NEWSLETTER

July 2020
ARTICLE ON
 MESSAGE FROM THE CEO BETTER RISK MANAGEMENT ‘TURNING CRISIS INTO
OPPORTUNITY’

 INTRODUCTION TO THE INSTITUTE

 IFMP ACTIVITIES

 TRAINING CALENDAR

 ARTICLE

 TERMS OF THE MONTH

 BUSINESS AND ECONOMIC NEWSFLASH

 URDU GLOSSARY
TERMS OF THE MONTH

 FEEDBACKS
BUSINESS AND ECONOMIC NEWSFLASH

 MARKETS IN REVIEW

URDU GLOSSARY

Your Gateway to Careers in Financial Markets

QUOTES AND JOKES

Institute of Financial
MARKETS Markets of Pakistan
IN REVIEW

Address: Building 9-A, 2nd Floor,

P.E.C.H.S Block No. 6, Shahrah-e-Faisal Karachi.
Tel: +92 (21) 34540843-44
00 CONTENT

Message from the CEO Page: 3

Introduction to the Institute Page: 4

IFMP Activities Page: 5

Training Calendar Page: 6

Article Page: 7

Terms of the Month Page: 13

Business and Economic Newsflash Page: 14

Urdu Glossary Page: 17

Feedbacks Page: 18

Markets in Review Page: 19

www.ifmp.org.pk 92 (21) 34540843-44 info@ifmp.org.pk

01 Message from the Chief Executive Officer

T he last few years have seen a rapid growth in size, quality and sophistication of finan-
cial markets, because of changes in the policy and regulatory environment, the entre-
preneurial initiatives of individuals and institutions, and the availability of trained man-
power. The continuing growth of financial markets is further adding to the demand for
well-trained professionals.
Institute of Financial Markets of Pakistan is dedicated to the professional development of
financial markets and research on financial markets as well as the well being of financial
markets by educating the professionals about the norms and ethics being practiced in the
markets. IFMP has had a pioneering role in meeting the demand for educated manpower.
It is Pakistan's first specialized institution devoted to the education and updating of
knowledge of manpower for financial markets. It will provide high-quality educational
standards for all types of financial market participants; investors, brokers, mutual funds,
investment banks and policy makers.
The Institute's main activities are (1) Licensing the professionals working in the financial
markets by certifications. The institute’s key responsibility is to educate the professionals
working in different financial markets of Pakistan through examining their knowledge in
their relevant field of work; (2) Studying the latest developments in the financial markets
in order to discover whether there is such a thing as an ideal market economy; and (3)
Contributing to the development of financial markets in Pakistan. By means of these three
activities the Institute seeks to communicate its ideas to the audience both at home and
overseas. The Institute's research is intended, first and foremost, to be neutral, profes-
sional and practical. Rooted in practice, it aims to contribute to the healthy development
of Pakistani financial markets as well as to related policies by conducting neutral and pro-
fessional studies of how these markets and the financial system are regulated and orga-
nized and how they perform.
The economy is changing all the time. The Institute hopes that, by responding to these
changes positively, it can contribute to the dynamic development of the country's finan-
cial markets as well as of the economy itself.

◊ July 2020 IFMP Newsletter Page 3 ◊

02 Introduction to the Institute

The Institute of Financial Markets of Pakistan (IFMP), Pakistan’s first

securities market institute, has been established as a permanent platform to de-
velop quality human capital, meet the emerging professional knowledge needs of
financial markets and create standards among market professionals. The Insti-
tute has been envisioned to conduct various licensing examinations leading to
certifications for different segments of the financial markets. IFMP develops a
pool of trained and certified professionals, skilled not only to deal in convention-
al instruments but also to trade in new and complex financial market products.

