Al Baraka Bank & Peekaboo Guru collaborate

Al Baraka Bank has partnered with Peekaboo Guru (Pvt) Ltd to drive its digital experiences by integrating Peekaboo Connect into its digital channels, as per a press release.

A signing ceremony was held at the Head Office of Al Baraka Bank Ltd, Pakistan, on 6th September 2024. Present at the ceremony from Al Baraka were Muhammad Atif Hanif, CEO and Muhammad Zohair Saif, Chief Digital Officer, as well as Mehdi Hassan, CEO of Peekaboo Guru (Pvt) Ltd, along with Senior Team Members of both organisations.

On this occasion, Mr Hanif said, “Peekaboo Guru (Pvt) Ltd is our digital partner in growth, which will further enhance our customer experience on Debit Card deals and discounts.”

Mr Hassan spoke of the occasion: “By combining our strengths, we are confident that this collaboration will deliver exceptional value and innovation, complementing the strategic objectives of Al Baraka Bank.”

FAML earns ‘AM1’ rating

Faysal Asset Management Limited (FAML), a subsidiary of Faysal Bank Limited, announces that it has attained a Management Quality Rating (MQR) of ‘AM1’ by VIS Credit Rating Company Limited, as per a press release.

The company has recently transitioned a significant portion of its Assets Under Management (AUM) into Shariah-compliant investments since becoming Pakistan’s first certified Shariah Compliant Asset Management Company in March 2024, attracting a diverse investor base and solidifying its reputation in the Islamic asset management sector.

The ‘AM1’ rating also acknowledges the unwavering support from its parent company, Faysal Bank Ltd. Looking ahead, FAML is poised to maintain its competitive edge with a clear focus on governance and internal control frameworks.

PQFTL & Meezan Bank sign MoU

Pak-Qatar Family Takaful Limited (PQFTL) and Meezan Bank have announced a strategic partnership aimed at revolutionising the financial landscape in Pakistan, according to a press release.

This collaboration was formalised through a memorandum of understanding (MoU) signed by Waqas Ahmad, Chief Executive Officer, Pak-Qatar Family Takaful Limited, and Muhammad Abdullah Ahmed, Group Head of Transaction & International Banking at Meezan Bank, in the presence of senior management teams from both organisations.

Commenting on this occasion, Mr Ahmad said, “Our strategic approach not only enhances our end-to- end service delivery but also aligns with our vision to provide innovative and customer-centric financial solutions.”

Mr Ahmed expressed his views on the partnership, stating, “Our eBiz+ Payment system is designed to provide seamless, real-time services, and we are pleased to support PQFTL in delivering this innovative feature to their clients.”

SLIC’s half-yearly results

The State Life Insurance Corporation of Pakistan (SLIC) reported a gross profit of over Rs18bn, showing 80pc growth compared to the same period, last year, as per a press release.

Highlights from the report include a gross premium income of over Rs165.24bn collected, an increase of over 18pc compared to the same period in 2023; an investment income of over Rs152.08bn, over 59pc higher than in 2023; and a net profit of over Rs11.01bn, 85pc higher compared to the same period of last year.

Lipton CEO steps down

Nathalie Roos has chosen to step down as chief executive officer of Lipton Teas and Infusions for personal reasons, in agreement with the board, after successful years running the world’s leading tea business, as per a press release.

Nathalie became CEO in July 2022 and has since overseen the creation of Lipton teas and infusions as a world-leading consumer beverage group. She and her team have relaunched many of the company’s key brands with considerable success, and earlier this year, she oversaw the establishment of a new global responsible sourcing partnership with the world’s largest tea exporter, Browns Investments, in an agreement that included the transfer of the Lipton teas estates in East Africa.

Published in Dawn, The Business and Finance Weekly, September 16th, 2024