Meeting with Federal Secretary Finance 01

Seminar on ‘Textile Leadership Conversation 2019’ 02 Dear Colleagues,

MOU between ICMA Pakistan and Asia e University 03
The Newsletter in your hand covers the Institute’s programs and
of Malaysia
Launching Ceremony of Students E-Magazine ‘Future 03
events held during the month of April 2019. The primary objec-
CMAs’ tive of this release is to keep our members abreast with the differ-
Internal Audit LearnFest (ILF) 2019 Conference 04 ent activities being undertaken by the Institute under its Branch
Seminar on ‘Awareness about Federal Tax 05 Councils, Committees and Directorates; aimed at capacity build-
Ombudsman’ - Lahore ing and creating networking opportunities for our members as
Report on Diploma in ‘IFRS-II’ - Lahore 05 well as building corporate image of the Institute.
Career Counseling Seminar – Lahore 06
The most prominent activities during this month included the
Workshop on ‘Islamic Banking Mechanism & 06
launching of Future CMAs (Students’ e-Magazine) by the President ICMA Pakistan; ICMA
Products’ – Lahore
Career Counselling and Awareness Seminars - 6-8 Pakistan’s partnership with Trade Development Authority of Pakistan (TDAP) to organize a
Faisalabad ‘Textile Leadership Conversation 2019’ on the sidelines of TEXPO 2019; signing of a MoU
Examination 9 with Asia e University of Malaysia at the office of Malaysian High Commission at Islamabad
MPD & CT 9-16 and holding of 15 one-day nation-wide training programs jointly with the Small and Medi-
Research & Publications (R&P) 17 um Enterprises Development Authority (SMEDA) under its National Business Development
Technical Support & Practice Development (TSPD) 18-20 program for SMEs. In addition, three Directors’ Training Programs (DTP) were also orga-
Membership Affairs 21 nized by the Institute; two at Karachi and one at Lahore. These activities suggest that the
Library Update 22 Institute is gearing up to play its crucial role towards the development of the profession as
well as building of a strong corporate culture in the country and at the same time offering
to extend technical and professional support to the Government and Industry.
National Council Members The e-Newsletter also contains useful information about the activities of our different De-
President
partments such as Examination, Research and Publications, Members Professional Devel-
Zia ul Mustafa, FCMA opment, Memberships and Library which can be of interest and benefit to our members.
CFO & Business Administrator Please enjoy reading.
Pakistan Expo Centres Private Limited
Have a nice reading and do share with us your valuable suggestions on rp@icmap.com.pk
Vice President
Abdul Wasey Khan, FCMA
Group Director Internal Audit
FAV Group of Companies Muhammad Yasin, FCMA
Chairman, Research and Publications Committee
Honorary Secretary
Shehzad Ahmed Malik, FCMA
Chief Executive Officer, Shehzad Malik Management Consultants (Pvt) Ltd.

...Feature News...
Honorary Treasurer
Muhammad Yasin, FCMA
Chief Financial Officer, Jamshoro Joint Venture Limited, Associated Group

Meeting with Federal Secretary Finance

Abid Lateef Lodhi, FCMA
CEO, Central Power Purchasing Agency Guarantee Limited,
Ministry of Energy, Government of Pakistan
Ghulam Mustafa, FCMA Islamabad | April 24, 2019
Chief Executive Officer, Tariq Qazi Management Consultant
Ather Saleem Ch, FCMA ICMA Pakistan delegation led by Mr. Zia ul Mustafa, President held a meeting with Mr.
Head of Compliance & Taxation Muhammad Younus Dagha, the then Federal Secretary for Finance on April 24, 2019.
Fauji Fertilizer Bin Qasim Ltd.
Muhammad Iqbal Ghori, FCMA
Director Startegic Planning, Sadaqat Ltd.
Sumaira K. Aslam
Additional Secretary Cost Accounting Wing,
Finance Division, Government of Pakistan
Irshad Ahmed Kaleemi
Deputy Auditor General (Policy)
Auditor General of Pakistan
Jameel Ahmad, FCMA
Deputy Governor,
State Bank of Pakistan
Tahir Mahmood, FCMA
Commissioner
Securities and Exchange Commission of Pakistan (SECP)

CHIEF EDITOR EDITOR

Editorial Board Muhammad Yasin, FCMA Shahid Anwar, Director
Chairman, Research & Publications Committee Research & Publications Email: rp@icmap.com.pk
 The delegation comprised of Mr. Shehzad Ahmed Malik, Honorary Secretary; Mr. Abid Lateef Lodhi, member National Council; Mr. Aamir Ijaz
Khan, Executive Director and Ms. Javaria Malik, Director MARCOM. Ms. Sumaira K. Aslam, Member National Council ICMA Pakistan and AS/
Deputy Chief Cost Accounts Officer, Finance Division, Government of Pakistan also attended the meeting.
During the meeting, the President ICMA Pakistan made a presentation on ‘Improving Governance and Productivity of Public sector organizations
(PSCs)’.He suggested that the Code of Corporate Governance, 2012 and Public Sector Companies (Corporate Governance) Rules, 2013 [amended
upto April 21, 2017] may be re-visited to incorporate provisions which are missing in these legislations and make elaborations of some provisions
to remove ambiguity and bring clarity for better interpretation of laws. The Secretary Finance assured to consider these suggestions for improv-
ing the efficiency of PSCs.

Seminar on ‘Textile Leadership Conversation 2019’

