Connexionswww.cfasociety.org/pakistan | JULY 2021

Pakistan

DIGITAL MINICONFERENCE

CFA INSTITUTERESEARCH CHALLENGE

17TH ANNUALEXCELLENCE AWARDS

YEAR OF THEWEBINARS

291910 25

Contents

4 President’s Message

5 Editor’s Message

6 Executive Director’s Message

Featured Research7 Research Report by CFA Society

Pakistan:

Coupon Stripping of Domestic Sovereign Bonds – Key Features in Select Markets

Research Brief by CFA Institute Research Foundation:

The Emerging Asia Pacific Capital Markets: Challenges and Opportunities

Monetary Policy Survey

8 Celebrating our Members’ Achievements!

Ethics Essay Competition 2020 CFA Institute and ACCA Hong Kong

Championing Ethics, Sustainability, and Inclusion

Ethics Essay Competition

Article9 Capitalising on Millenials and Gen Z

to boost stock market investment in Post Pandemic Era: Lessons for Pakistan

Featured Events10 17th Annual Excellence Awards

14 CFA Society Pakistan Ethics Challenge

16 Recognition Event for Ethics Challenge and Ethics Train-the-Trainer Program

18 Global Ethics Week

19 CFA Institute Research Challenge 2020-2021

22 CFA Charterholders Class of 2020-2021

Advocacy and Regulator Outreach

23 Advocating the Global Investment Performance Standards (GIPS® Standards) and Asset Manager Code in Pakistan

24 Session on Compliance and Implementation of GIPS® 2020

Regulator Outreach

Knowledge Based Speaker Sessions

25 The Year of the Webinars

27 Islamic Finance Webinar Series

Session 1: Fundamental Principles of Islamic Finance

Session 2: Innovation in Islamic Banking

28 Session 3: Practices and Opportunities in Islamic Capital Markets

Session 4: Social Impact Sukuk

Digital Mini Conference

29 The Era of Disruptive Finance: Potential of Blockchain and Crypto assets in Investment Management Practices

Article30 Pakistan Consumption: About to

Explode Soon!

Women’s Day 202132 Celebrating Empowered Women in

the Financial Community of Pakistan

Leaders in Finance: Role of Women in Pakistan’s Financial Markets amidst Covid-19

Launch of Path to Empowerment Series: Dialogue on Financial Inclusion and Gender Equality

Networking and Benefits

33 Dinner by Emaar Pakistan

Charter Recognition Event – Islamabad

Exclusive Benefits for Members

Access to Research Reports

Preferential Consumer Financing Benefits

Discounted Rates for Residential Property

Career, Training and Workshops

34 Member Directory

Jobline

Financial Modeling Training

Industry Engagement35 Workshops on Ethical Decision

Making Framework

Candidate and University Engagement

37 University Connect Series

39 Career Guidance

39 Access Scholarships

40 In the Spotlight!

41 Leadership Team

42 Condolence Note

43 Acknowledgements

Contents

APAC Volunteer of the Year 2020CFA InstituteMr. Muhammad Asim, CFA

Asim has been volunteering for CFA Institute and CFA Society Pakistan devotedly since 2010. We highly appreciate his commitment, leadership and enthusiasm to positively impact the strategic goals of the Society.

Muhammad Asim, CFA

PRESIDENT’S MESSAGE

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As the current term of the board draws to an end, we reminisce the incredible three years of volunteering with CFA Society Pakistan and staying connected with the membership body, regulators, renowned speakers, subject matter experts, industry professionals, and our peers in CFA Institute and CFA Societies network.

It was indeed a journey full of opportunities to introduce new initiatives and enhance the existing activities of the society to deliver greater value to the membership body.

In the past three years, we saw significant developments in the structure and offerings of CFA Society Pakistan despite the challenges faced amid the Covid-19 outbreak in the country. We were among the first to make a swift shift from physical events and activities to online webinars and training to ensure the professional learning of members is not compromised.

Several notable initiatives were taken during the tenure of the current board, including the launch of the first Ethics Challenge in Pakistan, University Connect Series, Ethics Train-the-Trainer program, Fintech research and discourse initiatives, Seminar on IFRS 9, Financial Modelling Training by an International firm, first Digital Mini Conference, events on Women Empowerment, and many more.

Local research by member volunteers was the highlight of the membership year 2020-21. Enthusiastic member volunteers were engaged to write a report on ‘Coupon Stripping of Domestic Sovereign Bonds – Key Features in Select’. A board member took the initiative to launch the Fintech Report 2020 that bagged the prestigious ‘Outstanding Research Award’ by CFA Institute in June 2021.

We were honored to have the presence of notable guests like Dr. Reza Baqir, Governor, State Bank of Pakistan, Sima Kamil, Deputy Governor, State Bank of Pakistan, Mr. Aamir Khan, Chairman, SECP, Shauzab Ali, Commissioner, SECP, Sadia Khan, Commissioner, SECP and Dr. Shamshad Akhtar, Chairperson Karandaaz Pakistan and Ex-Governor State Bank of Pakistan in our flagship events.

Our achievements for the year also included recognition of SZABIST (Shaheed Zulfikar Ali Bhutto Institute of Science and Technology - Karachi) as part of the University Affiliation Program of CFA Institute. I must say that the board of CFA Society Pakistan has tirelessly worked towards enhancing the value of membership.

On behalf of all board members, I would like to thank our dedicated volunteers and members for all their support without which it would not have been possible to achieve such commendable success. We thoroughly enjoyed our time working with each one of you!

Lastly, it was indeed an honor for me to lead the prestigious Society with fellow board members who were equally passionate to take the Society forward. I am confident that the next board will build on our initiatives and bring in new ideas to enhance real value for the members. I wish society all the best and look forward to welcoming the new board!

President, CFA Society PakistanChief Investment Officer, MCB-Arif HabibSavings and Investment Limited

Outstanding Research Award 2021Fintech 2020Technological Innovations in the Financial Services IndustryCFA Society Pakistan

The report ‘Fintech 2020’ highlights a handful of fintech innovators from around the globe. It defines the fintech landscape, presents recent trends, and helps understand how fintech can revolutionize the financial industry and, in particular, Islamic finance. This research initiative, led by Ms Sadaf Shabbir, CFA, FRM, Director – CFA Society Pakistan, has won CFA Institute’s Outstanding Research Award 2021.

Sadaf Shabbir, CFA, FRM

EDITOR’S MESSAGE

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The current board’s term ends in a few months’ time and in retrospect, it was an eventful term in which CFA Society Pakistan build on its strength and played resilient and innovative in face of the numerous challenges thrown its way. Society office was strengthened to support idea generation, innovation and execution and its positive impact is evident in all that we do. Overall, I feel that we were able to build on to the achievements of the previous board, which had set the bar high by holding the Pakistan Investment Conference 2018, positioning us as thought leaders in the industry.

The social impact of Covid-19 required adoption of new philosophies which were readily embraced. In fact, it increased our capacity to deliver, and our outreach as online is a scalable and cost-effective model. We took the lead in several regional initiatives of CFA Institute, especially in Islamic finance. We won the regional ‘Outstanding Research Award’ by CFA Institute in June 2021 for our Fintech 2020 research publication.

Adoption of webinars as first choice of communication globally resulted in a tremendous advantage for Pakistan market as we gained access to global expertise at negligible cost. Taking advantage of CFA Institute’s global resources on Fintech and ESG, CFA Society Pakistan arranged several webinars for our members and mobilized local players, supporting the development of the industry.

Additionally, many online resources are continually added on to CFA Institute Asia Pacific Research Exchange (ARX) website for any member or industry player where he/she is sure to find content of interest. In the pandemic, closer bonds were also forged with regulators as we supported the industry’s need for training and knowledge at several fronts.

It is also important to mention that there has been a strategic shift in CFA Institute’s approach to society structure with change in leadership and impact of Covid-19. Special funding for projects has been restricted and there is considerable pressure on societies to conduct revenue generating activities to support operations. It is a challenge for the Board to balance that consideration while meeting membership needs for professional development and growth in a meaningful manner. We continue to find new channels and forge new collaborations to increase member value.

It is exciting times to be connected with CFA Society Pakistan, to collaborate and to grow professionally. Above all, stay safe and healthy!

Communications & Technology Chair,CFA Society PakistanHead Structured Finance, Awwal Modaraba

Pakistan

FINTECH 2020A Report on TechnologicalInnovations in the FinancialServices industry

© CFA Institute 2020. All rights reserved.

Sarwat AhsonExecutive Director,CFA Society Pakistan

*Updated as of 30th June 2021

EXECUTIVE DIRECTOR'S MESSAGE

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It is with great pleasure that I present the Newsletter FY2020-2021. Despite a year of several challenges in Covid-19 times, with the collective effort of our Board, volunteers and dedicated staff, the CFA Society Pakistan embarked upon several initiatives for the community during the year.

We moved into an agile work structure and despite challenges, the exemplary dedication and team work resulted in CFA Society Pakistan leading the CFA Institute APAC region in membership growth.

The society was successful in introducing several value adding firsts during the year, driven by the need to innovate in these challenging times. To keep our members abreast with the stock market activity, the society partnered with 10 leading Research Houses for providing daily stock research reports.

We leveraged technology to not only reinforce connections with our members but also other regional societies; to build synergies by launching joint initiatives. We took a lead in launching Islamic Finance Webinar Series in collaboration with other APAC societies and CFA Institute.

Overall, more than 20 webinars were conducted by top local and global industry experts on a diverse range of topics of interest for the investment community. A Digital Mini Conference was organized on Block Chain and Crypto Assets for the benefit of our member community. In the pursuit for continuous learning, online trainings were also conducted on financial modeling and soft skills.

Our focus on connecting a platform for employers to reach out to CFA charterholders and candidates was reflected in job postings increasing by over 2.26x (226%) during the year.

We launched the University Connect Series to link industry practitioners and CFA Charterholders with students aspiring to enter the fields of finance and investment management. Members volunteered as guest speakers in sessions covering a wide array of topics involving capital markets, banking, investment management, security analysis and valuation, fintech, ethics, and others.

We continued to engage with the academia by conducting the first fully virtual Investment Research Challenge and a debut Ethics Challenge. Our local university team went on to win the sub-regional finals against Malaysia and Singapore.

Our society’s and charter’s value in advocacy related matters was well reflected in two of our senior members being appointed in Pension reforms committee by SECP and Economic Advisory Committee by GoP.

We look forward to continued meaningful engagement with our members and eagerly await to welcome new members and the newly awarded Charterholders at an in-person networking event, once physical restrictions ease down.

