The 3rd Pakistan Banking Awards were held on Friday, 8t of November 2018, the highest accolade in Pakistan’s banking sector was organized by the Dawn Media Group, Institute of Bankers Pakistan (IBP) and A. F Ferguson.

The awards were given by the chief guest State Bank Deputy Governor Jameel Ahmed, Dawn CEO Hameed Haroon, Dr Ishrat Husain, Shabber Zaidi of A.F. Ferguson and acting chief executive of the Institute of Bankers Pakistan Farooq Shaikh.
The awards were given in different categories and for different services, in which the banks have out-performed themselves; the areas rewarded included financial inclusion, customer convenience, technology in banking, Islamic banking, trade finance including SME and agriculture.

The jury members of the bank awards 2018 have a vast experience of working for the financial sector and the awards were decided after thorough review of product offerings and performance of all the nominee banks.

Other members of the Dr Husain-led jury were former president and CEO of Bank Alfalah Atif Bajwa, former president and CEO of Faysal Bank Ltd Naveed A. Khan, former president and CEO of United Bank Ltd Atif R. Bukhari, Dean and Director of the Institute of Business Administration Dr Farrokh Iqbal, CEO and Director of the Pakistan Business Council Ehsan Ali Malik and CEO and MD of English Biscuit Manufacturers Dr Zeelaf Munir.

Dr Hussain presided over the seven-member jury which took its decision founded on evaluation and performance of the banks which had sent their nominations for the Banking Awards.
Among all the banks who had participated in the bank awards, after in-depth analysis and scrutiny of the bank performances in all the categories the awards were presented.

The jury recognized Meezan Bank as the ‘Best Bank’ in Pakistan for its current as well as overtime standing in the country’s financial sector.
The Bank has previously been recognized at the same platform as the Best Islamic Bank in the country for years 2016 and 2017 for providing innovative Shariah-compliant financial solutions. It’s a phenomenal year on year growth, and contribution to the domain of Islamic finance in the region has also been a prominent factor in the past years.

The jury chose Dubai Islamic Bank as the Best Emerging Bank in Pakistan for 2018, The Bank also has received multiple awards at the prestigious Islamic Retail Banking Awards (IRBA) held in UAE this year, has also been awarded as the UAE’s largest Islamic bank, also received three other awards, including the ‘Strongest Islamic Retail bank in the World ‘recognizing its outstanding performance amongst the world’s Islamic retail banks.

HBL and Bank Alfalah received two awards in two different categories. In the category of best bank for small/medium businesses, Bank Alfalah was awarded the best bank. In the same category, HBL was awarded for its best performance in the agriculture sector. HBL received another award for the Best Investment Banking in Pakistan. Bank Alfalah also received a second award for Best Customer Franchise.

The Best Micro Finance Bank Award went to Khushhali Microfinance Bank and Mobilink Micro Finance Bank was chosen as the best bank in the category of Bank the Unbanked Award.

The State Bank of Pakistan Governor Tariq Bajwa addressing the ceremony said that “The financial sector is instrumental in the national development of a country. The role of the institutions contributing to this sector in various forms needs not only to be highlighted but should also be duly acknowledged,” (Dawn,2018)

Mr Bajwa further added that “I am strongly encouraged by maximum participation from banks and supporting institutions and would like to see more and more entrants in this event every year. These awards will showcase their efforts in promoting and projecting Pakistan as a progressive nation that is advancing towards economic stability and developing into a welfare state,” he said.

“These awards honour and promote the efforts of banks for developing new and innovative products and services while giving them the incentive to enhance their performance for the coming year. They encourage banks to gauge their standing within the industry by setting benchmarks. Most importantly, they inculcate a spirit of healthy competition as the awards are a great source pride for the winning institutions”, he said at the end of the award ceremony, encouraging banks and all the stakeholders in the financial sector for inclusive development of the society.

These events and accolades of appreciation create more enthusiasm and zeal to be better at what they do, as banks play a vital role in maintaining a smooth financial cycle, more people are encouraged to be part of the financial system by providing innovating products and services to the potential customers.

Khurram Zahid

The post Bank Awards 2018 appeared first on Smartchoice.pk.

Easy Acceptance:
This is probably the biggest advantage you have when it comes to car financing. Numerous banks in Pakistan are offering car financing with an exceptionally high rate of acceptance when you apply for car financing. The documentation needed is also minimal and the processing times are fast. Thus it totally makes sense to prefer going for car financing rather than buying it outright which might translate into putting yourself into burden financially. Some of the major banks offering car finance in Pakistan are Dubai Islamic Bank, Bank Al Habib, Askari Bank and JS Bank.

Attractive Rates:
Currently most banks are offering car financing services at highly subsidized rates that enable consumers opting for car financing in Pakistan  to make their decisions with ease. Markups can be kept fixed or variable as some banks offer this option. Some banks even offer the option to pay as much as you can in the name of down-payment of the vehicle. You can also avail special rates when it comes to comprehensive insurance of your car. It doesn’t get any easier than this.

