There's a new generation of outdoor adventurers out there who need the best possible smartwatch to get them through their adventures. Enter the COROS VERTIX 2 – the hardcore adventure smartwatch. This watch has been designed to withstand even the toughest activities and conditions, and to provide you with the best possible performance.
The COROS VERTIX 2 is built with a rugged, lightweight titanium alloy case and a scratch-resistant sapphire crystal. It also features an ultra-durable polyamide watch band that is designed to stay secure on your wrist. The watch has a 1.2” AMOLED display with a 390 x 390 resolution and a 1.39” AMOLED display with a 454 x 454 resolution. It also has an IP68 waterproof rating, so you don’t have to worry about taking it with you on your water adventures.
The COROS VERTIX 2 has an impressive array of features to make your outdoor adventures more enjoyable. It has an integrated GPS and GLONASS navigation system that is accurate up to 1 meter and can track your location in real-time. It has a built-in altimeter, barometer, and thermometer that will help you stay aware of the current conditions. It also has an accelerometer, gyroscope, and compass to help you stay oriented even in the most remote locations.
The COROS VERTIX 2 also has a variety of different sports modes to help you get the most out of your workouts. It has a heart rate monitor to track your heart rate during exercise and a VO2 max calculator to measure the intensity of your workouts. It also has an oxygen saturation meter to help you monitor your performance during high intensity activities.
The COROS VERTIX 2 is the perfect companion for any outdoor enthusiast who needs a watch that can keep up with their active lifestyle. It’s built to last and designed to perform no matter what type of adventure you embark on. So if you’re looking for a rugged, reliable smartwatch to get you through your next outdoor adventure, the COROS VERTIX 2 is the perfect choice.
Source: https://www.mobilesmspk.net/mobile-video/coros-vertix-2-the-hardcore-adventure-smartwatch
When an unmanned boat nearly collided with Andrew and Jack Sherman roughly 40 miles off the coast, the pair sprang into action.
Andrew Sherman and his son Jack were drift-bottom fishing 37 miles off the coast of North Carolina when Andrew looked up to see a boat 200 yards out heading straight toward their own 21’ Sea Hunt — and its course wasn’t changing.
At first the reaction was annoyance. “I was kinda like, ‘I can’t even believe this yahoo,’” Andrew said. “We get enough instances where people go by us at 25 to 50 yards, and you’re always like, ‘Why does this guy have to fish this close to us? We have a giant ocean.’”
As the boat continued its approach, annoyance graduated to legitimate concern. Jack scrambled to move their own boat in time to avoid the impending collision.
“There was this moment where I prayed the engine would start, because that’s how dead on he was,” Andrew said. Jack was able to start the engine and power forward, avoiding the newcomer by about 10’ to 15’. The father and son stood on the deck of their own boat yelling to whoever was driving the other one. But as it passed, they saw no one — not on deck, not in the cabin, and not checking any of the lines that were out. As it passed them by, doing about 8-10 knots, they realized that no one seemed to be driving at all. Nearly 40 miles off the coast, with no human in sight, it appeared to be a ghost boat.
It’s worth noting here that Andrew and Jack Sherman are no novices when it comes to boating. Andrew grew up in Miami, where he spent his summers helping his grandfather, a 500-ton master captain, and dedicated a considerable amount of time to helping out on charter boats and commercial boats. He’s since led many Boy Scouts on backpacking trips in the mountains of Virginia. Jack is currently enrolled in the Naval Academy. If a boat happens to be running rampant out in the middle of the ocean, the Sherman family is perhaps a fortuitous one to come across.
Realizing that their near collision was not, in fact, the result of some hapless mariner not understanding common courtesy but rather something more sinister, Andrew and Jack sprang into action. Jack took the wheel and pursued the driverless boat, while Andrew hit it with some blasts on the airhorn in case that prompted some sort of response from anyone — no luck.
“Then we went through this process where we talked about how we were going to do this, because I’d never brought my boat alongside another boat going that fast,” Andrew said. “We had a little argument about who was going to jump on board, and [Jack] told me I was an old man. So I said alright, three points of contact — do not let me see you do anything rash, young man. And then we just did it, and he was on board like that. It was like nothing.”
Once on board the other boat, Jack killed the engine and did a quick scan.
I was expecting to see somebody who was probably dead or passed out in the cuddy cabin,” he said. “But there was nobody. And I was like, ‘Oh, somebody fell overboard.’ We were thinking somebody died.”
He was able to find a wallet with an ID in the cabin and take down all the person’s information, and they called the Coast Guard and relayed the events of the day. It was at this point that the Coast Guard suggested looking on the mystery boat’s GPS to see if any information could be gleaned that way. The boat had a Garmin GPS marine system, and while Andrew said he hadn’t been familiar with Garmin units prior to that, it was easy to use, allowing him to figure it out quickly.
“I figured out that you could do all this touchscreen stuff, and he’d started a track when he left Wilmington Beach. I had a track all the way out. So, for the next 20 to 25 minutes, I literally went through point, point, point on this whole track all the way back to where there was a spot about a mile from us or so where he had laid down a point.”
Andrew relayed all the latitude and longitude points to the Coast Guard all the way back to the most recent waypoint, reasoning that the driver must’ve still been on that boat at that time. It had been following a straight line until then, when Andrew could see that it had gone rogue, hooking a hard left, making a full loop, coming back through its own line, and then wrapping out and turning again to encounter the Shermans as they were fishing.
“We got done and they were like, ‘OK, roger that, Captain,’ and I was waiting for them to say to go find them, but of course they can’t tell you to do that, so we were just like, ‘OK. We’ll go find him.’” The pair decided that Jack would stay on their own boat while Andrew took the stranger’s. Starting at the last known waypoint, Jack drove in ever-enlarging circles scanning the water, while Andrew went back to where the boat had looped off course into their original location and began to zigzag the area.