Members in Investment Management Community Millenials

448 56% 80%

A Snapshot of the Society Today in Numbers*

FEATURED EVENT

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Research Report by CFA Society Pakistan

Coupon Stripping of Domestic Sovereign Bonds – Key Features in Select MarketsCFA Society Pakistan authored a report on ‘Coupon Stripping of Domestic Sovereign Bonds – Key Features in Select Markets’ that was published on the Asia Pacific Research Exchange (ARX) Portal by CFA Institute. The following volunteers contributed in compiling this report:

• Abdul Rehman Tahir, CFA, Fund Manager, Fixed Income, ABL Asset Management Company Ltd.

• Muhammad Abbas, CFA, Senior Dealer MM (ALM & Fixed Income), Treasury Bank AL Habib Ltd.

• Muhammad Nadeem Sheikh, CFA, Deputy Manager (Investment) Pakistan Reinsurance Company Ltd.

• Nabeela Aslam, Associate Dealer, ALM Treasury, Bank Alfalah Ltd.

• Muhammad Asim, CFA, President, CFA Society Pakistan and CIO, MCB-Arif Habib Savings and Investments Ltd.

Research Brief by CFA Institute Research Foundation

The Emerging Asia Pacific Capital Markets: Challenges and OpportunitiesCFA Institute Research Foundation published a research brief in 2021 titled ‘The Emerging Asia Pacific Capital Markets: Challenges and Opportunities’ with insights from authors based in eleven local markets of the Asia Pacific Region. This publication offers insights into regulatory developments, market structure, and financial history in the region.

The chapter on Pakistan was authored by the following board members of CFA Society Pakistan:

1. Mohammad Shoaib, CFA, CEO, Al Meezan Investment Management Ltd.

2. Raza Jafri, CFA, Head of Equities, Intermarket Securities Ltd.

3. Sateesh Balani, CFA, Head of Research, Providus Capital Ltd.

Monetary Policy SurveyCFA Society Pakistan conducts a survey on Monetary Policy Expectations prior to the release of every Monetary Policy by the State Bank of Pakistan. This survey has now become an ongoing activity that is recognized by the industry and members engaged with capital markets are invited to participate.

The results of the survey not only hint at the next steps of the Central Bank but also lead to the exchange of views among finance professionals in the market. To provide deeper insights, questions regarding average inflation expectation, timing of the policy rate change or key indicators leading to change in policy are added. CFA Society Pakistan has managed to engage the member community and encouraged participation from over 50 members each time the survey has been conducted.

This initiative has helped to engage members and the finance and investment industry, as well as established members of CFA Society Pakistan as thought leaders in the market.

FEATURED RESEARCH

FEATURED EVENT

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2nd Runner-UpEthics Essay Competition 2020CFA Institute and ACCA Hong Kong

Ms. Shazia Farooq, CFA

The Ethics Essay Competition was jointly organized by ACCA Hong Kong and CFA Institute. The initiative aimed to strengthen sustainability of ethics in business and to reinforce its implementation. It reached out to professionals in the accountancy, banking, finance and investment sectors to attract proposals and projects that could be promoted to major players in the business community.

Ms. Shazia Farooq, CFA emerged as the 2nd Runner-Up in the competition. The topic of her essay was Business Ethics: Spotlight on Pakistan.

Championing Ethics, Sustainability, and Inclusion

CFA Society Pakistan and ACCA collaborated to bring an enriching conversation on how finance professionals in Pakistan are making a difference by championing ethics, sustainability and inclusion.

Mr. Mohammad Shoaib, CFA, Director, CFA Society Pakistan and Ms. Sarwat Ahson, Executive Director, CFA Society Pakistan along with senior professionals from ACCA participated in the panel discussion.

In addition to the insightful panel discussion, the webinar also featured winners of the recent Ethics Essay Competition 2020; Ms. Shazia Farooq, CFA and Mr. Wajahat Umar Pirzada.

The competition was jointly organized by ACCA Hong Kong and CFA Institute.

MEMBER RECOGNITION

Celebrating our Members’ Achievements!

FEATURED EVENT

Stay away from stocks, they are speculative and risky! A phrase which has been often heard in most households in Pakistan due to the general perception that stock market investing is not for an average middle class family. With little awareness of equity as the best hedge against inflation, most retirees and even salaried class individuals solely rely on fixed income schemes for long term investment and retirement planning. Consequently, only 0.1% of the population in Pakistan invests in the stock market, far below most other countries including USA (55%), UK (33%), China (12.7%) as well as India (3.7%).

Active stock market investors stood at mere 252,322 as of April 30, 2021, according to National Clearing Company of Pakistan (NCCPL). The number of new investors increased by 17,684 since NCCPL launched the facility of registering investors through online account opening for PSX, at the end of 2020 amid the Covid-19 pandemic. However, the growth in the number of new investors as well as the total number of investors are both insignificant considering the overall population size estimated 225 million according to worldometer.

Pakistan needs to capitalize on its young upwardly mobile population to widen the investor base. The country has more young people than it has ever had with 64 percent of the nation younger than 30; this is forecasted to be on the upward trajectory through at least 2050 according UNDP Human Development Report. This tech savvy young population segment offers a promising target market for stock market investment in the age of trading apps and social media. With almost 85% mobile teledensity and 100 million plus broadband subscribers as of April 2021, based on statistics provided by Pakistan Telecommunication Authority (PTA), it is easy to digitally tap this extremely attractive market segment.

India has successfully capitalized on the trading opportunity offered in the post-Covid era. According to Bloomberg. India’s

retail trading boom has been fueled by p a n d e m i c - d r i v e n restrictions and job losses, like in most countries across the globe. Active investor accounts in India rose by a record 10.4 million in 2020, with

retail ownership in more than listed 1,500 companies reaching 9 per cent in the third quarter, the highest since March 2018. Millions of millennials, generation widely accepted as having been born between 1981 and 1996 according to Reuters, have been drawn to stock market investments due to their growing risk appetite. This comes as a paradigm shift from traditional investment avenues such as real estate, gold and bank deposits. It is pertinent to mention here that a number of these investors had never traded in stocks before. In the words of Mark Mobius, the veteran emerging-market investor, “India could easily equal China’s market cap in the next 5 to 10 years because going forward, growth in India’s market will probably be faster. China, because of its size, will probably grow more slowly.”

A similar trend is witnessed in China where the new generation of youngsters born between 1997 and 2012/15, GenZ as they are known, have been a force in the markets for about two years, investing amounts such as 10,000 yuan (about US$1,550) according Asia Financial. Wang Dan, director of Wealth Management Business Operations at China International Finance Corp, said: “Since last year, we have observed that the proportion of ‘post-90s’ and ‘post-2000s’ account openings is now close to 50% [of investors]. If you count the ‘post-80s’, this number should be 70%. So it is a trend that the age structure of customers is getting younger and for us it is also our main customer group.” This investor group is attracted to changing industries and companies that are transforming.

Pakistan’s mutual fund industry should intensify marketing efforts in small towns through both electronic and social media advertising, an approach successfully adopted by our neighbour. Investors in mid-tier cities generally invest for a longer term and tend to put in more money compared to people in the biggest cities as opined by Matthews India Fund in San Francisco. Pakistan can easily access mid-tier investors in these areas, given the fact that 87% of the population has access to the internet at the lowest rates according to PTA. Furthermore, there should be increasing thrust on fintech solutions, such as Mobile Apps and use of Artificial Intelligence, to make trading easy for an average person on the street.

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“India could easily equal China’s market cap in the next 5 to 10 years because going

forward, growth in India’s market will probably be faster. China, because of its size, will probably grow more slowly.”

ARTICLE

Capitalising on Millenials and Gen Z to boost stock market investment in Post Pandemic Era: Lessons for Pakistan

Ms. Shazia Farooq, CFA

CFA Society Pakistan hosted the prestigious Annual Excellence Awards in Karachi for the 17th year at Pearl Continental Hotel, Karachi. Through these awards, we recognize the outstanding performance of financial institutions, corporates and professionals during the past one year.

Honorable Governor, State Bank of Pakistan (SBP), Dr. Reza Baqir graced the event as the Chief Guest and presented awards to the winners. His keynote address covered the new initiative of SBP, ‘The Roshan Digital Account’, and the current and future state of Pakistan’s economy as impacted by the Covid-19 Pandemic.

The audience appreciated the Q&A session moderated by Muhammad Asim, CFA, President, CFA Society Pakistan in which many pressing questions were answered.

Complete precautions were taken to ensure safety of all attendees keeping in mind the Covid-19 SOPs.

The new critics award category of ‘Best Microfinance Bank’ was introduced this year and resulted in much engagement and appreciation from the participants. The table on the following pages lists the Award Categories along with the deserving winners for each category:

17th Annual Excellence Awards

2nd October 2020Pearl Continental Hotel, Karachi

Keynote Address byHonorable Governor, State Bank of Pakistan (SBP),Dr. Reza Baqir

FEATURED EVENT

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Banking Awards

Best Microfinance Bank of the Year 2019 Khushhali Microfinance Bank Limited Winner

Best Microfinance Bank of the Year 2019 The First Microfinance Bank Limited Runner-up

Best Bank of the Year 2019 - Mid Size Banks

Standard Chartered Bank (Pakistan) Winner

Limited

Best Bank of the Year 2019 - Mid Size Banks Dubai Islamic Bank Pakistan Limited Runner-up

Best Bank of the Year 2019 - Large Size Banks Meezan Bank Limited Winner

Best Bank of the Year 2019 - Large Size Banks Allied Bank Limited Runner-up

Best Islamic Bank of the Year 2019 Meezan Bank Limited Winner

Best Islamic Bank of the Year 2019 Dubai Islamic Bank Pakistan Limited Runner-up

Best Microfinance Bank (Digital) of the Year 2019 Mobilink Microfinance Bank Limited Winner

Best Corporate Finance House of the Year 2019 Arif Habib Limited Winner (Equity NBFC)

Best Corporate Finance House of the Year 2019 Topline Securities (Private) Limited Runner-up

(Equity NBFC)

Best Corporate Finance House of the Year 2019 Meezan Bank Limited Winner

(Fixed Income) Best Corporate Finance House of the Year 2019 Habib Bank Limited

Runner-up (Fixed Income) National Bank Limited

Best Transaction of the Year 2019 Arif Habib Limited Winner

Best Investor Relations FY2020 - Bank Alfalah Limited Winner

Listed Companies

Best Investor Relations FY2020 - Engro Corporation Limited Runner-up

Listed Companies

Corporate Finance Awards

Investor Relations Awards

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FEATURED EVENT

Brokerage Awards

Best Investment Idea Award FY2020 Syed Hussain Haider, CFA Winner

Recognizing Gender Diversity at Workplace Unilever Pakistan Limited Winner

Award 2020 - MNC

Recognizing Gender Diversity at Workplace Standard Chartered Bank (Pakistan) Winner Award 2020 - Financial Institutions Limited

Recognizing Gender Diversity at Workplace The Hub Power Company Limited Winner

Award 2020 - Local Corporates

Recognizing Gender Diversity at Workplace Pak Brunei Investment Company Limited Winner

Award 2020 - Special Recognition

Best Economic Research House of the Year FY2020 Topline Securities (Private) Limited Winner

Best Equity Trader of the Year FY2020

Furqan Punjani Winner

Alfalah CLSA Securities (Pvt.) Limited

Best Equity Trader of the Year FY2020

Muhammad Rameez Foundation Securities (Private) Limited Runner-up

Best Equity Analyst of the Year FY2020 Tahir Abbas Winner

Arif Habib Limited

Best Equity Analyst of the Year FY2020

Muhammad Saad Ali, CFA Runner-up

Intermarket Securities Limited

Best Equity Brokerage House of the Year FY2020 Topline Securities (Private) Limited Winner

Best Equity Brokerage House of the Year FY2020 Arif Habib Limtied Runner-up

Best Equity Research Report of the Year FY2020 EFG Hermes Pakistan Limited Winner

Best Equity Research Report of the Year FY2020 Ismail Iqbal Securities (Private) Limited Runner-up

Gender Diversity at Workplace Awards

Investment Ideas Award

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FEATURED EVENT

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FEATURED EVENT

The very first Ethics Challenge was launched in February 2020 and 17 university teams registered for the event.

The Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas they may face as future investment management professionals. University Teams of three to four students from finance, business or other related fields were given an ethics case to study and evaluate. The participating teams used the CFA Codes of Ethics & Standards of Professional Conducts as a guiding resource for their analysis. Each team presented its analysis and recommendations to a panel of judges selected by CFA Society Pakistan, at the Pakistan Ethics Challenge local competition. A panel of Judges then selected a winner based on the quality of the team’s understanding of the ethical issues involved, their recommendations, and the quality of their analysis, presentation, and responses to the judge’s questions. The top two winning teams then competed in the Asia Pacific Ethics Challenge with the top teams from other countries.

Due to the unforseen outbreak of Covid-19, the competition was postponed initially. It was resumed virtually in August 2020 and conducted with tremendous enthusiasm by all participants, trainers and judges.

FEATURED EVENT

CFA Society PakistanEthics Challenge

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This meeting was set up to familiarize the participants with the process, expectations and required deliverables during the competition. The students were provided the case for the competition written locally by CFA charterholders. The issues raised in the case studies focused upon an investment professional’s duties to clients, duties to employers, conflicts of interest and supervisory responsibility.

Mr. Arif Irfanullah, CFA, CEO, IFT and CFA Institute certified Ethics Trainer was invited to conduct an online Ethics Workshop for the participating students and their faculty advisors, to familiarize them with CFA Codes of Ethics & Standards of Professional Conducts. The meeting was conducted virtually due to the uncertain circumstances during the Covid-19 pandemic.

18th August 2020Virtual Kickoff Meeting and Ethics Workshop

A total of 14 teams participated in the local challenge. The student teams were given two weeks to analyze the case and prepare for the challenge. The teams presented to an international panel of judges who were also CFA Charterholders. These included:

• Alan Lok, CFA, Director, Ethics Education & Professional Standards, CFA Institute (APAC)

• Dr. Tony Tan, CFA, Senior Head, Ethics Education & Professional Standards, CFA Institute

• Ms. Kingpai Koosakulnirund, CFA, Board of Director, CFA Society Thailand

• Mr. Mohammad Shoaib, CFA, Director & Advocacy and GIPS Chair, CFA Society Pakistan and CEO, Al Meezan Investment Management Ltd.

• Ms. Saniya Mahboob, CFA, Formerly employed in Private Equity at Abu Dhabi Investment Authority (ADIA)

• Ms. Xiaomin Hu, CFA, General Manager, Chengdu Jingying Zhiyuan Talent Venture Capital Management

The competition was conducted virtually due to the uncertain circumstances during the Covid-19 pandemic. The Institute of Business Administration (IBA), Karachi and Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST) won the Pakistan Final and proceeded to the APAC Ethics Challenge.

The case for the local challenge was written by Ms. Saniya Mahboob, CFA and Ms. Muneeba Abdullah, CFA.

5th September 2020

Virtual Pakistan Final

The APAC Sub Regional Challenge was hosted jointly by CFA Society Pakistan, CFA Society Malaysia and CFA Society Singapore. The team from the Institute of Business Administration (IBA), Karachi, Pakistan, was announced as the winner of the APAC Ethics Challenge.

The case study for the APAC Ethics Challenge was written by Michael McMillan, CFA, Director, Ethics and Professional Standards at CFA Institute. The challenge was conducted virtually, due to Covid-19, and each local society nominated two teams to participate. A high-profile panel of judges comprised of two senior directors from CFA Institute, a regulator from Singapore, an academic professor from Malaysia and an industry practitioner from Pakistan. There was also an audience of over 60 observers, including regulators from Pakistan, aspiring society leaders from India and Japan, and board members from each of the participating societies.

3rd October 2020

Virtual APAC Sub-Regional EthicsChallenge Final

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FEATURED EVENT

CFA Society Pakistan organized a Recognition Event for two of its leading Ethics Initiatives – Ethics Challenge for University Students and Ethics Train-the-Trainer Program on 26th October 2020.

Mr. Shauzab Ali, Commissioner, SECP graced the event as the Chief Guest and shared his views on the importance of Ethics in our industry.

Institute of Business Administration (IBA), Karachi and Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST), who won the Pakistan Final of Ethics Challenge, were recognised at the event. These teams proceeded to the APAC Sub-Regional Final held on October 03, 2020.

The team from Institute of Business Administration (IBA), Karachi emerged as the winner of the Sub-Regional Challenge, competing with teams from Malaysia and Singapore.

Certified Ethics Trainers by CFA Institute under the ‘Ethics Train-the-Trainer’ Program were also honored at the recognition event.

Recognition Event for Ethics Challenge and Ethics Train-the-Trainer Program

26th October 2020

Chief GuestMr Shauzab Ali,Commissioner,Securities MarketingDivision, SECP.

FEATURED EVENT

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FEATURED EVENT

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FEATURED EVENT

19th – 21st October 2020

Global Ethics Week

The Global Ethics Week 2020 was jointly organized by CFA Society Pakistan, ACCA, Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan), The Pakistan Business Council's Centre of Excellence in Responsible Business, Habib Bank Limited (HBL), and the Pakistan Stock Exchange (PSX). A series of panel discussions on ‘Big Ethics and Sustainability’ were conducted by high profile speakers from the financial and regulatory industries of Pakistan. These included conversations on:

• Ethics and Trust – Regulatory Coherence in the Digital Age: featuring Ms. Sadia Khan, Commissioner SECP; Mr. Ehsan Malik, CEO Pakistan Business Council; Mr. Usman Hayat, CEO, Audit Oversight Board; Mr. Inayat Hussain, Executive Director – FS & BSG, SBP; and Ms. Shaista Bano, Member, Competition Commission of Pakistan. The session was moderated by Ms. Sadaf Shabbir CFA, Director, CFA Society Pakistan.

• Workplace Ethics - Force for Public Good: Balancing the demands of modern business and customer needs (Session 1): featuring Mr. Syed Ali Naseer, Chief Business Officer, Jazz; Ms. Aylad Majid, Member ACCA Council Board; Mr. Asim Siddiqui, Country Managing Partner CEO, EY Ford Rhodes Pakistan; Ms. Mashmooma Zehra Majid, CFA, CEO, MUFAP; and Ms. Nazish Shekha, Senior Research Associate, Centre of Excellence in Responsible Business. The session was hosted by Mr. Asad Malik, Business Development Manager ACCA and was moderated by Mr. Khurram Shahid, Head of Investment Banking, AKD Securities.

• Workplace Ethics - Force for Public Good: Startup Ecosystem fueling workforce of the future (Session 2): featuring Mr. Asif Peer, CEO/Managing Director, Systems Limited; Ms. Jehan Ara, Founder, The Nest I/O and President, PASHA; and Mr. Zouhair Khaliq, Co-Founder and Partner, Teamup. The session was moderated by Mr. Shahjahan Choudhry, Project Director, National Incubation Centre, (Karachi).

• Workplace Ethics – Force for Public Good: Accelerating Inclusive Economic Growth (Session 3): featuring Mr. Omer Zaheer Meer, ACCA MNP Chair; Mr. Almas Hyder, Chairman – Synthetic Products and Enterprises Ltd. & Engineering Development Board; Ms. Naz Khan, Chief Strategy Officer, K-Electric; Mr. Farrukh H. Khan, CEO/ Managing Director, PSX; Mr. Jamal Nasir, Chief Human Resource Officer, HBL; and Ms. Shirin Mehri, Program Manager, Ethics and Governance, Centre of Excellence in Responsible Business. The session was moderated by Ms. Ayesha Aziz, CFA, CEO, Pak Brunei Investment Company Ltd.

• Reimaging Future Skills in the Age of AI and Data: Bridging the Gap Between the Lab and the Real World: featuring Mr. Sajeed Aslam, Head of ACCA Pakistan; Mr. Muhammad Asim, CFA, President, CFA Society Pakistan; Mr. Zia-Ul-Mustafa, President, ICMA Pakistan; Mr. Stuart Dunlop, Regional Director – MESA, ACCA; Dr. Arshad Ahmad, Vice Chancellor, LUMS; Mr. Nick Pollard, Managing Director, Asia Pacific, CFA Insitute; Ms. Shirin Mehri, Program Manager, Ethics and Governance, Centre of Excellence in Responsible Business; and Mr. Ahmad Ali Zia, Group Chief HR Officer and CEO, HRSG. The session was moderated by Ms. Javaria Malik, Director Marketing and Communications, ICMA Pakistan.

The CFA Institute Research Challenge is a renowned, global competition organized by the CFA Institute every year. The competition provides university students a platform to receive mentoring and intensive training in financial analysis and develop industry contacts. Globally over 150 CFA member societies, 1,100 universities, 6,400 students and 4,000 volunteers participated in the Challenge this year.

The Research Challenge in itself is a very rigorous competition which cannot be done without keen enthusiasm and commitment from the various people involved including the participating students, the subject company which provides information, the mentors and faculty advisors who guide the university teams, the graders who evaluate the reports, judges who grill the teams to prepare them for the Regional Challenge as well as the volunteers who put in the effort to make the entire process seamless.

