News Buzz

March 2023

A Banker Extraordinaire

Jawad Majid Khan, President and CEO, Summit Bank Limited, has many milestones to his name in the banking industry.

Jawad Majid Khan, a seasoned financial sector professional, joined Summit Bank Limited as the President and Chief Executive Officer (CEO) on March 26, 2021.

Prior to joining Summit Bank, he was Director, Emaan Islamic Banking, Silkbank Limited after moving from Dubai Islamic Bank Pakistan as Group Head Distribution, Middle Markets & SME. A graduate in Economics with specialization in Development Economics and International Monetary Policy from Quaid-e-Azam University, Islamabad, Jawad Majid Khan is an alumnus of the Harvard Business School (HBS), Boston USA and National Defence University (NDU), Islamabad. He has also completed Director’s Certification from Lahore University of Management Sciences (LUMS). He holds the distinction of being the youngest country/group head of a commercial bank in Pakistan with many milestones to his name in the banking industry in a span of about 23 years.

A pioneer in Islamic Banking in Pakistan, his role was pivotal in establishing, conversion and successfully running three Islamic banks, namely Alfalah Islamic Banking, Dubai Islamic Bank and Emaan Islamic Banking (Silkbank). The various initiatives have earned him and these organizations international/regional recognition for products diversity and landmark transactions, both on the Corporate & Consumer/Retail Banking under the ambit of Islamic Banking.

Jawad Majid Khan is also on the Board of Advisors for various think-tanks and youth forums. He has been delivering lectures at national and international forums on Islamic Finance, Banking and SME/Retail Banking, covering Pakistan and regional markets and has regular appearance on both national and international media.

On a philanthropic side, he is serving as Chairman, Al-Nasr Trust, dealing with social development programmes of health, education, agriculture and environmental development in the northern areas of Pakistan.

World Bank President Calls it a Day

World Bank President David Malpass will step down at the end of June after more than four years leading the multilateral development bank “to pursue new challenges.”

It was not immediately clear why Malpass, who was appointed by former president Donald Trump, would depart with less than a year before the end of a five-year term.

“Having made much progress, and after a good deal of thought, I’ve decided to pursue new challenges,” Malpass said in a statement.

Malpass took up the World Bank helm in April 2019 after serving as the top official for international affairs at US Treasury in the Trump administration.

Last autumn he came under fire by the White House after he declined to say he supported the scientific consensus on climate change. He later apologised and reiterated his view that human activity contributes to climate change.

Irfan Lodhi appointed as CEO of Mashreq Pakistan

Mashreq, one of the leading financial institutions in the MENA region, has appointed Irfan Lodhi as the new Chief Executive Officer for Mashreq Pakistan.

Irfan Lodhi will lead the charge in establishing Mashreq as a key player in Pakistan. He will manage and execute Mashreq’s digital strategy across all banking segments in the country, with a focus on delivering unmatched experiences to customers. With over 20 years of experience in retail banking, payments, digital banking, digital development, and SME business across multinational financial institutions and geographies, Mr. Lodhi brings a wealth of expertise to his new role. Before joining Mashreq, he played numerous leading roles in the realm of digital strategy at some of the leading banks in the UAE and Pakistan.

NBP’s message lauded in PIMEC 2023

The National Bank of Pakistan (NBP) actively participated in the Pakistan International Maritime Exhibition and Conference (PIMEC), which was recently held at Expo Centre in Karachi. On that occasion, the NBP team gave a briefing on their message of diversity, inclusivity, and financial prospects for the public and private sectors to support the blue economy in the area. The dignitaries and representatives from international organizations praised the NBP for its continued participation and efforts on the occasion.

Dignitaries including Pakistan’s Foreign Minister, Bilawal Bhutto Zardari, Minister for Maritime Affairs, Faisal Subzwari, Chief of Naval Staff, Muhammad Amjad Khan Niazi, Secretary to Govt. of Sindh, Investment Department, Syed Mansoor Abbas Rizvi, Assistant Director, SBP, BSC, Faryal Aslam along with other SBP and Government officials visited the NBP’s stall in Access to Finance Pavilion arranged by the Sindh Enterprise Development Fund in Expo Centre, Karachi and appreciated the efforts.

“Pakistan International Maritime Exhibition and Conference is an opportunity to emphasize the Finance facilities in the prospective markets related to the ocean in this region. I commend the Pakistan Navy and the Ministry of Maritimes for holding a three-day conference and internal exhibition that successfully brought together the world’s economies,” stated Rehmat Ali Hasnie, President (A), NBP.

In her address, Naushaba Shahzad, Group Head, Inclusive Development Group, NBP, emphasised the need of blue financing.

