ICAP, SBP host AAOIFI public hearing


KARACHI (PR): Institute of Chartered Accountants of Pakistan (ICAP) in collaboration with the State Bank of Pakistan (SBP) Monday hosted a public hearing on behalf of Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) on the Exposure Drafts Governance Standard: Central Shari’ah Board and Accounting Standard: Murabaha and deferred payment sales at ICAP.

The sessions were attended by Shariah Scholars, personnel from the banking and finance profession and members of ICAP. Omar Mustafa Ansari, Deputy Secretary General of AAOIFI, presented the salient features of the draft standards followed by full reading of drafts with interactive discussions. Ansari informed that with the growth and expansion of Islamic banking and finance, a central or national approach has emerged across the globe with respect to Shari'ah Boards that function at the level of the wider Islamic finance industry, advising or supervising products, practices, operations, etc.

This governance standard seeks to provide guidance to the regulators to help define the key terms of reference and principles for such boards and to standardize the global regulatory practices in this respect.

The session on the Governance Standard was chaired by Dr Ishrat Hussain, Chairman of the AAOIFI Governance Board, and the session on the Accounting Standard was chaired by Nadeem Yousaf Adil, President ICAP.

Spirit of Math Campus opens in Johar Town


LAHORE (PR): Spirit of Math, a Canadian-based elite school system, has partnered with Kids Kampus Johar Town to offer Math classes to high performing students. The basic aim of this initiative is to inculcate in students the power of critical thinking and logical reasoning, which will help them learn and grow in an informative healthy environment.

Kids Kampus Johar Town, Pakistan’s leading pre-school network, will be offering Spirit of Math classes starting from the last week of August to nurture Mathematical abilities of every high achiever. Classes will take place once a week for high-achieving students and the program will run for 39 weeks altogether. The registrations are open for Grade Kg - Grade 5 with limited space. With the mission to promote co-operation, inspire confidence, and release the genius in every child, Spirit of Math is paving a way forward for gifted students by challenging them in competitive environment. While talking about the program, Kirsti Langen, Academic Director Spirit of Math, commented, “Spirit of Math is Canada’s largest and most successful after-school Math enrichment program. We are very excited to now be in Pakistan and help bring Pakistani students from the top of their class to the top of the nation.”

This initiative intends to amplify student’s ability to argue and learn in a competitive yet informative environment by strengthening the spirit of teamwork, confidence and character building.

Spirit of Math, unlike other coaching centers, focuses on high performing students only and harness their comprehending and logical skills. It offers a dynamic classroom environment while focusing on critical thinking, logical reasoning and mathematical skills. By updating the syllabi, training teachers, and expanding a series of Math workbooks Spirit of Math is changing the course of mainstream Math courses taught in Pakistan.


PSO joins hands with Telenor Pakistan


ISLAMABAD (PR): Pakistan’s largest oil marketing company, Pakistan State Oil has partnered with Telenor Pakistan, Pakistan premier digital and mobile financial services provider, to offer branchless banking services nationwide utilizing its 3,500 outlets across the country and massive cash management strength; giving its customers the convenience like never before. The agreement was signed between GM NBD PSO, Babar H Chaudhary and Director Sales & Distribution Telenor Pakistan, Mohammad Qasim Awan at PSO Headquarters in Karachi. Present at the event were MD PSO Sheikh Imran-ul-Haque and Telenor Pakistan CEO IrfanWahab Khan and various other senior officials from both organizations. Branchless banking has proved to be an alternative mode to conventional branch-based banking that creates a distribution model for a host of vital financial services including peer-to-peer money transfer through CNIC, opening up of an account instantaneously with low KYC requirements, issuance of instant debit cards, utility bill payments of all utility companies, mobile phone payments & top ups, government funds collection/payment including pensions and corporate cash management & insurance.  Customers shall now have easy access to all such services round the clock at PSO Stations.


The number of branchless banking accounts increased by 73 per cent to 23.69 million in 12 months through March, the State Bank of Pakistan (SBP) reported recently. This only highlights the growing potential and awareness of the benefits of branchless banking. It is the aim of PSO and Telenor Pakistan to provide access to financial services to every corner of the country. The branchless banking industry experienced overall improvement in key indicators in Jan-Mar. A significant increase was observed in the number of accounts, which grew 19pc over the preceding quarter.

Speaking at the event MD PSO, Sheikh Imran-ul-Haque stated, “We intend to make PSO a one stop preferred destination of choice for every fuelling consumer in the country. Partnering with Pakistan’s largest digital services provider, Telenor (EasyPaisa) Pakistan to provide branchless banking services across Pakistan takes us one step closer to transforming PSO into a retail giant beyond the status of just an oil marketing company.”

Expressing his views at the event, CEO, Telenor Pakistan, IrfanWahab Khan said, “We are excited to be part of PSO’s retail revolution as it also gives Telenor the opportunity to further expand its footprint and get more opportunities to serve our valued customers through PSO’s outlets countrywide.” “Telenor believes in bringing empowerment to the people through digital services, for which their availability and access must be seamless and unrestricted by time, and this partnership will help us make it possible.”

Under its retail transformation initiative, PSO aims to not only provide fueling services at all of its outlets, but also venture into non-fueling services, making its outlets a one-stop solution for the needs of its customers.  The introduction of non-fueling facilities will give a competitive advantage to PSO in terms of greater offerings on its stations as compared to that of any of its competitors.