◊ FEE STRUCTURE ◊ ◊ EXAMINATION SCHEDULE ◊

Candidate Registration Fee Rs.10,000 Wed, September 16, 2020
Examination Registration Fee Rs.7,000 Wed, November 25, 2020
Membership Fee (Annual) Rs.5,000
Wed, January 27, 2021
Study Guide (Hard Copy) Rs.800

PROGRAMMES

LICENSING CERTIFICATIONS INSURANCE CERTIFICATIONS SPECIALIZED CERTIFICA-

Fundamentals of Capital Markets Certification General Takaful Agents Financial Derivative Traders Certification
Certification
Pakistan’s Market Regulations Certification Compliance Officers Certification
Family Takaful Agents
Stock Brokers Certification Clearing and Settlement Operations Certification
Certification
Mutual Funds Distributors Certification Risk Management Certification
Life Insurance Agents
Commodity Brokers Certification Capital Budgeting and Corporate Finance
Certification
Financial Analysts Certification Certification
Non-Life Insurance Agents
Mutual Funds Basic Certification Certification Investment Banking and Analysis Certification

Securities and Futures Advisors’ Certification Bancassurance Certification Islamic Finance Certification
Programme (Basic and Core Modules) Bancatakaful Certification Fixed Income Certification
AML/CFT Certification

◊ July 2020 IFMP Newsletter Page 4 ◊

03 IFMP Activities

IFMP in collaboration with IBA-CEE organized a free Webinar on 'Investment Strategies

under Covid-19 Pandemic' on Monday, July 13, 2020
Speakers:

MUHAMMAD ASIM, CFA President CFA Society Pakistan, Chief Investment Officer, MCB Arif Habib Savings & Investments, Mem-
ber Board of Directors, IFMP

ASIF ARSALAN H SOOMRO Managing Director - KASB Securities, Senior Advisor to Swedish Frontier Markets Asset Manager

Moderator:

FAHEEM SARDAR Senior Policy Specialist, Govt. of Pakistan, Former CEO, Askari Securities Ltd.

The webinar shed light on below topics during this session:

 What should be the investment strategy during this tough time?

 Outlook on Asset Allocation Strategies; Equity, Fixed Income, Commodity, and Real Estate.

 Implications of Covid-19 on the Economy: Growth, Tax Revenues, Trade, Inflation, and Monetary Policy.

 Stock Market Implications: Liquidity backed, valuation impact, short vs long-term strategies.

 Investment Risk Appetite: Using Stock Market as an investment/savings tool.

 Sector Recommendation: Changing investor and consumer pattern after COVID-19

IFMP organized free Webinar on the topic of “Effective Reporting of Suspicious Transaction
Reports under AML Act 2010' by Ms. Sumera Baloch, Additional Director, Financial Moni-
toring Unit, Govt. of Pakistan on Saturday, July 25, 2020

The webinar shed light on below topics during this session:

 Reporting requirements under AML Act 2010

 Important Provisions of AML Act 2010

 Important Aspects of Reporting STR

 Components of Reporting a good quality STR

◊ July 2020 IFMP Newsletter Page 5 ◊

04 Training Calendar

Months Program Fees (per person) Date

AUGUST AML Regulations Training - SECP, SBP, FMU 2,500 13th August, 2020

AUGUST Commodity Brokers' Certification 1,500 19th August, 2020

AUGUST Risk Management Certification Training 1,500 27th August, 2020

SEPTEMBER AML Certification Training 1,500 9th September, 2020

SEPTEMBER Fundamentals of Capital Markets 1,500 17th September, 2020

SEPTEMBER Financial Markets: Trading and Analysis 1,500 23rd September, 2020

OCTOBER Insurance Agent's Foundation Course 1,500 6th October, 2020

OCTOBER Pakistan Markets Regulations Certification 1,500 15th October, 2020

OCTOBER Investment Banking & Analysis Certification 1,500 21st October, 2020

NOVEMBER Financial Analysts Certification Training 1,500 5th November, 2020

NOVEMBER Stock Brokers Certification 1,500 11th November, 2020

NOVEMBER AML Training Certification 1,500 19th November, 2020

NOVEMBER Mutual Fund Basic Certification 1,500 24th November, 2020

DECEMBER Fixed Income Securities Certification 1,500 8th December, 2020

DECEMBER Compliance Officer Certification 1,500 16th December, 2020

DECEMBER Financial Advisor Certification 1,500 22nd December, 2020

◊ July 2020 IFMP Newsletter Page 6 ◊

05 Better risk management ‘turning crisis into
opportunity’
Risk management refers to the practice of identifying potential risks in advance, analyzing them
and taking precautionary steps to reduce/curb the risk. Every business and organization faces the
risk of unexpected, harmful events that can cost the company money or cause it to permanently
close. Risk management allows organizations to attempt to prepare for the unexpected by mini-
mizing risks and extra costs before they happen.