During this process, Jack found a pair of boots in the water.
“I thought we were looking for a body the whole time,” Andrew said. “And then this thing clicked in my mind: If I was treading water, I’d kick my boots off. Then I just thought to myself, if I fell off, I probably fell off on the straight line [in line with the waypoints and prior to where the boat had veered off course]. So I went back to the straight line, and I was going back to Jack, but then I figured the boat was drifting south, so that was where he would be drifting, too. So I went a little north, and a little south, and then 300-400 yards in the distance, I saw this big splash. I sped up, and then I saw his arm come up out of the water.”
Andrew pulled the man — Sascha Scheller— out of the water and onto the boat. They gave him some Gatorade and headed back to shore in both boats, making sure he was OK while learning what had happened at the same time.
The story was simple, really, and one that could happen to almost any boater on any given day. Sascha had gone to the side to relieve himself and simply fell overboard. He’d reached for the railing to grab it on the way down, but he missed. And that was it — his boat sped away without him, nearly 40 miles away from shore. At one point, he said, he’d seen another boat, but they’d missed him. He’d been in the water for two-and-a-half hours.
Had his boat not gone rogue, somehow completing its pattern of hard turns and loops with no one at the helm — had it not headed straight for the Shermans, or had the Shermans not been the skilled mariners that they are — had Sascha not tracked his waypoints on his Garmin marine GPS, or had the Garmin technology been less intuitive for an unfamiliar boater in a stressful situation — this story could’ve ended so much differently.
“To me, that’s divine intervention,” Andrew said. The three men have discussed theories again and again. Sascha says he’d been trolling five rods, while Andrew and Jack only found and reeled in four. Could the fifth, whose rigger was always a little loose, have caught a pile of weed or a fish that pulled out all the line, gave just enough tension to turn the boat around and then fallen off? But even so, what would have made the boat loop all the way around, loop back through its own path, head south and then turn west to end up nearly ramming into the Shermans? Jack, a math major at the Naval Academy, has run the numbers again and again, and it just doesn’t make sense.
“At some points I think we were within even half a mile of him,” Andrew said, “but it wasn’t until the end that we came onto him.”
The Coast Guard, which had deployed a ship from Wilmington, from Wrightsville beach, two helicopters from Elizabeth City and an entire cutter from Norfolkin the 35 minutes from when the Shermans contacted them to when they found Sascha, honored the father and son in a ceremony later on, presenting Jack with an award for a naval officer and Andrew with a civilian commendation.
“They took us into the battle room where they figured this out, and you could just see the Garmin track on the screen.”
Andrew Sherman has since upgraded his tech on his own boat.
“I bought a Garmin unit because I was so impressed with Sascha’s,” he said.
Are you looking for a way to purchase the latest gadgets, appliances, and more? Look no further than DIP, Pakistan's Premier Installment Aggregator Platform. DIP partners with JS Bank to bring you an exciting new E Voucher Cashback Campaign for the month of February.
With DIP, you can shop from a wide range of top-quality products from some of Pakistan's leading Manufacturers & Distributors, all while enjoying the convenience of easy monthly installments. Whether you're in the market for a new smartphone, a stylish piece of Watch, or even a new appliance for your home, DIP has you covered.
And now, with the E-Voucher Cashback Campaign, you can enjoy even more savings when you shop with DIP. By using your JS Bank Credit Cards to make your purchases, you'll be eligible to avail of cashback.
So why wait? Head to DIP today and start shopping for the latest and greatest products, all while enjoying the convenience and savings of the E-Voucher Cashback Campaign. With DIP and JS Bank, you can have the best of both worlds.
Silkbank Limited, a dominant player with a substantial market share in the credit card industry, announced the successful launch of its contactless Visa credit cards in December 2020.
Contactless technology enables safer and faster transactions that do not require you to swipe or dip your card at Point of Sale (POS) terminals, making the purchase experience more convenient.
While commenting on the launch, Business Head – Credit Cards Naveed Mushtaq mentioned that with the introduction of contactless (tap to pay) credit cards, Silkbank has taken a giant leap towards enabling its credit cardholders to access growing global trends and offering better customer experience to attain top-of-wallet status.
As per data from Visa, contactless transactions share has increased from 35 percent in January 2020 to 47pc in August 2020 globally, therefore, it had become all the more important to timely adopt this technology.
Silk bank has launched contactless cards with new designs speaking of greater freedom and global access and has also added a new variant to its existing menu, Visa classic cards, targeted at lower-income groups.
The bank has many other strategic initiatives in the pipeline for its credit cards business, which will further cement the bank’s market leadership position in the cards industry.
Source:
https://profit.pakistantoday.com.pk/2020/12/31/silkbank-launches-visa-contactless-credit-cards/
Faysal Bank has completed its transition to a complete Islamic bank after the State Bank of Pakistan (SBP) issued FBL an Islamic Banking License. In one fell swoop, the license has made Faysal the second-largest full-fledged Islamic Bank in Pakistan.
FBL, named after Mohammaed bin Faisal Al Saud, a Saudi Prince and businessman, started its operations in Pakistan back in 1987. Incorporated in 1994 as a public limited company, the bank continued to expand its footprint in Pakistan as a commercial bank.
In 2015 FBL announced its decision to convert itself into a full-fledged Islamic bank. At the time it already had the second largest Islamic banking window in the country with 53 standalone branches. Faysal Bank currently has 639 branches that have all been converted to Islamic branches.
“Conversion of Faysal Bank is first of its kind in the banking history of Pakistan. This is a groundbreaking accomplishment, not only for the bank, but also for Pakistan’s Islamic banking industry,” said Governor SBP Jameel Ahmed.
Why is this conversion significant for other banks?
