Business World: October 2007

Friday, October 19, 2007

Banks in Pakistan

List of Banks in Pakistan

Central Bank: State Bank of Pakistan
Nationalized Scheduled Banks:
First Woman Bank Ltd.
National Bank of Pakistan
Specialized Banks
Zari Taraqiati Bank (ZTBL)
Industrial Development Bank of Pakistan
Punjab Provincial Cooperative Bank Ltd
Private Scheduled Banks
Askari Commercial Bank Limited
Bank Al-Falah Limited
Bolan Bank Limited
Faysal Bank Limited
Bank Al-Habib Limited
Metropolitan Bank Limited
KASB Commercial Bank Limited
Prime Commercial Bank Limited
PICIC Commercial Bank Limited
Soneri Bank Limited
Union Bank Limited
Meezan Bank Limited
Saudi-Pak Commercial Bank Limited
Crescent Commercial Bank Limited
Dawood Bank Limited
NDLC-IFIC Bank Limited (NIB)
Allied Bank of Pakistan Limited
United Bank Limited
Habib Bank Limited
SME Banks

Foreign Banks
ABN Amro Bank N.V
Albaraka Islamic Bank BSC (EC)
American Expresss Bank Limited
Bank of Tokyo Mitsubishi Limited
Citibank N.A
Deutsche Bank A.G.
Habib Bank A.G. Zurich
Hongkong & Shanghai Banking Corp Limited
Oman International Bank S.O.A.G
Rupali Bank Limited
Standard Chartered Bank Limited

Development Financial Institutions
Pakistan Industrial Credit and Investment Corp. Limited
Pak Kuwait Investment Company (Pvt) Limited
Pak Libya Holding Company (Pvt) Limited
Pak-Oman Investment Company (Pvt) Limited
Saudi Pak Industrial and Agricutural Investment Company (Pvt) Limited

Investment Banks
Crescent Investment Bank Limited
First International Investment Bank Limited
Atlas Investment Bank Limited
Security Investment Bank Limited
Fidelity Investment Bank Limited
Prudential Investment Bank Limited
Islamic Investment Bank Limited
Asset Investment Bank Limited
Al-Towfeek Investment Bank Limited
Jahangir Siddiqui Investment Bank Limited
Franklin Investment Bank Limited
Orix Investment Bank (Pak) Limited

All About Pakistan: Basic Facts

Basic Facts About Pakistan

Official Name: Islamic Republic of Pakistan

Father of the Nation: Quaid-i-Azam Muhammad Ali Jinnah (1876-1948)
National Poet: Allama Muhammad Iqbal (1877-1938)
Head of the State: General Pervez Musharraf, President
Head of Government: Shaukat Aziz , Prime Minister
Capital: Islamabad

Area:

Total: 796,095 Sq. km.

Punjab: 205,344 Sq. km.
Sindh: 140,914 Sq. km.
North West Frontier Province: 74,521 Sq. km.
Balochistan: 347,190 Sq. km.
Federally Administered Tribal Areas: 27,220 Sq. km.
Islamabad (Capital): 906 Sq. km.

Population: 153.96 million (E)

Administrative Setup

Pakistan is divided into four provinces viz., North West Frontier Province (NWFP), Punjab, Sindh and Balochistan. The tribal belt adjoining NWFP is managed by the Federal Government and is named FATA i.e., Federally Administered Tribal Areas. Azad Kashmir and Northern Areas have their own respective political and administrative machinery, yet certain of their subjects are taken care of by the Federal Government through the Ministry of Kashmir Affairs and Northern Areas. Provinces of Pakistan are further divided into Divisions and Districts

Divisions Districts
NWFP 7 24
Punjab 8 34
Sindh 5 21
Balochistan 6 22
While FATA consist of 13 Areas/Agencies and Azad Kashmir and Northern Areas have 7 and 5 Districts respectively.

