WorldRemit introduces zero fee transfers to Pakistan


London/Islamabad(Cliff News)Leading digital money transfer service, WorldRemit, is offering its customers zero fees for transfers of $210 or over to Pakistan. *
WorldRemit has introduced the fee waiver to further support its overseas Pakistani customers and maximise the impact of the money they send home. Pakistanis living in over 50 countries, including the USA, UK and Australia, can now send fee free, fast and secure money transfers to Pakistan directly from their phones to recipients with or without access to a bank account. Customers can choose to transfer money to Pakistan for cash collection, bank deposit or mobile money. The World Bank estimates that the Pakistani diaspora sent home over $20 billion in 2018, representing nearly 7% of the country’s GDP. Money sent from loved ones abroad helps millions of families in Pakistan pay for essential needs such as healthcare and education. Recent research by WorldRemit found that 450,000 Pakistani children are in school due to receiving international remittances.However, a significant portion of remittances to Pakistan are still sent through informal channels such as friends, relatives or hawala. Sending money through unregistered third parties can be expensive and puts customers at risk of delayed delivery times or fraud.The WorldRemit fee waiver has been introduced as the company joins the Pakistan Remittance Initiative (PRI), a joint program by the State Bank of Pakistan, Ministry of Finance and Ministry of Overseas Pakistanis to encourage Pakistanis living overseas to use formal money transfer methods to send money home.
Hamza Islam, Country Director for Pakistan at WorldRemit, said: “Remittances sent from loved ones abroad provide a lifeline for millions of Pakistani families, which is why we are always exploring new ways to make our customers’ money go further.“We are delighted to enable our customers to make fast, secure and fee free money transfers to Pakistan with a few taps from their phones. The fee waiver is applied automatically, and customers can follow their money’s journey at every step using our ‘Track your Transfer’ function. By bearing the cost of sending remittances, the Government of Pakistan is incentivising Pakistanis to send money without fees via more secure and convenient formal channels.”Mr, Moinuddin, Head of PRI and Divisional Head EPD at State Bank of Pakistan, said: “As they are not regulated, informal international money transfers leave senders at risk of fraud, high-costs and in some cases the money might not reach their recipients.The prime objective of Pakistan Remittance Initiative (PRI) is to encourage Overseas Pakistanis to switch to formal money transfer methods. In order to further efficiency gains, PRI is increasing global outreach with high tech money transfer companies and adopting digital products such as WorldRemit’s convenient digital service. By enabling trusted remittance providers to waive their fees, we are offering the Diaspora a cheaper and more secure way to send money back home to support their loved ones and contribute to Pakistan’s bright future.”



ACCA’s Foundation Diploma-A fast track career in finance for Matriculation and Intermediate students

You’ve completed your exams, well done! There’s a lot to think about and consider regarding your future qualifications. The key is to find a fulfilling career; something that you feel enthusiastic about and which also gives you financial rewards.

Why should I choose a career in professional accountancy?

A career in professional accountancy is a great choice and can offer you excellent career prospects. You could work your way right to the very top of an organization with the right professional accountancy qualification.It offers unique opportunities to excel in a variety of roles including strategy formulation, governance, risk management, IT and data sciences, start-ups, venture capital markets, investment banking, treasury and many more areas. However those wishing to undertake the role of a CFO in the future need to develop competencies in finance andaccounting, audit and assurance and taxation which form the core component of a professional accountancy qualification. In today’s world with ever evolving business models, a deep understanding of finance and governancematters is an inevitable requirement for any CEO or board member. And because finance plays a central function in any business, a professional accountancyqualification coupled with a deep understanding of financial matters can offer you prestige and a rewarding career.

Why would it interest me?

Any organization you can think of relies on the skills of qualified finance professionals. This means that, with the right accountancy qualifications, you could build a career in whichever sector that interests you. No matter what your passions are, choosing accountancy means you can follow your dreams. This is because finance professionals work in every industry. So wherever you want to work, choosing accounting and finance means you’ll be in demand with employers everywhere.There’s no limit to where the qualification could take you. It’s also very portable, so you can easily move between industries if you find one area isn’t right for you.

Think about ACCA

ACCA (Association of Chartered Certified Accountants) is the world’s most forward-thinking professional accountancy body. It has been around for a long time– over 112 years with presence in 178 countries around the world. Itmeans peoplein business know about ACCA for allthe right reasons. ACCA has a provenreputation for quality and excellence. ACCAhas more than 198,000 fully qualified members, 486,000 students and over 10,000 practicing firmsworldwide. They’re among the world’s best-qualified and most highly sought-after accountants – and they work in every sector you can imagine.Organizations know and trust the ACCA designation. ACCA is out there every day, connecting with businesses large and small, governments, educational establishments and opinion formers. ACCAis on top of emerging trends, legislation and legal requirements, helping to shape them.Because of all this, ACCA is able to create the innovative, strategic-thinking accountants our fast-changing world needs.Getting Started with ACCA Foundation Diploma: Matric / Intermediate / O-Level.ACCA Foundation Diploma is the ideal starting point for students who have completed their Matriculation, Intermediate or O- Level examination and whose ultimate goal is the ACCA Qualification. Matric and O-Level students can undertake three additional exams from the local board and earn an Intermediate equivalence.

