BtcDana launches Eid al-Adha community support initiative in Pakistan

UAE-headquartered BtcDana, a contract for difference (CFD) broker, has announced a community support initiative in Pakistan following its Eid al-Adha Trading Rewards Campaign. 

In Pakistan, BtcDana's support will focus on child welfare and orphan care. These programmes provide essential resources, care, and assistance to children who require additional social support and protection. 

"Eid al-Adha is a time of generosity, compassion, and shared responsibility," said Peter Chow, founder of BtcDana. 

"Through this initiative, we are proud to channel our clients' trading momentum and our brand's commitment into meaningful, lasting support for children, education, and local communities."

Zee5 zeroes in on Pakistan, Bangladesh

Source: Zee5. Images for the #ShareTheLove campaign.

Three months after its soft launch across 190+ countries, digital entertainment platform ZEE5 is now focused on Pakistan and Bangladesh.

The #ShareTheLove is themed around the similarities that ZEE5 shares with Pakistan and Bangladesh in terms of culture and entertainment. Bringing in a strong bouquet of content which resonates with audiences in these markets, including Hindi and Bengali original shows like Rangbaaz, Kaali and the upcoming Sharate Aaj, original films like Aranyadeb and Tigers as well as digital premieres like Namaste England and Praktan; ZEE5 shares the love.

Amit Goenka, CEO, ZEE International and Z5 Global, said, "Indian content, especially our TV shows, movies and music gets tremendous love across the globe, and especially so from the sub-continent due to the relatability. We are glad to announce our availability in Bangladesh and Pakistan vide our new campaign #ShareTheLove and we look forward to getting a tremendous response from these markets."

"Good content transcends borders and especially so with Pakistan and Bangladesh where there is so much shared context of culture and language. This high energy TVC captures our innate similarities and showcases the content that we all love to watch, which is now available on ZEE5. With this message at its core, #ShareTheLove is sure to resonate beautifully with audiences in these markets," adds Archana Anand, Chief Business Officer, ZEE5 Global.

ZEE5 offers 1,00,000 hours of Indian movies, TV shows, cine plays, music, videos and exclusive originals across 12 languages - English, Tamil, Hindi, Malayalam, Telugu, Kannada, Marathi, Bengali, Oriya, Bhojpuri, Gujarati and Punjabi. It also offers 60+ popular live TV channels.

Details:

Download the ZEE5 app from Google Play Store or the iOS App Store. ZEE5 is also available . ZEE5 is also available on Samsung Smart TV, Apple TV, Android TV and Amazon Fire TV.

Watch the TV commercials in Bangladesh and Pakistan

Pakistan opens tender for food waste disposal for Hajj 2018

The Office of the Pilgrim's Affairs Pakistan (OPAP) of the Consulate General of Pakistan in Jeddah, KSA, is requesting expressions of interest (EOIs) and bids for the disposal of food waste at buildings to be inhabited by Hajj pilgrims for Hajj 2018 (1439).

There are about 190 buildings concerned, in Azizia and Batha Quraish in Makkah.

Authorised attorneys and registered companies with valid licences and experience may apply by 22 July 2018, 11am.  Bidders or their representatives are invited to be present when the bids are opened at OPAP at 11.30am on the same day.

Agents and middlemen may not apply.

Details:

Enquiries should be sent to dghajjjeddah at gmail dot com.

KSA warns Pakistan about umrah overstayers

The General Directorate of Passports (Jawazat), KSA, has informed the Ministry of Religious Affairs in Pakistan that umrah pilgrims have deliberately overstayed their visas and are looking for jobs in KSA.

Umrah pilgrims caught defaulting on their visas are liable to a fine of SR50,000, and a prison term of six months, after which the overstayer will be deported. If the individual cannot pay the fine, an additional prison term will be imposed.

Tour operators are responsible for umrah pilgrims who go missing. Their licences will be cancelled, with penalties, should umrah pilgrims not return as scheduled.

Pakistan Ulema Council Association backs KSA on status quo

The Pakistan Ulema Council Association has praised KSA's role, led by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud; and HRH Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince and VP of the Council of Ministers and Minister of Defense, in support of Muslim countries and defense of Muslims and Islamic issues as well as its commitment to preserving the security and stability in the region.

According to the report by the Saudi Press Agency, the statement was made at the Conference on the Protection of the Three Holy Mosques of Makkah, Madinah and Al-Aqsa of Jerusalem Al-Quds held in the Pakistani city of Lahore.