On April 28, the Shariat Court announced a verdict in a long pending, declaring the prevailing interest-based banking system as against the Shariah and directing the government to facilitate all loans under an interest-free system. The court had instructed the government to make laws within five years with regard to the implementation of Islamic banking within the country.
The court had ruled that the federal government and provincial governments must amend relevant laws and issued directives that the country’s banking system should be free of interest by December 2027. Faysal Bank’s conversion from a conventional bank to a full-fledged Islamic bank adds pressure on other conventional banks in the country that have appealed the court’s decision.
A shift in banking
Even before the Shariat Court verdict, a sizable shift had been observed toward Islamic Banking in Pakistan. According to data from the State Bank of Pakistan and Profit’s analysis of the financial statements of every single bank in the country, it accounts for about 20% of net new deposits between 2002 and 2019. Crucially for the industry, net new Islamic banking deposits hit approximately 30-35% of total industry net new deposits.
And the rise has only grown since then. Islamic banking assets reached around 19.5% of total assets as of end June 2022, while share of deposits reached 20.5%. On a year on year basis, assets and deposits of Islamic Banking institutions were up by 41.4% and 27.0%, respectively by end June, 2022. The country currently has 22 Islamic Banking Institutions (IBIs) with a branch network of 4,086 branches, including 1,463 windows spread across 129 districts that provide Shariah-compliant banking services. IBIs include 5 full-fledged Islamic banking and 17 Islamic banking windows of conventional banks.
In the inaugural SBP Governor’s report released this year, Governor Jameel Ahmed noted the growth of the Islamic Banking industry in Pakistan. “The Islamic banking industry has made significant contributions to the overall growth of the banking sector during the review period. Islamic Banking Institutions (IBIs) have shown more accelerated growth and better performance in recent years as compared to conventional banking segment, which reflects the acceptability of Islamic banking and its potential to promote financial inclusion”, reads the report.
How has the Islamic Banking Industry been growing?
Following a change in Faysal Bank’s status, the country currently has 22 Islamic Banking Institutions (IBIs) with a branch network of 4,086 branches, including 1,463 windows spread across 129 districts that provide Shariah-compliant banking services. IBIs include 6 full-fledged Islamic banking and 16 Islamic banking windows of conventional banks.
Islamic banking assets reached around 19.5% of total assets as of the end of June 2022, while shares of deposits reached 20.5%. On a year-on-year basis, assets and deposits of Islamic Banking institutions were up by 41.4% and 27.0%, respectively by the end of June 2022.
JS Bank, a subsidiary of Jahangir Siddiqui & Co Limited has submitted a Public Announcement of Intention to acquire more than 51% of shares and control of BankIslami Pakistan Limited.
The manager of the offer is Next Capital. The parties are yet to determine and agree upon the price of the majority share acquisition.
Earlier, on November 11, JS Bank had acquired 86,316,954 ordinary shares making up 7.79% of paid-up capital from Emirates NBD Bank PJSC. This was following the approval of the State Bank of Pakistan (SBP).
JS Bank and Jahangir Siddiqui & Co both own 21.26% or 235.68 million ordinary shares of BankIslami combined.
While previously, JS Bank bought shares from Emirates NBD Bank PJSC, this time it will have to increase its shareholding to the intended level by purchasing shares from the general public, in addition to the current owners. There has been no word so far on the split between the two. This transaction is also subject to approval by the SBP.
The public announcement of intention may be withdrawn if the requisite approvals are not granted by the concerned regulatory authorities,” said Next Capital in its letter to the PSX
BankIslami has reported a net profit of Rs 2.85 billion during the first three quarters of the calendar year; while the earnings per share have increased from Rs 1.92 last year, to Rs 2.57 per share for this year.
Push for Islamic Banking
Interestingly, Pakistan has the second-highest Muslim population in the world. However, the country also has low banking penetration. Around 6 percent of the world’s unbanked population can be attributed to Pakistan. In a World Bank study in 2017, only 21% of the adult population has a bank account. 13% of the unbanked respondents cited religious reasons for not having an account.
As a result, the government is hoping to promote Islamic finance as part of the National Financial Inclusion Strategy.
Moreover, the government’s recent push for Islamic banking may be a reason JS is pushing the pedals on the acquisition of BankIslami.
On November 10, Federal Finance minister Ishaq Dar announced the withdrawal of two review petitions filed by the SBP and National Bank of Pakistan (NBP) against the judgment of the Federal Shariat Court to transform Pakistan’s economic and financial system as interest-free in five years.
At the end of 2021, Islamic banking made 18.6% of banking sector assets, and 19.4% of deposits. The SBP, however, targets the Islamic banking sector to contribute 30% of the banking sector by 2025. Similarly, Islamic branches of conventional banks made up 45.7% of the overall Islamic banking assets by the end of 2021.
Fitch Ratings states that the size of the Pakistani Islamic finance industry is estimated to have crossed $42 billion at the end of the first quarter of 2022 – with Islamic banks being the largest contributor to the Islamic finance industry making up 67% in terms of total assets, followed by sukuks through their outstanding amounts making 26%, Islamic funds at 6%, and takaful at 1%
Mobile phone giant Samsung has started production in Pakistan, giving hope to both the authorities and the industry that the move would scale down Pakistan’s import bill in the near future.
According to a report by Dawn, the development came to light on Tuesday at a meeting of the company’s top managers with senators who visited the production site in line with the plan to receive a briefing on the growing new sector and challenges ahead for the cellphones manufacturing industry in Pakistan.
As per Pakistan Telecommunication Authority (PTA) data, production of mobile phones by local manufacturing plants has almost doubled to 18.87 million against the import of mobile phones which stood at 45 million during the first 10 months of the current year.