Lahore | April 13, 2019

ICMA Pakistan and the Trade Development Authority of Pakistan (TDAP) jointly
hosted ‘Textile Leadership Conversation 2019’ on the occasion of TEXPO 2019 on
April 13, 2019 at Expo Centre Lahore. This program was organized by MARCOM
department of ICMA Pakistan.The theme of the event was ‘Sustainability in Tex-
tile Industry: Reality and Challenges’. Mr. Abdul Razak Dawood, Minister of Com-
merce and Advisor to Prime Minister on Commerce, Textile, Industry, Production
and Investment graced the occasion as Chief Guest.Mr. Zia ul Mustafa, President
ICMA Pakistan, Mr. Muhammad Yasin, Honorary Treasurer; Mr. Ghulam Abbas and
Mr. Awais Yasin, members greeted the Chief Guest on his arrival.Mr. Awais Yasin,
Chairman, Lahore Branch Council (LBC) presented the welcome address whereas
Mr. Ghulam Abbas delivered the keynote address.
The Chief Guest in his address stated that the Government has taken all possible
measures to resolve the problems faced by the textile industry and it is hoped that
it would soon achieve its lost glory. He said that the young generation should focus
more on entrepreneurship to make Pakistan a great country.
The President, ICMA Pakistan in his speech highlighted the pivotal role played by
the Management Accountants in the economic development of Pakistan through
their contribution to the business community and regulatory regime. He stated
that ICMA Pakistan wouldsummarize the points shared by panelists and speakers
in Textile Leadership Conversation for submission to the Government to assist in
policy making and implementation.
A panel discussion was also arranged which was moderated by Mr. Ather Saleem
Ch., member National Council and Chairman, CPD Committee ofICMA Pakistan.
The panelists included Mr. Faisal Pasha from Sapphir Fibre Ltd; Mr. Aqeel Saifi from
Reliance Weaving Mills Ltd; Mr. Zahid Latif from BeBe Jan Textile; Mr. Shahid Irshad
from Sitara Group and Mr. Abdul Razzaq FCMA.
Mr. Zia ul Mustafa FCMA, President (ICMA Pakistan) delivered the vote of thanks.
Ms. Javaria Malik, Director (MARCOM) was the Master of the ceremony. At the end, plaques and shields were distributed to dignitaries and
presenters. Around 150 Members and Students of ICMA Pakistan and guests attended.

APRIL 2019 2
MOU between ICMA Pakistan and Asia e University of Malaysia
April 17, 2019
A Memorandum of Understanding (MoU) has been signed between ICMA
Pakistan and Asia e University of Malaysia to offer PhD program and provide
career development pathways to the members of ICMA Pakistan. The sign-
ing ceremony was held at the Malaysian High Commission office in Islam-
abad on April 17, 2019. Mr. Zia ul Mustafa, President ICMA Pakistan and His
Excellency Mr. Ikram Bin Mohammad Ibrahim, High Commissioner of Malay-
sia to Pakistan signed the MoU.
On this occasion, the Malaysian High Commissioner expressed pleasure on
the signing MoU and stated that the collaboration between ICMA Pakistan
and Asia e University of Malaysia is a great step to enhance the education
portfolio of ICMA Pakistan members. Malaysian High Commission in Islam-
abad is pleased to have played a significant role in materializing this part-
nership’.
Mr. Zia ul Mustafa, President, ICMA Pakistan, thanked the Malaysian High Commissionerfor bringing both Institutes together and hoped that
the collaboration with Asia e University of Malaysia would allow ICMA Pakistan to provide career development pathways to members of the
Institute; in academia and consulting, and for creation of a knowledge-based economy.
Also part of the ceremony were officials from ICMA Pakistan including Mr. Shehzad Ahmed Malik, Honorary Secretary; Mr. Ghulam Mustafa,
member National Council and Ms. Javaria Malik, Director MARCOM. Prof. Dr. Omer Masood and Mr. Muhammad Maqbool, FCA were also
present at the signing ceremony, on behalf of Asia e University.

Launching Ceremony of Students E-Magazine “Future CMAs”

Nationwide | April 30, 2019

The Research and Publications Department organized a ceremony for launching of Students’e-magazine titled ‘Future CMAs’on Tuesday,
30th April, 2019 at ICMA Campus, Lahore.Mr. Zia ul Mustafa, President ICMA Pakistan was the Chief Guest on this occasion whereas Mr.
Muhammad Yasin, Honorary Treasurer and Chairman Research and Publications (R&P) Committee was the Guest of Honour.
The ceremony was witnessed on video-link by students present at Karachi, Islamabad, Multan, Faisalabad and Hyderabad Campuses.
The event was organized in coordination with the teams of Students Publications Society (SPS) formed to undertake the task of students’
e-magazine.
Mr. Muhammad Yasin, Chairman R&P Committee in his welcome address congratulated everyone on the launching of Students’ magazine
and said that it aims to provide a platform to the students to expand their horizon and explore their hidden potential of intellectual contri-
bution that would help them greatly in their practical career. He stated that the magazine will cover five segments including Campus Life;
Profession and Career; Business and Economy; Leisure and sports and Technology updates.

APRIL 2019 3
Mr. Zia ul Mustafa FCMA, President ICMA Pakistan congratulated the Research and Publications Committee and Directorate on this achieve-
ment. He stated that each student is an entity of immense potential and creativity which require proper channelization by the Institute and
hopefully the magazine will serve as an excellent medium for that purpose.
The LBC Members Mr. Awais Yasin FCMA, Mr. Ghulam Abbas FCMA, Mr. Abdul Razzaq FCMA, Mr. Hamid Zahoor FCMA, Mr. Muhammad
Shahid FCMA, Mr. Salman Haider FCMA, Mr. Tahir Iqbal FCMA, Syed Ali Asjad Rizvi FCMA and Joint Director ICMA Campus Lahore Mr. Sarfraz
Ahmad ACMA, were also present on the occasion.

KARACHI LAHORE ISLAMABAD

HYDERABAD FAISALABAD MULTAN

Internal Audit LearnFest (ILF) 2019 Conference

Karachi | April 30 to May 03, 2019

ICMA Pakistan partnered with Ingenium Business Solutions and KPMG Pakistan for 3 days’ mega event, Internal Audit LearnFest (ILF) 2019.
ILF 2019 addressed HR, Business, and Internal Audit Professionals of Pakistan. The event was held between April 30th and 3rd, May 2019 at
Movenpick Hotel Karachi. It comprised a 1 day conference (April 30th) and 4 workshops. On first day of the Conference, Mr. Abdul Wasey
Khan, Vice President ICMA Pakistan was a Panelist in the session ‘Do Organisations in Pakistan Need Ethical and Culture Audits?’ Other Pan-
elists included Mr. Armughan Ahmed Kausar, Chief Internal Auditor, Habib Bank Limited (HBL); Ms. Uzma Chishti, former General Manager
Human Resource, Continental Biscuits and Mr. Riaz Nazarali Chunara, Managing Director,National Institute of Banking and Finance (NIBAF).