Religion: 95% Muslims, 5% others.
Annual Per capita income: US $736
GDP: 8.4%
Currency: Pak. Rupee.
Imports: Industrial equipment, chemicals, vehicles, steel, iron ore, petroleum, edible oil, pulses, tea.
Exports: Cotton, textile goods, rice, leather items carpets, sports goods, handi-crafts, fish and fish prep. and fruit
Languages: Urdu (National) and English (Official)
Literacy rate: 53%
Government: Parliamentary form
Parliament: Parliament consists of two Houses i.e., The Senate (Upper House) and the National Assembly (Lower House).
The Senate is a permanent legislative body and symbolises a process of continuity in the national affairs. It consists of 100 members. The four Provincial Assemblies, Federally Administered Tribal Areas and Federal Capital form its electoral college.
The National Assembly has a total membership of 342 elected through adult suffrage (272 general seats, 60 women seats and 10 non-Muslim seats).
Pakistan National Flag
Dark green with a white vertical bar, a white crescent and a five-pointed star in the middle. The Flag symbolizes Pakistan's profound commitment to Islam, the Islamic world and the rights of religious minorities.

National Anthem: Approved in August, 1954 Verses Composed by: Abdul Asar Hafeez Jullundhri Tune Composed by: Ahmed G. Chagla Duration: 80 seconds
State Emblem: The State Emblem consists of:

1. The crescent and star which are symbols of Islam

2. The shield in the centre shows four major crops

3. Wreath surrounding the shield represents cultural heritage 4. Scroll contains Quaid's motto: Unity Faith, Discipline

Pakistan's Official Map:
Drawn by Mian Mahmood Alam Suhrawardy (1920-1999)

National Flower: Jasmine.

National Tree: Deodar (Cedrus Deodara).

National Animal: Markhor.
National Bird: Chakor (Red-legged partridge)
Flora: Pine, Oak, Poplar, Deodar, Maple, Mulberry
Fauna: The Pheasant, Leopard, Deer, Ibex, Chinkara, Black buck, Neelgai, Markhor, Marco-Polo sheep, Green turtles, River & Sea fish, Crocodile, Waterfowls
Popular games: Cricket, Hockey, Football, Squash.
Tourist's Resorts: Murree, Quetta, Hunza, Ziarat, Swat, Kaghan, Chitral and Gilgit
Archaeological sites: Moenjo Daro, Harappa, Taxila, Kot Diji, Mehr Garh, Takht Bhai.
Major Cities: Islamabad, Karachi, Lahore, Peshawar, Quetta, Rawalpindi, Hyderabad, Faisalabad, Multan and Sialkot
Major Crops: Cotton, Wheat, Rice and Sugarcane
Agricultural Growth Rate: 7.5% in 2006-07
Total cropped area: 22.94 million hectares
Industry: Textiles, Cement, Fertiliser, Steel, Sugar, Electric Goods, Shipbuilding
Major sources Of Energy:
Electricity (Hydel, Thermal, Nuclear) Oil, Coal, and Liquid Petroleum Gas
Power Generating Capacity: 19,389 MW
Health:
Hospitals: 916
Dispensaries: 4,600
Basic Health Units (BHUs): 5,301
Maternity & Child Health Centres: 906
Rural Health Centres (RHCs): 552
Tuberculosis (TB) Centres: 289
Hospital Beds: 99,908
Doctors (registered): 113,206
Dentists (registered): 6,127
Nurses (registered: 48,446
Paramedics: 23,559
Lady Health Workers: 6,741

Education:

Primary Schools: 155,000
Middle Schools: 28,728
High Schools: 16,100
Secondary Vocational Institutions: 636
Arts & Science Colleges: 1,066
Professional Colleges: 382
Universities: 51

Transport & Communication
Total length of roads: 259, 758 km
Pakistan Railway network: 7,791 km
Locomotives: 580
Railway stations: 781
Pakistan International Airlines:Covers 38 international and 24 domestic stations with a fleet of 49 planes.
Major Airports: 8 (Islamabad, Karachi, Lahore, Quetta, Peshawar, Multan, Faisalabad and Gwadar)
Seaports:
International : 2 (Karachi and Bin Qasim) Gwadar deep sear port is under construction
Fish Harbours-Cum-Mini Ports: 3 (Minora, Gawadar, and Keti Bandar)
Communications:

