact:
Marketing Manager,
Pak-Qatar Family Takaful Limited
Tel: +92-21-34326076
Cell: +92-331-9234567
Fax: +92-21-34386451

PACRA Revises IFS Rating of Pakistan General Insurance Company Limited

Lahore, April 11, 2018 (PPI-OT): PGI is braving with stressed times. The company, under the directive of SECP, halted underwriting operations. The management is striving to restore the operations. They have given a representation that all the requisite parameters set by the legal bodies have been met. A verification process is in progress. Following which, the operations are expected to resume. This has taken time.

The rating adjustment reflects the weakening in the business and financial risk profile of the entity. This is a result of significant time being out of market, resuming business again would be a challenge. Bank enlistment is also endangered. The liquidity is significantly affected in the wake of sizeable payments and continued expenses without business.

The sponsors stand beside the company. They have full commitment to make good any deficiency in liquidity. This will depend on the resumption of business and fulfillment of other legal requirements. PACRA opines that, post resumption of business, financial strength needs to be recouped. This needs to be followed by resumption of business lines. PACRA would continue to monitor the developments and update its opinion accordingly.

For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425

Rangers arrest 9 criminals in Karachi

Pakistan Rangers Sindh has arrested nine criminals including member of MQM (London) during targeted raids in various parts of Karachi.

According to a spokesman of Rangers, illegal weapons, drugs and looted items were recovered from the accused.

Source: Radio Pakistan

‘Sachai Ki Tarang’ Engro Foods Limited opens its doors to media

Karachi, April 06, 2018 (PPI-OT): Under the campaign “Saachai Ki Tarang” Engro Foods Limited (EFL) opens its doors for media personnel of various newspapers to visit the Sahiwal Plant and see for themselves the Quality Checks, manufacturing, processing and packaging of Tarang. Given various false rumours circulating the media and the minds of the consumers, journalist fraternity was invited to eliminate any possible misconception about Tarang as well as other products of EFL.

The processing of Tarang and all other products of Engro Foods Limited is in line with the National Food Regulations and Standards set by PSQCA and International Standards set by CODEX ALIMENTARIUS. Engro Foods Limited invited a big group of media personnel for a tour of their multi-product facility. The group visited the Quality Assurance labs, the Production and Processing site as well as the Packaging lines of the plant to see the end to end process. The visit highlighted all the steps of production, along with the quality checks put in place in every phase of production.

‘Sachai Ki Tarang’ is in line with Engro Foods Limited’s business philosophy of continuous improvement in the quality of their products. Being a PSQCA certified producer of dairy products, Engro Foods Limited ensures each product meets all the regulations and requirements issued by the regulatory authorities of this industry.

Speaking on behalf of Engro Foods Limited, Ms. Nageen Rizvi, Head of Corporate Communications said, ‘At Engro Foods Limited, ensuring the health and safety of our consumers is a top priority. In ‘Sachai Ki Tarang’ we have welcomed the media at our plant to reflect complete transparency in our production processes across the board. So that our end consumers are fully aware of our quality-assurance measures. This campaign by Engro Foods Limited will reassure our consumers and our media that Tarang and all other products being offered to our consumers are in line with quality and safety standards.’

Engro Foods Limited believes in constant evolution of the production processes to lead the innovations in the dairy industry. The company’s high quality standards have been acknowledged by various prestigious forums and institutions.

For more information, contact:
Engro Foods Limited
8th Floor, Harbor Front Building,
Marine Drive, Block 4, Clifton,
Karachi, Pakistan
Tel: +92-21-35296000

Business delegation concludes three day visit to Belarus

Karachi, April 06, 2018 (PPI-OT):A 04 member business delegation has concluded a three day visited in month of March, 2018. This delegation was a follow up of negotiations made under Belarus-Pakistan Textile Forum “BELTEXLEGPROM 2017”. The delegation comprised of 03 government officials, one each from Commerce Division, Textile Division and Trade Development Authority of Pakistan and 01 representative from Pakistan’s Textile Sector.

The delegation met with the Belarusian Deputy Ministry of Industry, Belarusian Chamber of Commerce and Industry and representatives of Ministry of Foreign Affairs. During this visit, Pakistan has included Pharmaceutical and I.T products along with Textile made products for possible trade opportunities in Belarus. Belarus is producing world class woollen products which are in demand in the Pakistani market.

There are opportunities for exporters from both countries to establish joint ventures as Belarus Manufacturing units are highly sophisticated and state of the art. In order to enhance the bilateral trade ties between the two countries, further deliberations are expected to be held in the next session of Joint Economic Cooperation of Pakistan and Belarus scheduled in November 2018.

For more information, contact:
Information and Communication Division
Trade Development Authority of Pakistan (TDAP)
3rd Floor, Block A, Finance and Trade Centre,
P.O. Box No. 1293, Shahrah-e-Faisal,
Karachi 75200, Pakistan
UAN: +92-21-111-444-111
Tel: +92-21-99206487-90, +92-21-99201526
Fax: +92-21-99206461, +92-21-99201526

FBR urged to withdraw Alternative Corporate Tax

Karachi, April 05, 2018 (PPI-OT): Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the Federal Board of Revenue (FBR) to rescind Alternative Corporate Tax (ACT) being applied on companies under section 113(c) of Income Tax Ordinance 2001 @ 17% of their accounting profit if their normal tax liability or minimum tax payable under section 113 of the Ordinance is lesser than the ACT amount. The suggestion is, inter-alia, also included in the comprehensive FPCCI Budgetary Proposals being prepared under the Chairmanship of Syed Mazhar Ali Nasir, Sr. Vice President, FPCCI.

The proposal apprehended that the Commissioner Inland Revenue (CIR) has been authorized to re-compute the tax which would lead to tax disputes that would be arise due to difference of opinions between the assesses and the CIR in computation of tax liability and would run counter-productive to the government efforts to minimize direct contact between a taxpayer and a tax collector as it results in tax evasion and corruption. “It appears that the FBR intends to collect extra money from the existing taxpayers instead of broadening of tax net”, it added.

It argued that withdrawal of ACT would provide correct taxation of the companies and give cash flow relief to those companies having available tax losses for adjustment against the current year’s income as ACT has made all types of allowances, concessions, tax credits adjustment of brought forward losses available under the Ordinance redundant.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332