However, despite the increase in local production of mobile phones, the import remained on a higher side. The PTA data says that mobile phones worth $644.673m were imported during the first four months (July-October) of 2021 compared to $557.961m during the same period of last year, registering a growth of 15.54 percent.
Quoting an official from Samsung’s partner company Lucky Group in Pakistan, the report states that with production of around 250,000 to 300,000, the aim is to produce around 3 million cellphones every year.
Moreover, the official also hailed the massive opportunities the development brings in the form of employment, investment, export opportunities and local capacity building.
Source:https://profit.pakistantoday.com.pk/2021/12/01/samsung-starts-mobile-phone-production-in-pakistan/
Dawlance – A name which is known for its reliability across Pakistan, was established in 1980 with the vision to create a technology-leading brand that promises; enhanced living standard, convenience, reliability, and energy conservation. Over the past 4 decades, it has grown consistently from being a brand limited to refrigerators and now comprising of freezers, microwave ovens, water dispensers, small kitchen appliances, hoods & hobs, washing machines, dishwashers, and air conditioners. It has become a resourceful and sustainable brand that focuses on creating a beautiful balance between nature and technology for all consumers.
As Dawlance is celebrating its 40 years of reliability, it boasts being the only technology brand from Pakistan, which is gaining popularity in Europe and other parts of the world. It has established 3 large-scale factories in Pakistan, along with its network of 1800+ dealers all over the country, for easier availability of products and prompt after-sales service. Having 4 decades of experience, Dawlance keeps itself close to its customers, to gain insights about their evolving needs and offer innovative products for every segment of consumers. That is why Dawlance introduced the latest dishwashers, which are perfect for Pakistani dishes and other customized products and technologies like ‘Vitamin-Fresh’ and ‘Nature-Lock’ in their latest series of refrigerators, to reduce food-wastage and enhance nutritional value for consumers.
Dawlance, being the wholly-owned subsidiary of Arçelik – the 2nd largest manufacturer of appliances in Europe, gets an edge in the Pakistani market for having good R&D, global experience in product-development, excellence in services, while it remains focused on being a responsible brand. Being a global enterprise, based in Turkey – Arcelik has always maintained the highest standards of innovation, quality, safety, and customer care, to gain a more competitive advantage in every region.
It is owned by Koç Holding’ – the largest (Fortune-500) holding company in Turkey, with a progressive history of over 60 years and 92,500 employees. Since Pakistan and Turkey are fostering deeper socio-economic ties as brotherly Islamic nations, Koç Holding is also committed to expanding its investments in Pakistan, already worth well over 35 billion dollars. Arcelik too, has the biggest Research & Development network with 20 R&D and design centres, to enrich its operations in 23 manufacturing facilities, established in 9 countries, including Pakistan, while its products are sold in over 150 countries.
Environmental sustainability and employees’ well-being are the primary focus of this corporate group. Being a socially responsible company – Dawlance has also launched its broad-based initiative of “Dawlance for Humanity”, which supports many hospitals and institutes, by donating; ventilators, appliances, self-incubation chambers and face-shields to support and protect the front-line paramedics, especially during the Covid-19 pandemic.
Apart from donating to renowned hospitals, Dawlance also supports prestigious educational institutes like; Habib University and social-empowerment institutions like Darul Sakun, by providing grants and conducting training sessions to add value. The brand has pledged to continue supporting such credible social interventions, while also playing a positive role in protecting the environment for a healthier, brighter future.
As the brand is celebrating its 40 years of reliability this year, there will be much more exciting news, coming from Dawlance, as it strives to ensure the wellbeing of its consumers. Keep watching the window as 2021 has just started and this resourceful enterprise is already tapping multiple opportunities to share its success with the nation it has served so sincerely. Source:https://profit.pakistantoday.com.pk/2021/02/25/40-years-of-dawlance-a-beautiful-balance-between-nature-and-technology/
Orient’s “Music” series starts at Rs. 26,999 and there are eight models to choose from. The new series is now live at Orient’s official website and customers will be able to select their favorite variant from 32 inches all the way up to 75 inches.What’s unique about the new TV series is that they are equipped with built-in Dolby technology based sound bars to deliver more depth, clarity and power to your movies, TV shows, sports and games. Orient’s new sound bar technology is a simple, space-saving solution that gives you all the Dolby perks without any additional hardware attachments.The Music LED TV series incorporates high-quality panels to deliver brighter, more vibrant pictures with richer colors, deeper black levels and higher contrasts. Also, they offer 6 different viewing modes that optimize picture quality as per the type of content being played on them.
The smartphone segment in Pakistan is abuzz with activity, witnessing frequent launches by manufacturers, and conversations about their associated features.While this is routine, every once in a while, the sector sees a product that cuts through the clutter and surpasses consumer expectations. That is exactly what vivo has achieved this time, with its freshly launched vivo V25e — the latest entrant in the premium smartphones segment.It functions by gradually transforming the color of the rear panel when exposed to sunlight; the color reverts to its original shade once out of sun exposure.The smartphone also packs the Bokeh Flare Portrait feature, which enhances the night photography experience by making use of the dual camera system and AI to process the point light sources in the background. In our experience, this is a terrific feature that makes for some pretty enchanting snaps at night.
U Microfinance Bank joins hands with Shahid Afridi Foundation (SAF) for the SAF Education initiative, under which U Bank will support the establishment of an IT Lab at SAF School, Malikpur Campus, Lahore. This collaboration will enable 430 students, currently enrolled at the campus, to learn computer usage, coding, and programming skills. Additionally, it will open doors for the provision of financial services to SAF across a broad spectrum of banking solutions.
The MoU was signed by Mr. Kabeer Naqvi, President & CEO – of U Microfinance Bank, and Mr. Shahid Afridi – Chairman SAF, at U Bank's Head Office, in the presence of the senior management of both the collaborating organizations.