Post Offices: 12,170
Telephone connections: 5,052,000
Public Call Offices: 217,597
Telegraph offices: 299
Internet Connections: 2 million
Mobile Phones: 20 Million

Employment:
Total Labour force: 46.84 million
Employed Labour Force: 43.22 million
Agriculture Sector: 18.60 million
Manufacturing & Mining sector: 5.96 million
Construction: 2.52 million
Trade: 6.39 million
Transport: 2.48 million
Others: 6.98 million

Media:Print Media (In accordance with Central Media List)

Dailies: 540
Weeklies: 444
Fortnightlies: 55
Monthlies: 268

News Agencies:
Official : APP

Private :PPI, NNI, On Line and Sana.

Electronic Media:

TV Centres
Five TV centres at Islamabad, Lahore, Peshawar, Quetta and Karachi covering 88.58% population and 49 re-broadcasting stations.

Pakistan Television
4 channels (PTV-I, PTV-II (PTV World), PTV-III & PTV National

Radio Stations
Public: :Total 25, Home services in 19 languages. External Services cover 81 countries in 15 languages
Private:Radio stations 22
Pakistan Electronic Media Regulatory Authority has so far awarded 72 FM Radio broadcast licenses including nine (9) specialized subject licenses for universities. Fifteen (15) licenses have been granted for the establishment of Satellite TV Channels. Nine Satellite TV channels have started their operation.

Cable Operators: 900

Charges of corruption Against Benazir Bhutto

Benazir Bhutto was charged with corruption and faced a number of legal proceedings (the resolution of which seems to vary depending on opinion) in Pakistan. She has also been charged with laundering state-owned money through Swiss banks, in a case that remains before the Swiss courts. Her husband, Asif Ali Zardari, spent eight years in prison under similar charges of corruption. Kept in solitary confinement, he claims that his time in prison involved torture; human rights groups also claim that Zardari's rights have been violated. Zardari was released from jail in 2004, but Bhutto and her husband continue to face allegations by (among others) the Pakistani government, of having stolen hundreds of millions of dollars by demanding "commissions" on government contracts and tenders. Over the past decade, the couple have faced an approximate combined total of 90 legal cases; while eight cases still remain, Bhutto maintains that the charges levelled against her and her husband are purely politically motivated

A recently released Auditor General of Pakistan (AGP) report presents information suggesting that Benazir Bhutto was ousted from power in 1990 as a result of a witch-hunt approved by then-president Ghulam Ishaq Khan. The AGP report says that Khan had approved a payment of Rs. 28 million to marshal "an army of legal advisors" for the purpose of filing 19 corruption cases against Bhutto and her husband in 1990-92, and was referenced in one of Pakistan's English-language daily newspapers, The News, on the 25th of July, 2006.

A 1998 article in the New York Times indicates that Pakistani investigators have documents that uncover a network of bank accounts all linked to the family's lawyer in Switzerland with Asif Zardari as the principal shareholder in most of these corporations. According to the article, documents released by the French authorities indicated that Zadari offered exclusive rights to Dassault, a French aircraft manufacturer, to replace the air force's fighter jets in exchange for a 5% commission to be paid to a corporation in Switzerland controlled by Zardari. The article also said a Dubai company received an exclusive license to import gold into Pakistan for which Asif Zardari received payments of more than $10M into his Dubai-based Citibank accounts. The owner of the company denied that he had made payments to Zardari and claims the documents were forged. The paper also said that Zardari's parents, who had modest assets at the time of Bhutto's marriage, now own a 355-acre estate south of London. The estate has been auctioned through a court order.

Controversy still surrounds Bhutto - according to The Times a powersharing deal with Musharraf will allower her access to her Swiss bank accounts, containing £740 million ($1.5 Billion). Another one of her prime assets include her 10 bedroom mock tudor Surrey mansion.

