The management quality rating of Al Meezan Investment Management Limited (Al Meezan) has been upgraded to AM2 by JCR-VIS Credit Rating Company.

This rating denotes High Management Quality with a “Stable” outlook. AM2 is the Highest Management Quality Rating ever assigned by JCR-VIS to any Asset Management Company in Pakistan, said Chief Executive of Al Meezan Mr. Mohammad Shoaib, CFA.

The AM2 Rating signifies the strength of Al Meezan in maintaining a smooth flow of operations and its prudent liquidity management during the current economic environment, ensuring that customers’ requests are serviced well within time.

Al Meezan’s funds carrying equity exposures including Meezan Islamic Fund and Al Meezan Mutual Fund have been amongst the top performing funds in their respective categories for the calendar year 2009.

It was highlighted by JCR-VIS in its press release that In relation to other AMCs, decline in aggregate net assets of Al Meezan was less pronounced in FY09 and simultaneously subsequent improvement in net assets has also been on the higher side than other AMCs.

Mr. Shoaib highlighted that the size of retail base of Al Meezan is considerably higher in relation to its peers. Due to the professional and prudent management at Al Meezan and the company’s continuous commitment to further enhance and strengthen its support infrastructure and risk management systems to offer greater value and convenience to investors, we have not only been able to retain our existing investors but also managed to increase the investor base significantly. Mr. Shoaib thanked both individual andinstitutional investors for their confidence and trust which enabled Al Meezan to achieve this milestone.

On this occasion, Al Meezan also announced launch of Pakistan’s first Shariah compliant Government Securities Fund – Meezan Sovereign Fund (MSF). MSF aims to provide maximum capital preservation along-with Halal and competitive returns by primarily investing in a portfolio of Shariah Compliant Government Securities thus minimizing the risks of investments. The fund is available for initial public subscription till February 15, 2010. During the initial launch period investors will get an opportunity to invest in the fund at the par value of Rs. 50/- per unit without any sales load.

The company currently manages over Rs.17.8 billion in assets under management. With a proven track record, the company clearly stays well ahead of all itscompetitors in the Islamic asset management market in Pakistan.

Via Al Meezan Investment Management Limited press release.

Out of 68, 60 employees of Zari Taraqiati Bank Limited (ZTBL), who were sacked during 1996-98, have been reinstated, the bank Vice President (VP) informed the Sub-Committee of Federal Cabinet on Re-instatement of Sacked Employees of ZTBL on Wednesday.

ZTBL VP told the meeting that the rest eight employees had not contacted the committee so far. He said the re-instated employees were being promoted and salaries were being paid to them as per instructions of the sub-committee of federal cabinet.

Senators Dr Malik and Hassil Bezinjo from Balochistan informed the meeting that the people of Balochistan had not been given their due quota in ZTBL jobs and Trading Corporation of Pakistan (TCP).

You can find further details on Daily Times.

Lahore-Islamabad Motorway (M-2) has made the travel fast, safe and convenient. In the beginning, people traveling on this mega-road faced some difficulties and not all people were fond of traveling by this route. Main concern of people was lack of facilities like rest areas, eating outlets, gas / petrol stations, garages, etc.

Over the last decade, many of these facilities have been provided and traveling by M-2 Motorway has become more of a norm than exception. However, availability of Auto Teller Machines (ATMs) is still very thin if not non-existent.

It will give travelers peace of mind if more ATMs are added not only on the Lahore-Islamabad (M-2) motorway, but also on other linkages of Peshawar and Faisalabad.

Also, prominent signage of ATM should also be placed on these mega-roads, like of other facilities, for clear visibility and notice to travelers.

Soneri Bank has recently added a new branch to its network. The recent addition brings the total branch network to 154 across Pakistan.

Soneri Bank was incorporated on September 28, 1991 and the first branch of the bank was opened in Lahore on April 16, 1992. The bank also operates in Northern Areas of the country where no other private bank has ventured so far.

The bank, being a conventional commercial bank, is also offering Islamic banking services.

To locate the Soneri Bank branch closest to call you can call the bank’s 24/7 toll-free call centre at 0800-00500 or visit its website.

State Bank of Pakistan (SBP) has asked commercial banks to prevent money transfers through ‘Benami Accounts’ and remain extra vigilant about Know Your Customer (KYC) requirements.

This advice was given at a Compliance Forum meeting arranged by the SBP in collaboration with the Financial Monitoring Unit (FMU) here on Saturday.