Four great reasons to choose the Foundation Diploma

1. Faster route to the ACCA Qualification

If your ultimate goal is the ACCA Qualification, then starting with the ACCA’s Foundation Diploma will give you the essential knowledge to help you pass your ACCA exams. You will be automatically transferred onto the ACCA Qualification, free of charge, and given exemptions from the first three exams after you complete the ACCA’s Foundation Diploma.

2. Rewarding Career

ACCA’s Foundation Diploma will be your first step to becoming a professional accountant. This will increase your chances of getting a better job and a salary to match; this is because your skills will always be in demand even in the toughest of times. Qualifications awarded by ACCA are recognised, respected and in demand by all sorts of employers around the world.

3. Affordable

With computer-based exams available all year, you can complete the ACCAFoundation Diploma at your own pace.You pay for exam fees and tuition fee at each level as you go along, so there are no big upfront costs. For Matric and O-Level students the average time to complete is around eighteen months including three additional local exams, whereas an average student coming fromthe Intermediate background can complete ACCA Foundation Diploma in around twelve months and proceed to the ACCA qualification. The average cost of ACCA’s Foundation Diploma is comparable to completing Intermediate from a local institute in Pakistan.

4. Achievable

Completing ACCA requires focused study, hard work and dedication and ACCAand its Approved Learning Partners are always available to support students throughout the journey in passing exams. Historically, the ACCA Foundations Diploma students from Pakistan have been global high achievers.

What happens after you finish the Foundation Diploma and what kind of work can you do with this qualification?

After finishing your Foundation Diploma you will automatically be transferred onto the ACCA Qualification and can begin your journey towards ACCA membership. To become an ACCA, a studenthas to complete 13 exams, an online module on Ethics and Professional Skills and 36 months of practical training in a relevant role with an employer in any sector. Such trainings are supervised by qualified accountants and helps students achieve defined competency ranging from basic conduct and leadership traits to practical experience dealing with complex assurance, financial reporting, taxation, advisory, general management and other related matters. During such trainings ACCA students and workplace supervisors are fully supported by ACCA to achieve the best quality of training, so that once the students become ACCA members, they are work-ready and add value to the businesses.As an ACCA qualified member, there is no limit in terms of opportunities. ACCA members are working across the globe in multiple roles including core finance, assurance and taxation to supply chain, commercial roles, strategy, civil services, CEO/CFO/Company secretaries of listed and public sector entities. In Pakistan the local statute provides ACCA members legal privilege to operate and work in various roles or sectors.One of the benefits of being part of the world’s largest and fastest-growing accountancy body is the opportunity to network with many like-minded professionals.ACCA’s alumni network across the globe consisting of 198,000 members and offices worldwide supportsACCA members relocating to new countries so they feel they are supported in their career aspirations.ACCA currently has more than 7,400 Approved Employers and 80 accountancy partnerships worldwide – and connectsACCA members with thousands of job vacancies through the ACCA Careers Job Board.

Six great benefits of the ACCA Qualification:

The professional level of the ACCA Qualification has been set at the same level as a Master’s degree by the Higher Education Commission (HEC) of Pakistan.Be recognised by a vast network of employers, governmental bodies and professional accounting bodies across the world.The ACCA qualification gives you an opportunity to achieve a BSc degree from a UK University. This degree is exclusively available to ACCA students and is awarded by Oxford Brookes University and is the same level as any other UK undergraduate degree programme.You even have the opportunity of earning an MSc in Professional Accountancy from the University of London. This has been made possible through an innovative partnership between ACCA and the University of London; the MSc in Professional Accountancy is the only integrated master’s programme with an accountancy body at a professional level in the world.ACCA qualification includes 36 months mandatory practical training in a relevant role with employers which makes a student work-ready.Lifetime support is available for ACCA members globally so they feel they are supported in achieving their career goals.