A total of 19 teams from 17 different universities across Pakistan participated in the challenge this year. The subject company of the Local Challenge organized by CFA Society Pakistan was Meezan Bank Limited.

Due to the prevailing Covid-19 pandemic, the CFA Institute Research Challenge 2020-2021 was a fully virtual event for the first time in its history.

FEATURED EVENT

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CFA Institute Research Challenge2020-2021

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FEATURED EVENT

This meeting aims to familiarize participants with the rules and requirements of the competition. The session was conducted by Mr. Azfer Naseem, CFA, CEO Akseer Research and Chair, Research Challenge Committee in Pakistan. He provided an overview of the competition and the applicable rules for participants, faculty advisors and industry mentors, and thoroughly briefed attendees on the requirements for writing an equity research report.

A detailed presentation was also conducted for participants on the subject company and its current position in the market by Mr Tariq Mehraj, ACA, Vice President and Unit Head - Financial Accounting, Financial Reporting and MIS at Meezan Bank Limited. This was followed by an interactive Q&A session.

Kick-off Meeting and Company Presentation

CFA Society Pakistan organized a series of exclusive training sessions for the participants of CFA Institute Research Challenge 2020-21 in Pakistan. These trainings helped cement understanding of financial modeling and analysis concepts for participants, and further refined their research report writing skills.

How to analyze a listed company?

The session was conducted by Mr. Azfer Naseem, CFA, CEO, Akseer Research (Pvt.) Limited and Chair, Research Challenge Committee.

Introduction to Financial Modeling.

The session was conducted by Mr. Sateesh Balani, CFA, Director, CFA Society Pakistan and Director Research, Ismail Iqbal Securities (Pvt.) Limited.

How to Analyze a Bank?

The session was conducted by Mr. Raza Jafri, CFA, Director CFA Society Pakistan and Head of Equities, Intermarket Securities Limited

How to write an Equity Research Report?

The session was conducted by Mr. Azfer Naseem, CFA, CEO, Akseer Research (Pvt.) Limited and Chair, Research Challenge Committee.

The university teams prepared their research reports after various rounds of consultation with their faculty advisors and industry mentors assigned to them. The reports were graded by the Judges and teams from the following four universities proceeded to the Local Final.

1. Institute of Business Administration (IBA), Karachi

2. Institute of Business Management (IoBM)

3. Karachi School of Business & Leadership (KSBL)

4. Sukkur IBA University (SIBAU)

Training Sessions for ParticipantsThe teams worked hard and provided compelling and thoroughly researched presentations on the subject company, despite the added hurdles due to the event being online. Their efforts were highly appreciated by all the judges and the Chief Guest for the event, Mr Irfan Siddiqui, CEO, Meezan Bank Limited. Mr. Aamir Khan, Chairman, SECP also addressed the participants and attendees through a video message.

The esteemed panel of judges included several senior capital market participants:

• Mr. Fawad Khan, Director, Center for Financial Studies, Prince Sultan University

• Mr. Imtiaz Gadar, CFA, Head of Capital Markets, Bank Alfalah Limited

• Mr. Navid Goraya, Chief Investment Officer, Karandaaz Pakistan

• Mr. Syed Suleman Akhtar, Chief Investment Officer, UBL Funds Managers Limited

• Ms. Uzma Maqbool, CFA, Head of Business Planning and Analysis, TCS Private Limited

Karachi School of Business & Leadership (KSBL) emerged as the winner of the Pakistan local final. KSBL won the competition for the fifth time in a row and proceeded to compete at the Asia Pacific Sub-Regional round held virtually this year. The efforts put in by the team were praiseworthy and we hope to see even more rigour in the years to come!

The Local Final of CFA Institute Research Challenge qualified for 2 CE hours for CFA Society members.

Hailing the efforts of the finalists, Mr. Irfan Siddiqui also announced generous cash prizes for the winners and runners up. A ceremony was then held at Meezan Bank Limited Head Office where the winning team received PKR 200,00 and the runner up team received PKR 100,00. Students of the winning team, KSBL, and the runner-up team, IBA , also presented their equity research analysis on Meezan Bank Limited to the top management of the bank.

Mr. Muhammad Asim, CFA, President, CFA Society Pakistan, Mr. Azfer Naseem, CFA, Chair, Research Challenge Committee in Pakistan, and Mr. Syed Tariq Hassan, CFA, Chief Risk Officer, Meezan Bank Limited awarded the plaques to the teams on behalf of CFA Society Pakistan.

Mr. Ameet Doulat, CFA, Industry mentor of Team KSBL, and Mr. Faraz Younus Bandukda, CFA, Faculty Advisor of Team KSBL were also honored at the event

Prize Distribution Ceremony by Meezan Bank

Local Final

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FEATURED EVENT

CONGRATULATIONS,CFA® CHARTERHOLDERCLASS OF 2020-2021!

Syed Hassan Hammad Zaidi, CFASyed Jazib Shere, CFASyed Mohammad Sabih, CFASyed Muhammad Ali, CFASyed Qutub Uddin Mubashir, CFASyed Raza Hassan, CFASyed Shakaib Ali Naqvi, CFASyeda Sharmeen Ahmed, CFATalha Khan Ghauri, CFAUmair Ahmed Khan, CFAUmer Mustafa Merchant, CFAUsama Ashfaq, CFAUsman Ali, CFAUsman Ali, CFAUsman Ghani Qureshi, CFAUzair Ali, CFAVanesh Kumar, CFAWaqar Mohammad Naqvi, CFAWaqas Iqbal, CFAWaqas Mustafa, CFAYuha Bint E Ishtiaq, CFAZain Amir Naseem, CFAZeeshan Shafi, CFA

We applaud those who became CFA charterholders and joined our community of 170,000 charterholders worldwide.

Together, we are building a better world for investing.

Learn more about how CFA Society Pakistan can support you at cfasociety.org/pakistan

Aala Ahsan, CFAAbdul Rehman, CFAAbdul Samad Khan, CFAAbdul Wasay Siddiqui, CFAAhmad Arshad, CFAAhmed Faisal Chaudhry, CFAAhmed Raza, CFAAli Abbas, CFAAli Haider, CFAAli Masood, CFAAli Raza Gillani, CFAAli Shah Jumani, CFAAnam Khan, CFAAniqa Bawany, CFAAnita Hakani, CFAAnjlee, CFAAnsreen Malik, CFAAnum Amin Kanjani, CFAAsia Nasim, CFAAsim Hussain, CFAAyesha Khan, CFAAzeem Maqbool Malik, CFABilal Khan, CFABilal Mustafa, CFABosco Firmin Dominic Sales, CFAFaizan Elahi, CFAFarrukh Yasin, CFAHafiz Muhammad Umar Farooq, CFAHamadullah Abro, CFAHammad Mansoor, CFAHammad Uddin Khan Bozai, CFAHamza Sajjad Sarwar, CFAHaris Sheikh, CFAHashim Fazal Hasnain, CFA

Hooria Saboor, CFAHuda Ahmad Khan, CFAHussaini Shan-E-Abbas, CFAIbaad Kalim, CFAIsfandyar Ikram Khan, CFAJahandad Nadeem, CFAJawad Ahsan, CFAJehanzeb Hassan Khan, CFAJunaid Ahmed Shaikh, CFAKashif Waheed, CFAKazi Aijaz Qureshi, CFAMahad Shahbaz, CFAMalik Muhammad Umair Akbar, CFAManesh Kumar, CFAMariam Agha, CFAMaryam Memon, CFAMohammad Abdullah, CFAMohammad Adeel Mushtaq, CFAMohammad Afaq Nasir, CFAMohammad Ali Yafis Gardezi, CFAMohammad Hashim Sohail, CFAMohammad Hayat Un Nabi Khan, CFAMohammad Sohail Siddiqi, CFAMohammed Hunain, CFAMohsin Azam Khan, CFAMoiz Sabir, CFAMomina Masood Siddiqui, CFAMudassir Alam Shah, CFAMuhammad Asad Uz Zafar, CFAMuhammad Faisal Waleed Soomro, CFAMuhammad Habib, CFAMuhammad Imran Chaudhry, CFAMuhammad Janice, CFAMuhammad Junaid Naeem, CFA

Muhammad Kafeel Zaheer, CFAMuhammad Kazim, CFAMuhammad Muaz, CFAMuhammad Mustafa Fahim, CFAMuhammad Mustafa Khalid, CFAMuhammad Rameez Naeem, CFAMuhammad Saad Abdullah, CFAMuhammad Shahzeb Badar, CFAMuhammad Suhail, CFAMuhammad Talha Asif, CFAMuhammad Talha Azhar, CFAMuhammad Usman Siddiqui, CFAMuneeba Shoaib, CFAMuntaha Tasneem Usmani, CFAMurtaza Kamil Shahbazker, CFANabeel Ahmed Khan, CFANabeel Hussain, CFANayab Babar, CFAOmer Saeed, CFARameesha Nayab, CFARida Sahar Khan, CFASaad Bilal Khawaja, CFASaad Khatri, CFASaad Masood, CFASafwan Ghori, CFASaim Shahid, CFASaqib Pervez Abbasi, CFAShahmeer Afroze, CFAShahrukh Saleem, CFAShayan Kodvavi, CFAShoaib Zafar, CFASidra Abbasi, CFASyed Babar Ali, CFASyed Fawwad Hasan, CFA

*Updated as of 4 June 2021.

FEATURED EVENT

After the workshops conducted for various Asset Management firms in early 2020, eight (8) Pakistani organizations now claim compliance with the CFA Institute Global Investment Performance Standards (GIPS® standards) while 7 companies claim compliance with the CFA Institute Asset Manager Code ™.

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Firms that claim compliance with the GIPS® Standards include:

• ABL Asset Management Company Limited

• Atlas Asset Management Limited

• Alfalah GHP Investment Management Limited

• Al Meezan Investment Management Limited

• JS Investments Limited

• MCB-Arif Habib Savings and Investments Limited

• NBP Fund Management Limited

• UBL Fund Managers Limited

Firms that claim compliance with the Asset Manager Code ™ include:

• ABL Asset Management Company Limited

• Alfalah GHP Investment Management Limited

• Al Meezan Investment Management Limited

• HBL Asset Management Limited

• MCB-Arif Habib Savings and Investments Limited

• National Investment Trust Limited

• NBP Fund Management Limited

• UBL Fund Managers Limited

Due to CFA Society Pakistan’s efforts, representatives from over 15 financial institutions in Pakistan became aware of the Standards and the Code and many are considering implementing them in their companies.

The GIPS® standards are a voluntary investment industry standard for calculating and presenting historical investment performance. Adopted by more than 1800+ organizations, the GIPS® standards have been implemented by most of the top asset management firms worldwide. By establishing requirements for consistent and transparent reporting, these standards empower investors to compare the past performance of asset managers.