The delegates expressed support for KSA in its quest to protect the country from the attacks by the Iran-backed Houthi militias, and rejected calls to politicise the Hajj and umrah, reaffirming that KSA has the capabilities to oversee Islamic activities in the sacred places throughout the year.

Low-paid employees in Pakistan may be eligible to go for Hajj 2018

The Pakistani government has invited corporate sector entities and public organisations to provide lists of low-paid employees who may be eligible to attend Hajj 2018 as part of the government's corporate social responsibility initiatives.

The Ministry of Religious Affairs & Interfaith Harmony will shortlist applicants on a case by case basis.

Details:

Nominations must be made on forms available online and submitted by 30 March 2018.

Meezan Bank moves two outlets

Islamic bank Meezan Bank has made two branch relocation announcements to date in 2018.

The bank's City Center Rahim Yar Khan branch will be relocated on 19 February to:

23-Model Town, Rahim Yar Khan

Call 068 5887 6 0708 in Pakistan with enquiries.

The bank's Khyber Bazar branch in Peshawar 0781 will move on 1 March to:

Property No. 417/D, Rehman Baba Colony
Mohallah Akara Mufti Abdul Latif Khan
Outside Bajori Gate, Khyber Bazar Peshawar

Call 091 2564 0 1920 with enquiries

Pakistan launches competitions for religious publications

Pakistan's Ministry of Religious Affairs and Interfaith Harmony has launched Seerat-un-Nabi Book, Maqalat and Na'at Book competitions for 2018. Na'at refers to poetry written in praise of the prophet Muhammad (ﷺ) while seerah-un-Nabi refers to the life of the prophet Muhammad (ﷺ). Maqalat refers to discussions.

Prizes for the Seerat book competition range from Rs35,000 for regional language book winners to Rs100,000 for the first prize for a book written in Urdu.

Top prize for the Na'at book competition is Rs50,000 for a na'at written in Urdu.

A book competition only for women scholars has prizes of Rs100,000, Rs75,000 and Rs50,000 respectively for books written in English or Urdu, on any general Islamic topic, seerat-un-Nabi, or na'at-e-rasul.

There are also competitions for journals and magazines with special issues on seerah or na'at, as well as a Maqalat-e-seerat competition.

Details:

View the terms and conditions (JPG). The deadline is 20 March, 2018.

Pakistan's Office of Pilgrims Affairs invites bids for accommodation, catering in Madinah for Hajj 2018

The Office of Pilgrims Affairs (OPAP), Consulate General of Pakistan, Jeddah in KSA has published an invitation to submit expressions of interest/bids (EOI/bids) from the owners and their authorised attorneys of buildings in Madinah for rent to Pakistani hujjaj in the Hajj 2018 season (1439).

Such buildings must be in the city centre. The organisations must be registered with the KSA Ministry of Hajj and Moassassah Adillah Madinah-al-Munawarah and other relevant authorities as required under rules.

The OPAP has also invited EOI/bids for provision of food and catering services to Pakistani hujjaj at their buildings in Madinah directly from the catering companies over the same timeframe. The owners of catering companies of Madinah are to offer rates for three meals as per the menus given to all eligible bidders.

The catering company should be registered with the Ministry of Hajj, KSA, Amanah Madinah-al-Munawarah and other relevant authorities as required under the rules.

Interested?

All EOIs/bids must reach OPAP, Consulate General of Pakistan, PO Box 182, Jeddah 21411 by noon, 11 January 2018. Bids will be opened at 2pm on the same day in the presence of bidders or their representatives who may choose to be present. OPAP reserves the right to reject any bid without assigning any reasons. Agents or suppliers are not eligible.

View detailed terms and conditions (PDF)

Pakistan's MORA issues procedures for Hajj substitutions

The Pakistan Ministry of Religious Affairs and Interfaith Harmony has released procedures around substitution hujjaj (Hajj pilgrims).

The ministry separately announced that a new committee has been convened to examine the profiles of Hajj companies for Hajj 2018. The committee is to have nine members, and will be chaired ny the Minister of State for Religious Affairs and Interfaith Harmony.

Interested?

View the hujjaj substitution rules and regulations (PDF)

IMF says Pakistan economic outlook favourable, outlines risks

The Executive Board of the International Monetary Fund (IMF) concluded its Article IV consultation* with Pakistan on June 14, 2017.