Film industry delegation meets with Governor Sindh


Karachi (Cliff News)Film Producers Association delegation lead by Chairman Mr. Syed Noor, Chairman distributors Association Mr. Mohammad Ijaz Kamran and IMGC group Chairman Mr. Sh. Amjad Rashid met with Honorable Governor Sindh Mr. Mohammad Zubair.Governor Sindh appreciated services and contribution of Mr. Syed Noor in film industry. Mr. Syed Noor appreciated noble gesture of federal government and patronage of Honorable Governor Sindh to hold Pakistan International Film Festival (PIFF). However it was pointed out that film industry was not truly represented in throughout festival. Even major players in the film industry like Evernew group, Eveready group, IMGC group, HKC group with contribution of over 80% of movies produced and released have not been taken on board.It shows discrimination particularly to Punjab where offices of recognized producers association established 63 years ago along with office of distributors association. Most of the senior technicians, artists, producers are based in Lahore with viable contribution in the growth of film industry after partition. Still most of the artists and technicians working in Sindh belongs to Punjab.Mr. Mohammad Ijaz Kamran also pointed out film policy announced in film convention but so far it is restricted upto announcement. No practical step has been taken including welfare fund for artists and technicians.Mr. Sh.Amjad Rashid Chairman IMGC group having released around 290 movies and with major investment of around Rs.280 million in Pakistani movies forwarded his points of views particularly desired role of federal government for promotion of business in China . India has successfully launched and earned substantial foreign exchange with the release of movie DANGAL, SECRET SUPERSTAR, BAJI RAO MASTANI and (mediocre movie HINDHI MEDIUM has crossed business of $ 23.82 million ).No Pakistani movie has been released so far. Though earlier in 1950;s and 1960’s successfully Pakistani movies created a record business. Breakthrough is only possible with government support. Most of the policies and offices are controlled by public sector in China. Allocation for Pakistani quota has not approved. No movie has been released including movie ‘Chalay Thay Saath’ having Chinese hero and posturized on the boarder of Pakistan – China. There is dire need of joint production between Pakistan & China.During the visit of Indian Prime Minister and other delegate film makers from private sector have been included in the delegate and respective meetings were arranged and signed in presence of Indian prime Minister. In spite of most cordial and brotherly relations with China no higher dignitaries visits have included private sectors delegate for release of Pakistani movies and imports/exports of Chinese movies and co-production. All efforts to brief & appointment with State Minister of information is failed.Secondly it was also pointed out that incentives for international releases of Pakistani movies is required from government. Tax exemption for producers, distributors have not been announced and formally not incorporated.. Proposal has been submitted to the Minister.Governor Sindh graciously accepted reservations expressed by the delegate. He assured that federal government treats all the provinces alike and would have appreciated participation particularly notable routed industry i.e. from the Punjab.He promised with delegate to take up proposal including release and co-production of Pakistan – China with federal government. Other subjects discussed were also assured for his support and patronage. Delegate thank Honorable Governor Sindh for his time and understanding.

Meezan Bank and IBA sign agreement for Fee Collection

Eng Cap MBL, IBA

Karachi(Cliff News)Meezan Bank, Pakistan’s first and largest Islamic bank recently signed a fee collection agreement with the Institute of Business Administration, Karachi (IBA). Under this agreement, the Bank will provide Payments & Cash Management services to IBA through the Bank’s state-of-the-art web based electronic solution ‘eBiz+’. The agreement was signed by Mr. Ijaz Farooq, Group Head Retail Banking- Meezan Bank and Mr. Moeid Sultan, Director Finance- IBA.This agreement between IBA Karachi and Meezan Bank is a testimony of the Bank’s expertise in the field of payment and cash management services through which the Bank provides digitalized collections solutions to its clients for a hassle-free banking experience.Meezan Bank is the 8th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 600 branches supported by a countrywide network of over 580 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Application facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards,Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.

Indus Motors announces half yearly financial results of 2017-18

Karachi(Cliff News)The Half Yearly Board Meeting of Indus Motor Company Ltd. for FY 2017-18 was held on February 23, 2018.The combined sales of IMC CKD and CBU for the half year ended December 31, 2017 was 30,651 units, up 6% over 28,833 units for the same period last year. The company’s sales revenue increased to Rs. 63.3 billion from Rs. 51.4 billion for the same period last year, with an after tax profit of Rs. 7.36 billion, against Rs. 6.07 billion achieved in the same period last year. The increase in revenues and profits is mainly due to improved turnover of both CKD and CBU vehicles against the same period last year, along with improvement in operational efficiencies and sales mix.An interim cash dividend of Rs. 32.5 per share was announced for the quarter ended December 31, 2017, as against same period last year of Rs. 25 per share.Mr. Ali Asghar Jamali, CEO Indus Motor Company, commenting on the occasion, said that demand for automobiles remained robust throughout the period, stemming from the favourable macroeconomic indicators, positive consumer sentiment and the availability of consumer credit. Industry-wide sales of locally manufactured PCs/LCVs stood at 124,138 units during the first half of FY 2017-18, up 27% from 97,533 units sold during the same period last year. The import of used cars has increased significantly to 44,760 units for six months, as against 24,100 units last year for same period.The abrupt and significant depreciation in the rupee towards the end of first half of the year, has increased the cost of imported inputs by the company and its vendors. This ultimately forced the company to regretfully pass on certain impact to the customers in terms of price increase of vehicles.During the period, the company achieved the milestone of production of 750,000 vehicles since its inception. In December 2017, the company showcased its Camry Hybrid Vehicle, a luxury sedan with a powerful shape and captivating style, to key customers. A multi-billion rupee investment is being made in the paint shop to increase production capacity, which is expected to yield results starting from the last quarter of this financial year.