Are you looking for a way to purchase the latest gadgets, appliances, and more? Look no further than DIP, Pakistan's Premier Installment Aggregator Platform. DIP partners with JS Bank to bring you an exciting new E Voucher Cashback Campaign for the month of February.
With DIP, you can shop from a wide range of top-quality products from some of Pakistan's leading Manufacturers & Distributors, all while enjoying the convenience of easy monthly installments. Whether you're in the market for a new smartphone, a stylish piece of Watch, or even a new appliance for your home, DIP has you covered.
And now, with the E-Voucher Cashback Campaign, you can enjoy even more savings when you shop with DIP. By using your JS Bank Credit Cards to make your purchases, you'll be eligible to avail of cashback.
So why wait? Head to DIP today and start shopping for the latest and greatest products, all while enjoying the convenience and savings of the E-Voucher Cashback Campaign. With DIP and JS Bank, you can have the best of both worlds.
Silkbank Limited, a dominant player with a substantial market share in the credit card industry, announced the successful launch of its contactless Visa credit cards in December 2020.
Contactless technology enables safer and faster transactions that do not require you to swipe or dip your card at Point of Sale (POS) terminals, making the purchase experience more convenient.
While commenting on the launch, Business Head – Credit Cards Naveed Mushtaq mentioned that with the introduction of contactless (tap to pay) credit cards, Silkbank has taken a giant leap towards enabling its credit cardholders to access growing global trends and offering better customer experience to attain top-of-wallet status.
As per data from Visa, contactless transactions share has increased from 35 percent in January 2020 to 47pc in August 2020 globally, therefore, it had become all the more important to timely adopt this technology.
Silk bank has launched contactless cards with new designs speaking of greater freedom and global access and has also added a new variant to its existing menu, Visa classic cards, targeted at lower-income groups.
The bank has many other strategic initiatives in the pipeline for its credit cards business, which will further cement the bank’s market leadership position in the cards industry.
Source:
https://profit.pakistantoday.com.pk/2020/12/31/silkbank-launches-visa-contactless-credit-cards/
Faysal Bank has completed its transition to a complete Islamic bank after the State Bank of Pakistan (SBP) issued FBL an Islamic Banking License. In one fell swoop, the license has made Faysal the second-largest full-fledged Islamic Bank in Pakistan.
FBL, named after Mohammaed bin Faisal Al Saud, a Saudi Prince and businessman, started its operations in Pakistan back in 1987. Incorporated in 1994 as a public limited company, the bank continued to expand its footprint in Pakistan as a commercial bank.
In 2015 FBL announced its decision to convert itself into a full-fledged Islamic bank. At the time it already had the second largest Islamic banking window in the country with 53 standalone branches. Faysal Bank currently has 639 branches that have all been converted to Islamic branches.
“Conversion of Faysal Bank is first of its kind in the banking history of Pakistan. This is a groundbreaking accomplishment, not only for the bank, but also for Pakistan’s Islamic banking industry,” said Governor SBP Jameel Ahmed.
Why is this conversion significant for other banks?
On April 28, the Shariat Court announced a verdict in a long pending, declaring the prevailing interest-based banking system as against the Shariah and directing the government to facilitate all loans under an interest-free system. The court had instructed the government to make laws within five years with regard to the implementation of Islamic banking within the country.
The court had ruled that the federal government and provincial governments must amend relevant laws and issued directives that the country’s banking system should be free of interest by December 2027. Faysal Bank’s conversion from a conventional bank to a full-fledged Islamic bank adds pressure on other conventional banks in the country that have appealed the court’s decision.
A shift in banking
Even before the Shariat Court verdict, a sizable shift had been observed toward Islamic Banking in Pakistan. According to data from the State Bank of Pakistan and Profit’s analysis of the financial statements of every single bank in the country, it accounts for about 20% of net new deposits between 2002 and 2019. Crucially for the industry, net new Islamic banking deposits hit approximately 30-35% of total industry net new deposits.
And the rise has only grown since then. Islamic banking assets reached around 19.5% of total assets as of end June 2022, while share of deposits reached 20.5%. On a year on year basis, assets and deposits of Islamic Banking institutions were up by 41.4% and 27.0%, respectively by end June, 2022. The country currently has 22 Islamic Banking Institutions (IBIs) with a branch network of 4,086 branches, including 1,463 windows spread across 129 districts that provide Shariah-compliant banking services. IBIs include 5 full-fledged Islamic banking and 17 Islamic banking windows of conventional banks.
In the inaugural SBP Governor’s report released this year, Governor Jameel Ahmed noted the growth of the Islamic Banking industry in Pakistan. “The Islamic banking industry has made significant contributions to the overall growth of the banking sector during the review period. Islamic Banking Institutions (IBIs) have shown more accelerated growth and better performance in recent years as compared to conventional banking segment, which reflects the acceptability of Islamic banking and its potential to promote financial inclusion”, reads the report.
How has the Islamic Banking Industry been growing?
Following a change in Faysal Bank’s status, the country currently has 22 Islamic Banking Institutions (IBIs) with a branch network of 4,086 branches, including 1,463 windows spread across 129 districts that provide Shariah-compliant banking services. IBIs include 6 full-fledged Islamic banking and 16 Islamic banking windows of conventional banks.
Islamic banking assets reached around 19.5% of total assets as of the end of June 2022, while shares of deposits reached 20.5%. On a year-on-year basis, assets and deposits of Islamic Banking institutions were up by 41.4% and 27.0%, respectively by the end of June 2022.
JS Bank, a subsidiary of Jahangir Siddiqui & Co Limited has submitted a Public Announcement of Intention to acquire more than 51% of shares and control of BankIslami Pakistan Limited.
The manager of the offer is Next Capital. The parties are yet to determine and agree upon the price of the majority share acquisition.
