Day: May 26, 2023

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SECP Issues Requirements for Grievance Handling Mechanism for Insurance Sector

The Securities and Exchange Commission of Pakistan (SECP) has issued requirements for Grievance Handling Mechanism for the Insurance Sector to ensure effectiveness, robustness, and uniformity in the grievance-handling function with the objective of protecting policyholders.

The Code of Corporate Governance for Insurers 2016 requires insurers to establish a grievance function. Giving due consideration to the importance of detailed requirements for the effective functionality of the grievance function in light of the historical trend of policyholder complaints, minimum requirements for the establishment and functioning of a grievance management process have been prescribed.

Accordingly, the issued requirements cover areas of formulation of grievance handling policy, maintenance of a centralized grievance handling system, acceptable modes for lodging complaints, bifurcation of complaints on the basis of criticality, timelines for resolution of complaints on the basis of criticality, communication with policyholders during the process of complaint resolution, etc., imparting awareness relating to the existence of grievance handling mechanisms and other available forums, monitoring for continuous improvement, and reporting and record-keeping of complaints-related data.

These requirements are in line with other financial sectors and international best practices and will be applicable to all insurers and takaful operators.

The circular issued in this regard enclosing the above-referenced requirements is available on SECP’s website.

Source: Pro Pakistani

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Banks Fail to Set up FX Digital Portal and Corporate Debit Cards for IT Sector

Commercial banks in Pakistan have failed to come up with innovative and customized facilities for the IT sector including FX Digital Portal and Corporate Debit Cards despite the clear instruction of the banking regulator.

The IT exporters were promised exclusive solutions through which they can perform business transactions mainly for enhancing exports of IT and IT-enabled services by the government and the State Bank of Pakistan (SBP).

In this connection, the central issued a circular on the directives of Prime Minister Shahbaz Sharif instructing banks to provide digital platforms including the FX digital portal and corporate debit cards.

The banks were also advised to facilitate these exporters in opening their exporters’ special FCY accounts to carry out their business with foreign clients in different countries which was followed by a handful of banks offering this service to IT exporters.

Unfortunately, banks are reluctant to follow the instructions of the banking regulator which has cost the country’s IT sector and resulted in a decline of 3 percent in IT export till April 2023, instead of showing any growth.

The facilities were promised to encourage IT exporters to bring their foreign exchange earnings into the country, and the banks were advised to mandatorily credit 35 percent of the export proceeds into these exporters’ special foreign currency account besides introducing customized digital products.

The circular issued by the banking regulator was issued with a short deadline of March-end which caused the banks to be lax in introducing the services and products.

IT exporters have urged the SBP to issue the circular again with an extended deadline for the banks and ensure a monitoring system to ensure the launch of the services to IT exporters.

Source: Pro Pakistani

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Aamir Attaa Steps Down as CEO ProPakistani, Passing the Torch to Shayan Mahmud

ProPakistani, a leading digital media platform dedicated to providing the latest news and insights in Pakistan, announced today that Aamir Attaa will be relinquishing his role as CEO.

After fifteen years of exceptional leadership at ProPakistani, a news platform that he founded in 2008, Attaa has decided to step down from his position, paving the way for the appointment of Shayan Mahmud as the new CEO.

Aamir Attaa has been an instrumental figure in ProPakistani’s growth and success, transforming it into one of the most influential digital media platforms in the country.

“I extend my deepest gratitude to everyone who has played an instrumental role in fostering the growth of this company, and in my own personal and professional evolution,” said Attaa.

In an era when digital media was still an enigmatic terrain, the trailblazers of the industry showered me with invaluable guidance and unwavering support. This not only fuelled the success of our venture but also enabled me to scale heights I had once deemed unattainable. Their faith was the cornerstone of every milestone we have celebrated so far.

Under his guidance, the company expanded its reach, diversified its content offerings, and garnered a loyal readership. Attaa’s vision, dedication, and strategic acumen have played a pivotal role in establishing ProPakistani as a trusted source of news and analysis.

“My heartfelt thanks go out to the dynamic teams I’ve had the privilege of working with, the venerable brands that have bolstered my journey, and my esteemed peers in the industry. Each one of them holds a significant stake in every accomplishment we’ve garnered,” he continued. “I am confident that ProPakistani will continue to flourish under the leadership of Shayan Mahmud.”