By implementing a risk management plan and considering the various potential risks or events
before they occur, an organization can save money and protect their future. This is because a ro-
bust risk management plan will help a company establish procedures to avoid potential threats,
minimize their impact should they occur and cope with the results. This ability to understand and
control risk enables organizations to be more confident in their business decisions. Furthermore,
strong corporate governance principles that focus specifically on risk management can help a
company reach their goals.

Other important benefits of risk man-

agement include:

Creates a safe and secure work envi-

ronment for all staff and customers.

Increases the stability of business op-

erations while also decreasing legal lia-
bility.

Provides protection from events that

are detrimental to both the company
and the environment.

Protects all involved people and assets

from potential harm.

Helps establish the organization's insurance needs in order to save on unnecessary premiums.

Below risk management steps deliver a simple and effective risk management process.

Step 1: Identify the Risk.

Step 2: Analyze the risk.

◊ July 2020 IFMP Newsletter Page 7 ◊
05 Article
Step 3: Evaluate or Rank the Risk.

Step 4: Treat the Risk.

Step 5: Monitor and Review the risk.

In a global disaster or pandemic, the focus shifts towards crises management. The organizations or
enterprises with better knowledge of risk management and crises management tend to turn crises
into an opportunity and harvest from it.

Until the outbreak of COVID-19 upended the world, crisis management was not the highest priority
for most of us. But organizations of all sizes have had to quickly adjust to the global scale of the
pandemic in sometimes radical ways simply to continue business, often with reduced workforces
and shrinking revenues. Against this backdrop, some enterprises are looking to automation as a
way to address needs across the enterprise, from infrastructure to customer experience.

Pakistan as a country was lagging behind in e-commerce and online business market, if this would
have been implemented before this kind of crises, Pakistani enterprises’ business would not have
suffered to the extent it is suffering now. Maybe it is the time to learn from the mistakes of lagging
behind and take this challenging time as an opportunity to shift gears towards e-commerce and
more technology based business environment. It’s an opportune time to consider the power of in-
telligent automation, especially if an enterprise is wrestling with any one of the following ques-
tions:

Has my cashflow been negatively affected? If a business is unable to collect its accounts receivable,
its cash flow is significantly impacted. In times when many businesses and customers are facing
cash issues, timely collection is more important than ever. For most businesses, the collection of
cash is a manual task and one that would benefit greatly from increased efficiency.

Has my business continuity plan (BCP) worked as well as I expected? Many BCPs are written for
localized disaster, so their fall back is to duplicate the same human processes in a different unaf-
fected location. Few businesses anticipated the fact that all locations could be affected by a global
pandemic such as COVID-19. Today’s crisis is spurring a serious dust off of BCPs.

Have I been able to protect my income streams? A great many organizations are reliant on their
people for maintaining income streams. The flaw in this relationship has become painfully appar-
ent for many businesses during the current crisis as offices and warehouses have emptied out and
important workflows have been interrupted and are going undone.

◊ July 2020 IFMP Newsletter Page 8 ◊

05 Article

Have I maintained a positive customer experience? How an organization handles a crisis lives on
much longer in their customers’ memories than how it handles a customer when everything is go-
ing well. Many companies are experiencing increasing volumes in the contact center, which pre-
sents an opportunity to provide either a memorably bad or memorably brilliant customer experi-
ence.

Has anyone missed the tasks I’ve stopped doing? One of the opportunities in a crisis is to identify
what is business critical – and what is not. Under normal conditions, this can be hard to discern
because everything tends to be viewed as business critical. Today, organizations are having to
make difficult decisions about which work does and does not get done, allowing true business-
critical tasks to float to the top. Businesses can seize this opportunity by observing how they prior-
itize tasks during the crisis and, perhaps, eliminating the expense of some non-business critical
tasks altogether. Falling back into the way things were done before COVID-19 fails to take ad-
vantage of this valuable learning experience.