APRIL 2019 4
 Lahore

Seminar on ‘Awareness about Federal Tax Ombudsman’

Lahore | April 25, 2019
ICMA Pakistan organized an Interactive seminar on ‘Awareness about Federal Tax Ombudsman Office- Its Establishment and Func-
tions’ on April 25, 2019 at Lahore Campus.
Mian Munawar Ghafoor Advisor In-charge Federal Tax Ombudsman (FTO) - Chief Commissioner Inland Revenue (R) was the Chief
Guest & Lead Speaker on the occasion whereas Khawaja Umar Mehdi, Advisor to FTO/ Chief Commissioner Inland Revenue (R) was
the Guest of Honour. The Chief Guest stressed that payment of tax is a national obligation of every citizen, however, there are pos-
sibilities of maladministration by the tax functionaries. The Government therefore established the Federal Tax Ombudsman in 1983
and for accessibility, efficiency, integrity, objectivity and transparency it also set up regional ombudsman offices at various places in
all the provinces.
Mr. Sarfraz Ahmad, Joint Director (Campus Management) Lahore presented shields to the Guest of Honour and Chief Guest/lead
speaker and awarded accolades to the organizers. Around 65 participants attended this seminar and it contains 3-CPD hours.

Report on Diploma in ‘IFRS-II’ Your passport to Financial Reporting Excellence

Lahore | April 27, 2019
ICMA Pakistan started a 3-moths Diploma of “IFRS Level-2” at Lahore Campus. Its opening session was held on 27th April, 2019. The program
has been developed in response to the complexity and pace of change in international financial reporting. Standards designed for fast track
learning it aims to equip the participants with key practical skills. The program will enhance their financial reporting skills and develop a
deeper understanding and knowledge of how international financial reporting standards are applied in practice locally as well as globally.
Mr. Sarfraz Ahmad, ACMA, Joint Director Campus Management, Lahore campus addressed the opening ceremony of the Diploma Course.
He expressed the hope that IFRS trainees will gain enormously by developing skills in international financial reporting standards. “Mastery
over the standards will open gainful employment door for them across the globe as more than 120 countries have given green signals in
their accounting boundaries” he stated. “Hopefully it will touch the number of 200 by the end to 2020. Besides with expertise in IFRS they
can establish their own consultancies to help companies adopt IFRS as early as possible” he added. At the end he wished the trainees best
of luck and success in career development. Mr. Nizamuddin FCMA, Mr. Khalid Mahmood Ahmad, FCMA and Mr. Ashfaq Ahmad, FCMA were
the lead trainers of the Diploma. Around 25 trainees attended this Diploma and 45 CPD Hours were awarded.

APRIL 2019 5
Career Counseling Session
Lahore | April 17, 2019
The Admission department of Lahore campus organized an In-house career counseling session on April 17, 2019 at Lahore. Mr. Sarfraz
Ahmad, Joint Director (campus management) Lahore addressed the prospective students on the occasion. He recounted the credentials
of CMA qualification and motivate them to join and pursue CMA qualification for a very bright and gainful career. The session was at-
tended by around 10 Intermediate, Bachelor and Master level students along-with their parents who are seeking career in Management
Accounting profession.

Workshop on ‘Islamic Banking Mechanism & Products’

Lahore | April 19-20, 2019
Lahore Branch Council (LBC) in collaboration with the Pakistan Institute of Management (PIM) organized a two-day program on ‘Islamic
Banking Mechanism & Products’on April 19 and 20, 2019 at PIM Lahore. Mr. Faisal Iqbal, Executive Vice President and Regional Head of the
largest Islamic Bank in Pakistan was the lead Trainer. He covered concepts and mechanism of Islamic Banking products during the training
and concentrated his lectures on; Riba and its prohibition; Principles of IB & Governing framework; Misconception about IB & its difference
with Conventional Banking; Pakistan IB industry landscape; Asset & Liability products of Industry; Various models and Financing under IB;
Deposit mobilization and pool management; Important Shariah standards under AAOIFI and Introduction of Takaful.A good number of se-
nior and middle level of Islamic bankers, Sharia Scholars, Takaful Managers, CFOs and Academicians participated in this workshop.

Faisalabad
Career Counselling and Awareness Seminars
Faisalabad | April, 2019
The Faisalabad campus conducted the following career counselling seminars in different colleges which are as under:

Govt. Commerce College, Gojra

For the sake of brand awareness and promotion of ICMA Pakistan in vicinity of Faisalabad District, Mr. Ayaz Mustafa FCMA, Joint Director
Faisalabad Campus visited Gojra City on Thursday, 04th Apr 2019 and conducted a career counseling and awareness seminar of ICMA Paki-
stan at Govt. Commerce College, Gojra.

APRIL 2019 6
Quaid College, Gojra

ICMA Pakistan, Faisalabad Campus always remains proactive to provide career guidance to the aspiring students in exploring better career
options for them. Mr. Ayaz Mustafa FCMA, Joint Director Faisalabad Campus, conducted career counseling session at Quaid College, Gojra on
Thursday, 04th Apr 2019. Principal of Quaid College welcomed the ICMA Pakistan’s team and dedicated his students for participation in seminar.
Superior College, Sahiwal

ICMA Pakistan, Faisalabad Campus Organized Four (04) Sessions of Career Counseling & Awareness Seminars of ICMA Pakistan at “Supe-
rior College, Sahiwal Campus” (Boys & Girls Campuses) on Wednesday, 17th April 2019. Mr. Ayaz Mustafa FCMA, Joint Director Faisalabad
Campus and his team member Mr. Muhammad Usman Siddique briefed the aspiring students about entry routes, admission criteria of the
Institute and the career opportunities available for CMA’s for bright future.
G.C University, Faisalabad

ICMA Pakistan, Faisalabad Campus Organized a Career Counseling & Awareness Seminar of ICMA Pakistan at “Lyallpur Business School of
Govt. College University Faisalabad” on Tuesday, 30th April 2019. Mr. Ayaz Mustafa FCMA, Joint Director Faisalabad Campus was the lead
speaker on the seminar. He motivated the participating students to join CMA qualification for career development in field of accounting
& finance and enlightened the importance of professional qualification in accounting & finance, in continuation of this he also inform the
aspiring students about the career opportunities available for CMA’s, entry routes and admission criteria of the Institute.

University of Agriculture, Faisalabad

ICMA Pakistan, Faisalabad Campus Organized a Career Counseling & Awareness Seminar of ICMA Pakistan at “Institute of Business Manage-
ment Sciences (IBMS) University of Agriculture Faisalabad” on Thursday, 25th April 2019. Mr. Ayaz Mustafa FCMA, Joint Director Faisalabad
Campus was the lead speaker on the seminar. He motivated the participating students to join CMA qualification for career development in

APRIL 2019 7
field of accounting & finance and enlightened the importance of professional qualification in accounting & finance, in continuation of this
he also inform the aspiring students about the career opportunities available for CMA’s, entry routes and admission criteria of the Institute.

