Crescent Star Insurance Shares Update on Settlement with Dost Steels


Crescent Star Insurance Limited (PSX: CSIL) Wednesday announced that it has started receiving money from advance given to Dost Steels Ltd (DSL), in continuation of the arrangements made.

‘Further to information shared by Crescent Star Insurance Limited (CSIL) on August 31, 2023 leading to a broad based settlement with Dost Steels Ltd (DSL), for the investment made by CSIL, the management would like to inform that CSIL had withdrawn all litigation with DSL which led to the reorganization of the DSL Board and management earlier this year,’ the company said in a notice to the Pakistan Stock Exchange (PSX).

CSIL said it is confident to resolve this long outstanding matter. As part of the efforts CSIL has extended its support once again to DSL, and has nominated Naim Anwar (CEO-CSIL) as Director and Chairman on the Board of DSL, and Suhail Elahi (Director) and Board member of CSIL as CEO of DSL in the recently constituted Board of DSL.

A larger and broad based structural business plan will soon be shared by DS
L through its Board approval. This will lead the company to play an active role in the larger interest of all stakeholders.

Source: Pro Pakistani

Raqami Islamic Digital Banking and 1LINK Join Forces to Revolutionize Digital Financial Services


Raqami Islamic Digital Bank Ltd. (RIDBL), one of five aspirants to the digital retail bank license under the Licensing and Regulatory Framework for Digital Banks, 2022 is thrilled to announce a strategic partnership with 1LINK, Pakistan’s largest Payment Service Provider / Payment Service Operator.

The signing ceremony took place at the 1LINK Office in Park Towers, Karachi and was attended by the senior management of both organizations, symbolizing their dedication to innovation with excellence.

The leadership present at the occasion were Umair Aijaz, CEO RIDBL; Nadeem Hussain, Coach RIDBL; Mr. Najeeb Agrawalla, CEO 1LINK; Mr. Bashir Khan, COO 1LINK; Mr. Suleman Hasan, CCO and Company Secretary 1LINK; Mr. Javaid Sher Ali, Head of Engineering at RIDBL and Syed Abid Raza Rizvi, Head of Product and Pricing at RIDBL, along with other team members.

A distinguishing feature of RIDBL will be its status as a Shariah compliant and purely digital entity, eschewing traditional brick-and-mortar branches in favor of
a streamlined, mobile-first approach.

Among the services set to be offered to RIDBL customers through this partnership are Interbank Funds Transfer (1IBFT) and 1BILL. In future, PayPak will also be added as part of the offering to customers. The collaboration will enable RIDBL customers to seamlessly transfer funds to over 32 banks and make payments to over 2,500 companies nationwide.

Commenting on the partnership, Umair Aijaz, CEO RIDBL, said: ‘We are excited to partner with 1LINK and bring cutting-edge digital financial services to our customers. This collaboration represents a significant step forward in our mission to redefine the customer journey and truly empower users of RIDBL’s banking services with efficient and seamless multi-channel payment options.’

Reiterating the same vision Nadeem Hussain, Coach RIDBL, said: ‘The collaboration between RIDBL and 1LINK underscores the vital importance of advancing digital banking solutions. Together, we can leverage our respective expertise to drive innovation
, enhance accessibility, and ultimately empower customers with unparalleled financial services.’

Mr. Najeeb Agrawalla, CEO 1LINK, commented: ‘The collaboration between 1LINK and Raqami Islamic Digital Bank represents a strategic alliance providing customized financial solutions to a wide range of customer segments. This strategic alliance marks the dawn of a new era of innovation and accessibility in Islamic banking, catering to the unique needs and preferences of our discerning clientele.’

Mr. Bashir Khan, COO 1LINK, commented: ‘This partnership represents a pivotal achievement in the banking sector, enabling Raqami Bank to pioneer innovation and deliver customized products and services to its customer segments utilizing 1LINK rails. It further highlights 1LINK’s steadfast dedication to ongoing innovation, positioning it as the preferred partner for financial institutions aiming to elevate their digital solutions.’

As RIDBL embarks on its journey to redefine the banking experience, it does so with a commi
tment to establishing a fully shariah compliant digital bank with innovation and customer-centricity at its core.