Earlier, on November 11, JS Bank had acquired 86,316,954 ordinary shares making up 7.79% of paid-up capital from Emirates NBD Bank PJSC. This was following the approval of the State Bank of Pakistan (SBP).
JS Bank and Jahangir Siddiqui & Co both own 21.26% or 235.68 million ordinary shares of BankIslami combined.
While previously, JS Bank bought shares from Emirates NBD Bank PJSC, this time it will have to increase its shareholding to the intended level by purchasing shares from the general public, in addition to the current owners. There has been no word so far on the split between the two. This transaction is also subject to approval by the SBP.
The public announcement of intention may be withdrawn if the requisite approvals are not granted by the concerned regulatory authorities,” said Next Capital in its letter to the PSX
BankIslami has reported a net profit of Rs 2.85 billion during the first three quarters of the calendar year; while the earnings per share have increased from Rs 1.92 last year, to Rs 2.57 per share for this year.
Push for Islamic Banking
Interestingly, Pakistan has the second-highest Muslim population in the world. However, the country also has low banking penetration. Around 6 percent of the world’s unbanked population can be attributed to Pakistan. In a World Bank study in 2017, only 21% of the adult population has a bank account. 13% of the unbanked respondents cited religious reasons for not having an account.
As a result, the government is hoping to promote Islamic finance as part of the National Financial Inclusion Strategy.
Moreover, the government’s recent push for Islamic banking may be a reason JS is pushing the pedals on the acquisition of BankIslami.
On November 10, Federal Finance minister Ishaq Dar announced the withdrawal of two review petitions filed by the SBP and National Bank of Pakistan (NBP) against the judgment of the Federal Shariat Court to transform Pakistan’s economic and financial system as interest-free in five years.
At the end of 2021, Islamic banking made 18.6% of banking sector assets, and 19.4% of deposits. The SBP, however, targets the Islamic banking sector to contribute 30% of the banking sector by 2025. Similarly, Islamic branches of conventional banks made up 45.7% of the overall Islamic banking assets by the end of 2021.
Fitch Ratings states that the size of the Pakistani Islamic finance industry is estimated to have crossed $42 billion at the end of the first quarter of 2022 – with Islamic banks being the largest contributor to the Islamic finance industry making up 67% in terms of total assets, followed by sukuks through their outstanding amounts making 26%, Islamic funds at 6%, and takaful at 1%
U Microfinance Bank joins hands with Shahid Afridi Foundation (SAF) for the SAF Education initiative, under which U Bank will support the establishment of an IT Lab at SAF School, Malikpur Campus, Lahore. This collaboration will enable 430 students, currently enrolled at the campus, to learn computer usage, coding, and programming skills. Additionally, it will open doors for the provision of financial services to SAF across a broad spectrum of banking solutions.
The MoU was signed by Mr. Kabeer Naqvi, President & CEO – of U Microfinance Bank, and Mr. Shahid Afridi – Chairman SAF, at U Bank's Head Office, in the presence of the senior management of both the collaborating organizations.
Orient’s “Music” series starts at Rs. 26,999 and there are eight models to choose from. The new series is now live at Orient’s official website and customers will be able to select their favorite variant from 32 inches all the way up to 75 inches.What’s unique about the new TV series is that they are equipped with built-in Dolby technology based sound bars to deliver more depth, clarity and power to your movies, TV shows, sports and games. Orient’s new sound bar technology is a simple, space-saving solution that gives you all the Dolby perks without any additional hardware attachments.The Music LED TV series incorporates high-quality panels to deliver brighter, more vibrant pictures with richer colors, deeper black levels and higher contrasts. Also, they offer 6 different viewing modes that optimize picture quality as per the type of content being played on them.
Dawlance – A name which is known for its reliability across Pakistan, was established in 1980 with the vision to create a technology-leading brand that promises; enhanced living standard, convenience, reliability, and energy conservation. Over the past 4 decades, it has grown consistently from being a brand limited to refrigerators and now comprising of freezers, microwave ovens, water dispensers, small kitchen appliances, hoods & hobs, washing machines, dishwashers, and air conditioners. It has become a resourceful and sustainable brand that focuses on creating a beautiful balance between nature and technology for all consumers.
As Dawlance is celebrating its 40 years of reliability, it boasts being the only technology brand from Pakistan, which is gaining popularity in Europe and other parts of the world. It has established 3 large-scale factories in Pakistan, along with its network of 1800+ dealers all over the country, for easier availability of products and prompt after-sales service. Having 4 decades of experience, Dawlance keeps itself close to its customers, to gain insights about their evolving needs and offer innovative products for every segment of consumers. That is why Dawlance introduced the latest dishwashers, which are perfect for Pakistani dishes and other customized products and technologies like ‘Vitamin-Fresh’ and ‘Nature-Lock’ in their latest series of refrigerators, to reduce food-wastage and enhance nutritional value for consumers.
Dawlance, being the wholly-owned subsidiary of Arçelik – the 2nd largest manufacturer of appliances in Europe, gets an edge in the Pakistani market for having good R&D, global experience in product-development, excellence in services, while it remains focused on being a responsible brand. Being a global enterprise, based in Turkey – Arcelik has always maintained the highest standards of innovation, quality, safety, and customer care, to gain a more competitive advantage in every region.
It is owned by Koç Holding’ – the largest (Fortune-500) holding company in Turkey, with a progressive history of over 60 years and 92,500 employees. Since Pakistan and Turkey are fostering deeper socio-economic ties as brotherly Islamic nations, Koç Holding is also committed to expanding its investments in Pakistan, already worth well over 35 billion dollars. Arcelik too, has the biggest Research & Development network with 20 R&D and design centres, to enrich its operations in 23 manufacturing facilities, established in 9 countries, including Pakistan, while its products are sold in over 150 countries.
