An ex­clu­sive in­ter­view with Nazish Lutfi

Enterprise - - Contents -

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.

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