Charges of corruption against Benazir in Switzerland

On July 23, 1998, the Switzerland Government handed over documents to the government of Pakistan which relate to corruption allegations against Pakistan's opposition leader, Benazir Bhutto and her husband, Asif Zardari. The documents include a formal charge of money laundering and an indictment by the Swiss authorities against Mr Zardari. The Pakistani government had been conducting wide-ranging inquiry to account for more than $13.7 million frozen by Swiss authorities in 1997 that was allegedly stashed in banks by Bhutto and husband, whom he also asks Pakistan to indict. The Pakistan government recently filed criminal charges against Bhutto in efforts to track down an estimated $1.5 billion she and husband are alleged to have received in kickbacks and commissions in variety of enterprises.

The documents suggest that the money which Zardari is alleged to have laundered was accessible to Benazir Bhutto and had been used to buy a diamond necklace for over $175,000.

However the PPP replied to the assertion that the Swiss authorities have been misled by false evidence provided by Islamabad।

August 6, 2003, Swiss magistrates found Benazir and her husband guilty of money laundering। They were given six-month suspended jail terms, fined $50,000 each and were ordered to pay $11 million to the Pakistani government। The six-year-long case alleged that Benazir and her husband, Asif Ali Zardari, deposited in Swiss accounts $10 million given to them by a Swiss company in exchange for a contract in Pakistan. The couple said they would appeal. The Pakistani investigators say Zardari, opened Citbank account in Geneva in Feb 1995 through which they say he passed some $40 million of the $100 million he received from payoffs from foreign companies doing business in Pakistan.

Charges of corruption against Benazir in Poland

The Polish Government has given Pakistan 500 pages of documentation relating to corruption allegations against Benazir Bhutto and her husband, Asif Ali Zardari nickname of “Mr 10%.” These relate to concerns in the purchase of 8,000 tractors in the 1997 tractor purchase deal. According to Pakistani officials, the Polish papers contain details of illegal commissions paid by the tractor company in return for agreeing to their contract. It is said that the arrangement was initiated and "skimmed" Rs 103 mn rupees ($2 million) in kickbacks from a scheme to make available inexpensive Polish tractors, in a bid to boost farming output, not to the farmers benefit ."The documentary evidence received from Poland confirms the scheme of kickbacks laid out by Asif Zardari and Benazir Bhutto in the name of (the) launching of Awami tractor scheme," APP said. Bhutto and Asif Ali Zardari received 7.15 per cent commission on purchase of tractors through their front men, Jens Schlegelmilch and Didier Plantin of Dargal S.A., who received about $1.969 million for supplying 5,900 Ursus Tractors.

Charges of corruption against Benazir in France

Potentially the most lucrative deal uncovered by the documents involved the effort by Dassault Aviation, the French military contractor, to sell Pakistan 32 Mirage 2000-5 fighter planes. These were to replace two squadrons of American-made F-16s whose purchase was blocked when the Bush administration determined in 1990 that Pakistan was covertly developing nuclear weapons.

In April 1995, Dassault found itself in arm's-length negotiations with Zardari and Amer Lodhi, a Paris-based lawyer and banker who had lived for years in the United States, working among other things as an executive of the now-defunct Bank of Commerce and Credit International. Lodhi's sister, Maleeha, a former Pakistan newspaper editor, became Bhutto's ambassador to the United States in 1994.

Schlegelmilch, the Geneva lawyer, wrote a memo for his files describing his talks at Dassault's headquarters on the Champs-Elysees in Paris. According to the memo, the company's executives offered a "remuneration" of 5 percent to Marleton Business SA, an offshore company controlled by Zardari. The memo indicated that in addition to Dassault, the payoff would be made by two companies involved in the manufacture of the Mirages: Snecma, an engine manufacturer, and Thomson-CSF, a maker of aviation electronics.