Pakistan’s outlook for economic growth is favourable, the IMF said, with real GDP estimated at 5.3% in FY2016/17 and strengthening to 6% over the medium term on the back of stepped-up China Pakistan Economic Corridor (CPEC) investments, improved availability of energy, and growth-supporting structural reforms. Inflation has been gradually increasing but remains contained, the IMF team said, and the financial sector has remained sound.

However, macroeconomic stability gains made under the 2013-16 IMF Extended Fund Facility (EFF)-supported programme have begun to erode and could pose risks to the economic outlook, the IMF warned. Fiscal consolidation has slowed, with the 2016/17 budget deficit target of 4.2% of GDP (authorities’ latest projection) is likely to be exceeded, the IMF said.

The current account deficit has widened and is expected at 3% of GDP in 2016/17, driven by quickly rising imports of capital goods and energy. Foreign exchange reserves have declined in the context of a stable rupee/dollar exchange rate. On the structural front, while the successful implementation of business climate and financial inclusion reforms has continued, some renewed accumulation of arrears in the power sector has been observed, and financial losses of ailing public sector enterprises continue to weigh on scarce fiscal resources.

IMF Directors agreed** that the growth outlook remains favourable, but noted that policy implementation weakened recently and macroeconomic vulnerabilities are reemerging. They  emphasised that sustained fiscal consolidation over the medium term, in line with the Fiscal Responsibility and Debt Limitation (FRDL) Act, is critical to strengthen economic resilience, safeguard fiscal sustainability, and limit pressures on the current account and international reserves.

To this end, Directors recommended mobilising additional tax revenues by broadening the tax base and strengthening tax administration; and enhancing the composition of public spending by containing the wage bill’s growth, further reducing electricity subsidies, and increasing priority social spending. They suggested strengthening the national fiscal federalism framework and public debt management.

Directors stressed the importance of maintaining a prudent monetary policy stance to preserve low inflation, and of further advancing financial sector reforms to continue strengthening resilience and support financial deepening. They welcomed the progress in fostering financial inclusion and implementing the business climate reform strategy, and encouraged the authorities to press ahead with these efforts. Directors also recommended further strengthening social safety nets.

*Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

**At the conclusion of the discussion, the MD, as Chairman of the Board, summarises the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here.

Umrah tour operators in Pakistan to submit documents by end-April

The Pakistan Ministry of Religious Affairs has announced that umrah tour operators must submit their contract/agreement documents for attestation by 30 April to the Section Officer for Umrah. 

Interested?

View the list of approved umrah tour operators for the year 2016-2017 (1438)

Office of Pilgrims Affairs, Pakistan invites bids on catering in Madinah for Hajj 2017

The Office of Pilgrims Affairs (OPAP), Consulate General of Pakistan, Jeddah in KSA has published an invitation to submit expressions of interest/bids (EOI/Bids) from the owners and their authorised attorneys of catering companies in Madinah for Hajj 2017 (1438).

The catering companies must be registered with the Ministry of Hajj and Amana Madinah. The owners of catering companies of Madinah are to offer rates for three meals as per the menus given to all eligible bidders. All owners and authorised attorneys of the catering companies must apply directly to the OPAP. Agents or suppliers are not eligible. 

Interested?

All EOIs/bids must reach OPAP, Consulate General of Pakistan, PO Box 182, Jeddah 21411 by 6 March 2017. Bids will be opened at 4.30pm on the last day in the presence of bidders or their representatives who may choose to be present. OPAP reserves the right to reject any bid without assigning any reasons.

View detailed terms and conditions

PIA now flies to Salalah

Pakistan International Airlines (PIA) has added Salalah, Oman to its flight destinations. The inaugural flight, PK235, departed from Lahore at 12:30pm on December 1.

Flights on the Lahore-Salalah-Lahore sector will operate twice a week, every Thursday and Sunday.

PIA is already flying to Muscat, the capital of Oman, and with these additional twice-weekly flights to Salalah, PIA hopes to further boost the link between the two countries and within the region.

PIA CEO Bernd Hildenbrand said that PIA is expanding its fleet and flights on profitable routes are being increased, especially to places where there is a sizeable expatriate Pakistani community.

BankIslami Pakistan goes live with the PCS Java version 14

Path Solutions, a provider of Islamic banking software solutions, has successfully upgraded the iMAL*ProfitCalculationSystem at BankIslami Pakistan to Java version 14. BankIslami was the first bank to receive an Islamic banking license under the Islamic Banking Policy of 2003 from the State Bank of Pakistan. It has a network of 317 branches in 93 cities offering a full range of shari'ah-compliant financial products.

