JCR-VIS assigns initial capital protected fund rating to Al-Ameen Islamic Principal Preservation Fund III

Karachi, January 18, 2016 (PPI-OT): JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial capital protection rating of ‘CP3’ to Al Ameen Islamic Principal Preservation Fund (AIPPF III- Dynamic Hedge Fund [DHF]) which denotes a moderate certainty of principal protection.

JCR-VIS assigns rating to all funds following Static and Dynamic Hedge categories of capital protection strategies on a common scale, ranging from CP1 to CP5 with CP1 having the highest certainty of capital protection. The capital protection rating comments on the degree of certainty of capital protection and does not comment on the return potential of the fund. Moreover, the rating denotes the level of expected capital protection at the maturity of the scheme and does not comment on the capital protection in periods prior to maturity.

AIPPF III was launched in June’2014 as an open-end Shariah Compliant Fund of Funds Scheme. The fund has an investment horizon of 2 years and follows a Constant Proportion Portfolio Insurance (CPPI) Dynamic Hedge based strategy that features varying asset allocation between an equity fund, i.e. Al-Ameen Shariah Stock Fund (ASSF), and Al Ameen Islamic Cash Fund (AICF).

Investment of the underlying equity fund, ASSF, primarily comprises exposure to blue chip companies while AICF has an outstanding fund stability rating of AA (Double A) denoting low exposure to credit, liquidity and market risk. During the initial term, the fund had followed a relatively aggressive allocation towards equities which has reduced subsequently; allocation to ASSF stood at 52% at end-December’2015.

With nearly 5 months left to maturity, adequate liquidity build-up and a return since inception of 10.7% (till December’2015), the fund has moderate certainty of capital protection at maturity. The management has pursued a conservative approach by utilizing a profit lock in strategy through which around 3% of the profits of the fund have been allocated towards fixed income portion thereby adding further margin to capital protection. Unit holding concentration in the fund is low.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

Pakistan’s foreign direct investments to touch $1.3billion by June 2016: Board of Investment

Islamabad, January 18, 2016 (PPI-OT):Pakistan’s foreign direct investments are expected to touch $1.3 billion or more by the end of this year due to encouraging first six months figures as compared to the last year in the same period. This was disclosed by a spokesman of Board of Investment in Islamabad.

According to FDI statistics for the first six months of the fiscal year (July – Dec 2015), the total FDI inflows touched $1087.2m whereas the net FDIs stood at $624.1m as compared to $610.4 last year in the same period reflecting an increase of 2.2%. The encouraging news is that that the outflows of FDIs have shown a marked decrease falling from $1171.1 to $463m in the same period. Keeping in view the upward trajectory this year, total foreign direct investments are expected to touch $1.3 billion this fiscal year as compared to $851m in the last fiscal year 2014-15.

Energy Sector attracted the major chunk of FDIs amounting to $365m in which coal sector bagged $230m, while thermal sector got $93.4m and hydel power $41.3m of investments. The other major sectors remained oil and gas explorations $157m, communications $127.2m and financial services $74.7m. The major contributing countries remained China $428.2m, UAE $112.6m, USA $96.5M and Hong Kong $74.1m.

For more information, contact:
Amir Sultan Akhun Khel
Director (P and PR)
Board of Investment
Tel: (92-51) 922 4103
Fax: (92-51) 920 7030
Email: sultan@pakboi.gov.pk

Joint Task Force of Securities and Exchange Commission of Pakistan and Federal Investigation Agency on Capital Market formed

Islamabad, January 18, 2016 (PPI-OT): Upon instructions of the honourable Federal Minister for Interior and Narcotics Control, a Joint Task force of the Federal Investigation Agency (FIA) and Securities and Exchange Commission of Pakistan (SECP) has been established. This is to set a coordination mechanism between two organizations to deal with sensitive issues in capital market. This Joint Task force will discuss all matters prior to initiation of any actions by FIA pertaining to the capital market of Pakistan.