Environmental sustainability and employees’ well-being are the primary focus of this corporate group. Being a socially responsible company – Dawlance has also launched its broad-based initiative of “Dawlance for Humanity”, which supports many hospitals and institutes, by donating; ventilators, appliances, self-incubation chambers and face-shields to support and protect the front-line paramedics, especially during the Covid-19 pandemic.
Apart from donating to renowned hospitals, Dawlance also supports prestigious educational institutes like; Habib University and social-empowerment institutions like Darul Sakun, by providing grants and conducting training sessions to add value. The brand has pledged to continue supporting such credible social interventions, while also playing a positive role in protecting the environment for a healthier, brighter future.
As the brand is celebrating its 40 years of reliability this year, there will be much more exciting news, coming from Dawlance, as it strives to ensure the wellbeing of its consumers. Keep watching the window as 2021 has just started and this resourceful enterprise is already tapping multiple opportunities to share its success with the nation it has served so sincerely. Source:https://profit.pakistantoday.com.pk/2021/02/25/40-years-of-dawlance-a-beautiful-balance-between-nature-and-technology/
There's a new generation of outdoor adventurers out there who need the best possible smartwatch to get them through their adventures. Enter the COROS VERTIX 2 – the hardcore adventure smartwatch. This watch has been designed to withstand even the toughest activities and conditions, and to provide you with the best possible performance.
The COROS VERTIX 2 is built with a rugged, lightweight titanium alloy case and a scratch-resistant sapphire crystal. It also features an ultra-durable polyamide watch band that is designed to stay secure on your wrist. The watch has a 1.2” AMOLED display with a 390 x 390 resolution and a 1.39” AMOLED display with a 454 x 454 resolution. It also has an IP68 waterproof rating, so you don’t have to worry about taking it with you on your water adventures.
The COROS VERTIX 2 has an impressive array of features to make your outdoor adventures more enjoyable. It has an integrated GPS and GLONASS navigation system that is accurate up to 1 meter and can track your location in real-time. It has a built-in altimeter, barometer, and thermometer that will help you stay aware of the current conditions. It also has an accelerometer, gyroscope, and compass to help you stay oriented even in the most remote locations.
The COROS VERTIX 2 also has a variety of different sports modes to help you get the most out of your workouts. It has a heart rate monitor to track your heart rate during exercise and a VO2 max calculator to measure the intensity of your workouts. It also has an oxygen saturation meter to help you monitor your performance during high intensity activities.
The COROS VERTIX 2 is the perfect companion for any outdoor enthusiast who needs a watch that can keep up with their active lifestyle. It’s built to last and designed to perform no matter what type of adventure you embark on. So if you’re looking for a rugged, reliable smartwatch to get you through your next outdoor adventure, the COROS VERTIX 2 is the perfect choice.
Source: https://www.mobilesmspk.net/mobile-video/coros-vertix-2-the-hardcore-adventure-smartwatch
When an unmanned boat nearly collided with Andrew and Jack Sherman roughly 40 miles off the coast, the pair sprang into action.
Andrew Sherman and his son Jack were drift-bottom fishing 37 miles off the coast of North Carolina when Andrew looked up to see a boat 200 yards out heading straight toward their own 21’ Sea Hunt — and its course wasn’t changing.
At first the reaction was annoyance. “I was kinda like, ‘I can’t even believe this yahoo,’” Andrew said. “We get enough instances where people go by us at 25 to 50 yards, and you’re always like, ‘Why does this guy have to fish this close to us? We have a giant ocean.’”
As the boat continued its approach, annoyance graduated to legitimate concern. Jack scrambled to move their own boat in time to avoid the impending collision.
“There was this moment where I prayed the engine would start, because that’s how dead on he was,” Andrew said. Jack was able to start the engine and power forward, avoiding the newcomer by about 10’ to 15’. The father and son stood on the deck of their own boat yelling to whoever was driving the other one. But as it passed, they saw no one — not on deck, not in the cabin, and not checking any of the lines that were out. As it passed them by, doing about 8-10 knots, they realized that no one seemed to be driving at all. Nearly 40 miles off the coast, with no human in sight, it appeared to be a ghost boat.
It’s worth noting here that Andrew and Jack Sherman are no novices when it comes to boating. Andrew grew up in Miami, where he spent his summers helping his grandfather, a 500-ton master captain, and dedicated a considerable amount of time to helping out on charter boats and commercial boats. He’s since led many Boy Scouts on backpacking trips in the mountains of Virginia. Jack is currently enrolled in the Naval Academy. If a boat happens to be running rampant out in the middle of the ocean, the Sherman family is perhaps a fortuitous one to come across.
Realizing that their near collision was not, in fact, the result of some hapless mariner not understanding common courtesy but rather something more sinister, Andrew and Jack sprang into action. Jack took the wheel and pursued the driverless boat, while Andrew hit it with some blasts on the airhorn in case that prompted some sort of response from anyone — no luck.
“Then we went through this process where we talked about how we were going to do this, because I’d never brought my boat alongside another boat going that fast,” Andrew said. “We had a little argument about who was going to jump on board, and [Jack] told me I was an old man. So I said alright, three points of contact — do not let me see you do anything rash, young man. And then we just did it, and he was on board like that. It was like nothing.”
Once on board the other boat, Jack killed the engine and did a quick scan.
I was expecting to see somebody who was probably dead or passed out in the cuddy cabin,” he said. “But there was nobody. And I was like, ‘Oh, somebody fell overboard.’ We were thinking somebody died.”
He was able to find a wallet with an ID in the cabin and take down all the person’s information, and they called the Coast Guard and relayed the events of the day. It was at this point that the Coast Guard suggested looking on the mystery boat’s GPS to see if any information could be gleaned that way. The boat had a Garmin GPS marine system, and while Andrew said he hadn’t been familiar with Garmin units prior to that, it was easy to use, allowing him to figure it out quickly.
