CDC, PSX, NCCPL host welcome dinner

The Central Depository Company of Pakistan Limited, Pakistan Stock Exchange, and National Clearing Company of Pakistan Limited hosted a welcome dinner in honour of the delegates and speakers attending the Second International Islamic Capital Markets Conference and Expo as per a press release.

In his welcome address, Securities And Exchange Commission of Pakistan Chairman Akif Saeed emphasised the remarkable progress of Pakistan’s Islamic finance industry in promoting Shariah-compliant financial practices and fostering collaboration with international players.

Under the theme ‘From Tech Transformation to Realising Sustainability: Building an Inclusive Islamic Capital Market,’ the conference will address critical challenges and opportunities in building a resilient, inclusive, and sustainable Islamic capital market.

Gas discovered in Samanasuk

Oil and Gas Development Company Limited (OGDCL) has announced a significant gas and condensate discovery in the Samanasuk Formation, an exploratory zone, at the Bettani-02 (Slant) well located in the Laki Marwat district of Khyber Pakhtunkhwa, as per a press release.

This marks the first-ever hydrocarbon discovery in the Samanasuk formation within the Wali Exploration License. It has further extended the hydrocarbon play area in the southwestern part of the Bannu Basin and de-risked the exploration potential of deeper reservoirs in the region. OGDCL has already designed a comprehensive exploration program to further enhance energy self-reliance in the country.

BoK partners with PGH

Bank of Khyber has signed a Memorandum of Understanding with Peshawar General Hospital as per a press release. The agreement was signed by Abdullah Ghaffar, Group Head of Islamic Banking, BoK, and Khurshid Ahmad, Hospital Director, PGH, in the presence of Hassan Raza, MD/CEO, BoK, alongside senior executives from both organisations.

As part of this agreement, employees of PGH will have access to a variety of Islamic Consumer Finance products and services, including financing for houses, cars, motorcycles, and personal needs, on a priority and preferential basis.

InfraZamin and Saudi Pak partner up

InfraZamin Pakistan and Saudi Pak Industrial and Agricultural Investment Co Ltd signed a landmark transaction to provide an 11.5-year Distributed Solar Financing Facility to Acumen Energy Limited for Rs1.28 billion as per a press release. The facility will be backed by a Rs1.04bn credit guarantee to Saudi Pak and will mark InfraZamin’s first foray into renewable energy.

The transaction, supported by the Private Finance Advisory Network and Capital Resource as the advisors, will enable Acumen Energy Limited to finance the development of approximately 12MW of solar power projects.

Maheen Rahman, CEO of InfraZamin Pakistan, stated: “By providing a credit guarantee for renewable energy projects, InfraZamin is paving the way for affordable and clean energy solutions that align with Pakistan’s climate goals.”

Shan partners with SHINE

Shan Foods has partnered with SHINE Humanity to advance its goal of establishing an accessible and affordable healthcare infrastructure across the Kunri Tehsil in rural Sindh, as per a press release. Adhering to the UNSDG 3: Good Health and Wellbeing, this partnership is a part of Shan Foods’ larger initiative “Growing Flavour”, which aims to build a sustainable agricultural hub in Asia’s largest red chilli production site at Kunri.Since the pilot phase of the initiative three years ago, Shan Foods has introduced and executed a comprehensive community development plan across Kunri.

European software giant in Pakistan

Relational, a European business software provider, has signed a strategic partnership with Pakistan’s Dellsons Group and is set to expand its operations in Pakistan, as per a press release.

Through this partnership, Dellsons Associates will leverage its network and market expertise in Pakistan to introduce Relational’s fintech products and services to commercial banks and the financial sector across the country.

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