An exclusive interview with Nazish Lutfi
Why an institution for promotion of capital markets and financial literacy?
On returning to Pakistan I got into a deal with a mutual fund to develop the first certification program on mutual fund industries. We also a got a contract from the Karachi Stock Exchange to train people. After witnessing change and finding that people asked a lot of questions, we decided to train the trainers so that the change could be spread wider. We have been hired by international companies in the US, UK, Dubai and Canada as official trainers in Pakistan.
Did you manage to transfer the rich experience you gained at Merril Lynch and Lehman Brothers to Pakistan’s financial markets?
The Pakistani market is very difficult. People running the show are not aware of this side of education. Recently, the KSE Managing Director had been complaining about the worsening current scenario with a dried up volume. I have even heard people talking about the future closedown of KSE. So there is no understanding of how to create business. In comparison, India has a clientele of more than 20 million and Bangladesh, which began in the 70s has more than a million clients. In Pakistan we do not have more than 60 to seventy thousand investors. To create new customers, we need to focus on the untapped market of educated brokers.
I am launching the concept of financial supermarket, currently nowhere in the world. Here all financial products would be offered at one place. You can trade in stocks, commodity, mutual funds, international markets or local market, get insurance and credit cards, all money products as well as Islamic products.