The meeting was part of a consultative approach being followed by the central bank to help build capacity of banks in their compliance framework.

SBP’s Director Banking Policy and Regulation Department Syed Irfan Ali briefed the participants about various steps taken by the central bank for strengthening regulations to curb money-laundering and illegal transfer of funds.

You can read more on the topic on The News.

National Investment Trust (NITL) is in the process of launching an open end Income Fund. The new fund is in Fixed Income Category with the name of “NIT Income Fund.”

The fund will have following benefits:

• Tax benefits
• Minimum investment of Rs5,000
• Competitive returns
• Easily encashable

According to NITL’s website objective of NIT Income Fund is:

The objective of “NIT IF” is to generate competitive stream of return with moderate level of risk for its unit holders, by investing primarily in portfolio of fixed income securities with weighted average time to maturity not exceeding four (4) years.

In order to achieve its primary objective of generating competitive return for its unit holders, NIT IF would substantially invest in a diversified portfolio comprising of high quality debt securities.

The fund shall at all time maintain a minimum of 25% of net assets in the form of cash & near cash instruments, whereas, the fund can take exposure of up to 75% of net assets in high quality debt securities.

Initial offer of the NIT Income Fund is open from February 15 to February 18, 2010.

Performance Reports of the “NIT Income Fund” are to be provided on periodical basis (as applicable) in the areas of Fund Manager Report, Financial, Price/NAV History, FAQs.

Offering documents (PDF, 515KB) and flyer (PDF, 434KB) of NIT Income Fund are available on the NIT’s website. Intending investors can alternatively call National Investment Trust at 111 648 648 to know more about NIT Income Fund.

United Bank Limited (UBL), Pakistan and Bank Albilad, Saudi Arabia have joined hands to facilitate remittance of funds from expatriate Pakistanis living and working in Saudi Arabia. This partnership between UBL and Bank Albilad is an important step in solidifying the two bankís relationship while at the same time improving the quality of service to customers.

Under the agreement remitters can use UBL’s TezRaftaar Cash (cash over the counter) service whereby the beneficiary can obtain cash payment of up to Rs500,000 over the counter from any UBL branch in Pakistan against a remittance in their name. TezRaftaar Cash is a free, fast and dependable way to send money even for those beneficiaries who do not have an account at UBL.

Remittances to Pakistan from around the world provide a major boost to the Pakistani economy. According to the State Bank of Pakistan, home remittances from Saudi Arabia and GCC countries increased by $177.38 million during the period July-December 2009. To further facilitate remittances through formal channels the SBP, Ministry of Finance and Ministry of Overseas Pakistanis have started the Pakistan Remittance Initiative (PRI).

You can read the complete story on The News.

The Bank of Punjab is one of the leading banks in Pakistan with a large network of branches. The Bank requires professional bankers for the following positions:

• Group Head Corporate and Investment Banking (C&IBG): (Lahore based)
• Relationship Managers / Officers – Corporate: (All Pakistan basis)
• Special Assets Management Managers / Officers: (All Pakistan basis)

Complete details for these job openings could be found in this advertisement (JPG, 129KB). Those interested could e-mail their resume to recruitment2010 (at) bop (dot) com (dot) pk latest by February 13, 2010.

Pak-Qatar Family and General Takaful has initiated its UAN based customer help and guidance phone line facility. Though Pak-Qatar took some time in starting this service, they have chosen a clever phone number for their call center. The phone number is 111-TAKAFUL (i.e. 111-825-238).

Pak-Qatar General Takaful Limited and Pak-Qatar Family Takaful Limited are regarded as the pioneers in introducing takaful products in Pakistan. Pak-Qatar General Takaful Limited was incorporated in Pakistan in year 2006 and started its operations in year 2007.

Like other Islamic banks and financial institutions working in the country, Pak-Qatar General Takaful’s operations are overseen by a Sharia Advisory Board. The board, headed by Mufti Muhammad Taqi Usmani, certifies all the company’s products and activities to be Sharia compliant.

Pak-Qatar General Takaful is supported by some of the strongest financial institutions in the state of Qatar such as Qatar Islamic Insurance Company (QIIC), Qatar International Islamic Bank (QIIB), Qatar Islamic Bank (QIB), Qatar National Bank (QNB), the Amwal Group, Masraf Al-Rayan and Munich-based FWU AG.

The company wants to be regarded as a technology-driven organization and has invested in procuring state-of-the-art technology solutions from Malaysia and SAP Enterprises Resource Planning (ERP) suite applications.