AlHuda to promote Islamic banking in Maldives

LAHORE (Staff Reporter): AlHuda Centre of Islamic Banking and Economics has signed number of agreements to assist Maldives Centre for Islamic Finance (MCIF) and Islamic University of Maldives (IUM) in research, education and technical issues. The agreement ceremony was held in Maldives. Government of Maldives, IUM Chancellor Dr Mohamed Shaheem Ali Saeed, MCIF Managing Director Ibrahim Didi, AlHuda Centre of Islamic Banking and Economics CEO Muhammad Zubair Mughal separately signed the agreements. During his speech in the agreement ceremony, Zubair stated that there are a lot of opportunities for the promotion of Islamic finance in Maldives which can bring a very positive change in the economy of Maldives. He said that huge FDI can be introduced easily in the country, adding that Maldives has all the resources through which it can guide the regional countries including India, Sri Lanka, Thailand, etc with the knowledge of Islamic finance.

Pointing towards Luxembourg, he said that the size of a country does not matters to make it a financial center.

 PFC to participate in int’l fair in US

 ISLAMABAD (Online): Pakistan Furniture Council (PFC) delegation on Saturday left for the United States to explore new markets and build connections with American business community in furniture industry. The PFC delegation was headed by its Chief Executive Mian Muhammad Kashif will participate in the 6-day International Fair for Furniture and Interior going to be held in the Fall High Point Market North Carolina USA. While talking to the journalists, Kashif said that the delegation will avail the opportunity to learn about the latest products and technologies in their fields and will be able to improve their businesses as a result. He further said that such business oriented tours can play a pivotal role for Pakistani furniture manufacturers in achieving the furniture export target of more than $1 billion annually in the international furniture markets. He said that furniture with calligraphic engraving had great demand in local and international markets, which seems to be the dominant one in Pakistan, therefore Pakistani craftsmen should focus on working in this particular area to earn the much-needed foreign exchange, he added.

 FPCCI election campaign initiated

 ISLAMABAD (NNI): Businessmen Panel (BMP) and Pakistan Business Group (PBG) have vigorously started their campaign for the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Elections 2017 and inaugurated their election office. An experienced and famous businessman, Syed Abdul Waheed Shah, has been appointed as the convener of election committee. On this occasion, message of PBG Patron in Chief Aqeel Karim Dhedhi was presented to the participants, who confirm his assurance that they don’t have any personal intentions against any one and elections are the beauty of democracy and everyone has the right to contest elections. PBG Chairman Mehtabuddin Chawla, Rafique Suleman, Mian Zahid Hussain, Syed Abdul Waheed Shah and Presidential Candidate Abdul Rahim Janoo addressed to the participants and expressed their opinion that their mission is to unite the business community of Pakistan and to strive to resolve their problems and issues.

 “We will work to strengthen government’s hand and we appreciate all the business friendly policies, and if there is some room to make them better, we will give our proposals to government with the help and support of business community,” they unanimously said. “We want to streamline the system and during our election campaign, we will present our manifesto and contact all the voters to get their feedback for the betterment of trade, so that pending issues of business community will be resolve in a better way,” they added.

 ADX eyes more Chinese investors

 DUBAI (NNI):, Abu Dhabi Securities Exchange (ADX) chief executive Rashed Al-Blooshi has urged Chinese investors to seize the investment opportunities available on the exchange in the United Arab Emirates (UAE), Emirati state news agency WAM reported. Al-Blooshi participated at the Fujian Investment Forum and Chongqing Investment Forum earlier in the week. Together with the Abu Dhabi financial free zone Abu Dhabi Global Market (ADGM), the ADX said they concluded a week-long of visit and business discussions with key officials in Fujian and Chongqing Provinces in China. On the ADX, Al-Blooshi said 62 out of 66 listed companies are open to foreign investors, which reflects the high level of foreign investments flowing to the exchange particularly after MSCI upgraded ADX emerging market status back in mid-2013. As for Chinese investment in the ADX, Al-Blooshi stated that by end of the third quarter 2016, ADX have 258 registered Chinese investors among whom 16 are institutions.

 The total trading value of Chinese investors represented around 10 percent of the total trading value of Asian investors in 2015, while in 2014 around 7.2 percent, Al-Blooshi said.

With regard to net investment, Chinese investors represented around nine percent of the net investment of Asian investors. The market value of shares owned by Chinese investors at the ADX reached 28.61 million dollars at end of the third quarter 2016, an increase of 9.3 percent compared to the end of 2015.

Al-Blooshi also highlighted the solid economic relations with China, which the UAE considers its second largest trading partner. “Abu Dhabi, with its well-regulated legal environment and advanced infrastructure links, is supported by a significant economic performance for the Emirate as well as the UAE,” WAM quoted Al-Blooshi as saying.

According to the Abu Dhabi Department of Economic Development, Abu Dhabi has strengthened the economic partnership with China as the trade co-operation in the non-oil sector between China and Abu Dhabi reached 1.79 billion dollars in the first half of 2016, compared to 1.14 billion dollars in the first half of the year 2015, at a growth rate of 57 percent,” he added.

“Trade volume between the two countries reached 54.8 billion dollars in 2015, while the non-oil foreign trade, including free trade zones, has reached 47.5 billion dollars. The number of Chinese companies operating in the country stood at 4,000 while there were 278 trade agencies,” said the ADX CEO.

Business ties between China and the UAE are expected to get a boost as the latter decided to grant Chinese nationals visa on arrival, he added.

‘Pakistan inflation to hit 5.2pc by June 2017’

 ISLAMABAD (NNI): Report of International Monetary Fund (IMF) has claimed on Saturday that inflation in Pakistan would hit 5.2 percent in 2017 which is nearly twofold of current year’s 2.9 percent.

Prices of petroleum products, coal and gas will be hitting 27 percent hike in the coming year affecting Pakistan and other countries, according to the international organisations. As purported by the international body, Pakistan would be witnessing effects of the hike by June 2017.

On the other hand, Asian Development Bank (ADB) has reported likelihood of increase in crops prices by three percent, those of fertilizers by two percent while those of minerals and metals by at least 4.1 percent.

 CPEC to generate more economic opportunities: Musadik

 ISLAMABAD (NNI): PM’s Special Assistant Dr Musadik Malik has said that China-Pakistan Economic Corridor (CPEC) project focuses on energy, roads, ports and economic zones.

Addressing the Pakistan Business and Economic summit in Karachi on Saturday, he said two power plants are being set up under CEPC at Port Qasim while coal-fired power plants are also being installed in Thar. He said national economy is moving in right direction, as more foreign investors have shown interest to invest in Pakistan.