Flexibility:
Currently car financing is offered with a ton of options that can be tweaked according to the consumer’s needs. Installments are also based upon the duration of car financing which is usually a long term affair with up to 7 years. Lastly some banks also offer balloon payment options that enable you to pay in lump sum when it’s possible for you thus lowering the number of installments. You can also choose between new, used or imported vehicles of most brands. You can also pay registration and insurance charges in installments which makes it extremely affordable as the down-payment is greatly reduced to lowest possible limits.

Sharia Compliance:
Since we live in a country with its founding roots based upon Islam and the majority of population being Muslim, it’s only natural that most people tend to have their financial transactions done in a Sharia compliant way. Thus many banks have now started to offer Car Ijarah which is based upon Islamic principles and is completely interest free thus a compelling option for those who prefer Islamic banking and finance. Islamic car financing in Pakistan is offered by Meezan Bank, Dubai Islamic Bank and Bank Alfalah being the renowned names.

Do Your Own Research:
Last but not the least this is another important aspect to get the best car finance deal for your new or used car. Always have a look at multiple options and compare them to see if there are any unique offerings from a provider that the others might be lacking on. See markup rates, payment terms and conditions and installment duration etc to see what suits you best and then make your choice.

There you go, following these 5 best practices will ensure that you get the best car finance deal no matter which bank you choose to go with. For any comments or feedback, please write to us at feedback@smartchoice.pk

Khurram Zahid

The post 5 Ways To Get Best Car Finance In Pakistan appeared first on Smartchoice.pk.

On Monday, 1st February 2016, many banking and financial institutions were praised for their excellent performance and services in helping Islamic Banking create a foothold in Pakistan. One of these high achievers was Dubai Islamic Bank which won in the category of Best Islamic Auto Finance for which President/CEO Dubai Islamic Bank, Junaid Ahmed received the award.

Dubai Islamic Bank Pakistan Limited (DIBPL) is a wholly-owned subsidiary of Dubai Islamic Bank UAE (DIB). The parent company DIB is a listed company in Dubai. The Bank has maintained its position as an innovative solution provider to all the financial needs of its customers, in accordance to Shariah. It’s the first Islamic Bank in the world and in Pakistan as well. Aside from providing comprehensive banking services that are absolutely halal and based upon Islamic ideologies and principles, DIBPL takes on the role of both an investor and a facilitator to serve as a catalyst for further Foreign Direct Investment (FDI) in the country. In fact, the Bank is already working closely with a number of UAE based large business corporations such as Dubai Ports, Nakheel LLC, and Emaar. The Bank has also been actively involved in bringing global brands to Pakistan and is honored to act as the sole financial adviser for various global franchises operating in Pakistan.

President of Pakistan, Mr. Mamnoon Hussain graced the event and disbursed the awards to the excellent achievers. Finance Minister Mr.Ishaq Dar got the award for governments support to Islamic Finance and Banking. Mr. Zafar Hijazi, Chairman SECP received the award on his behalf. Mr. Zafar also received an award himself for SECP’s role in supporting Islamic Banking. Mr. Ashraf M Wathra, Governor State Bank of Pakistan, got awarded for best Central Bank for promoting Islamic Banking. Mr. Ghulam Muhammad received the award on his behalf. Deputy Governor State Bank, Mr. Saeed Ahmed was honored with an award for SBP’s  support to Islamic Banking. Furthermore, Former Governor SBP Dr. Ishrat Hussain was also awarded for being one of the pioneers of Islamic Banking in Pakistan.

Coming to financial institutions/banks, President Syed Iqbal Ashraf was conferred with award for NBP as the Best Emerging Islamic Bank, President/CEO Meezan Bank Irfan Siddiqui was awarded for Meezan Bank for having the Largest Islamic Bank. It’s important to note here that Meezan Bank is one of those Islamic Banks that have been widely talked about due to the Chairman, Justice (Retd.) Muhammad Taqi Usmani who is a renowned figure in the field of Shariah, particularly in Islamic Finance. He currently holds advisory positions in a number of financial institutions practicing Islamic Banking and Finance.

President /CEO Habib Bank, Nauman K Dar was awarded for Habib Bank’s Best Islamic Window and President/CEO Standard Chartered Bank Shahzad Dada for Best International Bank for Islamic Banking in Pakistan. SCB has been hailed as the best bank in Pakistan when it comes to conventional banking services.

President/CEO Habib Metro Sirajuddin Aziz bagged the award for Best Trade Financing through Shariah Finance and President/CEO Bank Islami, Hassan Mughal got Best Islamic Home Finance. Similarly, Managing Director Al Meezan Investment Company Muhammad Shoaib was conferred award for Best Islamic Funds Manager, Managing Director Pak Qatar Family Takaful Said Gul received award for Best Takaful Company, ECP Sitara Chemicals Mian Muhammad Idrees received award for Best Client of Islamic Finance and Mufti Muhammad Najeeb Khan was awarded for being Leading Shariah Advisor Summit Bank as well as CEO First Habib Modaraba Muhammad Shoaib Ibrhim was awarded for Best Islamic Modaraba Management.

Khurram Zahid

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