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Is the Regional eNewsletter for CIMA members and students based in Middle East, South Asia and North Africa.
The e-newsletter features local news and events planned in the region. The latest member benefits, exam preparation resources for students and an update on our recently published CGMA thought leadership to keep you at the forefront of the Management Accounting profession. Read the latest editions below.

Local News

2021 Newsletter

2021 CIMA Pakistan Newsletter

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2021 Learning from a Maestro of Management Accounting

2021 Learning from a Maestro of Management Accounting

For members engagement & employer relationship building, CIMA Pakistan organized a Focus Group discussion activity with Mr.Muhammad Bashir - Chairman Gul Ahmed Textile Mills Limited. Mr. Muhammad  Bashir joined the Board of Gul Ahmed Textile Mills Limited in 1982. He is a fellow member of Chartered Institute of Management Accountants (CIMA).

In recognition of his services, he was awarded Sitara‐e‐Imtiaz by the President of Pakistan in 2006 and has also been conferred as Justice of Peace. On April 7, 2017 Mr. Muhammad  Bashir was awarded with the Grade d’ Officer in the National Order of Merit by the President of the French Republic. On February19, 2020 Mr. Muhammad Bashir was awarded the Knight of King, Northern Star Order, first class by the King of Sweden, Mr. Carl Gustaf.

Mr. Muhammad Bashir has a very rich and extensive experience in the commerce and textile industry. He is currently the Chairman of the Board of Directors of Gul Ahmed Textile Mills Limited. He is also serving on the Boards of the following companies.

  • Pakistan Business Council
  • Gul Ahmed Energy Limited
  • Habib Metropolitan Bank Limited
  • GTM (Europe) Limited – UK
  • Gul Ahmed International Limited (FZC) – UAE
  • GTM USA Corp – USA• Habib University Foundation
  • Education Fund for Sindh• Gul Ahmed Holdings (Private) Limited
  • International Cotton Association Limited
  • International Textile Manufacturers Federation (ITMF)

CIMA members joined this activity with us and discussed about how Accountants are contributing to overall success of the organization.

Here’s what we asked with him:

How was your CIMA journey & Why did you select accounting as your profession?

My journey with CIMA was phenomenal. I was enriched by CIMA’s extensive course line that covers and focus on all the key business areas especially incorporation of strategic vision in overall value chain activities. Being part of strategic Management of Gul Ahmed Textile Mills, CIMA has enhanced my abilities to steer the strategic direction of organization by making strategic decisions on the basis of management accounting techniques.

How important a management accountant’s role in every organization ?

Doing the business in a smart way is what makes you outplay others in the race. This is where Management accountant’s role come in to play. They provide all the key business related management reporting which is great for strategic decision making. They provide information not only related to financial side but all the aspects of business including the internal and external environment with all the emphasis on achieving the strategic objectives of business.

How you think the profession has evolved over the years and what is the future outlook of profession in your view?

Slowly but surely, Management accountancy is getting due acknowledgement around the world. And I see management accountancy play a valuable role in shaping the strategic vision of organization by not only focusing on historic financial figures but going forward by considering all the variables affecting the business environment. This profession will grow rapidly and with proper directions and sincerity, it has a bright future. 

What are your top three advises for the young management Accountants?

As Quaid-e-Azam Muhammad Ali Jinnah once said “Work, work and work and we are bound to success”. My advice to all young management accountants is that, there is no secret to success, only hard work is the key.

The overall discussion was a learning experience for all of us and we learned a lot from his experience. He also shared with us how CIMA qualification was at his time back in 1960s-70s and how it has changed with the time. Besides Mr Muhammad Bashir , others that were present at this discussion were:

  • Muhammad Saifuddin Shaikh FCMA, CGMA- JOINT DIRECTOR-The United Insurance Company of Pakistan Limited
  • Syeda Sana Kaukab, ACMA, CGMA — Membership Manager, The Institute of Chartered Accountants of Pakistan
  • Sumaira Naz — South Market Head, CIMA Pakistan
  • Syed Sabir Hasnain Zaidi , FCMA ,CGMA - DIRECTOR CORPORATE SERVICES & GROUP CFO-Jaffer Brothers (Private) Limited