Taking swift actions in this connection, both the government institutions have nominated their seniors officers as members for the Joint Task Force. Furthermore, nominations of officers at the zonal/operational level between the two institutions have been initiated. The first Joint Task Force meeting in this regard, is scheduled to be held on January 19, 2016 at Federal Investigation Agency Headquarters in Islamabad. Mr. Zafar Hijazi, Chairman SECP is of the opinion that this endeavour will lead to greater investor protection and confidence in the capital market of Pakistan.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

Securities and Exchange Commission of Pakistan organizes Consultative Session on draft Companies Bill

Karachi, January 18, 2016 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) in collaboration with the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) organized a consultative session on the draft Companies Bill at FPCCI.

Mr. S. Khalid Tawab Senior Vice President, Mr. Tariq Arshad Vice President of FPCCI and senior officials of the SECP including Mr. Tahir Mahmood (Commissioner Company Law Division), Mr. Abdul Rehman Qureshi (Advisor to the Commission), Mr. Jawed Hussain (Registrar of Companies), Mr. Sidney Custodio Pereira (Additional Registrar of Companies) and officers of the Company Registration Office Karachi attended the event.

Addressing at the occasion, SECP’s Commissioner Tahir Mahmood said that the new law will provide a breathing space for smaller companies by way of lesser regulation and an encouraging regime for raising and maintaining capital for large companies.

Mr. Jawed Hussain, Registrar of Companies to the participants on the substantial changes proposed through the draft Bill. The main objects of the presentation included; providing facilitation to the corporate sector and other stake holders, strengthening the existing regulatory frame work, steps towards adoption of technology, specific provisions to safeguard the rights and interests of strategic investors and to attract foreign investments and new concepts adopted by international jurisdictions.

The presentation was followed by a very productive feedback from the participants on various aspects of the draft Bill. The participants appreciated the role of SECP for introducing provisions for facilitation of the corporate sector in the draft Bill. The feedback of the participants was noted for further deliberation at the relevant quarters and for finalizing the draft Bill.

The SECP further plans to hold a series of consultative sessions at various other cities across Pakistan in order to have maximum participation and feedback. Eminent professionals, senior chartered accountants, lawyers, corporate consultants, professionals, businessmen and company secretaries of leading companies attended the session.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

Sindh Chief Minister hosts reception for newly elected body of Karachi Press Club

Karachi, January 18, 2016 (PPI-OT): Sindh Chief Minister Syed Qaim Ali Shah has said that he was keen to provide a housing scheme to the journalists of Karachi that’s why the government has given them plots to construct their houses at Hawks bay. He said this while talking to the newly elected body of Karachi Press Club here at the CM House today where he had hosted a reception for them.

Those who attended the reception include President Press club Fazil Jameeli, Vice President Sajad Abbasi, Treasurer Haneef Akbar, Secretary General AH Khanzada, Joint Secretary Mohammad Rizwan and members of the governing Shams Kirio, Mohammad Ahmed, Hina Mahgul Rind, Nawab Qureshi and Manzoor Chandio. Special Assistant to CM Waqar Mehdi was also present on the occasion.

The newly elected members of the press club thanked the chief minister for invitation and requested him to solve the problems of their housing scheme the Sindh government has given to journalists at the Hawks bay. The chief minister assured the newsmen that he would personally visit the scheme and solve the problems. “We would carry out development works in journalist society very soon and would try to shoulder your (journalists} financial burden,” he said.

The chief minister also said that the Sindh government in collaboration with Karachi Press club would organise Sindhi and Urdu mushaera (Literary session} in March. A formal consultation on the poetry session would be made next month. The chief minister accepting the invitation of the office bearers of Karachi Press Club vowed to visit the club and solve all their problems.

For more information, contact:
Mr. Allah Bachayo Memon
Press Secretary
Chief Minister House
Tel: +92-21-99202019
Cell: +92-300-3524057 (Ext: 336)
Website: www.cmsindh.gov.pk

Corps Commander calls on Sindh Chief Minister

Karachi, January 18, 2016 (PPI-OT): Corps Commander Karachi Lt. General Naveed Mukhtar called on Sindh Chief Minister Syed Qaim Ali Shah here at the CM House today. In the meeting they discussed the issues pertaining to the implementation of National Action Plan, targeted operation and so on.