Aamir will maintain a vested interest in the future of ProPakistani as a member of the board, firmly believing that its trajectory of success is secure under the new leadership.

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“We are excited to welcome Shayan Mahmud as our new CEO,” said Usman Yousuf, Chairman of the Board of Directors. “He is an accomplished leader and represents one of our fastest-growing demographics. We are confident that he is the right person to lead ProPakistani into the future.”

Stepping into the role of CEO is Shayan Mahmud, a seasoned executive with a wealth of experience in leadership roles and working with multinational companies. Mahmud brings a deep understanding of the digital media landscape, a strong strategic mindset, and a passion for driving growth and innovation.

Formerly the Chief Brand Officer at ProPakistani, Shayan Mahmud, made it to the highly coveted Forbes 30 under 30 Asia List 2021. He also holds executive positions at renowned organizations, where he successfully led transformative initiatives and spearheaded strategic partnerships.

His proven track record in developing high-performance teams and driving business expansion positions him well to steer ProPakistani into a new phase of growth and impact.

“I am honored to take on the role of CEO at ProPakistani,” said Shayan Mahmud. “I have long admired the organization’s commitment to delivering reliable and insightful news content. I look forward to working with the talented team at ProPakistani to further enhance our offerings, expand our audience reach, and solidify our position as the go-to platform for digital news in Pakistan.”

ProPakistani remains dedicated to its mission of delivering high-quality news, analysis, and features to its readers. The company will continue to explore new avenues for growth and innovation under the guidance of Shayan Mahmud as CEO.

About ProPakistani:

ProPakistani is a leading digital media platform providing up-to-date news, analysis, and insights on a wide range of topics, including technology, business, politics, and lifestyle. With a strong focus on accuracy, credibility, and unbiased reporting, ProPakistani has become a trusted source of information for millions of readers across Pakistan and beyond.

Visit www.propakistani.pk to read the latest news on Business, Tech, Sports Automotive, Entertainment and more. Subscribe to ProPakistani’s official YouTube channel and follow us on Facebook, Instagram, Twitter and LinkedIn.

Source: Pro Pakistani

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KP Re-Purposes Old Pink Buses for College Girls

Khyber Pakhtunkhwa administration has handed over 14 pink buses to various girls’ colleges in Peshawar. According to the details, the provincial government received these buses as gifts in 2018.

Governor Khyber Pakhtunkhwa, Ghulam Ali, referred pink buses to different colleges in Peshawar. The facility is intended to offer convenience to young female students on their travels.

A media report states that the female students have appreciated this step, stating that their “lives have been spared” from the rickshaws and that now they will be able to travel safely in the pink bus.

The report adds provincial government received the buses in 2018 as a part of a different project. Sadly, the project was never kicked off and the buses were left stranded in the depot.

The caretaker government has finally found a use for these buses. Although, it is unknown if, even in the future, this facility will remain confined to Peshawar or if it will be launched in other regions of KP as well.

Source: Pro Pakistani

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Shaheen Afridi Finally Opens Up on Debate Around His Decreasing Bowling Speed

Star Pakistan fast bowler, Shaheen Shah Afridi, has addressed concerns regarding his dip in bowling speed, which occurred after a string of injuries.

In response to questions in an interview about his pace, Shaheen Afridi emphasized that his primary focus is on taking wickets rather than relying solely on sheer speed.

The left-arm bowler expressed confidence that with time and more game opportunities, he will be able to further refine his skills and regain his previous bowling speed.

“Everyone has a view about the pace, but I have been feeling good. Even if you are bowling at 110kmph and taking wickets, you are feeling good,” Shaheen said.

The speedster added that he has been trying to give his 100 percent performance on the field, as that is what matters most, and there is no dip in his ability to take wickets.

The 23-year-old pacer stated that he had a prolonged injury, but since the eighth edition of the Pakistan Super League (PSL), he has noticed an improvement in his bowling.

“I was injured two months before the T20 World Cup 2022 and also two to three months after the T20 World Cup. So, it will take time to fully recover,” Shaheen added.

Shaheen had been in the headlines during the white-ball series in New Zealand due to a dip in bowling speed, which raised concerns among many former cricketers.

Last month, former cricketer and PCB Chairman, Ramiz Raja, said, “Shaheen needs to increase his average speed of 136 and go up by a notch or two”.

Source: Pro Pakistani