The documents offered intriguing insights into the anxieties that the deal aroused. In a letter faxed to Geneva, the Dassault executives — Jean-Claude Carrayrou, Dassault's director of legal affairs, and Pierre Chouzenoux, the international sales manager — wrote that "for reasons of confidentiality," there would be only one copy of the contract guaranteeing the payoff. It would be kept at Dassault's Paris office, available to Schlegelmilch only during working hours.

The deal reached with Schlegelmilch reflected concerns about French corruption laws, which forbid bribery of French officials but permit payoffs to foreign officials, and even make the payoffs tax-deductible in France. The Swiss and the French have resisted American pressures to sign a worldwide treaty that would hold all businesses to the ethical standards of American law, which sets criminal penalties for bribing foreign officials.

"It is agreed that no part of the above-mentioned remuneration will be transferred to a French citizen, or to any company directly or indirectly controlled by French individuals or companies, or to any beneficiary of a resident or nonresident bank account in France," one of the Dassault documents reads.

Negotiations on the Mirage contract were within weeks of completion when Bhutto was dismissed by another Pakistani president in 1996. They have bogged down since, partly because Pakistan has run out of money to buy the planes, and partly because the Pakistan Army, still politically powerful a decade after the end of military rule, waited until Bhutto was removed to weigh in against the purchase.

A Dassault spokesman, Jean-Pierre Robillard, said Carrayrou, the legal affairs director, had retired. Two weeks after he was sent a summary of the documents, Robillard said that the company had decided to make no comment.

Charges of corruption against Benazir in Middle East

In the largest single payment investigators have discovered, a gold bullion dealer in the Middle East was shown to have deposited at least $10 million into one of Zardari's accounts after the Bhutto government gave him a monopoly on gold imports that sustained Pakistan's jewelry industry. The money was deposited into a Citibank account in the United Arab Emirates sheikdom of Dubai, one of several Citibank accounts used by Zardari.

Pakistan's Arabian Sea coast, stretching from Karachi to the border with Iran, has long been a gold smugglers' haven. Until the beginning of Bhutto's second term, the trade, running into hundreds of millions of dollars a year, was unregulated, with slivers of gold called biscuits, and larger weights in bullion, carried on planes and boats that travel between the Persian Gulf and the largely unguarded Pakistani coast.

Shortly after Bhutto returned as prime minister in 1993, a Pakistani bullion trader in Dubai, Abdul Razzak Yaqub, proposed a deal: In return for the exclusive right to import gold, Razzak would help the government regularize the trade.

In January 1994, weeks after Bhutto began her second term, Schlegelmilch established a British Virgin Island company known as Capricorn Trading, SA, with Zardari as its principal owner. Nine months later, on Oct. 5, 1994, an account was opened at the Dubai offices of Citibank in the name of Capricorn Trading. The same day, a Citibank deposit slip for the account shows a deposit of $5 million by Razzak's company, ARY Traders. Two weeks later, another Citibank deposit slip showed that ARY had paid a further $5 million.

In Nov. 1994, Pakistan's Commerce Ministry wrote to Razzak informing him that he had been granted a license that made him, for at least the next two years, Pakistan's sole authorized gold importer. In an interview in his office in Dubai, Razzak acknowledged that he had used the license to import more than $500 million in gold into Pakistan, and that he had traveled to Islamabad several times to meet with Bhutto and Zardari. But he denied that there had been any secret deal. "I have not paid a single cent to Zardari," he said.

Razzak offered an unusual explanation for the Citibank documents that showed his company paying the $10 million to Zardari, suggesting that someone in Pakistan who wished to destroy his reputation had contrived to have his company wrongly identified as the depositor. "Somebody in the bank has cooperated with my enemies to make false documents," he said.

Business World

Friday, October 19, 2007

Important Web Links of Pakistan

Banks in Pakistan

All About Pakistan: Basic Facts

Charges of corruption Against Benazir Bhutto

Popular Posts

Friday, October 19, 2007

Important Web Links of Pakistan

Banks in Pakistan

All About Pakistan: Basic Facts

Charges of corruption Against Benazir Bhutto

Popular Posts

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