FM meeting with Bank Al Baraka

According to a press release, the Board of Directors of Bank Al Baraka Ltd, Pakistan, recently met with Senator Muhammad Aurangzeb, the FederalMinister for Finance and Revenue.

The meeting was held in Islamabad, and the Finance Minister shared insights on the positive progress made with the International Monetary Fund, the country’s overall financial outlook, and the economy.

Mr Aurangzeb also emphasised the Government’s commitment to implementing prudent economic policies to ensure the sustainable development of the country and all stakeholders.

On this occasion, Dr Jehad El-Nakla, Chairman of the Board of Al Baraka Pakistan, presented a token of gratitude to the Finance Minister.

Burj Solar and PCL collaboration

Burj Solar and Power Cement Limited (PCL) have announced a collaboration to develop and finance a 9.6MW wind power project, according to a press release.

The wind project involves installing 2 x 4.8MW wind turbines at PCL’s premises under the 20-year build-own-operate-transfer structure. The project demonstrates substantial commercial viability as it offers significant savings to PCL’s energy costs and reduces reliance on fossil fuels.

Arif Habib, Chairman of the Arif Habib Group, spoke at the occasion, “We firmly believe that through collaborative efforts with Burj, we can collectively mitigate the adverse effects of climate change and achieve the United Nations Sustainable Development Goals.”

Muneer Kamal, Chairman of Burj Modaraba and CEO of the Pakistan Bankers Association (PBA), also expressed his deep appreciation for the collaboration between Burj Solar and Power Cement.

EFU Life acquires EFU Health

According to a press release, EFU Life Assurance Ltd. has an­nounced the acquisition of EFU Health Insurance Limited, completing EFU Health’s amalgamation into EFU Life.

Speaking on the occasion, Mr. Mohammed Ali Ahmed, Managing Director & CEO of EFU Life, said, “We are determined to elevate the standards of healthcare coverage in Pakistan. The former EFU Health Insurance Limited customers, now under the EFU Life umbrella, will experience a wider range of health insurance solutions and an enhanced service experience.”

Soneri Bank’s financial results

According to a press release, the Soneri Bank Limited Board of Directors, in their meeting held in Karachi on April 30, 2024, approved the Bank’s condensed interim financial statements for the quarter ended March 31, 2024.

Among other positive variables, the Bank posted a profit before tax of Rs3,554 million and a profit after tax of Rs1,760 million for the quarter. It recorded an EPS of Rs1.6 per share, a net interest income of Rs5,849m, a non-interest income of Rs1,603m, and a non-markup of Rs4,385m for the current year.

HR Pinnacle Awards inaugurated

According to a press release, on Friday, April 26, 2024, Senior human resource (HR) leader Ashaar Saeed and The Recruiters Pakistan launched the inaugural HR Pinnacle Awards in collaboration with the World Happiness Foundation, United States. The event witnessed a gathering of over 200 esteemed HR decision-makers and CEOs, marking a significant milestone in recognising excellence in HR.

The HR Pinnacle Awards aim to celebrate outstanding achievements and innovations within the industry, highlighting the pivotal role played by professionals in shaping organisational success and fostering a culture of growth and development.

Published in Dawn, The Business and Finance Weekly, May 6th, 2024