“I figured out that you could do all this touchscreen stuff, and he’d started a track when he left Wilmington Beach. I had a track all the way out. So, for the next 20 to 25 minutes, I literally went through point, point, point on this whole track all the way back to where there was a spot about a mile from us or so where he had laid down a point.”
Andrew relayed all the latitude and longitude points to the Coast Guard all the way back to the most recent waypoint, reasoning that the driver must’ve still been on that boat at that time. It had been following a straight line until then, when Andrew could see that it had gone rogue, hooking a hard left, making a full loop, coming back through its own line, and then wrapping out and turning again to encounter the Shermans as they were fishing.
“We got done and they were like, ‘OK, roger that, Captain,’ and I was waiting for them to say to go find them, but of course they can’t tell you to do that, so we were just like, ‘OK. We’ll go find him.’” The pair decided that Jack would stay on their own boat while Andrew took the stranger’s. Starting at the last known waypoint, Jack drove in ever-enlarging circles scanning the water, while Andrew went back to where the boat had looped off course into their original location and began to zigzag the area.
During this process, Jack found a pair of boots in the water.
“I thought we were looking for a body the whole time,” Andrew said. “And then this thing clicked in my mind: If I was treading water, I’d kick my boots off. Then I just thought to myself, if I fell off, I probably fell off on the straight line [in line with the waypoints and prior to where the boat had veered off course]. So I went back to the straight line, and I was going back to Jack, but then I figured the boat was drifting south, so that was where he would be drifting, too. So I went a little north, and a little south, and then 300-400 yards in the distance, I saw this big splash. I sped up, and then I saw his arm come up out of the water.”
Andrew pulled the man — Sascha Scheller— out of the water and onto the boat. They gave him some Gatorade and headed back to shore in both boats, making sure he was OK while learning what had happened at the same time.
The story was simple, really, and one that could happen to almost any boater on any given day. Sascha had gone to the side to relieve himself and simply fell overboard. He’d reached for the railing to grab it on the way down, but he missed. And that was it — his boat sped away without him, nearly 40 miles away from shore. At one point, he said, he’d seen another boat, but they’d missed him. He’d been in the water for two-and-a-half hours.
Had his boat not gone rogue, somehow completing its pattern of hard turns and loops with no one at the helm — had it not headed straight for the Shermans, or had the Shermans not been the skilled mariners that they are — had Sascha not tracked his waypoints on his Garmin marine GPS, or had the Garmin technology been less intuitive for an unfamiliar boater in a stressful situation — this story could’ve ended so much differently.
“To me, that’s divine intervention,” Andrew said. The three men have discussed theories again and again. Sascha says he’d been trolling five rods, while Andrew and Jack only found and reeled in four. Could the fifth, whose rigger was always a little loose, have caught a pile of weed or a fish that pulled out all the line, gave just enough tension to turn the boat around and then fallen off? But even so, what would have made the boat loop all the way around, loop back through its own path, head south and then turn west to end up nearly ramming into the Shermans? Jack, a math major at the Naval Academy, has run the numbers again and again, and it just doesn’t make sense.
“At some points I think we were within even half a mile of him,” Andrew said, “but it wasn’t until the end that we came onto him.”
The Coast Guard, which had deployed a ship from Wilmington, from Wrightsville beach, two helicopters from Elizabeth City and an entire cutter from Norfolkin the 35 minutes from when the Shermans contacted them to when they found Sascha, honored the father and son in a ceremony later on, presenting Jack with an award for a naval officer and Andrew with a civilian commendation.
“They took us into the battle room where they figured this out, and you could just see the Garmin track on the screen.”
Andrew Sherman has since upgraded his tech on his own boat.
“I bought a Garmin unit because I was so impressed with Sascha’s,” he said.
Mobile phone giant Samsung has started production in Pakistan, giving hope to both the authorities and the industry that the move would scale down Pakistan’s import bill in the near future.
According to a report by Dawn, the development came to light on Tuesday at a meeting of the company’s top managers with senators who visited the production site in line with the plan to receive a briefing on the growing new sector and challenges ahead for the cellphones manufacturing industry in Pakistan.
As per Pakistan Telecommunication Authority (PTA) data, production of mobile phones by local manufacturing plants has almost doubled to 18.87 million against the import of mobile phones which stood at 45 million during the first 10 months of the current year.
However, despite the increase in local production of mobile phones, the import remained on a higher side. The PTA data says that mobile phones worth $644.673m were imported during the first four months (July-October) of 2021 compared to $557.961m during the same period of last year, registering a growth of 15.54 percent.
Quoting an official from Samsung’s partner company Lucky Group in Pakistan, the report states that with production of around 250,000 to 300,000, the aim is to produce around 3 million cellphones every year.
Moreover, the official also hailed the massive opportunities the development brings in the form of employment, investment, export opportunities and local capacity building.
Source:https://profit.pakistantoday.com.pk/2021/12/01/samsung-starts-mobile-phone-production-in-pakistan/
The smartphone segment in Pakistan is abuzz with activity, witnessing frequent launches by manufacturers, and conversations about their associated features.While this is routine, every once in a while, the sector sees a product that cuts through the clutter and surpasses consumer expectations. That is exactly what vivo has achieved this time, with its freshly launched vivo V25e — the latest entrant in the premium smartphones segment.It functions by gradually transforming the color of the rear panel when exposed to sunlight; the color reverts to its original shade once out of sun exposure.The smartphone also packs the Bokeh Flare Portrait feature, which enhances the night photography experience by making use of the dual camera system and AI to process the point light sources in the background. In our experience, this is a terrific feature that makes for some pretty enchanting snaps at night.
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