Syed Ata Hussain, Head of Information System, BankIslami said, "Armed with a solid implementation methodology and supported by a team of skilled and passionate consultants, Path Solutions was able to fulfill its commitment, and we were able to run the first successful PCS in Java version 14 in Pakistan. 

"We consider this implementation as a major milestone, as the course of the project involved exhaustive upgrade, internal testing phases, multiple user acceptance testing (UAT) cycles and three full scale application testing exercises to ensure uninterrupted business operations following the upgrade. Once again, Path Solutions was up to the challenge and we upgraded successfully owing to the tireless efforts of all teams involved.” 

The PCS upgrade is pivotal for BankIslami, which merged last year with KASB Bank and migrated more than 100 KASB branches to the iMAL Islamic Banking & Investment System. BankIslami needed several modifications to the software to broaden its operations spectrum in compliance with Central Bank regulations. 

The latest iMAL*ProfitCalculationSystem module is a Web-based application and can be implemented either on the Oracle or Sybase relational database management system. It supports all major browsers and may be deployed on any JEE Web/Application Server Apache Tomcat, Oracle WebLogic and similar platforms. The module's features include built-in control procedures and compliance with Islamic shari'ah, limits monitoring and exposure control, as well as credit risk measurement and evaluation.

According to Path Solutions, over 100 Islamic financial institutions are using its iMAL system.

Pakistan moves to regulate umrah services

The Ministry of Religious Affairs and Interfaith Harmony of Pakistan has issued a detailed umrah policy to help regulate umrah organisers, standardise services, and address complaints from pilgrims.

The policy covers the procedures for the formal appointment of umrah organisers, terms of service as an umrah service supplier, and the creation of a umrah welfare fund that will be used to print and distribute literature for umrah pilgrims, pay for umrah-related advertising in newspapers, and address pilgrim welfare as required.

An organisational structure has also been created to handle complaints by umrah pilgrims, together with an outline of complaint procedures and potential penalties. The Complaint Disposal Committee on Umrah Matters is to be chaired by the Joint Secretary (Umrah), with the Deputy Secretary (Umrah) and a Section Officer (Umrah) as members. A Section Officer from another department must also be part of the committee. A Section Officer based in Makkah, KSA will be further appointed as an extension of the Committee.

Interested?

Read the umrah policy (PDF)

Surf Excel Pakistan requests clothes to be donated this Ramadhan

Source: Surf Excel Pakistan website.

Surf Excel Pakistan, the company behind the viral Ramadhan 2016 video, has created Shelter of Kindness, which is aimed at collecting clothes and sharing with those less privileged. Each item of clothing will be washed and freshened by Surf Excel before sharing it forward.

Interested?

Source: Surf Excel Pakistan website.

Watch the Ramadhan 2016 advertisement (4.8 million views on Facebook, 1.6 million views on YouTube and counting)

View the list of Shelters of Kindness, which may be found in Karachi, Lahore, Faisalabad, and Multan.

Hashtags: ‪#‎madadekibadat‬, ‪#‎Dirtisgood‬, ‪#‎Daaghachhehain‬

INCEIF papers win Best Paper awards at IFBBE 2016

Source: INCEIF. Dr Eskandar receiving the Best Paper award from State Bank of Pakistan Deputy Governor Saeed Ahmad.

Three papers written by INCEIF (the International Centre For Education In Islamic Finance) faculty and students have won Best Paper awards at the Islamic Finance, Banking and Business Ethics Global Conference (IFBBE) held in Lahore, Pakistan.

The three winning papers are:

• Income Structure and Stability: An Empirical Analysis of Islamic and Conventional Banks in OIC Countries, by students Mohsin Ali and Mohamed Shah, and Professor Mansor Ibrahim. 
• A Case Study of Malaysia, by student Irum Saba, and Emeritus Professor Datuk Mohamed Ariff Abdul Kareem and Associate Professor Mohamed Eskandar Shah Mohd Rasid. 
• Non-financial Traits and Financial Smartness: International Evidence from Shariah Compliant and Socially Responsible Funds, by student WajahatAzmi, Professor Shamsher Mohamed and Associate Professor Mohamed Eskandar Shah. 