For more information, contact:
Mr. Allah Bachayo Memon
Press Secretary
Chief Minister House
Tel: +92-21-99202019
Cell: +92-300-3524057 (Ext: 336)
Website: www.cmsindh.gov.pk

Experts recommend safe zones for vultures due to very low population

Karachi, January 18, 2016 (PPI-OT): Baanhn Beli and IUCN, the International Union for Conservation of Nature, organized a workshop inviting stakeholders to put together a national vulture conservation strategy to arrest the years of decline in the species population across Pakistan. The workshop was attended by representatives of the government, NGOs, civil society and academia, as well as national and international delegates, and organized as part of an ongoing Vulture Conservation Project funded by the USAID Small Grants and Ambassador’s Fund Program.

Ms. Aban Marker Kabraji, Regional Director, IUCN Asia, welcomed the efforts underway for vulture conservation and suggested government declare safe zones for vulture conservations, as well as projects aimed at increasing the numbers of vultures in the country. She cited examples of others countries where decline in species had been a result of numerous factors, but “in the case of vultures, we know it’s a certain chemical Diclofenac fed to cattle that has resulted in the rapid decline in their (vulture) numbers,” she explained.

She added that India, Bangladesh and Nepal had arrested the decline by taking measures such as creation of safe zones and putting a ban on Diclofenac. “The population of vultures has crashed from millions to a few hundred thousand in South Asia,” she disclosed. “If the Diclofenac is removed from the system the population can increase. It has already been banned in many countries in South Asia,” she observed. She suggested the central and provincial governments declare safe zones for vultures and develop government-led projects where IUCN could assist as a partner.

Mr. Abdul Munaf Qaimkhani, Deputy Inspector General Forests, Ministry of Climate Change, Government of Pakistan said that in 90s hundreds of vultures could be seen at any particular site, “but currently nesting sites of the Egyptian and White back vultures are under severe threat facing food scarcity”. He hoped that the National and Regional Recovery Committee would jointly work to save this essential bird hat served a major purpose in the ecosystem.

Dr. Scott Perkin, Head, Natural Resource Group, IUCN Asia said that the challenge concerning vultures was one of the most neglected ones. “In Pakistan ground breaking research had been carried out into the role of Diclofenac. It was here in Pakistan that the experts came to know that the major cause of the Vultures’ decline has been the use of Diclofenac,” Dr. Perkin noted.

Pakistan, he added, still “has a significant population of vultures and could make significant contribution on the regional and global levels. He emphasized the development of vulture safe zones and captive breeding since population of vultures gad gone too low. He also strongly recommended the need for strengthening the enforcement of the ban on the Diclofenac

In his welcome address Mr. Mahmood Akthar Cheema, Country Representative IUCN Pakistan, appreciated the generous support of the USAID to the project and commended the efforts of Baanhn Beli towards implementing. He was of the view that the role of vultures could not be ignored for a healthy environment. He said that the Vulture is a unique bird that is bestowed with a natural ability to absorb all types of diseases and viruses are dissolved in its stomach.

Mr. Younus Bhandani, Director, Baanhn Beli thanked the stakeholders and the experts for coming together for information and experience sharing so that the strategy could be augmenting for better results. He informed that Baanhn Beli is also involving local community and local government to make this strategy a success.

For more information, contact:
George Sadiq
Programme Officer
Education, Communication and Outreach
International Union for Conservation of Nature (IUCN)
Pakistan Country Office
1, Bath Island Road,
Karachi-75530
Pakistan
Tel: +92-21-35861540
Fax: +92-21-35835760, +92-21-35761448, +92-21-35870287
Cell: +92-301-2931184
Email: george.sadiq@iucn.org
Website: www.iucn.org