The Financial Daily : 2019-08-19

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NATIONAL Monday, August 19, 2019 SECP's Regulation­s for MSF approved Securities and Exchange Commission of Pakistan (SECP) has approved the Regulation­s for Murabaha Share Financing (MSF) in persistenc­e with its vision to develop and strengthen capital market, promote Shariah complaint financing and to stimulate liquidity in the securities market, says a Press release. SECP has directed NCCPL to provide platform in relation to extending credit for share financing in compliance with Shariah principles and make necessary arrangemen­ts for system developmen­t and integratio­n with CDC and PSX by September 2, 2019 to launch the MSF product at full scale for the investors. MSF is primarily a sale transactio­n which is used to finance the purchase requiremen­ts of the investors in Shariah compliant manner. MSF product has been prepared after extensive consultati­ons and under the guidance of Shariah Advisory Board of SECP and renowned Shariah scholars representi­ng reputed Islamic banks. The product will allow financing only in Shariah compliant securities which fall under the PSX-KMI All Share Islamic Index. Under the MSF, financial institutio­ns and securities brokers would be able to extend financing in Shariah compliant manner. The introducti­on of MFS product would cater the needs of investors willing to avail Shariah compliant modes to finance their transactio­ns. It will also pave the way towards realizing the untapped potential of Shariah complaint segment in the capital market. MSF product can be an attractive financing avenue for the Islamic banks operating in Pakistan due to limited availabili­ty of Shariah compliant investment options in capital market and excess liquidity available with such banks. ISLAMABAD: AIOU declares Monday last day for admissions in PhD/MPhil/MS/BS Govt takes tough decisions to address economic crisis Jubilee General Insurance Sindh Open Golf Ahmed Baig is new Sindh Champion Communicat­ion for autumn 2019 semester. The BS programs include Physic, Botany, Mathematic­s, Statistics and Environmen­t sciences. These programs are arranged only in Islamabad Campus. For the coming semester, the AIOU has also launched BS Computer Science program for Lahore, Multan, Dera Ghazi Khan, Bahawalpur and Rahim Yar Khan, besides Rawalpindi, Islamabad Campuses. The University has also announced schedule of entry test of these programs. As per schedule, its August 21 is for the test and interview of MS/Phil programs, while August 22 is of PhD programs. Merit-list will be displayed on August 28. The last date for fee submission of the programs is September 2. The prescribed meritcrite­ria will be strictly followed in the admissions process, as per the directives of the Vice Chancellor Professor Dr. Zia-Ul-Qayyum. As per the policy, there will be no compromise on the quality and transparen­cy in conducting and running these programs, Director Admissions added. Raza Kazmi Minister for Federal Education and Profession­al Training Shafqat Mahmood says Pakistan Tehreek-e-Insaf's government has taken tough decisions to address the economic crisis of the country. Talking to Radio Pakistan's News and Current Affairs Channel Sunday, he said our government is repairing the economic damage done by the previous government­s. He said billions of rupees were laundered and stashed abroad. The Minister appreciate­d National Accountabi­lity Bureau for holding the powerful accountabl­e. Meanwhile, Minister of State for Parliament­ary Affairs Ali Muhammad Khan says PTI government has been successful in overcoming the challenges it inherited by its hard work and dedication. He said when the government came into power there was a huge debt and national exchequer was empty. He said the economic team of the government put their hard work to bring the economic situation to stability.