The current crisis presents an opportunity to reflect on these questions and – in response – take
practical steps to harness intelligent automation. A research shows that just 7 percent of enter-
prises have created significant scale in their intelligent automation initiatives, which means most
organizations are likely too-heavily reliant on people for their core business processes. This also
means they are unable to make rapid changes required to survive at times like these.

Here are four practical actions to help you identify and mitigate risk in your business:

Action 1: Assess your business-critical processes in light of those activities you have stopped and
those that are still taking place. Use this to help you prioritize what you automate. Then automate
it now – don’t wait. Supply and demand will continue to be exceptionally volatile over the next few
months; automation can be implemented quickly to alleviate pressure and stress on your human
workers and can be scaled rapidly if demand skyrockets. In processes that directly influence cash-
flow, imagine a bot that is configured to take an output of what you are owed and send an email to
your outstanding debtors every day until payment is made. The bot checks responses with the use
of natural language processing and updates the internal system with relevant information or pass-
es it on to a human for appropriate follow up. Then imagine a bot that can call your clients and ne-
gotiate discounts for early payments, so you receive the cash you need to maintain operations.
These are business-critical processes that can be easily optimized with automation.

◊ July 2020 IFMP Newsletter Page 9 ◊

05 Article

Action 2: Consider not just the savings associated with automating a process but also the broader
impact on other businesses processes. A recent organizational client found that, when it automat-
ed a process that took just half of the allotted hours for a full-time employee (FTE), it also eliminat-
ed human error in the process and lead to a 20 percent reduction in contact center volumes, or
about 40 full-time employees’ effort across an entire week. The key here isn’t the savings, it’s the
reduction in work and the increase in capacity. When another organizational client automated via
its website a previously manual product fulfilment process that had been possible only when em-
ployees were in the office during business hours, it began fulfilling more customer orders and get-
ting them out the door quicker. It isn’t a coincidence that the 7 percent of enterprises that have
scaled automation are focusing on benefits other than FTE savings as a core reason to automate.

Action 3: Use intelligent automation to improve and further personalize customer experience.
Making use of intelligent automation in your contact centers can reduce the time you need to
spend with a customer both in the live contact and in the post-contact work by anywhere from 30
to 70 percent. Add to this the ability to use conversational artificial intelligence (AI) to reduce the
volume of contacts coming into the contact center in the first place, and you are well on your way
to offsetting your reliance on your human workforce and improving your customer experience. In-
cremental capability in many of the RPA tools allows you to kick off processes via dynamic forms,
which can be used in processes like requesting a mortgage or payment holiday as a result of the
COVID pandemic, reducing volume from the contact center without the complexities of building
conversation journeys using a chatbot.

Action 4: Make sure you build these learnings and automation plans into your BCP to ensure you
can pivot rapidly in the face of the next crisis. A BCP should contemplate multiple strategies be-
yond location, including virtual duplication of employees through working-from-home (WFH) pol-
icies and digital workers. WFH policies leverage human workers reliant on corporate-issued lap-
tops operating via home internet services. These are less reliable and more susceptible to security
breaches than corporate services – especially in developing countries. A viable alternative in a BCP
would be to lay out plans to conduct the work with a digital workforce instead.

Whether you are just starting out with automation or already at scale, the economic impact of
COVID-19 will be long-lasting. Enterprises that implement intelligent automation now will relieve
pressure, reduce risk and create capacity in the short term – and will ensure they are better pre-
pared for the future.

◊ July 2020 IFMP Newsletter Page 10 ◊

05 Article

Many large enterprises face strategic challenges that relate to a fragmented IT environment with
too much overhead and portfolio maintenance to allow for innovation. And yet there is no time to
waste. Action is expected now.

In many of these cases, an enterprise must make a dramatic change to its operating model, which
can distress employees and threaten the bottom line. People are not sure of their roles. Leaders
are not sure how to turn their vision into a reality.