Training on e-Filing of Income Tax Returns and Career Counseling Seminar at “FAST-NU”

Mr. Ayaz Mustafa FCMA, Joint Director Faisalabad Campus, conducted “Training on e-Filing of Income Tax Returns” for the faculty members
and finalist students of Management Sciences department of Foundation for Advancement of Science and Technology – National University
(FAST-NU) Chiniot Faisalabad Campus on Monday, 08th April 2019 Mr. Ayaz Mustafa also motivated the participating students to join CMA
qualification for career development.

Job Fair 2019 at FAST-NU

ICMA Pakistan, Faisalabad Campus participated in a Job Fair organized by Foundation for Advancement of Science and Technology – National
University (FAST-NU) Chiniot Faisalabad Campus on Wednesday, 24th April 2019 large number of students and dignitaries visited the ICMA
Pakistan’s stall and gathered information about ICMA Pakistan in one-on-one discussion.

Seminar on How to Dress for Professional Success

The CPD Committee of ICMA Pakistan, Faisalabad Branch Council organized a Seminar on “How to Dress for Professional Success” on Friday
26th April 2019 at Faisalabad Campus. Mr. Muhammad Kashif Tajammul, FCMA Secretary Faisalabad Branch Council formally welcomed all
the respected guests and participants in his opening remarks. Mr. Hamid Saeed was the Speaker at the seminar (He is a World Class Corpo-
rate Trainer and has over 25 years of experience in Dressing Professional Men for Success and he is also C.E.O of Best Custom Shirt, Pakistan).
Mr. Abdul Shakoor, FCMA Chairman CPD Committee of Faisalabad Branch Council presented vote of thanks at the closing ceremony.

APRIL 2019 8
 Examination
The examinees were got enrolled for Institute’s Summer 2019 [Written] Examinations, which were commenced from April 29, 2019 and
to be concluded on May 04, 2019, for all nine (9) applicable courses of Managerial Level-2, Strategic Level-1 and Strategic Level-2 under
Modified Scheme of Study (MSS) 2018. The examinations are scheduled to be conducted at Karachi, Lahore, Islamabad, Multan, Faisalabad,
Peshawar, Quetta, Hyderabad, Abbottabad, Gujranwala, Gilgit, Dubai (UAE) and Riyadh (KSA) examination centres.
During the month, the Institute also arranged ‘Preview Sessions’ on April 17, 2019, at Lahore, and on April 26, 2019, at Karachi (Head Office),
for the students who applied to preview their assessed examination answer scripts of Fall 2018 [Written] Examinations.
The Institute also conducted an interactive session with the students on ‘Exam Techniques’ at Karachi (Head Office) to brief their shortcom-
ings generally they commit while attempting the questions and to guide them how to attempt papers professionally.
Due to receiving responses from Exam Supervisors and other exam resources including examinees, regarding early attempts of Computer
Based Examinations (CBE) papers, the Institute also revised the Question Papers Pattern & Structure (QPPS) of all nine courses of CBE, to be
tested from CBE, June 2019, by adjusting the time allowed to attempt the papers from 02 Hours & 30 Minutes to 02 Hours.

Members’ Professional Development & Corporate Training (MPD&CT)

23rd Directors’ Training Programme
Karachi | April 19, 20, 26 & 27, 2019
ICMA Pakistan organized 23rd Directors’ Training Programme
(DTP) on April 19, 20, 26 and 27 April, 2019 at Karachi. Around
30 participants from public and private listed companies at-
tended the Programme. This is the highest number of participa-
tion at any DTP organized by ICMA Pakistan till date. Mr. Ahsan
Mehanti, Managing Director & CEO, Arif Habib Commodities
was the Chief Guest and Mr. Aamir Ijaz Khan, Executive Direc-
tor, ICMA Pakistan was also present during certificate distribu-
tion ceremony.

24th Directors’ Training Program for M/s Unity Foods Private limited
Karachi | April 15 to 18, 2019
ICMA Pakistan organized 24th Directors’ Training Programme (DTP) for Unity
Foods Private limited from April 15 to 18, 2019 at Karachi. Mr. Badi uddin Akber,
CEO, Central Depository Co. Ltd. was the Chief Guest and Mr. Aamir Ijaz Khan,
Executive Director, ICMA Pakistan was also present during certificate distribu-
tion ceremony.

25th Directors’ Training Program for M/s Ghani Glass Limited

Lahore | April 15 to 18, 2019
ICMA Pakistan, School of Certified Directors organized a 40-CPD Hour, In-
house “25th Director Training Program” for Redefining Potential in Corpo-
rate Governance Excellence at Ghani Glass Ltd, Model Town from April 15
to 18, 2019 at Lahore. Under the listed Companies Code of Corporate Gov-
ernance Regulations 2017, it is mandatory for all the Companies to ensure
that by June 30, 2019. At least 50 % of their Director’s should complete the
prescribed certification. The training sessions was especially for Directors of
Ghani Glass Limited.
Mr. Ale Imran Siddiqui FCMA , FCA and Mr. Saeed A. Sheikh FCMA, LL.B were
the lead trainers. M/s. Hamza Gani, Mr. Ibrahim Ghani, Mr. Nouman Shoukat, Mr. Sarfraz Anwar, Mr. Muhammad Ayub, Mr. Muhammad Mush-
taq and Mr. Tahir Ghafoor Khan, also attended the concluding session. The training program was spread over four modules and the following
topics were covered:
Mr. Zia ul Mustafa FCMA, President ICMA Pakistan was the Chief Guest in the concluding session. Mr. Sarfraz Ahmad ACMA, Joint Director ICMA
Campus Lahore, accompanied the President on the occasion. Shields and certificates were awarded to the participants.

APRIL 2019 9
Job Placements of Members and Students
Sr. CMA Status Karachi Lahore Islamabad Faisalabad Total
1 Members job placements 3 1 0 0 4
2 Qualified job placements 4 2 1 0 7
3 Students job placements 9 6 0 1 16
4 Students internships 5 3 0 0 8
TOTAL 21 12 1 1 35

Persuasive Letters
In the month of April 2019, 33 letters were sent to the employers about CMAs qualification.