-NNI ISLAMABAD: Allama Iqbal Open University (AIOU) has announced that August 19 (Monday) is the last day for applying admissions in PhD, M.Phil, MS and BS programs. The admissions could only be applied through online portal. According to Director Admissions, all these are merit-based programs. It was hoped that the interested students would avail the opportunit­y. The University had opened admissions in PhD Physics, Chemistry, MS/MPil Chemistry, Physics and Mass ISLAMABAD: Carding 16 under 200 in the three day 54 holes event Pakistan's new found youngster golf sensation Ahmed Baig of PAF emerged as the new Jubilee General Insurance 21st, Sindh Open Golf Champion, pocketing the winner's purse in the Rs.2.3 Million competitio­n here on Sunday at the Arabian sea Country Club Golf Course. He clinched the Sindh Open crown, says a Press release. Defending Champion Matloob Ahmed finished 2nd, and couldn't retains Jubilee General Sindh Open Golf crown. He scored 11 under total of 205. Spartan athlete, Shabbir Iqbal took the third place, recorded a total of 8 under 208. Shabbir Iqbal failed to reclaim the title for the sixth time. Shahid Javed took the 4th, place in the main title championsh­ip with a 7 under total of 209. In the Senior P r o f e s s i o n a l Competitio­n M. Akram of Lahore Gymkhana played 9 under par for the 36 holes game and has won the title of Senior Pro Category. Imdad Hussain of Pakistan Railway came up to second position with 8 under, totaling 136 for two days. Tahir Naseem of LGM played a total of three under, totaling 141 for two days, and was declared at third position. While In the Junior P r o f e s s i o n a l Competitio­n, Abdul Wadood is a winner of Junior Pro Category. While M. Insaf stood second with 7 over, totaling 151 for two days, M. Saqib of GGC played a total of six over, totaling 152 was at third position. In Ladies Aania Farooq of Airmen Golf Club with a gross of 146 won the ladies championsh­ip followed by Tabassum Sharif of ASCC with gross 173 was placed 2nd. Ahmed Baig got the glittering silver trophy and cash award of Rs.322, 500 from Tahir A. Ahmed Managing Director of Jubilee General Insurance for winning the championsh­ip while Matloob Ahmed Rs.208, 550, Shabbir Iqbal Rs.135, 450 and Shahid Javed Khan got Rs.102, 663 for second, third & forth spots. Chief Executive ASCC Arif Ali Khan Abbasi, President Sindh Golf Associatio­n Asad I. A. Khan, Secretary Cdre. (Retd) Ejaz R. Chaudhry, Head of Marketing Jubilee General Insurance Tauseef H. Shah and other officials were also present on the occasion. Former Pakistan Hokey captain Hanif Muhammad and ex-Test opener Sadiq Muhammad also attended the ceremony. Speaking on the occasion Arif Abbasi lauded the role of sponsors and media in the promotion of golf and promoting sports activities. In the two rounds Amateur categories Ghazanfar Mehmood from GCGC took the first place, carded a net 219. M. Sharif of WWGC was placed 2nd, with the net of 211 and Zohaib Asif of DHA was third with score of 220. While in Junior Amateur categories Daniyal Khan from Karachi Golf Club took the first place. Five handicap player Daniyal Khan carded a net 155. Yashal Shah of KGC was placed 2nd, with the net of 157 and Ahmed Shan of KGC was third with score of 153. KARACHI: Tree plantation begins in parts of country Foreign Minister Shah Mahmood Qureshi on Sunday has planted a sapling at main lawn of Ministry of Foreign Affairs in Islamabad as part of 'Clean and Green' drive of the government. On the occasion, the minister held special prayer for security of Pakistan and innocent Muslims of Occupied Kashmir. Foreign Secretary Sohail Mahmood, Special Secretary Moazzam Ahmad and other senior officials of the ministry were also present. Meanwhile, Minister of Punjab Usman Buzdar said that saplings are being planted to achieve the target of increasing forest in the country. We are determined in making Pakistan green, he added. The police, MCI and the CDA also took part in the campaign.-NNI ISLAMABAD: category Chief CAPITAL WATCH Munawar Naqvi Addressing the ceremony, Minister for National History and Literary Heritage Division Shafqat Mahmood said the present government is determined to project the diversity of Pakistan through its rich art and culture and the talented artists. He said prominent figures are also being involved to promote the country's art and culture. In his remarks, Artist Jimmy Engineer said he has promoted Pakistan all over the world through his art as well as peace and social activist. He said Pakistan is a great country and together we will take it forward and project its soft image. Indonesian constituti­on. ( with a diameter smaller than 100 nanometers) in the inhaled smoke. Sheesha more toxic viz smoking tobacco SCBA moves Apex Court against Justice Qazi Isa's references While the popularity of sheesha ( tobacco pipe) has increased in recent years, researcher­s said it The Supreme Court Bar Associatio­n (SCBA) has filed a petition in the Supreme Court during the week against the misconduct references filed against Justice Qazi Faez Isa, saying the judge was being targeted for his verdict in the Faizabad sit- in case. The petition was filed by SCBA President Amanullah Kanrani, and the respondent­s are the Supreme Judicial Council (SJC), the president of Pakistan (through the principal secretary to the president), and the federation of Pakistan. The petitioner contends that the references against Justice Isa "while cloaked in pious proclamati­ons of accountabi­lity - are actually rooted in mala fides of fact and law." "[ The references] in fact, are an outcome of a joint and systematic attempt being made by certain visible, and certain invisible, quarters within the executive branch to intimidate judges into subjugatio­n and permanentl­y fetter the independen­ce of the judiciary," states the petition. On Wednesday, Justice Isa had moved the apex court against the misconduct references filed against him in the SJC by the government on the directives of President Arif Alvi. On May 29, the government had filed a reference against Justice Isa in the SJC for owning properties abroad under his wife and children names and not mentioning them in his wealth statement. Indonesia celebrates 74th anniversar­y of Independen­ce Day President Alvi opens painting exhibition of Jimmy Engineer An impressive flag- hoisting ceremony was held at the Indonesian embassy during the week marking the 74th anniversar­y of Independen­ce Day of Indonesia. Ambassador of Indonesia Iwan S. Amri along with embassy staff presided over the flag- hoisting ceremony. Indonesia proclaimed her Independen­ce on may be more dangerous than other forms of smoking tobacco. Using a custom- built testing device, the researcher­s analysed emissions during a typical sheesha session and found that one draw from a pipe contained as many noxious substances as a cigarette. Hookah mainstream smoke, which is directly inhaled, has many toxic and harmful chemicals, like nicotine that can lead to tobacco addiction, irritating carbonyl compounds, and benzene, a known carcinogen," said study lead author Veronique Perraud from the University of California. "Due to the greater volume inhaled in every puff and the longer duration of a smoking session, the hookah often delivers a higher dose of those chemicals to the smoker," Perraud said. It also produced a large quantity of carbon monoxide, mainly from the burning of charcoal to heat the tobacco or herbal mixture in its bowl. The study, published in journal Aerosol Science and Technology, also referred to several cases of carbon monoxide intoxicati­on. In addition to testing ordinary tobacco, the group also studied a nicotine- free herbal mixture, marketed as a healthier alternativ­e, and discovered that it produced even higher levels of toxic gases. The study is the first to characteri­se ultra- fine particles President Dr Arif Alvi inaugurate­d a painting exhibition by eminent artist Jimmy Engineer at Aiwan-eSadr at the weekend. In his address on the occasion, he said the government is taking steps to promote art and culture in the country. He said promotion of art and culture is imperative for developmen­t of a civilizati­on. He said art and craft played an important role in renaissanc­e in Europe. He said new spaces, including galleries, should be created in the country to display pieces of art. Appreciati­ng the art work of Jimmy Engineer, the President said Jimmy Engineer has highlighte­d important themes in his paintings, including Pakistan movement. August 17th 1945. Embassy's officials along with their families and Indonesian community based in different cities of Pakistan about four hundred in number attended the ceremony with traditiona­l national fervor. At the flag hoisting ceremony, a smartly turned out group of students had the honor to receive the Indonesian flag from the Ambassador of the Republic of Indonesia Iwan S. Amri and raised it solemnly with the playing of the Indonesian National Anthem. This was followed by the reading of the text of proclamati­on of Independen­ce, Indonesian philosophy of Pancasila and the Preamble of the PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­r.com +1 604 278 4604 ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY COPYRIGHT AND PROTECTED BY APPLICABLE LAW

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