The CFA Institute Asset Manager Code ™ (the Code) outlines the ethical and professional responsibilities of organizations that manage assets on behalf of clients. It provides standards and supportive guidance based on general principles of conduct.

Advocating the Global InvestmentPerformance Standards (GIPS® standards)and Asset Manager Code in Pakistan

ADVOCACY AND REGULATOR OUTREACH

FEATURED EVENT

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Session on Complianceand Implementation of GIPS® 2020

Regulator OutreachRepresentatives of CFA Society Pakistan made efforts throughout the year to engage in active discourse with the Regulators in Pakistan including Securities and Exchange Commission of Pakistan (SECP). Areas of mutual interest were discussed.

1. Mutual Fund training was arranged for fresh employees of SECP in Islamabad.

2. A Regulator Roundtable was also arranged with CFA Institute where discussions were held on different topics of importance.

3. An Asset Manager’s Roundtable arranged where representatives of 8 countries exchanged ideas and views on various issues.

Various initiatives led globally by CFA Institute and the investment management community were also promoted in meetings with representatives of SECP and the Government of Pakistan. These included discussions on ESG and Pension Reforms, CFA Institute’s Consultation Paper on ESG Disclosure Standards for Investment Products and 2020 Mercer CFA Institute Global Pension Index Report.

27th February 2021CFA Society Pakistan organized an online session on 'Compliance and Implementation of GIPS 2020' for representatives of Asset Management Companies in Pakistan.

All the compliant firms who are undergoing transition, along with some of the firms who are potentially looking at compliance, were invited. The key focus of the workshop was on adoption of the Pooled Funds Report of GIPS 2020, as this will be the first time that GIPS compliant companies in Pakistan will be transiting to Pooled Funds Report instead of GIPS Composite Report with respect to mutual funds being managed by them.

The session was conducted by Ms. Karyn Vincent, CFA, CIPM, Senior Head, Global Industry Standards, CFA Institute, Mr. Eddie Chan, CFA CIPM, MBA, CMA, Director, Professional Conduct Enforcement and Global Industry Standards, CFA Institute, and Mr. Ali Hassan Khan, CFA, Head of Product Development, Al Meezan Investment Management Ltd.

Mr. Nayyar Hussain, Director, SCD Division, SECP gave concluding remarks at the session.

A GIPS ® roundtable was also conducted by CFA Society Pakistan in collaboration with CFA Institute featuring representatives from regulators in the country in early 2021. The purpose was to promote discourse on key governance issues in investment management sector and encourage due course of action in the future.

ADVOCACY AND REGULATOR OUTREACH

The need to stay up-to-date with current developments as well as to shape a view of the future has become even more important in the uncertain environment prevailing globally. We recognize that our members need to stay in touch with each other and with economic / industry experts and our duty to facilitate them in doing so. Adapting to the new normal brought about by the Covid-19 Pandemic, this year we turned our full focus on arranging valuable webinars for our members which include those listed below. Please follow our website and social media channels for details on upcoming webinars.

The Year ofthe Webinars

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KNOWLEDGE BASED SPEAKER SESSIONS

Recordings of these webinars can be accessed at https://www.cfasociety.org/pakistan/Pages/Webinars.aspx

Regional webinars by CFA Institute can be accessed at www.arx.cfa

• Pakistan Investment Outlook: Global Perspectives featuring Mr. Ali Farid Khwaja, CFA, Chairman, KASB Securities, Pakistan; Mr. Farhan Rizvi, CFA, FCCA, SCA, Head of Asia Frontier Markets Research, Credit Suisse AG, Singapore; and Mr. Muhammad Shamoon Tariq, CFA, Fund Manager and Deputy Chief Investment Officer, Tundra Fonder, Stockholm. The session was moderated by Mr. Farrukh Karim Khan, CFA, Co-Founder and CEO of TrueNorth Advisors.

• Fintech 2020: A Fast Evolving Venture Landscape featuring Ms. Sadaf Shabbir, CFA, FRM, Head – Structured Finance , Awwal Modaraba and Director, CFA Society Pakistan; Mr. Mr Ali Farid Khwaja, CFA, Chairman, KASB Securities, Pakistan; Mr. Sumair Farooqui, Co-Founder and MD, Kashat, Egypt; Mr. Vishnu Chundi, CEO, AssetVault and IND1, India; Ms. Naureen Hayat, Co-Founder, Tez Financial Services, Pakistan; and Mr. Umar Munshi, Co-Founder, Ethis, Indonesia and Founder, GlobalSadaqah.com, Malaysia. Mr. Farid Haque, Co-Founder, AssetVault, London moderated the session.

• Auction Calendar for Government Securities & Launch of 3-Year and 5-Year Floating Rate Bonds featuring Mr. Abdul Rehman Warraich, CFA, Director General Debt, Ministry of Finance.

• Brand Yourself to Attract Career Opportunities, featuring Mr. Eric Sim, CFA, Founder of Institute of Life (IOL).

• Effects of COVID-19 Pandemic on the Global Economy, Capital Markets, and the Investment Management Industry featuring Ms. Mary Leung, CFA, Head of Advocacy, APAC, CFA Institute. Mr. Mohammad Shoaib, Director, CFA Society Pakistan moderated the event.

• Launch of 3 months Coupon Floating Rate Bonds featuring Mr. Abdul Rehman Warraich, CFA, FRM, Director General Debt, Ministry of Finance, Government of Pakistan.

• Financial Modeling Best Practices featuring Mr. Ian Schnoor, CFA, AFM, Executive Director of Financial Modeling Institute (FMI).

• ESG Disclosure Standards for Investment Products featuring Ms. Mary Leung, CFA, Head of Advocacy, APAC, CFA Institute.

• Crowdfunding Potential for Startups: Global traction and the Role of Fintech Platforms featuring Mr. Shauzab Ali, Commissioner Securities Marketing Division, SECP and Mr. Ashar Nazim, CEO, Aion Digital. The session was moderated by Mr. Ali Farid Khwaja, CFA, Chairman, KASB Securities, Pakistan.

• Investment Opportunities in Pakistan: Roshan Digital Account featuring Dr. Murtaza Syed, Deputy Governor, State Bank of Pakistan (SBP), Mr. Syed Irfan Ali, Managing Director, Deposit Protection Corporation (DPC), SBP, Mr. Farrukh H Khan, CEO, Pakistan Stock Exchange Limited, Mr. Shazad Dada, President & CEO, United Bank Limited, Mr. Badiuddin Akber, CEO, Central Depository Company, and Mr. Sharjeel Shahid, Group Executive - Digital Banking Group, United Bank Limited. The session was moderated by Mr. Muhammad Asim, CFA, President, CFA Society Pakistan

• Update on Government Securities Auctions featuring Mr. Abdul Rehman Warraich, CFA, FRM, Director General Debt, Ministry of Finance.

• Bloomberg Essentials: Functionality, Navigation and Enhancements featuring Mr. Boris Grozev, Country Manager, Bloomberg

• Understanding Refinitv Eikon: Navigation & Analysis featuring Mr. Shane Clark and Mr. Mohammed Mousa, Investment Advisory Specialists for Middle East and Africa (MEA) Region at Refinitiv.

• Understanding IMF Program and the Underlying Economic Challenges and Opportunities featuring Mr. Abdul Rehman Warraich, CFA, FRM, Fiscal Space Advisor, Sub-National Governance, Lahore.

• Information Session on CFA Institute Asia-Pacific Research Exchange (ARX) featuring Mr. Scott Lee, Director of ARX, CFA Institute and Mr. Piotr Zembrowski, CFA, Manager of Advocacy Research and Content.

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KNOWLEDGE BASED SPEAKER SESSIONS

Pakistan’s Investment Outlook:Global Perspectives

Crowdfunding Potential for Startups:Global Traction and the Role of Fintech Platforms

Fintech 2020:A Fast Evolving Venture Landscape

ESG Disclosure Standardsfor Investment Products

Investment Opportunities in Pakistan:Roshan Digital Account

Understanding IMF Program and the Underlying Economic Challenges and

Opportunities

Understanding Refinitiv Eikon:Navigation and Analysis

Bloomberg Essentials:Functionality, Navigation and

Enhancements

Financial ModelingBest Practices

Launch of 3 Month Coupon Floating Rate Bonds

FEATURED EVENT

With a presence in almost 60 countries, approximately 1500 sharia-compliant companies, and total assets under management (AUM) of about USD2.4 trillion, Islamic finance is one of the most rapidly growing segments of the global financial system, as it has been growing at a steady 10-12% per year during the last two decades. At the same time, it serves as a valuable source of financing for the Sustainable Development Goals (SDGs). However, there is still a gap that exists required knowledge and skills by professionals in this field.

To help bridge this gap, Islamic Finance working group of CFA Societies, including CFA Society Pakistan hosted a series of webinars that dove into the basic features, market landscape, as well as the emerging opportunities for Islamic finance.

Islamic Finance Webinar Series

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Hosted jointly by CFA Society Pakistan, CFA Society Indonesia and CFA Society Malaysia, the webinar examined fundamental principles governing Islamic Finance, including the origins of Islamic Finance, the fundamental principles of Shariah law governing Islamic finance, asset-based structure, and risk-sharing.

The webinar featured a robust line-up of speakers from all three jurisdictions including Dr. Zeeshan Ahmed, PhD, Dean and Associate Professor, Karachi School of Business & Leadership KSBL; Mr. Adam Ng, World Wide Fund for Nature (WWF) Malaysia and Ms. Naila Firdausi Asa, CFA, Fixed Income Analyst, PT Manulife Aset Manajemen Indonesia. The session was moderated by Mr. Muhammad Shoaib, CFA, Director & Advocacy and GIPS Chair, CFA Society Pakistan and CEO, Al Meezan Investment Management Limited.

Session 1: Fundamental Principles of Islamic Finance

This webinar included a discussion around various interesting and thought-provoking concepts of Islamic Banking across several markets in Asia. A high-profile and diverse panel of speakers included Mr. Amir Ali, CFA, President and CEO, Bank Islami Pakistan Limited, Pakistan, Mr. Ade Cahyo Nugroho, SEVP Finance & Strategy, PT Bank Syariah Mandiri, Indonesia, and Mr. Mabroor Mahmood, Principal - Term Finance, Islamic Corporation for the Development of the Private Sector (ICD), Saudi Arabia.

The session was moderated by Mr. Justin KH ONG, CFA, FRM, CA(M), Partner, Deloitte Southeast Asia, Malaysia.