Corporate Meetings
Sr. Date Organization Contact Person Region
1 04-Apr-19 Power Chemical Industries Limited Shahid Latif Anwar Faisalabad
2 06-Apr-19 Niagara Mills (Pvt.) Ltd. Muhammad Irfan Faisalabad
3 10-Apr-19 Faisalabad Chamber of Small Traders and Small Industry (FCST&I) Muhammad Adnan Aslam Faisalabad
4 06-Apr-19 TPL Corporation Limited Miss Sana Karachi
5 24-Apr-19 Askari Bank Limited Dildar Karachi

Employers’ Interview at ICMA Pakistan

Sr. Date Organization Positions Walk-in-Interview City
1 20-Apr-19 HA Soha Investment, Bahrain Manager Internal Audit ICMA Pakistan Head Office Karachi

MoU with BMA Capital Management Limited

Karachi | April 13, 2019

ICMA Pakistan has signed a Memorandum of Understanding (MoU) with BMA Capital on April 13th 2019. The MoU was signed by Mr. Abdul
Wasey Khan, Vice President ICMA Pakistan and Mr. Zar Badshah, Head of HR & Admin of BMA Capital signed MoU under the Corporate
Partnership Scheme. BMA Capital will provide training and placement opportunities to the qualified and existing CMA students.

Mentoring Session: ‘Power of Mind Impact At Work Place’

Karachi | April 6, 2019

MPD department of South Region regularly invites dignitaries from the corporate sector for personal & professional development of stu-
dents and members as part of continuing learning. A session on Power of Mind Impact At Work Place was organized on Saturday, April 06,
2019 at the ICMA Pakistan head office. More than 70 students attended the session and response was overwhelming.

APRIL 2019 10
Mentoring Session: ‘Personality Ethics /Character Ethics’
Karachi | April 6, 2019

Members Professional Development and Corporate Tranning (MPD & CT) of South Region organized its second session on How to be Ef-
fective for personal & professional development of students and members on April 13, 2019 at Karachi. Mr. Rizwan Ibraheem was the Lead
Trainner at the session. More than 100 students attended the session and response was overwhelming.

Workshop on MS Excel
Karachi | April 26, 30, 2019
Head Office, Karachi

North Nazimabad

Members Professional Development & Corporate Training (MPD&CT) organized a workshop on MS Excel on April 26, 2019 at
Head Office Karachi and on April 30, 2019 at North Nazimabad Campus. The purpose of the workshop was to enlighten the
participants about basic MS Excel.

APRIL 2019 11
SMEDA & ICMA Pakistan Trainings on ‘Finance for Non Finance Executives’
Lahore | April 06 to 27, 2019
ICMA Pakistan in collaboration with Small and Medium Enterprises Development Authority (SMEDA) under National Business Development
Program for SMEs organized 15 one-day trainings on the topic ‘Finance for Non Finance Executives’ from April 06, 2019 to April 27, 2019 at
Karachi, Lahore, Islamabad, Faisalabad, Multan, Peshawar and Hyderabad.
On April 6, 2019, The trainers were Mr. Kashif Ahmed, ACMA; Mr. Ashfaq Ahmed & Mr. Shehzad Khan Sherwani and Mr. Gul Shuja Qureshi
from Karachi, Lahore and Islamabad respectively. Around 25 participants attended from each centre.
On April 13, 2019, the trainers were Mr. Ejaz Baig, ACMA and Mr. Muzammil Ahmad Khan from Faisalabad and Multan respectively. Around
21 participants from Faisalabad and 15 Participants from Multan centre attended.
On April 20, 2019, the trainers were Mr. Masoud Ali Khan, FCMA; Mr. Ashfaq Ahmed & Mr. Shehzad Khan Sherwani; Mr. Mubashir Ali, FCMA;
Mr. Bilawal Mushtaq and Mr. Fawwad Baig, ACMA from Karachi, Lahore, Islamabad, Hyderabad and Peshawar respectively. Around 25 par-
ticipants attended from Karachi, Lahore, Islamabad, Hyderabad and 13 participants attended from Peshawar centre.
On April 27, 2019, the trainers were Mr. Ejaz Baig from Faisalabad; Mr. Masoud Ali Khan, FCMA from Karachi; Mr. Mubashir Ali, FCMA from
Islamabad; Mr. Rashid Ali, FCMA from Hyderabad and Mr. Fawwad Baig, ACMA from Peshawar centre. Around 25 participants attended from
Karachi, Islamabad & Faisalabad and 24 & 23 participants attended from Hyderabad and Peshawar respectively.
The Training Program aimed to equip participants with emerging concepts, proven skills and knowledge on Finance for Non Finance Execu-
tives. It was hoped that it would help SME’s to establish and strengthen their organizational systems in order to achieve business objectives
and profitable growth. 08 CPD hours were awarded on completion of the training. In the end certificates were distributed amongst partici-
pants by the Trainers.

Karachi | April 6, 2019

Karachi | April 20, 2019

APRIL 2019 12
 Karachi | April 27, 2019

Hyderabad | April 20, 2019

Hyderabad | April 27, 2019

Islamabad | April 6, 2019

APRIL 2019 13
 Lahore | April 06, 2019

Islamabad | April 27, 2019

Faisalabad | April 13, 2019

Lahore | April 20, 2019

APRIL 2019 14
 Multan | April 13, 2019

Faisalabad | April 27, 2019

Peshawar | April 20, 2019

Peshawar | April 27, 2019

APRIL 2019 15
Seminar on ‘Entering and Winning in UAE market’
Islamabad | April 06, 2019

The National CPD committee of National Council organized a very inspiring seminar on ‘Entering and Winning in UAE Market’on April 06,
2019 at Islamabad Centre. Mr. Ather Saleem, Member National Council and Chairman National CPD Committee gave the welcome address
and Mr. Shahzad Ahmed Malik, FCMA, Honorary Secretary National Council was the chief guest who awarded shield to the trainer Mr.
Qamar Hussein, a young member who has achieved tremendous success in a very short span of time and has been conducting an array of
sessions and seminars in UAE market. He gave a thorough insight on how to capture UAE market successfully and get settled there. It was
meant for enlightening young ACMAs and experienced ones who are aspiring to hunt for job and settle in UAE. Mr. Ather Saleem presented
flower bouquet to the speaker. Mr. Qamar Hussein ACMA. In total 45 participants attended this event.