The show featured more than 142 exhibitors, including 120 local businesses and 22 overseas companies. International delegations from Bahrain, China, Saudi Arabia, Qatar, Oman, Turkey, the United Kingdom, Italy, Germany, the United States, Malaysia, and other delegates were also present.

The largest public sector commercial bank in Pakistan, NBP offers a wide range of products and services to the agricultural, SME and Commercial sectors. The Bank is creating and bolstering value chains connecting producers, processors, exporters, and financial institutions to increase market penetration and growth in the priority areas of the economy. These activities are being led by the Inclusive Development Group (IDG) under NBP, which is concentrating on the financial inclusion of underserved sectors with high commercial potential.

Adani is no more ‘Asia’s richest man’

Indian billionaire Gautam Adani has lost his position as the richest person of Asia, as shares of his listed companies slide further as a rout in his companies deepened to $86 billion, while his empire fights allegations of serious fraud made in a report by US-based short-seller Hindenburg Research.

Recent stock losses saw Adani slipping to 15th on Forbes rich list with an estimated net worth of $75.1 billion, below rival Mukesh Ambani, the chairman of Reliance Industries Ltd who ranks ninth with a net worth of $83.7 billion.

Before the critical report by short-seller Hindenburg, Adani had ranked third.

Raquel Welch dies at 82

Raquel Welch, the film actress whose sultry, curvaceous looks made her a leading sex symbol of the 1960s and ‘70s, died at age 82 on Wednesday.

Welch came to the wide attention of moviegoers for her role in a 1966 sci-fi adventure, Fantastic Voyage.

It was followed by her iconic appearance later that year in the prehistoric drama One Million Years B.C.

Although Welch had just a few lines of dialogue in B.C, images of her memorable appearance in a fur-skinned bikini made her a bestselling pinup that transformed her into a global sex symbol.

HBL presents the Sports Event of the Year - HBLPSL Season 8

The highly anticipated sporting event, HBLPSL, kicked off on February 13, 2023 with a match between Multan Sultans and Lahore Qalandars in Multan. The tournament matches will be held in Multan, Karachi, Rawalpindi, and Lahore. The final will be played on March 19, 2023 at the Gaddafi Stadium in Lahore.

HBL is about ‘enabling dreams’ and this synchronizes perfectly with HBLPSL’s philosophy to provide an enabling environment for the emerging cricketers of Pakistan. Through HBLPSL, HBL remains committed to playing its part in promoting Pakistan through sports across the world.

Commenting on HBLPSL, Ali Habib, Chief Marketing and Communications Officer, HBL, said, “HBLPSL promotes values of healthy competition, teamwork, and sportsmanship, making a positive impact not only on cricket but also on the personal development of young cricketers. HBLPSL’s motto ‘Jahan Fans Wahan Stadium’ is derived from the idea that the game of cricket is where the fans are, whether in the stands or at home.”

Telenor Pakistan commits to providing a safer internet for children

Telenor Pakistan recently celebrated “Safer Internet Day” at its 345 Campus in Islamabad. The inittaive was part of the move to highlight the importance of online safety for children and reinforce its commitment towards creating a safer digital future for generations to come.

“Technology and digital applications provide significant opportunities to keep children and young people learning, entertained, and connected. However, online safety content is competing for youths’ attention in a world of social media and video games, and thinking innovatively to communicate our message is more important than ever, ” Irfan Wahab Khan, CEO, Telenor Pakistan, said.

The event was preceded by a panel discussion led by industry experts on the topic “Making space for a conversation about life online. Last year, the telecom operator partnered with UNICEF to upskill another 750,000 children, parents, and educators across Pakistan around Child Online Protection and to influence policy and regulatory reform in the next three years

Nestlé Pakistan recognised at OICCI.

Nestlé Pakistan was recently recognised at the Overseas Investors Chamber of Commerce and Industry Women Empowerment Awards 2022, held in Karachi, becoming the first runner-up.

The results of the awards were judged by an independent jury who vetted the performance of the companies from different angles and awarded the best performers overall and in different categories.

The acknowledgement reaffirms Nestlé Pakistan’s constant commitment towards creating an inclusive culture, in a country where gender gap is staggering and female representation in workforce is low.

Komal Altaf, CFO, Nestlé Pakistan, said, “Long-term prosperity is only possible when women are provided a level playing field to achieve their potential.

“Leaders at all levels within the company lead diversity goals which form an integral part of each functions’ detailed business plan. This not only shows Nestlé Pakistan’s commitment and dedication to women empowerment, in line with UN SDGs 5 – Gender Equality, 8 – Decent Work & Economic Growth and 10 – Reduced Inequalities, but also motivates us to continue our mission further,” she said.