Session 2: Innovation in Islamic Banking

KNOWLEDGE BASED SPEAKER SESSIONS

FEATURED EVENT

Session 4: Social Impact Sukuk

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CFA Society Pakistan, CFA Society Indonesia and CFA Society Malaysia came together once again to jointly host a panel webinar to discuss the fundamental principles of Shariah law governing capital markets, opportunities for companies to issue Sukuk for funding projects and development of Islamic principles-compliant capital markets and instruments.

The panelists included Mr. Muhammad Shoaib, CFA, Director & Advocacy and GIPS Chair, CFA Society Pakistan and CEO, Al Meezan Investment Management Limited and Mr. Iggi Achsien, Advisor to the Vice President of Republic of Indonesia H.E. Ma'ruf Amin, and Head of Capital Market, National Sharia Board of Indonesian Council of Ulemas (DSN MUI). Ms. Naila Firdausi Asa, CFA, Analyst, PT Manulife Aset Manajemen Indonesia and part of MAMI's Sharia Investment unit moderated the session.

This panel discussion was hosted jointly by Islamic Finance working group of CFA Societies from APAC and MENA including CFA Society Pakistan, CFA Society Bahrain, CFA Society Bangladesh, CFA Society Doha, CFA Society Indonesia, CFA Society Kuwait, CFA Society Lebanon, CFA Society Malaysia, and CFA Oman. A robust panel of speakers was invited to discuss the growth of social impact Sukuk in today’s global financial markets. Key points discussed in the webinar included:

1. What are social impact Sukuk and where are they used?

2. How can social impact Sukuk be used to combat the ongoing Covid-19 pandemic?

3. How are social impact Sukuk structured?

4. Sukuk structures that can replace Catastrophe (CAT) Bonds and how social impact Sukuk will pose an advantage to them?

Geoffrey Ng, CFA, Board of Governors, CFA Institute and Marg Franklin, CFA, President and CEO, CFA Institute gave the welcome address.

The panelists for the session included Ms. Sharifah Sarah Syed Mohamed Tahir, Managing Director, Client Coverage, Group Global Banking, Maybank, Mr. Usman Zafar, CFA, Board Member and Chair of Advocacy Committee, CFA Society Doha, Dr. Zamir Iqbal, VP Finance and Chief Financial Officer, Islamic Development Bank (IsDB), Ms. Zeeba Askar, CFA, Head of Banking and Finance Centre, Bahrain Institute of Banking and Finance and Mr. Alexander Perjéssy, Vice President - Senior Analyst, Sovereign Risk Group, Moody's Investors Service. Mr. Muhammad Shoaib, CFA, Director & Advocacy and GIPS Chair, CFA Society Pakistan and CEO, Al Meezan Investment Management Limited and Ms. Sarwat Ahson, Executive Director, CFA Society Pakistan moderated the session.

Session 3: Practices and Opportunities in Islamic Capital Markets

KNOWLEDGE BASED SPEAKER SESSIONS

FEATURED EVENT

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The Era of Disruptive Finance:Potential of Blockchain and Crypto assetsin Investment Management Practices

Blockchain technology and crypto assets are revolutionizing the world of alternative finance. In a dynamic investment arena, both corporates and Governments seem to be more receptive to crypto assets.

Pakistan has also started to explore the potential of this technology. To stimulate discussion and thought leadership in this rapidly evolving arena, CFA Society Pakistan held an online mini conference in early 2021 featuring a series of panel discussions held with leading international experts and local regulators who discussed Cryptoassets, their potential for growth worldwide and Pakistan’s regulatory perspective on such investments.

The conference was attended by senior industry professionals from financial and tech sectors, as well as academicians and students. Bud Haslet, Executive Director, Research Foundation

was instrumental in bringing together author of the research brief published by CFA Institute ‘Crypto assets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals’. Matt Hougan, Chief Investment Officer, Bitwise Asset Management conducted a session on the role of crypto assets in professionally managed portfolios and discussed key takeaways from the research brief. Other speakers included Chris Aruliah, Head of Business Development, Bitstamp, and Muhammed Yesilhark, Chief Investment Officer at Q2Q Capital. The session was moderated by Ali Farid Khawaja, CFA, Chairman, KASB Securities Pakistan.

Najia Ubaid, Head Primary Market Approvals and Development Department, SECP and Dr. Inayat Hussain, Executive Director – Banking Supervision Group, SBP also discussed blockchain, cryptocurrency and regulation in Pakistan in this event.

DIGITAL MINI CONFERENCE

FEATURED EVENT

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ARTICLE

Source: Strategy Report 2021, Ismail Iqbal Securities

Pakistan has suffered from boom-bust cycles over the past three political transitions and another boom cycle may have been underway with 4% GDP growth in FY21. While these cycles may (or may not) continue, Pakistan’s consumerism story is one that is unmatched and presents strong opportunity over the medium term.

Pakistan has the fifth largest population, which is growing at a 2%+ CAGR. In addition, more than one-third of the population is below 14 years of age, just behind Nigeria, among the top 10 populous countries. This huge young population will enter a “spending age” over the next decade and is likely to give a strong boost to consumption

Moreover, Pakistan has seen rapid urbanization over the past two decades (urban population proportion has increased by 10 percentage points to 43%), but this trend is likely to continue as Pakistan’s urban population ratio is still among the lowest in the top 10 populous countries, just above India. Therefore, this trend could increase the consumption size (as urban household income is around 50% higher than rural) and could also bring a paradigm shift in consumption mix which can boost use of previously underpenetrated products. For example, the growing demand of glass, tiles and PVC-based products indicates a change in lifestyle and consumption patterns.

Another boost to consumption, mainly discretionary goods, could be from increased access to credit. Consumer finance penetration in Pakistan is well below its peers; only 2% of adults have ever borrowed from a financial institution as per World Bank Global Findex Database 2017. This is partly due to banks’ unwillingness to lend to this segment, but this could well change in the medium-term with emergence of fintech institutions in the lending space, and SBP’s willingness to give boost to such institutions. Interest rate could also remain in the single digits compared to past 20 years’ average of 9.77%, reducing the cost of credit.

The analysis of import mix also confirms the consumption-led growth story of the country. Despite multiple boom-bust cycles, share of consumer products (raw material and finished combined) in imports has remained very high with an average of 63% during FY01-19 across the peaks and troughs.

Another interesting trend is that of the finished consumer goods consumption (on per capita basis), which has grown faster (18-year CAGR of 8.1%) than consumer sector raw material (5.5% CAGR). This trend suggests that local producers have not been able to catch up with the consumption patterns which could be due to lack of capacity or changing demand dynamics (product quality, features and brand awareness).

Source: Strategy Report 2021, Ismail Iqbal Securities

About to Explode Soon!

Consumption:

Sateesh Balani, CFA

Pakistan

But this could change in the future; corporates are realizing this opportunity and adding capacities / establishing new ventures (Cements, Autos, Steels, Chemicals and OMCs) to target import substitution. Therefore, going forward, we can expect this trend to reverse and consumer sector raw material can outgrow overall finished goods imports.

Two key discretionary segments, construction and automobile, have grown at a very fast pace and will maintain growth trajectory due to consumption boom.

Pakistan’s construction-linked sectors (cements, steels, poly-vinyl chloride, glass and paints) have thrived with steady uptick in consumption due to changing demographics, urbanization, public & private investment and changes in GDP growth while automobile demand has also thrived over the past due to gradual deceleration in public transport infrastructure, demographic changes and arrival of ride-sharing applications (2015 onwards).

Cement demand has grown at a promising CAGR of 8% during FY01-19 while per capita consumption has grown from 67kg/capita to 190kg/capita across different cycles of public spending indicating strength of underlying private sector demand. Moreover, cement is also required for maintenance related construction activity which resists a steep fall in demand over the medium term.

In line with cement, paints & varnishes production (assumed as proxy for demand) have also witnessed strong growth in demand at CAGR of 9% taking consumption from 75gms/capita in FY01 to ~240gms/capita in FY19.

However, the steel sector is more cyclical in nature with billets production (proxy for rebar demand) moving in a wide range of 12-43kg/capita. However, demographic changes and urbanization have raised downside as recent downturn also led to “higher-low”.

Keeping regional standards in sight, growth potential remains promising for all three segments in discretionary automobile space particularly passenger cars, two-wheelers and three-wheelers. Moreover, auto parts manufacturers would also get volumetric upside with rising stock of cars while new entrants also gear up for more localization under the AIDP policy.

Measuring auto sector demand using number of registered cars in the country suggests that 17 out of 1000 persons, on average, own cars in the country. In comparison to regional economies, vehicle ownership is very low in Pakistan which indicates huge potential for expansion in passenger vehicles market.

Two-wheeler segment has witnessed more robust growth over the past with entry of cost-effective players leading to better affordability amid increased localization of parts. Due to a structural shift, registered motor bike sales have grown at a whopping 18-year CAGR of 13% while potential has unlocked with 11% CAGR in total bikes in the country on per capita basis. Total registered 3-wheelers in the country have also demonstrated growth with a CAGR of 13% (per capita growth of 10%).

FEATURED EVENT

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ARTICLE

Source: Strategy Report 2021, Ismail Iqbal Securities Source: Strategy Report 2021, Ismail Iqbal Securities

Source: Strategy Report 2021, Ismail Iqbal Securities

FEATURED EVENT

The theme selected by the United Nations for International Women’s Day 2021 was ‘Women in leadership: Achieving an equal future in a COVID-19 world’, celebrating the tremendous efforts by women and girls around the world in shaping a more equal future and recovery from the COVID-19 pandemic. Being an advocate of diversity and equality, CFA Society Pakistan also conducted a series of webinars to help promote a gender-balanced culture that better serves investors and society, and the investment management profession on the whole.

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Leaders in Finance: Role of Women in Pakistan’s Financial Markets amidst Covid-199th March, 2021

Through this panel webinar, IFMP, in collaboration with CFA Society Pakistan, elaborated upon the leading role of women in financial markets of Pakistan and highlighted how existing dynamics have been impacted by the ongoing Covid-19 pandemic. Panelists included Ms. Mashmooma Zehra Majeed, CFA, FRM, Chief Executive, MUFAP, Ms. Sadaf Shabbir, CFA, FRM, Director, CFA Society Pakistan and Head Structured Finance, Awwal Modaraba, Pak Brunei Group, Ms. Sarwat Ahson, Executive Director, CFA Society Pakistan and Dr. Zunaira Saqib, Phd, CEO Merafuture.pk

Panelists discussed career planning and skill sets necessary for working in the financial markets of Pakistan as well as the effect of Covid-19 on employment opportunities and working environment for women in the financial sector, the challenges women working in financial markets face and the difference which they make in the industry, along with reasons which make it important to have more women working in financial markets as well as the successes of women in the financial sector and lessons learned for future aspirants.

