Call to revive troubled dairy industry

Islamabad—Chairman of the United International Group Mian Shahid on Sunday asked the government to take steps to revive dairy industry which is facing problems due to increased cost of inputs.

Additional cost of inputs has pushed the vibrant dairy sector into crisis as the cost of doing business has increased by seven percent, he said.

Canadian companies being encouraged to explore trade opportunities in Karachi

High Commissioner of Canada Heather Cruden has said that Canadian companies are being encouraged to visit Karachi in order to explore trade and investment opportunities in this region.

SECP registers first third party administrator for health insurance

ISLAMABAD – November 17, 2015 – The Securities and Exchange Commission of Pakistan (SECP) has registered country’s first third party administrator for health insurance services.

A Third Party Administrator (TPA) is a business unit that through efficient technological processes provides effective claim administration on behalf of insurers. The SECP had recently issued the Third Party Administrators for Health Insurance Regulations, 2015 for developing health insurance business in Pakistan.

Sad demise of Mr. Z. H. Zuberi, Deputy Managing Director & Company Secretary of The United Insurance Co of Pakistan Ltd & Deputy Managing Director of Corporate Affairs of United International Group

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Mr. Z.H. Zuberi
April 5, 1966 – November 11, 2015

With profound sorrow and deep regret to inform that our Deputy Managing Director & Company Secretary Mr. Z.H. Zuberi has departed for his heavenly abode.

(إِنَّا للهِ وَإِنَّـا إِلَيْهِ رَاجِعونَ‎)

He tirelessly served the Company for exactly 49 years as he joined United Insurance Co of Pakistan Ltd in 1966. It is not possible to express our gratitude to his services to the Company in words, his life is role model for everyone as he was honest, dedicated, devoted, disciplined, and a learned person. He was asset for the Group. We salute his long and unforgettable association with United International Group. May Allah rest his soul in peace in Janatul Firdous and give the family the strength and patience to accept this huge loss.

Ameen!

RTC on “Pakistan, Paradise for Investment”

Pakistan’s leading newspaper Pakistan Observer arranged a Mega Round Table Conference (RTC) on September 8, 2015 with the collaboration of Board of Investment (BoI) of Pakistan. The United Insurance Company of Pakistan Ltd. is one of the Gold Sponsor’s of this event. President of Pakistan, H.E. Mr. Mamnoon Hussain was the Chief Guest of the Conference and Federal Finance Minister, Senator Muhammad Ishaq Dar was the key speaker of the event. Foreign delegates and dignitaries also attended the Conference. From UIC Mr. M. A. Shahid, Chairman of United International Group attended the conference.

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Evolving a dynamic and vibrant Takaful industry that is responsive and sustainable so that it can support overall economic growth is a challenge.

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The SECP is striving to establish a comprehensive Islamic financial system to cater for the needs of people which are not inclined to use conventional financial products, a top government official said Saturday.

Today, the Islamic financial industry has expanded beyond the traditional borders of the Islamic world into the major industrial economies to become an integral component of the global financial system, said Chairman SECP Tahir Mehmood.

Speaking at inauguration ceremony of United Window Takaful Operator (Amaan) was held on 10th September, 2014 at Movenpick Hotel, Karachi, the first window Takaful (Islamic insurance) operator in Pakistan, he said that SECP has permitted conventional insurance companies to launch Takaful operations which will result in rapid development of this sector.

Tahir Mehmood said that the decision is having a positive impact on overall growth of the Islamic financial system in Pakistan paving way to the accelerated economic progression.

He further added that the majority of Muslims abstain from buying conventional insurance products because of their belief shall benefit from Takaful, which would definitely accelerate Takaful penetration in Pakistan.

Speaking at the occasion, Chairman UIG Group Mian Shahid said that evolving a dynamic and vibrant Takaful industry that is responsive and sustainable so that it can support overall economic growth is a challenge.

The development of an Islamic financial system needs to include Islamic banking industry, Takaful industry and Islamic capital and money markets with strong linkages, interdependence and synergies, he added. Mian Shahid said that although Takaful has been in the market for long, it has yet to make significant inroads as the concept is clouded by unfamiliar terms and principles for commoners resulting in hesitancy.
Despite competition with the deeply entrenched conventional financial markets, Islamic finance assets worldwide continued their upward trend to cross $ 2 trillion mark but meaningful cross-border alliances is an area unappreciated by many in the Islamic financial business, the insurance veteran said.

Mian Shahid said that in absence of a viable Islamic capital market the adequate supply of quality financial instruments can be a difficulty, he observed.

Shariah Adviser Mufti Zeeshan Abdul Aziz in his speech said that the market penetration level of overall insurance business is very low which that represents an enormous potential for Takaful operators.

Islamic finance has shown strong resilience despite the slowdown in the global economy; in fact, global Islamic finance assets have doubled since the start of the economic downturn, he informed.