Enterprises addressing big change often operate as if there are only two extreme approaches:

The methodical approach, which is a step-by-step way to minimize risk but can take a long time
with increased cost and transformation fatigue, or

The rip-the-bandage-off approach, which focuses on the most important tasks and manages risk in
a hyper-care manner. This approach is quick and puts less burden on the organization overall, but
the increased risk may cause rework, and—even worse—gaps in service that may come with a
high cost.

In the best of cases, the answer ends up in between the two extremes, with an approach tailored to
specific environmental and internal factors.

Here are the Top 5 ways an enterprise can turn a crisis into an opportunity and implement big
change:

1. Focus on the needs of the business and the customer. Address how the change and its related
risks will impact the customer. Identify the most critical roles and activities and develop a more
methodical approach in those focus areas, along with enhanced organizational change activities.

2. Define the burning need. If you were in IT in the year 1999, there was no doubt that the priority
was “Y2K.” The same clarity can be created today. Identify your priorities and make them known.
Build an enterprise-wide understanding of WHY a change is about to take place, WHY it is best for
the company and WHY it’s best for the IT organization. Everyone has a role to play in making
change. Help make it personal for them.

3. Standardize and integrate processes through an integration platform. Most large enterprises
have grown both organically and through mergers and acquisitions. Over time, employees use any
number of stopgap solutions to compensate for fragmented and insufficient systems, creating a
patchwork of software and manual work-arounds that make for slow and onerous processes.

◊ July 2020 IFMP Newsletter Page 11 ◊

05 Article

Implement an integration platform that standardizes processes across verticals and train every-
one on the same methods.

4. Build a workforce that offers business-differentiating skills. When an enterprise has a highly
tenured workforce, it may become lax, doing things the way they have always been done. This
workplace culture can make it difficult to adopt the latest methodologies and emerging technolo-
gies. Bring in new and diverse talent to stir in fresh approaches and infuse expertise that may be
missing.

5. Create a strong cross-stakeholder program team to make it happen. Involvement from key vocal
business stakeholders, service providers and other adjacent organizations such as finance and
procurement is essential for decision-making and progress. Also, be sure to take advantage of
those who have done this before. Use tried and true methods. There is no gold medal for making it
up on your own.

The ability to transform a crisis into an opportunity is the hallmark of all successful enterprises
that have stood the test of time. Yet today, even the most successful enterprises are facing crises
they’ve never faced before as they compete in a business environment that is being radically trans-
formed by digitization. It may be a crisis of cost pressure or limited capacity, or the inability to
meet the needs of the rapidly changing market.

Image Source:

https://www.forbes.com

***********************

◊ July 2020 IFMP Newsletter Page 12 ◊

06 Terms of the Month
Advocate
An advocate entered in any roll under the provisions section (1) of section 2 of the Securities and Exchange
of the Legal Practitioners and Bar Councils Act, 1973 Commission of Pakistan Act, 1997 (XLII of 1997) that
(XXXV of 1973). are certified by a Shariah Advisor as Shariah compli-
ant. -Shariah Advisors Regulations, 2017
-The Companies (Appointment of Legal Advisers) Act,
1974 Lead Investor
Body Corporate A company which holds at least twenty percent of the
It includes a company incorporated outside Pakistan, paid up capital of the bond pricing agency and takes
but does not include— the lead role in the establishment and management of
a bond pricing agency.
(i) A corporation sole; or
-The Bond Pricing Agency Rules, 2017
(ii) A co-operative society registered under any law
relating to the registration of co-operative societies;
Mortgage
or
An interest or lien created on the property or assets
(iii) Any other body corporate, not being a company
of a company or any of its undertakings or both as se-
as defined in this Ordinance, which the Federal Gov-
curity.
ernment may, by notification in the official Gazette,
-The Companies Act, 2017
specify in this behalf.

-The Companies Ordinance, 1984

Islamic Financial Services

Financial services as defined in clause (ka) of sub-

Get Yourself Registered!!

