IBA’s talent hunt

The Institute of Business Administration (IBA) organised an orientation ceremony for IBA-Talent Hunt Orientation Program - Batch 2023 at the main campus in Karachi to welcome over 250 enrolled students.

The program provides free-of-cost training to selected students from underserved communities for six weeks, preparing them for the rigorous admission process at IBA.

Selected students are offered up to 100 per cent scholarships for a four-year undergraduate degree program covering accommodation, mess, and other recurring educational expenses.

This year the IBA-NTHP joined hands with Ihsan Trust, a not-for-profit organisation, and the Oil & Gas Development Company Limited Pakistan (OGDCL) to prepare more than 250 students for its orientation programme cycle.

The breakdown for Talent Hunt Program- Batch 2023 includes students from various regions of the country, including Azad Kashmir, Skardu, Kotri, Baluchistan, Chitral, Kohat and Siachen.

OGDCL revives Jhal Magsi gas project

In a significant move towards meeting the country’s growing energy demands, the Oil and Gas Development Company Limited (OGDCL) has revived the Jhal Magsi Gas project.

The state-of-the-art gas processing plant has a daily capacity to produce 13.7 MMSCF processed gas and 45 BBL per day of condensate and will mitigate escalating energy needs of Pakistan.

Besides commercial operations, the company has underscored its dedication to transforming the lives of the local community in Jhal Magsi through a series of social welfare initiatives in the areas of education, health, water, and infrastructure.

As part of its efforts, OGDCL has provided ambulances to the District Headquarters Hospital in Jhal Magsi and has installed a Reverse Osmosis plant to provide clean drinking water.

OGDCL is actively contributing to the socioeconomic development of the Jhal Magsi district by combining its commitment to meeting the country’s energy requirements with community-focused initiatives.

Meezan Bank’s 2023 entity ratings

VIS Credit Rating Company Limited has reaffirmed the entity ratings of Meezan Bank Limited (MEBL) at “AAA/A-1+”. The “AAA” rating denotes the highest credit quality, with negligible risk factors, while the A-1+ rating denotes the highest certainty of timely payment — short-term liquidity, including internal operating factors and access to alternative sources of funds, is outstanding and safety is just below risk-free. VIS has also reaffirmed ratings of the outstanding Basel Three Compliant Tier one and Tier two Sukuk (Sukuk three and Sukuk four) of MEBL at ‘AA+’ and ‘AAA’, respectively.

As of March 2023, MEBL has strengthened its position, becoming the fourth largest bank in terms of deposits and the third largest in terms of financing, with market shares of 7.60 per cent and 8.87pc respectively. Additionally, MEBL has experienced notable changes in asset allocation and deposit composition, demonstrating strong growth in business assets and deposits while maintaining a robust liquidity profile.

Lipton collaborates with Abhi

Lipton Teas & Infusions Pakistan announces collaboration with Abhi to empower its employees by revolutionising salary access via an employee benefit called Earned Wage Access (EWA) that will offer employees access to earned wages before the traditional pay cycle.

With Abhi’s user-friendly mobile app, SMS, or WhatsApp, employees can effortlessly access a portion of their earned salary, request and receive funds directly into their bank accounts, avoiding the need for interest-bearing loans or seeking financial assistance during challenging times.

PMN elects new chairman

The Pakistan Microfinance Network (PMN) elects president and CEO of U Microfinance Bank (U bank), Kabir Naqvi as the new chairman.

Mr Naqvi brings a wealth of experience, insight and expertise and he has played a pivotal role in the remarkable turnaround and expansion of the U bank and has been a key figure in the microfinance industry for nearly two decades, maintaining a commitment to the subjects of economic enablement, poverty alleviation and sustainable growth. His visionary leadership, strategic thinking, and proven track record make him an ideal candidate to lead and steer PMN’s mission forward.

Published in Dawn, The Business and Finance Weekly, July 10th, 2023