Source: Pro Pakistani

FBR Restricts Entry of Visitors At Main Office Amid Budget Preparations


The Federal Board of Revenue (FBR) has restricted the entry of visitors at its main headquarters to ensure confidentiality and security of the budget preparation process.

According to a circular issued by the tax machinery, only the FBR Chairman, Tax Members, and Director Generals (DGs) will be allowed on the premises.

Meanwhile, visitors who wish to enter the FBR HQ must now arrange their visit in advance and obtain an appointment.

In case a confirmed meeting or appointment of any visitor is rescheduled or canceled for any reason, it is the responsibility of the concerned to inform the reception well in advance.

Notably, the federal budget 2024-25 will be presented in parliament on June 7, 2024.

Source: Pro Pakistani

Cordoba Logistics’ Associated Companies Enters Into Share Subscription Agreement with Symmetry Group


Cordoba Logistics and Ventures Limited (PSX: CLVL) Wednesday said its associated company has entered into a share subscription agreement with Symmetry Group Limited.

‘We have been informed by M/s. Finox (Pvt.) Limited, an associated company of Cordoba Logistics and Ventures Limited, that they have entered into a share subscription agreement with Symmetry Group Limited,’ the company said in a notice to the Pakistan Stock Exchange (PSX).

Symmetry Group Limited is a leading digital technology and experiences company that specializes in the transformation and digitalization of critical business functions with its expertise in digital strategy, transformation, artificial intelligence, digital commerce, data science, mobility, retail/ research and interactive marketing.

Source: Pro Pakistani

Car Industry Begs Govt to Change Used Car Policy to Improve Their Sales


The auto vendors have asked the government to revisit import of used cars policies during the upcoming budget as the import of used cars has caused over Rs. 50 billion in losses to the country’s economy during the first eight months of the current fiscal year.

According to data, the used vehicles soared to 25,000 units, marking a staggering 641 percent increase during the first eight months of the current fiscal year, compared to last year’s 3,386 units imported.

The representatives of the local auto industry told ProPakistani that the local automobile sector is suffering due to the government’s decision to allow the import of used and unregistered vehicles.

They argued that the government consistently fails to safeguard local industries, despite these industries benefiting from billions of dollars in foreign investments and providing employment to over 5 million workers.

Industry representatives revealed that the import of used cars has caused over Rs. 50 billion in losses to the local industry and econ
omy during the first eight months of the fiscal year 2023-24 alone.

Initially intended for overseas Pakistanis, the allowance for used car imports has been exploited through corrupt practices, with vehicles imported in their names for profit-making ventures, claims the industry.

The document highlights that favorable taxation and duty policies towards used car imports have also played a part in crippling the local assembling industry, leading to reduced demand for domestically assembled automobiles.

The automobile manufacturers are also concerned that grey channel transactions for used car imports pose a significant threat compared to legal transactions for local manufacturers, resulting in potential revenue losses for the economy.

Furthermore, despite an unwavering resolve to manufacture a substantial portion of car parts locally, unfavorable policies have led to inefficient production facilities, job losses, and a lack of motivation to boost the local industry.

According to industry suggestions, the go
vernment should immediately discourage or regulate used car imports to support local industry growth and competitiveness. Besides, policymakers should engage in creating mutually beneficial policies that foster industry growth and job creation.

Furthermore, relevant authorities need to implement consistent policies that enable the local industry to thrive and contribute positively to the economy.

Pakistani automobile manufacturers asked the government to protect millions of families from unemployment, it said that even with 13 local manufacturers and assemblers and thousands of used import cars, the segment is still out of reach of the common man due to skyrocketing taxes and duties.

A consistent and favorable policy to encourage the local auto industry enables it to become more productive towards boosting the industry. Compared to the local manufacturing industry, the import of used cars does not employ many people.

The import process involves a few people, often from the same family, with one sitting in
Japan and the other sitting in any Pakistani city engaged in a black market business that only seeks to serve the luxury lifestyle. On the other hand, local car manufacturers are a valuable economic asset of our country.

Source: Pro Pakistani