The conference, held as part of the collaboration between INCEIF and Suleman Dawood School of Business, Lahore University of Management Sciences (LUMS), brought together scholars and professionals engaged in the growth and development of Islamic finance. Suleman Dawood School of Business, whose curriculum was designed in partnership with Harvard Business School and the University of Western Ontario, is among INCEIF’s growing list of renowned international collaborative partners across the globe.

KSA's Minister of Haj meets Pakistani Minister of Religious Affairs

Source: Ministry of Haj, KSA. HH Dr Bandar
Hajjar, Minister of Haj, has met with HH the
Pakistani Federal Minister for Religious
Affairs, Sardar Muhammad Yousaf, and
his entourage.

HH Dr Bandar Hajjar, Minister of Haj, has met with HH the Pakistani Federal Minister for Religious Affairs, Sardar Muhammad Yousaf, and his entourage. In this meeting, which is part of the Ministry of Haj's annual programme to receive heads of Offices of Pilgrims Affairs delegations, preparations for Hajj 2016 (1437) were discussed. These included the arrangements and requirements of Hajj pilgrims, their housing and transportation, and the services provided by Arbab Al-Tawaif Establishments, The Unified Agents Office, and General Cars Syndicate.

HH the Minister of Haj has stated major projects in Makkah, the Holy Sites, and Madinah are the priority in KSA to serve pilgrims, and are unprecedented in history in terms of space, quality, and completion time. The projects include the expansions of Two Holy Mosques, the Masaa (the way between Al-Safa and Al-Marwah hills), and the Mataf (the area surrounding Ka'abah); construction of the Jamaraat facility, as well as public transport infrastructure including roads and tunnels, the Holy Sites train, the Two Holy Mosques train, and the new airports in Jeddah and Madinah.

Dr Bandar emphasised to the Pakistani delegation the importance of promoting pilgrim awareness on rituals, health, security, and safety awareness; and full compliance with the ministry's instructions regarding the transportation programme in order to maintain the pilgrims' safety.

HH the Pakistani minister said he appreciated what the Saudi government, led by the Custodian of the Two Holy Mosques, provides of services devoted to Islam, Muslims, and the Two Holy Mosques; and its serving Hajj and umrah pilgrims. He also praised the achievements at the Two Holy Mosques, and the Holy Sites.

HH also lauded the technical works of the Ministry of Haj, the foreign pilgrims' electronic portal, the organisation and cooperation of the Ministry of Haj, and all related authorities.

The Pakistani pilgrim quota is nearly 144,000 this year.

Interested?

View the video of the Pakistani minister commenting on the achievements of the Saudi government with regards to the Hajj (Urdu).

Read the Suroor Asia blog post about the Ministry of Haj's overview of Hajj 2016
Read the Suroor Asia blog post about the Lebanese meeting with the Ministry of Haj on Hajj 2016

Jura announces financing update on secured long term syndicated Islamic facility

Canada-based Jura Energy, an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan, has announced the disbursement of the second tranche of the secured long term syndicated Islamic financing arrangement (facility), as previously disclosed in an announcement dated December 31, 2015, totalling PKR450 million. 

Jura conducts its business in Pakistan through its wholly-owned subsidiaries, Frontier Holdings and Spud Energy. As previously disclosed, Spud Energy entered into the facility totalling PKR750 million (phase-I), maturing five years from the date of first disbursement, and with a financing rate equal to the three-month Karachi Interbank Offered Rate (KIBOR) plus 2.75%. The Phase-I of syndicate comprised Al Baraka Bank Pakistan, the lead arranger, and JS Bank, a related party of Jura, with participation of PKR500 million and PKR250 million respectively.

JS Bank subsequently said it would increase its participation to PKR500 million. A third participant, First Al-Noor Modaraba, also offered to commit PKR100 million (to the syndicate. Both offers were on the terms set out in the facility agreements. The expansion of Phase-I from PKR750 million to PKR 1,100 million is referred to as Phase-II.

As a "non-exempt issuer", Jura is subject to Part V of the TSX Company Manual, which requires that, if the value of the consideration to be received by a related party of the issuer exceeds 10% of the market capitalisation of the issuer, the related party transaction must be approved by the issuer's disinterested security holders. As a result of previous transactions this threshold will be exceeded after JS Bank's participation under Phase-II. Jura is required to call a special meeting of holders of common shares in the capital of the corporation to approve the consideration payable by Spud to JS Bank over the facility term in connection with JS Bank's participation under Phase-II.

The meeting is scheduled to take place on or about March 21, 2016, with a record date of February 19, 2016.