CFA Society Pakistan also organized an online 'Dialogue on Path to Empowerment' between renowned speakers and leaders of organizations that are champions of Diversity and Inclusion. As our country continues to grow, we must embrace diversity as a gender diverse workforce drives innovation and success like no other. Path to Empowerment is not merely an abstract idea but a journey that we as a community must collectively continue to work towards.

The session featured a strong speaker base, with senior professionals participating from a variety of sectors. Ms. Sima Kamil, Deputy Governor, State Bank of Pakistan (SBP) was the Chief Guest for the session and Dr. Shamshad Akhtar, Ex-Governor, State Bank of Pakistan (SBP) was the Guest of Honor. The panelists included Mr. Shazad Dada, President and CEO, United Bank Limited, Ms. Ayesha Aziz, CFA, Managing Director, Pak Brunei Investment Company Limited, Ms. Moneeza Butt, Partner, KPMG Pakistan and Mr. Ruhail Mohammed, CFA, CEO, Hub Power Holdings Limited. Ms. Rukhsana Narejo, CFA, VP/Company Secretary, CFA Society Pakistan & Head – Treasury Division & Financial Institutions, Sindh Bank Limited moderated the panel discussion.

The speakers discussed the issues Pakistan is facing in increasing outreach of financial/banking services to women and how the banking sector can help in this regard, how to encourage women’s employment in the financial services sector and narrow the gender gap, initiatives being launched by the State Bank of Pakistan (SBP) to encourage women to open bank accounts and efforts being made in the investment management industry to encourage financial inclusion and financial literacy among women.

Launch of Path to Empowerment Series: Dialogue on Financial Inclusion and Gender Equality9th April, 2021

Celebrating Empowered Women in theFinancial Community of Pakistan

WOMEN’S DAY 2021

FEATURED EVENT

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Karachi

19th February 2021

Dinner by Emaar Pakistan

Charter Recognition Event - Islamabad

Exclusive Benefits for Members

NETWORKING AND BENEFITS

A dinner was hosted by Emaar Pakistan for our members at their office in Karachi. The host of the evening was our senior member Mr. Sohail Hanif Baig, CFA, CEO of Emaar Pakistan. The event was attended by board members and society members enthusiastically.

Our members are our true strength and backbone. Therefore, we work tirelessly every year to ensure that they receive the best from us. This year again, we successfully introduced multiple new initiatives designed exclusively to benefit our esteemed member body.

Access to Research ReportsCFA Society Pakistan members are now given exclusive access to a research reports from top 10 Equity Research Houses in Pakistan.

The list of members for access to research reports is updated quarterly.

Preferential Consumer Financing BenefitsOur members are now eligible to draw consumer financing at preferential rates on auto finance and home finance by financial institutions of repute including Bank Islami Pakistan.

Discounted Rates for Residential PropertySpecial discounted rates were extended for the members of CFA Society Pakistan in 2021 by Emaar Pakistan, for purchase of apartments at an upcoming gated beachfront residential tower located in Karachi.

Emaar Pakistan is a 100% owned subsidiary of Emaar Properties PJSC, Dubai.

The following CFA Charterholders were recognized at the event:

- Ahmad Arshad, CFA

- Junaid Naeem, CFA

- Syed Shakaib Ali, CFA

- Syed Muhammad Ali, CFA

Islamabad

25th March 2021

CFA Society Pakistan organized a Charter Recognition Event and Networking Dinner at The Monal Islamabad for members and new CFA charterholders in Islamabad. The event attendees also included board members of the Society.

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Jobline

CFA Society Pakistan arranged yet another successful version of Financial Modeling Training in the beginning of 2021. The 4 half days trainings were conducted online this year. In addition to the basic financial modelling training, an extended training on Discounted Cash Flow (DCF) Valuation was also organized

The Marquee Group, a Canadian based training firm, was invited to conduct the workshops. Mr. Ian Schnoor, CFA, President and Founder of The Marquee Group conducted the sessions.

Analysts and experts in Pakistan are generally known to possess well calibrated skills and the workshop was aimed to bring experience of global best practices, concepts, structure, techniques and presentation skills. The workshops saw overwhelming response from several leading local and multinational institutions along with CFA Society Members, CFA Candidates and employees of Regulators who attended the training.

January 12, 14, 19 & 21 2021

MemberDirectory

Financial ModelingTraining

CAREER, TRAINING AND WORKSHOPS

Launched in March 2019, the online Member Directory contains individual profiles of members, highlighting their academic and professional information, which have been collectively published as a directory on the Society website. The purpose of Member Directory is to increase visibility of the profiles of CFA Society Pakistan members to potential employers. Updates will be made on the member directory bi-annually. Members can request change in information or add their profile if not there already.

For more information, contact us at info@cfapakistan.org

The society jobline page has shown a tremendous growth in activity over this past year. A total of 153 jobs from the industry were posted on the Jobline page of Society website, up by 2.26x (226%) as compared to the year ended June 2020.

Formal ethics training and an organizational culture rooted in ethical practice are vital to ensure that investors’ interests come first, and that trust grows and is maintained in the industry. During these interactive virtual workshops, participants examined real-life ethical dilemmas that Finance and Investment industry professionals may face in their careers, and that may not have a clear right or wrong response. They learnt about the CFA Institute Ethical Decision-Making Framework and its use in analyzing a situation or dilemma.

The workshops were conducted as follows:

National Bank of PakistanTrainer: Mr. Arif Irfanullah, CFA, CEO, IFT

7th October 2020

20 employees of National Bank of Pakistan (NBP) participated in this training.

National Bank of PakistanTrainer: Mr. Faraz Bandukda, CFA, CEO, Al-Hilal Shari’ah Advisory Ltd.

30th September 2020

15 employees of National Bank of Pakistan (NBP) received this training.

National Bank of PakistanTrainer: Ms. Shazia Farooq, CFA

29th September 2020 and 1st October 2020

26 employees of National Bank of Pakistan (NBP) participated in this training.

INDUSTRY ENGAGEMENT

Workshops onEthical Decision Making Framework

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Al Hilal Shari’ah Advisory Trainer: Mr. Fahim Ahmed, CFA, Chief Executive, Markets and Futures (Private) Limited

Date: 14th October 2020

7 employees of Al Hilal Shari’ah Advisory participated in this training.

Pakistan Stock Exchange Limited (PSX)Trainer: Mr. Malik Dilawayz Ahmed, CFA, Chief Executive Officer, Darson Securities Limited

20th October 2020

More than 32 prople participated in this training including employees and senior management of Pakistan Stock Exchange Limited (PSX) and members of Pakistan Stock Brokers Association.

Securities and Exchange Commission of Pakistan (SECP)Trainers: Mr. Alan Lok, CFA, FRM, Director, Ethics Education & Professional Standards, Asia Pacific, CFA Institute and Mr. Babar Ali, CFA, Senior Joint Director, State Bank of Pakistan.

Date: 28th October 2020

15 employees of the Securities and Exchange Commission of Pakistan (SECP) participated in this training.

National Clearing Company Pakistan Limited (NCCPL)Trainer: Ms. Muniba Abdullah, CFA, Team Lead - Business Reports, Dun & Bradstreet.

Date: 26th February 2021

20 employees of National Clearing Company Pakistan Limited (NCCPL) participated in this training.

Central Depository Company of Pakistan Limited (CDC)Trainer: Ms. Sadaf Shabbir, CFA, FRM, Director, CFA Society Pakistan & Head Structured Finance, Awwal Modaraba.

Date: 8th April 2021

14 employees of Central Depository Company of Pakistan Limited (CDC) participated in this training.

INDUSTRY ENGAGEMENT

36

Stock Market Efficiency and Behavioral Biases in PakistanGuest Speaker: Raza Jafri, CFA, Director, CFA Society Pakistan and Head of Equities, Intermarket Securities Ltd.

University: Lahore School of Economics (LSE)

26th June 2020

Stock Market Efficiency and Behavioral Biases in PakistanGuest Speaker: Raza Jafri, CFA, Director, CFA Society Pakistan and Head of Equities, Intermarket Securities Ltd.

University: Institute of Business Management (IoBM)

8th July 2020

University Connect Series

CANDIDATE AND UNIVERSITY ENGAGEMENT

37

The University Connect Series (UCS) was launched in 2020 to help connect industry practitioners and CFA charterholders with students aspiring to enter the fields of finance and investment management in their professional lives. Members volunteer as guest speakers in sessions covering a wide array of topics involving capital markets, banking, investment management, security analysis and valuation, ethics and others where they share insights on key happenings in the financial world to help expand the knowledge base of students.

The University Connect Series has received an enthusiastic response from leading universities of Pakistan, with significant student participation. We highly encourage our members to actively volunteer for this initiative and play their part in shaping finance professionals of the future!

Due to restrictions placed by the existing Covid-19 Pandemic, these sessions have been conducted via zoom webinars so far.

Why invest in the stock market? Comparison between different asset classes and different ways to access the stock market

Guest Speaker: Raza Jafri, CFA, Director, CFA Society Pakistan and Head of Equities, Intermarket Securities Ltd

University: International Islamic University, Islamabad (IIUI)

12th March 2021

Practical Application of Equity Valuation Techniques in Pakistan

Guest Speaker: Azfer Naseem, CFA, CEO Akseer Research

University: Institute of Business Administration (IBA) Karachi

17th March 2021

Security Analysis: An Introduction and Practical Application

Guest Speaker: Muhammad Saad Ali, CFA, Head of Research, Intermarket Securities Ltd

University: Jinnah University for Women

17th March 2021

Fintech and Jobs of the Future

Guest Speaker: Ashar Nazim, CEO, Aion Digital

University: International Islamic University, Islamabad (IIUI), National University of Computer & Emerging Sciences - FAST, and Jinnah University For Women

1st April 2021

Retail Investing in the Equity Market

Guest Speaker: Raza Jafri, CFA, Director, CFA Society Pakistan and Head of Equities, Intermarket Securities Ltd.

University: Karachi School of Business and Leadership (KSBL)

28th May 2021

Why Invest in the Stock in Market and Different Ways to Access it?

Guest Speaker: Muhammad Tahir Saeed, CFA, Head of Risk Management, ABL Asset Management

University: Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST)

29th May 2021

CANDIDATE AND UNIVERSITY ENGAGEMENT

38

CFA Institute and CFA Society Pakistan arranged a series of webinars for students of Pakistan to familiarize them with the CFA Program and its requirements before they embark on the on journey to become a CFA Charterholder.

