He termed as the health program being revolutionary, with this project being a milestone of a journey ahead aimed at bringing quality health services to the underprivileged. He added that using these health cards, the poor can access any private hospital to get treated free of any charge. No longer would anyone need to sell their valuables and property or take loans to get healthcare services.

The PM vowed to oversee the National Health Program himself saying that it’s the state’s duty to provide such services to the public and it’s the people’s basic right to have access to good health facilities.

We think it’s a good move even though a very tiny one at showing that the government is committed to the welfare of the general public. However in the not too distant past, the life insurance benefit of up to 1 Lac Rupees per person on the Smart National Identity Card was halted as people reported not being able to get compensations against their claims.

In another turn of events, Securities Exchange Commission of Pakistan (SECP) has also given the green light to a new micro-insurance product under the relevant rules. Named “First Sehat Tahaffuz Plan” under which hospitalization will be provided to low income beneficiaries of any micro-finance institution. Most low-income citizens face a number of hazardous events like sickness, accident, disability due to accident, deaths or natural disasters such as earthquake, fire and flood etc. All such hazards come with negative effects leading to a decline in income due to death or disability or a rise in medical expense or both. People with less income are more vulnerable to these hazards, as they are exposed to a higher number of risks because of their more hazardous living and working conditions. Micro-insurance can play a major role in providing  financial protection against losses by ensuring financial shock absorbency of low-income households to both predictable and unpredictable risk events and to maintain general well-being. With the introduction of new micro-insurance products in the market, it is envisaged that the acceptance of insurance in the masses would increase by the day while carrying a positive impact on the insurance penetration and insurance density levels in Pakistan.

Khurram Zahid

The post Government & SECP Announce New Initiatives To Boost Health Insurance 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

The post Dubai Islamic Bank Bags Best Islamic Auto Finance Award! appeared first on Smartchoice.pk.