Certificates Distribution among participants of Diploma in IFRS

Karachi |April 13, 2019

A certificates distribution ceremony among the participants of ‘Diploma in IFRS’ was held at Karachi on April 13, 2019 where Mr. Abdul
Wasey Khan, Vice President ICMA Pakistan was the Chief Guest. The Diploma examination was held on March 3, 2019 and participated
by 30 students. All the successful candidates appeared in next IFRS level. The certificates were distributed by the Vice President ICMA
Pakistan and Mr. Hanif Idress, CFO of International Industries Ltd, Karachi.
Realizing the emerging diversities and complexities in the world of accounting and the excessive use of IASs/ IFRSs in relation to its local
and international applications, ICMA Pakistan offers Diploma in IAS/ IFRS program to equip professionals with the globally accepted
reporting standards to enable them to avail such employment opportunities in the global as well as local corporate market. The program
aims to apprise the participants about the latest techniques and standards of Financial Reporting and global benchmark to ensure better
financial management and corporate governance. The diploma consists of two Levels i.e., Professional-I & II and duration of each level
is three (3) months.

APRIL 2019 16
 Research & Publications

Release of March-April 2019 issue of Management Accountant

The March-April 2019 issue of Management Accountant Journal on the theme of ‘ Institutional Reforms
and Governance’ was released and hosted on Institute’s website. The soft copy of this issue with ‘hyperlink
Contents Page’ was also sent through email to all the members. This issue features an exclusive interview
of Dr. Ishrat Husain, Advisor to the Prime Minister on Institutional Reforms and Austerity; a ‘Survey Report’
prepared by R&P Department on the topic of ‘Significance of Institutional Reform in Pakistan’; and nine Focus
Section Articles, including seven by members of ICMA Pakistan. This issue also contains a ‘Special Feature’
segment on ‘69th Management Accountants’ Day celebrated on 23rd May 2019.

Our Next Issues

May-June 2019 - Informal Economy: Challenges for Documentation
July-August 2019 - Business Start-ups and Professionals

Historical Timelines of the Institute [1951 to 2019]

The Research and Publications Depart-
ment prepared a very interesting and
historical document titled ‘Historical
Timelines – A Journey from Pakistan In-
stitute of Industrial Accountants (PIIA)
to ICMA Pakistan’ which was published
in the ‘Special Feature’ segment of Mar-
Apr 2019 issue of Management Accoun-
tant Journal. To prepare this document,
the R&P Department went through
heaps of information reposited in the
archives of over five decades of Insti-
tute’s official Journal as well as Annual
Reports of previous years and the Book
on ‘History of Management Accounting
Profession in Pakistan’. This exercise in
an attempt to provide our members and
others a chronology of events and policy
decisions taken by the Institute during
its long journey from 1951 to 2019.

Release of Second Issue of Students’ e-Magazine

April 30, 2019
The second issue of Future CMAs – students e-magazine was released on 30th April 2019. The
issue features news contributed by the students of ICMA Pakistan from all the nation-wise Cam-
puses in five segments viz. Campus Life & Activity; Business & Economy; Profession & Career;
Leisure & Sports and Technology Updates. The first issue of the students e-magazine was released
in February 2019. The launching ceremony of the Future CMAs was held in a impressive ceremony
organized at the Lahore Campus where the President ICMA Pakistan was the Chief Guest. This
ceremony was participated on video-link by students from Karachi, Hyderabad; Islamabad; Multan
and Faisalabad.

APRIL 2019 17
 Technical Support & Practice Development (TSPD)
Technical Session for finalization of Fiscal Budget Proposals 2019-20
Islamabad | April 18, 2019
The Technical Support & Practice Development (TSPD) Committee of ICMA Pakistan organized a Technical Session for finalization of Fiscal
Budget Proposals 2019-20 on April 18, 2019 Islamabad campus. Mr. Ghulam Mustafa Qazi, Chairman TSPD Committee and Worthy Practic-
ing members were invited to attend the session for finalization of budgetary proposals for the upcoming fiscal budget. The session awarded
02 CPD hours.

Technical Update
Faisalabad | April, 2019
1. DRAFT LISTED COMPANIES (BUY-BACK OF SHARES) REGULATIONS, 2019
Securities and Exchange Commission of Pakistan (SECP) vide their SRO 486(I)/2019 dated April 23, 2019 issued draft Listed
Companies (Buy-Back of Shares) Regulations, 2019.
The Regulations shall be applicable to buy-back of shares of companies listed on the securities exchange, in pursuance of section
88 of the Companies Act, 2017.
According to the Regulations, a company shall be eligible to purchase if it fulfils the following conditions:-
a) it is listed on the securities exchange for a period of not less than three years;
b) it is compliant with the minimum capital or equity requirements or minimum free float requirement of the securities exchange, as
set out in listing regulations or licensing requirements , if any, after the purchase;
c) the company is a going concern as per its latest audited account which shall not be older than six months from the date of special
resolution;
d) it has obtained approval of its members for purchase through special resolution;
e) it has obtained a certificate from the statutory auditors certifying the following:
i) the funds specified for the purchase by the board of directors of the purchasing company are available with the company;
ii) purchasing company shall continue to operate as a going concern after the purchase;
f) board has undertaken that after the purchase, the purchasing company is capable of meeting its obligations on time during the
period up to the end of the immediately succeeding twelve months;
g) it has obtained no objection certificate from its all creditors other than trade creditors;
h) the purchasing company should not be on the defaulter counter;
i) board of directors of a purchasing company shall not propose or recommend a purchase in any of the following cases, namely:-
i) winding up proceedings is commenced;
ii) if a criminal proceeding has been initiated against the company or its directors or sponsors and any other company in which they
are director or sponsor;
iii) a scheme of arrangement, compromise, reconstruction, merger or demerger is approved by the board of directors unless the Pur
chase is a part of such arrangement, compromise, reconstruction, merger or demerger;
iv) a public offer for acquisition of shares of the purchasing company under the Securities Act has been announced; and
v) purchasing company or any of its wholly owned subsidiary companies should not have overdue loans.
j) before the expiry of six months from the date of an earlier general meeting in which the purchase was disapproved by the members
2. DRAFT LISTED COMPANIES (CODE OF CORPORATE GOVERNANCE) REGULATIONS, 2019
SECP vide their SRO 485(I)/2019 dated April 23, 2019 issued draft Listed Companies (Code of Corporate Governance) Regulations, 2019.
The Regulations shall apply to public listed companies (“listed company”) based on “comply or explain approach” except the
requirements for which it is explicitly stated as “mandatory” and it shall be the responsibility of boards to use this approach wisely
and of investors to assess differing company approaches thoughtfully.
3. AMENDMENTS IN SALES TAX RULES 2006 & FEDERAL EXCISE RULES 2005
Federal Board of Revenue (FBR) vide their S.R.O. 488(I)/2019 and 489(I)/2019 dated April 25, 2019 notified amendments in Sales
Tax Rules 2006 and Federal Excise Rules 2005 for establishing the Alternative Dispute Resolution Committee. The new system for
alternative dispute resolution would help in resolving thousands of pending cases in various legal forums. According to the plan, an
Alternative Dispute Resolution Committee (ADRC) will be set up, headed by a retired judge. The decisions of the committee will be
binding on both the applicants and the FBR. However, criminal proceedings and legal implications for other cases will not be taken
up by the ADRC.

