Daily Times
July 13, 2021
President & CEO of U Microfinance Bank Limited Kabeer Naqvi and President & CEO of Bank Alfalah Limited, Atif Bajwa, signed off a strategic partnership to promote financial inclusion in the country.
This new relationship not only strengthens the bond between both banks, but also promises to open up multiple avenues for collaboration, including medium to long term debt funding, credit structuring and synergizing their respective businesses to scale.
Speaking on the occasion Kabeer Naqvi, President & CEO of U Microfinance Bank said that we are delighted to establish this partnership with Bank Alfalah, which is aimed at exploring avenues to collaborate, design innovative products and work together in moving the banking sector forward. This alliance will help us serve more customers and bring more Pakistanis in to the banking net.
KARACHI: U Microfinance Bank Limited (U Bank) and Bank Alfalah Limited entered into a strategic partnership to promote financial inclusion in the country.
The partnership agreement was signed by the president and CEO of U Bank, Kabeer Naqvi, and president and CEO of Bank Alfalah Ltd, Atif Bajwa, on behalf of their respective organisations, a press release issued on Monday said.
“This new relationship not only strengthens the bond between both the banks, but also promises to open up multiple avenues for collaboration, including medium- to long-term debt funding, credit structuring and synergising their respective businesses to scale,” it added.
U Microfinance Bank and Bank Alfalah Announce a Strategic Partnership
-
KARACHI, Pakistan: President & CEO of U Microfinance Bank Limited Mr. Kabeer Naqvi and President & CEO of Bank Alfalah Limited, Mr. Atif Bajwa, signed off a strategic partnership to promote financial inclusion in the Country.
This new relationship not only strengthens the bond between both banks but also promises to open up multiple avenues for collaboration, including medium to long-term debt funding, credit structuring, and synergizing their respective businesses to scale.
Speaking on the occasion Mr. Kabeer Naqvi, President & CEO of U Microfinance Bank said that we are delighted to establish this partnership with Bank Alfalah, which is aimed at exploring avenues to collaborate, design innovative products and work together in moving the banking sector forward. This alliance will help us serve more customers and bring more Pakistanis into the banking net.
HAVING worked at the Employees’ Old-Age Benefits Institution (EOBI) for a long time, I tend to agree with the letter “Old-Age ‘benefits’ or ‘hardships’?” (June 27), and wish to present the true picture of today’s EOBI before the pensioners. It is a tripartite institution consisting of three stakeholders; the government, the employers and the employees.
The main reasons behind the poor performance and maladministration is the government policy of continuously ignoring the EOBI despite repeatedly talking about improving the lot of the pensioners.
Subsequent governments have repeatedly increased the EOBI pension amounts for political mileage, but they do this without restoring the ‘matching grant’, which represents the government’s share in the EOBI fund, which was stopped way back in 1995. As a result, the EOBI pension fund has been severely affected.
KSE-100 index fails to break bearish spell; declines 257 points Foreign investors were net sellers of $6.48 million
July 6, 2021
Stocks extended bearish sentiments from the previous week at KSE-100 on Monday as investors treaded cautiously amid escalating tensions in the neighbouring Afghanistan and resurging Covid -19 in te country. The index posted a 257 points loss by the closing bell to clock at 47,429 level.
On Monday, the trading activity resumed on a negative note, as the Index traded in a range of 366.55 points or 0.77 percent of previous close, showing an intraday high of 47,742.23 and a low of 47,375.68.
Market sentiments were dampened as rising regional instability threatens to be inimical for Pakistan’s security and economic fabric. Sudden withdrawal of US forces from Afghanistan in absence of strategic pull-out raises security concerns for bordering nations as well higher risk of refugee exodus.