The sessions covered an overview of the CFA Program, its value to future finance careers of students, examination guidelines and the new computer based testing model as well as study aids and scholarship opportunities. Qualified Charterholders were invited to provide career guidance to students in the fields popularly pursued by Charterholders in Pakistan such as brokerage, banking, research and investment analysis, and others.

CFA Program and Career Counselling Session15th October 2020

The webinar featured Mr. Raza Jafri, CFA, Director and University Relations Chair, CFA Society Pakistan, and Head of Equities at Intermarket Securities Ltd. and Ms. Sarwat Ahson, Executive Director, CFA Society Pakistan.

CFA Program and Career Prospects 10th November 2020

The webinar featured Ms. Florence Wong, Director, University Relations, Asia Pacific, CFA Institute, Mr. Raza Jafri, CFA, Director and University Relations Chair, CFA Society Pakistan and Head of Equities, Intermarket Securities Ltd, Mr. Kashif Shamraiz Malik, CFA, Divisional Head Treasury Sales, Allied Bank Limited, Mr. Mustafa O. Pasha, CFA, Chief Investment Officer, Lakson Investments Limited, and Mr. Muhammad Tahir Saeed, CFA, Head of Risk Management, ABL Asset Management Company Limited.

CFA Program: Accelerate Your Success25th March 2021

The webinar featured Ms. Florence Wong, Director, University Relations, Asia Pacific, CFA Institute, Mr. Mustafa O. Pasha, CFA, Chief Investment Officer, Lakson Investments, Mr. Ali Muqadas Jaffri, CFA, Associate Manager Market Risk, Allied Bank Limited, Mr. Mohammad Bilal Khan, CFA, Manager - HomeCare Finance & Agile Projects, Unilever Pakistan and Mr. Ameet Doulat, CFA, Deputy Head of Research, Universal Brushware Investments.

The CFA Institute Access Scholarship Program is designed to make the CFA® Program more available to individuals who may not be able to afford the full program fees. CFA Society Pakistan makes special efforts every year to have the number of scholarships allotted to Pakistan increased in order to cater to a larger number of deserving candidates. This year, 246 Access Scholarships were awarded to CFA Candidates across Pakistan.

CANDIDATE AND UNIVERSITY ENGAGEMENT

39

Career Guidance

AccessScholarships

Turn your hard work into a CFA® Charter27th May 2021

The webinar featured Ms. Janice Hon, Associate Manager, Society Membership Services, CFA Institute - APAC, Mr. Muhammad Asim, CFA, President, CFA Society Pakistan & Chief Investment Officer, MCB Arif-Habib Savings and Investment Ltd and Mr. Raza Jafri, CFA, Director and University Relations Chair, CFA Society Pakistan & Head of Equities, Intermarket Securities Ltd.

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SOCIETY HIGHLIGHTS

In the Spotlight!

• Leading the Fintech Debate

https://connexions.cfainstitute.org/leading-the-fintech-debate

• Society Operations Advisory Council (featuring Executive Director Ms. Sarwat Ahson)

https://connexions.cfainstitute.org/society-operations-advisory-council-soac

• Increasing Adoption of GIPS ® and Asset Manager Code ™ in Pakistan

https://connexions.cfainstitute.org/driving-adoption-of-gips-and-the-asset-manager-code-in-pakistan

• CFA Society Pakistan Develops Ethical Investment Industry Professionals

https://connexions.cfainstitute.org/cfa-society-pakistan-develops-ethical-investment-industry-professionals

• CFA Society ® Community Collaborates to Host Impactful APAC Ethics Challenge

https://connexions.cfainstitute.org/cfa-society-community-collaborates-to-host-impactful-apac-ethics-challenge

• CFA Society Pakistan Leads the Way with Monetary Policy Expectations Survey

https://connexions.cfainstitute.org/cfa-society-pakistan-leads-the-way-with-monetary-policy-expectations-survey

• 2020 Volunteer of the Year Award Winners

https://connexions.cfainstitute.org/2020-volunteer-of-the-year-award-winners

• CFA Society Pakistan: Being Socially Responsible

https://connexions.cfainstitute.org/cfa-society-pakistan-being-socially-responsible

Throughout the year CFA Society Pakistan has actively been featured in Connexions by CFA Institute. The published articles can be accessed below.

FEATURED EVENT

41

LEADERSHIP TEAM

Sadaf Shabbir, CFACommunications & Technology

Chair, CFA Society Pakistan Head Structured Finance,

Awwal Modaraba

Muhammad Zeeshan, CFATreasurer and Member Relations &

CFA Society PakistanHead of Institutional Sales -

Fixed Income Securities, Bank Alfalah Limited

Syed Raza Jafri, CFAUniversity Relations Chair,

CFA Society PakistanHead of Equities,

Intermarket Securities Ltd.

Sateesh Balani, CFADirector and GIPS Co-Chair,

CFA Society Pakistan

Rukhsana Narejo, CFAVice President & General

Mohammad Shoaib, CFAAdvocacy and GIPS Chair,

CFA Society Pakistan

CEO, Al Meezan Investment Management Limited

Muhammad Asim, CFAPresident, CFA Society Pakistan

MCB-Arif Habib Savings and Investment Limited

Sarwat AhsonExecutive Director,

CFA Society Pakistan

Head of Research,Providus Capital (Pvt.) Ltd.

Secretary, CFA Society Pakistan

Chief Investment Officer, Volunteer Management Chair,

Head of Treasury Division &Financial Institutions, Sindh Bank Limited

FEATURED EVENT

42

NORTH CHAPTER LEADERSHIP

Samiya Mukhtar, CFAMember, CFA Society

Corporate Governance Specialist, Govt. of Punjab

Shahzad Saleem, CFAChairman, CFA Society

CEO, PACRA

Umer M. Khalid, CFAMember, CFA Society Pakistan

Relationship Manager - Vice President, Meezan Bank

Limited

Sh. Umar Saeed - FCCA, CFAMember, CFA Society

Corporate Governance Specialist, Govt. of Punjab

Usman Hayat, CFAChairman, CFA Society Pakistan - Islamabad

ChapterConsultant

ISLAMABAD CHAPTER LEADERSHIP

Pakistan - Lahore ChapterPakistan - Lahore Chapter - Lahore Chapter Pakistan - Lahore Chapter

Condolence NoteOur valued member, Mr. Asif Iqbal Qureshi, CFA, Head of Internal Audit, Sui Northern Gas Pipelines Limited (SNGPL), passed away in Lahore on December 13, 2020.

Mr. Qureshi was an active volunteer and a valued member of CFA Society Pakistan who served as the Chair of the Northern Chapter Committee from 2017 – 2018 and was supporting us in the capacity of a Co-opted Director.

His dedicated contributions towards Society will always be remembered with fondness and he and his family will remain in our thoughts and prayers.

FEATURED EVENT

Corporate Finance Awards: Masood Karim Shaikh, CFA Mohammad Adeel Mushtaq, CFA Muhammad Bilal Khan, CFA Nadir Rehman, CFASateesh Balani, CFA Shahzad Salim, CFA Shayan Kodwani, CFA

Brokerage Awards:Waqas ur Rehmand Khan, CFA

Best Equity Research Report Award:Fatiq Bin Khursheed, CFA Mohammad Aitazaz Farooqui, CFA Sajjad Anwar, CFASyed Akber Ali, CFA Syed Suleman Akhtar Taha Khan Javed, CFA

Master of Ceremony:Humaira Shakil Fasihi, CFA

Banking Awards:Asif Ali Qureshi, CFA Farrukh Karim Khan, CFA Jawaid Iqbal, CFARaza Jafri, CFA

Recognizing Gender Diversity at Workplace Award:Ayesha Aziz, CFA Kanwer Anwer SaeedSadaf Shabbir, CFA Sima Kamil

Brokerage Excellence Awards:Muhammad Asim, CFAWaqas ur Rehman, CFA

Annual Excellence Awards

Ethical Decision Making WorkshopsTrainers:Arif Irfanullah, CFABabar Ali, CFA Fahim Ahmed, CFA Faraz Bandukda, CFA Malik Dilawayz Ahmed, CFA Muneeba Abdullah, CFA Sadaf Shabbir, CFAShazia Farooq, CFA

CFA Society Pakistan Ethics ChallengeVolunteers:Mohammad Shoaib, CFAMuniba Abdullah, CFASaniya Mahboob, CFASaad Garib, CFA

CFA Program and Career Career Guidance SessionsVolunteers:Ameet Doulat, CFAKashif Shamraiz Malick, CFAMohammad Bilal Khan, CFAMuhammad Tahir Saeed, CFAMustafa O Pasha, CFARaza Jafri, CFA

We would also like to thank our staff and interns for their dedication and hard work in making the society operations a success year on year!

CFA Institute Research ChallengeCommittee Chair:Muhammad Azfer Naseem, CFA

Judges:Fawad KhanImtiaz Gadar, CFANavid GorayaSyed Suleman AkhtarUzma Maqbool, CFA

Graders:Awais Abdul Sattar, CFAHassan Raza, CFAMuhammad Imran, CFAMuhammad Saad Ali, CFASanam Ali ZaibSateesh Balani, CFASyed Akbar Ali, CFA, FRMTaha Khan Javed, CFA

Faculty Advisors:Dr. Abdul Khaliq DaudpotaDr. Hameeda Akhtar Dr. Imran OmerDr. Kiran JameelDr. Maazullah KhanDr. Mohsin SadaqatDr. Muhammad MuzammilDr. Sana Tauseef, CFADr. Tahira AwanFaraz Bandukda, CFAMirza Faizan AhmedMuhammad Amin HanifMuhammad AsifNajeha A. Bela

Industry Mentors:Aitazaz Farooqui, CFAAmeet Doulat, CFAAmreen SooraniAtif Zafar, CFABilal KhanFahad IrfanFahad RaufMubashir Zuberi, CFAMuhammad Arsalan SiddiquiMuhammad Tahir Saeed, CFAMustafa MustansirNafees ul Haq, CFARohit Kumar, CFASaad KhanSajjad HussainSana Abdullah, CFAShahab FarooqSyeda Humaira Akhtar, FRM Yusra Farhan

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ACKNOWLEDGEMENTS

Thanking our dedicated volunteers!

FEATURED EVENT

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Become a member of CFA Society Pakistan and expand your professional network, access career resources, gain insight on local economic and finance issues, and attend exclusive networking events, trainings, workshops, speaker sessions and panel discussions.

Share your feedback, interesting articles, industry comments, book reviews, personal experiences etc. to be covered in the newsletter.

We offer various volunteering opportunities - from shortterm commitments, to projectbased opportunities, to serving as a Director on the board of CFA Society Pakistan. To find out more about volunteering opportunities, you can reach out to the Board of Directors at info@cfapakistan.org.

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