APRIL 2019 18
 According to the notification, any person interested for resolution of any dispute under section 47A would make a written applica-
tion for alternative dispute resolution to the Board. The Board, after examination of contents of the application, would appoint and
notify a Committee, within a period of sixty days from receipt of the application. A retired judge not below the rank of District &
Sessions Judge would be chairperson of the Committee. After notification of the Committee, the applicant or the Commissioner or
both, would withdraw appeal pending before any court of law or an appellate authority relating to the hardship or dispute stated
in the application.
The chairperson of the Committee would be responsible for deciding the procedure to be followed by the Committee which may,
inter-alia, include the following, namely: -
a) to decide about the place of sitting of the Committee, in consultation with the Chief Commissioner having jurisdiction over
the applicant;
b) to specify date and time for conducting proceedings by the Committee;
c) to supervise the proceedings of the Committee.
d) to issue notices by courier or registered post or electronic mail to the applicant;
e) to requisition and produce relevant records or witnesses from the Commissioner or other concerned quarters;
f) to ensure attendance of the applicant for hearing either in person or through an advocate, representative or a tax
consultant;
g) to consolidate decision of the Committee and communicate it to the Board, the Commissioner and the applicant; and
h) for any other matter covered under these rules.
The Committee may conduct inquiry, seek expert opinion, direct any officer of Inland Revenue or any other person to conduct an
audit and make recommendations to the Committee in respect of dispute or hardship. The Committee would decide the dispute
within one hundred and twenty days from the date of receipt of order of withdrawal from the Board.
Decision of majority members of the Committee would be construed decision of the Committee which would be communicated
by the Committee to the Board, the Commissioner having jurisdiction and the applicant. The decision of the Committee shall be
binding on the Commissioner and the aggrieved person. On receipt of the Committee’s decision, the applicant shall make payment
of sales tax and other taxes as specified by the Committee in its decision and the Commissioner shall modify order as per decision
of the Committee. The Committee may determine the issue and may thereafter seek further information or data or expert opinion
or make or cause to be made such inquiries or audit as it may deem fit, to decide the matter specified, the FBR said.
The chairman of the Committee appointed shall be paid a lump sum one-time remuneration of Rs 200,000 for his services. The
member of the Committee appointed shall be paid a lump sum one time remuneration of Rs 100,000 for his services. The remuner-
ation specified shall be paid by the Board from its budget allocation within 15 days of the receipt of the order.
4. AMENDMENTS IN THE EMPLOYEES CONTRIBUTORY FUNDS (INVESTMENT IN LISTED SECURITIES) REGULATIONS, 2018
Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 491(I)/2019 dated April 27, 2019 revised limits/conditions
for Employees Contributory Funds engaged in making investments in listed securities.
According to the revised regulations, where the company or Trust, as the case may be, decides to make an investment out of
the Fund or Trust in the money market collective investment scheme registered as notified entity with the Commission under
Non-Banking Finance Companies and Notified Entities Regulations, 2008, such investment can be made up to hundred per cent of
the size of the Fund or Trust, as the case may be, subject to following sub-limits:-
a) total investment, at the time of making investment in any single money market collective investment scheme shall not
exceed twenty per cent of the size of the Fund or Trust as the case may; and
b) total investment, at the time of making investment in money market schemes managed by a single asset management
company, shall not exceed 50 per cent of the size of the Fund or Trust as the case may be.
Under the revised regulations, the total investment, at the time of making investment in debt collective investment schemes man-
aged by a single asset management company, shall not exceed fifty per cent of the investment limit. Earlier under previous reg-
ulations, total investment, at the time of making investment in debt collective investment schemes and money market collective
investment schemes managed by a single asset management company was limited to maximum twenty per cent of the investment
limit provided.
5. DRAFT AMENDMENTS IN THE NON-BANKING FINANCE COMPANIES AND NOTIFIED ENTITIES REGULATIONS, 2008
SECP vide their S.R.O. 490(I)/2019 dated April 27, 2019 made draft amendments in the Non-Banking Finance Companies and Noti-
fied Entities (NBFCs) Regulations, 2008.
SECP through the draft amendments directed NBFCs to provide information to the Commission along with product disclosure state-
ment , deposit taking instrument and approval of its Board of directors, seven days prior to the launch of any new deposit taking
product and any subsequent amendment: Provided that the NBFC shall place all the deposit taking products along with specimen

APRIL 2019 19
 instruments on its website for information of the general public and it shall be the responsibility of the NBFC to regularly update its
website in this regard.
In case of micro financing, the following exposure limits shall be applicable:
poor person,
Rs 1,500,000 for housing loan; Rs 500,000 for general loans other than hosing loan;
micro enterprise,
Rs 1,500,000.”
SECP further directed the NBFCs that all advertisements for any invitation to attract deposits either through advertisement by print,
electronic or social media outlets or any other form or channel to the public or through private placement shall at the minimum
contain the information including credit rating of the NBFC, name of the rating agency, date on which the credit rating was issued;
minimum and maximum tenor of the deposit and expected profit rate to be paid on the deposits.
All advertisements for inviting a person to invest in a deposit taking scheme of an NBFC must contain the following Disclaimer:
“The Certificate of Deposits of Non-Banking Finance Companies are subject to various risks including credit risk and liquidity risk.
The prospective customers are advised to conduct their own due diligence prior to investing in Certificate of Deposits of a Non-Bank-
ing Finance Company”.
The asset management company shall, before it applies for the registration of an Open End Scheme or Closed End Scheme, appoint
the trustee which is registered with the Commission.
Further, in case the amendments are proposed in the fundamental attributes of CIS and/or amendments with respect to offering
of units to public and maturity of fund/plan, they shall be subject to the prior approval of the Commission. In case amendments
are made in the Constitutive Documents due to change in regulatory requirements, the same shall be incorporated without prior
approval of the Commission. The supplement Constitutive Document for amendments shall be submitted to the Commission for
information within one week from the date of amendments.
6. AUDITS OF LESS COMPLEX ENTITIES - A DISCUSSION PAPER BY IAASB
The International Auditing and Assurance Standards Board (IAASB) published a discussion paper to explore possible options to ad-
dress the challenges in applying the International Standards on Auditing (ISAs) in audits of less complex entities (LCEs).
The issues of complexity, length, understandability, scalability, and proportionality related to using the ISAs in audits of less complex
entities was a global issue to address. The Discussion Paper explores how the IAASB, and others, could further support auditors
working in increasingly evolving environments.
Recognizing the challenges faced by practitioners in applying the ISAs, in particular for engagements where the entity being audited
is less complex, this discussion paper focuses on audits of LCEs using the ISAs, and sets out:
Challenges that have been identified to date.
A number of possible actions that could be undertaken to address the identified challenges