16th September, 2020

Last Date for Registration for 17th August, 2020

Examination

◊ July 2020 IFMP Newsletter Page 13 ◊

07 Business and Economic Newsflash
July 2020 Inflation at 9.30%

Pakistan Bureau of Statistics (PBS) released July 2020 National CPI which came in at 9.30% on
YoY.

Inflation in Brief

1. CPI inflation General, increased by 9.3% on year-on-year basis in July 2020 as compared to an
increase of 8.6% in the previous month and 8.4% in July 2019. On month-on-month basis, it in-
creased by 2.5% in July 2020 as compared to an increase of 0.8% in the previous month and an in-
crease of 1.8% in July 2019.

2. CPI inflation Urban, increased by 7.8% on year-on-year basis in July 2020 as compared to an in-
crease of 7.6% in the previous month and 8.7% in July 2019. On month-on-month basis, it in-
creased by 2.2% in July 2020 as compared to an increase of 0.7% in the previous month and an in-
crease of 2.0% in July 2019.

3. CPI inflation Rural, increased by 11.5% on year-on-year basis in July 2020 as compared to an in-
crease of 10.0% in the previous month and 7.9% in July 2019. On month-on-month basis, it in-
creased by 2.9% in July 2020 as compared to an increase of 1.0% in the previous month and an in-
crease of 1.6% in July 2019.

4. SPI inflation on YoY increased by 13.5% in July 2020 as compared to an increase of 11.5% a
month earlier and an increase of 8.9% in July 2019. On MoM basis, it increased by 2.8% in July
2020 as compared to an increase of 1.4% a month earlier and an increase of 1.0% in July 2019.

5. WPI inflation on YoY basis increased by 3.2% in July 2020 as compared to an increase of 0.9% a
month earlier and an increase of 13.3% in July 2019. WPI inflation on MoM basis increased by
5.4% in July 2020 as compared to a decrease of 0.3% a month earlier and an increase of 3.1% in
corresponding month of last year i.e. July 2019.

◊ July 2020 IFMP Newsletter Page 14 ◊

07 Business and Economic Newsflash
6. Table 1.a for Urban and Rural CPI

7. Measured by non-food non-energy Urban CPI increased by 5.3% on (YoY) basis in July 2020 as
compared to an increase of 6.5% in the previous month and 8.2% in July 2019. On (MoM) basis,
it increased by 0.6% in July 2020 as compared to increase of 0.4% in previous month, and an in-
crease of 1.8% in corresponding month of last year i.e. July 2019.

8. Measured by non-food non-energy Rural CPI increased by 7.6% on (YoY) basis in July 2020 as
compared to an increase of 8.8% in the previous month and 7.8% in July 2019. On (MoM) basis,
it increased by 0.9% in July 2020 as compared to an increase of 0.7% in previous month, and an

◊ July 2020 IFMP Newsletter Page 15 ◊

07 Business and Economic Newsflash
increase of 2.0% in corresponding month of last year i.e. July 2019. Core inflation (Trimmed)

9. Measured by 20% weighted trimmed mean Urban CPI increased by 6.7% on (YoY) basis in July
2020 as compared to 7.4% in the previous month and by 7.8% in July 2019. On (MoM) basis, it
increased by 0.9% in July 2020 as compared to an increase of 0.4% in the previous month and an
increase of 1.4% in corresponding month of last year i.e. July 2019.

10.Measured by 20% weighted trimmed mean Rural CPI increased by 9.7% on (YoY) basis in July
2020 as compared to 9.9% in the previous month and by 7.4% in July 2019. On (MoM) basis, it
increased by 1.3% in July 2020 as compared to an increase of 0.9% in the previous month and an
increase of 1.6% in corresponding month of last year i.e. July 2019.

FBR collection jumps by 23.4pc in July

Revenue collection in July grew by over 15 per cent from last year to Rs300 billion, up Rs57bn or
23.4pc from the target set for the month, data released by Federal Board of Revenue (FBR)
spokesperson showed on Thursday.

The data for revenue collection in the first month of current fiscal year showed a sharp accelera-
tion in economic activity, leading to higher collection in customs duty.

