Briefs

Briefs

FBR slaps tax on business class

ISLAMABAD: The Federal Board of Revenue (FBR) imposed advance tax on international air tickets of business class. Total Rs16,000 will be collected from people travelling on executive or first class tickets, while Rs12,000 from others, excluding economy class, a private news channel reported. The economy class is exempted from the tax. The imposition was under Income Tax Ordinance 2001. One way and return both kinds of travel tickets will be charged with the new tax. Travelers can pay the tax manually and electronically either way.

       

Bank Alfalah, IMSciences sign MoU 

News Desk 

KARACHI: Bank Alfalah signed an agreement with the SBP-backed ‘Centre for Excellence in Islamic Finance (CEIF), IMSciences Peshawar’ at Bank Alfalah Learning and Development Centre on Monday.

Bank Alfalah CEO Atif Bajwa and Dr Karimullah, Head of CEIF, inked the MoU. SBP Deputy Governor Saeed Ahmad, who was the guest of honour, appreciated Bank Alfalah and highlighted the need for innovative Shariah-compliant products catering to the needs of different economic tiers of the society.

CEIF Head Dr Karimullah said, “It is imperative that businesses liaise with academia and generate inflows of fresh field related knowledge and research which will set new precedents and keep businesses abreast with the fast changing world.”

Bank Alfalah CEO Atif Bajwa said, “We are extremely pleased to have partnered with CEIF for the development of a progressive and functional Islamic banking model in the country. This initiative will prove instrumental in promoting Islamic banking and creating greater awareness of Shariah-compliant banking in segments of the unbanked population."

 

International water moot today

ISLAMABAD: The 3rd International Water Conference titled Water Security and Sustainable Growth begins on Tuesday (today).

The three-day conference is being organised by University of Haripur Saving Humanity Foundation International (SHFINT) and Riphah Institute of Public Policy from August 23 to August 25 said a statement on Monday.

The conference aims to sensitise about the water issues, highlight key challenges, and explore ways and means for integrated water recourse development and management. It is to attain sustainable development through scientifically sound advice under the sub themes climate change and water security.

Diplomats, government policy makers, scholars, and experts (local and international) from academia industry and business community would also attend the conference.

 

MCB management meets customers

By our correspondent

LAHORE: In accordance with MCB Bank’s core values of customer centricity, President Imran Maqbool and the senior management visited different branches to greet and thank their customers for their continued patronage.

During the visits, the senior members of the MCB management cordially greeted walk-in customers and also distributed souvenirs and Pakistan themed memorabilia to them. They also interacted with customers to answer queries and address their banking concerns. The customers were delighted to meet senior members of the bank and enthusiastically shared their feedback on MCB Bank’s products and services.

 

NBP, Jubilee Life sign agreement

By our correspondent

KARACHI: The National Bank of Pakistan (NBP) has entered into an agreement with Jubilee Life Insurance to provide Bancassurance services to cater to the savings and protection needs of the bank’s clients, a statement said Monday. 

The agreement was signed at a ceremony held at NBP’s head office. Mudassir H Khan, Group Chief, NBP, said that under the agreement the bank would sell life insurance products of Jubilee Life through NBP’s branch network and introduce a cross sales culture throughout the organisation.

Javed Ahmed, CEO, Jubilee Life, said that Bancassurance has been an excellent stimulus to the insurance industry making products and services easily accessible to an extended customer base that has contributed to the industry’s growth. “Our alliance with NBP will give us a unique platform to provide Bancassurance products and services.”

 

Mastercard, Faysal Bank sign deal

News Desk

KARACHI: Mastercard and Faysal Bank signed an agreement for Faysal Bank World Debit Mastercard, a statement said Monday. Designed to provide the bank’s private banking customers with a range of priceless travel and lifestyle benefits, the products offers a gateway for cardholders to enjoy exclusive privileges.

Both offerings would give privileged access to exclusive travel experiences including room upgrades at select hotels and discounted airline tickets, along with extensive insurance benefits to create peace of mind when travelling abroad.

Khalid Elgibali, Division President, Middle East and North Africa, Mastercard, said, “We are pleased to bring our premium debit card offerings to customers of Faysal Bank in Pakistan. Mastercard’s World and World Elite debit cards are designed to offer the ultimate in global service, and deliver unmatched benefits that improve consumer satisfaction at all touch points of luxury - such as travel, dining, recreation and more.”

Nauman Ansari, President and CEO, Faysal Bank, said, “The World Debit Mastercard will expand the horizon of experiencing luxury for our high-net worth customers. The products’ benefits will gear to the needs of customers who lead a fast-paced life and are desirous of personalised services, helping open up endless opportunities for cardholders to live life to the fullest, at their own convenient time and place.”

 

LCCI urges to adopt good governance

By our correspondent

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) Monday urged both the government and private sector to focus on good governance which was must for the economic revival of the country.

In a statement, LCCI President Sheikh Muhammad Arshad and Vice President Nasir Saeed said that good governance was inevitable for both the government and the business community, but businesses particularly needed to implement sound corporate governance practices to improve performance and boost investors’ confidence. They said corporate governance was also essential in ensuring transparency, strong and balanced economic development as well as in minimising wastages.

They said that good corporate governance has emerged as a set of dynamic principles inevitable for developing an evil-free environment both vertically and horizontally for business proliferation.

 “The companies that have good corporate governance structures always perform better than those that have weak governance structures. Every organisation must have structures that ensure safe growth,” they added.

They said it was necessary to understand that the economy grows if SMEs grow. “It is therefore vital that all stakeholders of the economy like government, banks, industry, business promotion bodies, collaborate with each other to ensure the growth and sustainability of SMEs.”