OBITUARY

Mr. Umer Farooq and Mr. Abdul Sattar Dal have passed away.
May Allah s.w.t. grant them Jannatul-Firdaus and forgive their sins.
May their grave be a part of Jannatul Firdaus and an abode
of light. (Ameen)

MR. UMER FAROOQ MR. ABDUL SATTAR DAL

A-6098, GUJRANWALA F-624, KARACHI

APRIL 2019 20
 Membership Affairs

NEW FELLOW MEMBERS

S.NO M.SHIP NO. NAME CITY / COUNTRY FELLOW MEMBERSHIP NO.
1 A-3099 Rashid Ahmad Kasur F-2108
2 A-3245 Naveed Latif Lahore F-2109
3 A-2124 Syed Tanweer Jamal Canada F-2110
4 A-3776 Asif Afroz Islamabad F-2111
5 A-5075 Saima Ambreen USA F-2112
6 A-5593 Fiaz Ahmad Sahiwal F-2113
7 A-2514 Yasir Ashfaq Islamabad F-2114
8 A-4182 Nooruddin Jaffer Ali Karachi F-2115
9 A-5640 Tariq Asghar Lahore F-2116

NEW ASSOCIATE MEMBERS

S.NO REG. NO. NAME CITY / COUNTRY ASSOCIATE MEMBERSHIP NO
1 S-00925578 Muhammad Asif Islamabad A-6742
2 S-00934468 Muhammad Asim Karachi A-6743
3 S-00962463 Muhammad Irfan Karachi A-6744
4 S-20111300 Ch. Usman Ali Lahore A-6745
5 S-20132668 Muhammad Anas Altaf Karachi A-6746
6 S-20122605 Asad-ur-Rehman Lahore A-6747
7 S-00982329 Sher Afzal Lahore A-6748
8 S-20090066 Naveed Anwar Karachi A-6749
9 S-20142559 Sajjad Islam Peshawar A-6750
10 S-00981889 Mubashir Hassan UAE A-6751
11 S-20040518 Asif Rasheed Islamabad A-6752
12 S-20070063 Nasir Rashid Rawalpindi A-6753
13 S-20071674 Tanveer Hussain Faisalabad A-6754
14 S-20100280 Faisal Mehmood Karachi A-6755
15 S-20111747 Abu Ubaidah Rawalpindi A-6756
16 S-20120555 Tallal Khan Lahore A-6757
17 S-20123180 Faizan Ahmad Khan Faisalabad A-6758
18 S-20123211 Humaira Qadir Faisalabad A-6759
19 S-20080087 Fahim Saleem Karachi A-6760
20 S-20100615 Muqeeb Hussain UAE A-6761
21 S-20121099 Muhammad Ahmed Lahore A-6762
22 S-20124128 Muhammad Habeebullah Karachi A-6763

NEW COPs
S.NO M.SHIP NO. NAME CITY FELLOW MEMBERSHIP NO.
1 A-3750 MUHAMMAD AYYAZ GUJRANWALA F-2108
2 F-1424 ABRAR ALI KAYANI RAWALPINDI F-2109
3 F-1882 NOMAN KARACHI F-2110
4 F-822 INTISAR MUHAMMAD KARACHI F-2111

APRIL 2019 21
 Library Update
New Arrivals (Magazines)

The Economist

Bloomberg Businessweek

Fortune Reader’s Digest

APRIL 2019 22
 Are you still not a member of ICMA Pakistan?
Becoming a member of the Institute can entitle you to a wide-range of benefits
you are missing at the moment
Organizations always prefer professionals who are recognized members of professional
bodies. By becoming member of ICMA Pakistan, you would enhance your status and
reputation as a recognized professional and will also be entitled to use globally recog-
nized designations of ACMA/FCMA.

You will get entitlement to do public practice by obtaining the Certificate of Practice
(COP) from ICMA Pakistan

You will get legal entitlement to become CFO, CEO, Head of Internal Audit and Company
Secretary as per Companies Act and Code of Corporate
Governance of listed companies.
You will be entitled to inclusion of your name in Life Insurance cover (1.5 million for nat-
ural death and 3 million for accidental death). The membership will eventually secure
your family’s financial future.
You can claim exemptions from international accounting bodies like CPA Australia, CPA
Ireland, CIMA (UK), ICAEW, ACCA (UK) etc., in case you intend to study further to obtain
other recognized qualifications.

You can avail placement services and place your CV on “Career Portal” of ICMA Paki-
stan’s website.

You will be entitled to receive soft and hard copies of ‘Management Accountant’ – the
official flagship bi-monthly Journal of ICMA

You will be entitled to get frequent e-technical updates about current IAS, IFRS and
Interpretations etc.

You will be entitled to receive monthly e-Newsletters covering all the activities and pro-
grams of ICMA Pakistan

Utilize library facilities in all the Campuses of the Institute as well as digital library.

You can avail discounts on services offered by different companies which are in agree-
ment with the Institute.

You may get your membership restored/ regularized by paying only Rs. 45,500 for FCMA
and Rs.29,500 for ACMA
(No additional surcharge or penalty)
For more details on payment modes, please contact the Members’ Affairs Department on
phone # 92-21-99243900 (Ext.) 119 & 147 or email at member@icmap.com.pk
Demonstrate your commitment to Professionalism - Become a Member of ICMA Pakistan

Research & Publications Directorate

Contact: + 92 21 99243900 Ext 107 / 117, Email: rp@icmap.com.pk I URL: www.icmap.com.pk