The government, while preparing the budget for the ongoing fiscal year, had assured the IMF to
raise Rs4.963 trillion in FY21 against Rs3.989tr collected in FY20. The collections in the current
fiscal year to increase by 24.4pc.

However, the Finance Act lacks any plan on how the government aims to raise the additional rev-
enue of Rs974bn to meet the IMF targets.. Meanwhile, the new management at the FBR had set
the collection target for July lower by Rs17bn at Rs243bn compared to July 2019 collection of
Rs260bn. Until July 30, as per provisional figures, the revenue collected stood at Rs297bn. How-
ever, FBR believes to get extra Rs3bn from book adjustments.

◊ July 2020 IFMP Newsletter Page 16 ◊

08 Urdu Glossary

Bonds ‫تمسکات قرض‬

ِ
Deadline ‫مقررہ وقت‬
Economic Analyst ‫ی‬
‫معاش تجز یہ کار‬
Financial Instability ‫ی‬
‫مالیات عدم استحکام‬
High-Risk Assets ‫زیادہ خطرے واےل اثاث‬
Joint Venture Subsidiary ‫ی‬
‫مشتکہ وینچر یک ذییل کمپن‬
Liability Limit ‫واجبہ‬/‫محدو دذمہ داری‬
Methods of Indexing ‫ی‬
‫طریق‬ ‫اشاریہ سازی ےک‬
Offering Documents ‫پیش کردہ دستاویزات‬
Partnership Agreement ‫یر‬
‫معاہدہ شات‬
Rebuttal Evidence ‫ترد یدی شہادت‬
Service Charges ‫معاوضہ خدمت‬
Terminal Bonus ‫اختتایم بونس‬
Unpaid Interest ‫غت اداشدہ سود‬
‫ر‬

◊ July 2020 IFMP Newsletter Page 17 ◊

10
08
09 Quotes
Quotes and
and Jokes
Jokes
Feedbacks

Feedback on IFMP training

“Excellent Webinar, Very well explained”

 Muhammad Abdul Samad — Atlas Asset Management Ltd.
 Attended IFMP Webinar on 'Effective Reporting of Suspicious Transaction Re-
ports under AML Act 2010'

‘Speaker was well versed with topic related field and very well presented the webinar
within short span of time”
 Tariq Parvaiz Khan — MCB Bank Ltd.
 Attended IFMP Webinar on 'Effective Reporting of Suspicious Transaction Re-
ports under AML Act 2010'

“Excellent, Right person within the domain for AML, sharing practical experiences”
 Cyril Rangel — Pak Oman Asset Management
 Attended IFMP Webinar on 'Effective Reporting of Suspicious Transaction Re-
ports under AML Act 2010'

‘Impressive webinar, Thanks”

 Abdul Wahab — MCBAH Investments Ltd
 Attended IFMP-IBA Webinar on 'Investment Strategies under Covid-19 Pan-
demic'

◊ July
December
March2020
20192018 IFMPIFMP
Newsletter
Newsletter Page 18
16
Page
◊ 16 ◊
 Markets in Review
10
◊ Monthly Review ◊
Pakistan
KIBOR
Crude Oil Stock
(6 Months)
Exchange

(WTI)$ Bid % Offer % 100 Index

Beginning 39.27 Beginning 6.99 7.24 Beginning 34,421.92

Ending 40.27 Ending 6.84 7.09 Ending 39,258.44

Change 1.00 Change - 0.15 Change 4,836.52

Gold Silver

10 Grams 10 Grams

Beginning Rs. 96,150 Beginning Rs. 981

Ending Rs. 106,483 Ending Rs. 1,316

Change Rs. 10,333 Change Rs. 335

Foreign Exchange Rates

Interbank Market (buying)

GBP (£) EURO (€) USD ($)

Beginning Rs. 205.89 Rs. 188.19 Rs. 167.60

Ending Rs. 217.00 Rs. 197.00 Rs. 167.00

Change Rs. 11.11 Rs. 8.81 - Rs. 0.60

Contact Us
www.ifmp.org.pk 92 (21) 34540843-44 info@ifmp.org.pk

◊ July 2020 IFMP Newsletter Page 19 ◊