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© 2021 The Chartered Institute of Management Accountants. All rights reserved. CIMA and The Chartered Institute of Management Accountants are trademarks of The Chartered Institute of Management Accountants and are registered in the UK and other countries. The Globe Design is a trademark of the Association of International Certified Professional Accountants. 2109-07836

2021 Pakistan’s Banking Industry Revolution

Exploring Pakistan’s banking industry evolution:

In September 2021, CIMA Pakistan had an opportunity to talk to Abadullah, the Chief Compliance Officer of Faysal Bank at Faysal House. Abadullah graciously shared his views on the new technology solutions that Faysal Bank is using and the overall evolution of the banking sector, especially in Pakistan. Here’s what we asked him:

What are your thoughts about the evolution of Pakistan’s banking sector?

Under the supervision of an agile regulator like the State Bank of Pakistan (SBP), I believe Pakistan’s banking sector has shaped up very well and is on extremely sound footing. We’re seeing an evident acceleration in economic activity across all sectors, which directly supports growth as businesses and people earn more. Private sector and household deposits with banks in Pakistan grew by 22% — the fastest pace in 14 years — and reached a record high of around Rs.18.5 trillion. We’re seeing a very visible economic turnaround, with an expected average deposit growth of 15% over the next three years. Despite the pandemic, our overall economy grew by 4%, and remittance transactions increased by 27% to 29.4 billion dollars. The total assets in the banking sector grew by 14% in 2020. Investments in T-bills are at 13.9 trillion (29% growth), and car sales were also higher in 2020–21. Up until June 2021, 238,000 cars were sold nationwide, and this amount is projected to reach 300,000 by year-end. The profitability of the banking sector grew by 30%, total assets by 4%, deposits by 22% (18.5 trillion), and advances rose by 10% (about 9 trillion).

What does the future of Pakistan’s banking sector look like?

I am very optimistic and am on board with the projected growth of 15% over the next three years. Across the country, financial institutions are focusing on building financial and operational resilience to face environmental, social and governance challenges. I’d say that the top priority for the banking industry in Pakistan now is to ensure investor confidence. In the near term, these are some of our immediate challenges:

• To manage the vast operating expenses involving governance and compliance

• Managing fraud while moving towards more digitised operations

 • Boosting competitiveness with an expected increase in fintech firms

• Dealing with cost issues on regulatory compliance and cybersecurity

Having said this, I am confident that Pakistan’s banking industry will have huge growth prospects                                                     .

What role can the banking sector play to grow the economy?

I’d say some of the key roles the banking sector can get involved in economic recovery are:

• Encourage financial inclusion by increasing digital channel adoptions, which allows banks to reach out to more people.

• Create innovative new products and solutions that meet customers’ requirements and needs.

• Develop effective compliance teams and procedures, which minimises SBP penalties and increases public trust in the banking industry

• Increase public awareness of banking products and services, which encourages monetary mobility in the economy

What are some of Faysal Bank’s key initiatives to support economic growth?

At Faysal Bank, we are aligned with SBP’s agenda of growing the overall economy in Pakistan by enhancing public purchasing and spending power through innovative, need-based schemes. We’ve implemented these SBP schemes for our customers:
• Prime Minister Kamyab Jawan — Youth Entrepreneurship Scheme (PMKJ-YES)
 This scheme was launched in 2020 to encourage young entrepreneurs to start businesses and reduce unemployment. Under the scheme, the Pakistan government and SBP provide subsidies on advances and loans taken by those establishing start-ups.
• Infrastructure, Housing & SME Finance Department (IH&SMEFD)
This department was established in 2011 to promote the growth of small and medium enterprises within priority sectors. SMEs account for more than 90% of the total business establishments in Pakistan. They create new jobs and facilitate wealth creation, provide essential business infrastructure for large enterprises, and are the basic source of innovation and entrepreneurial activity — so we are committed to supporting them.
• Naya Pakistan Certificates (NPC) NPCs
are based on a Mudaraba structure, whereby the investor invests in a Mudaraba pool that is used to extend Shariah-compliant financing to the Pakistan government. The investments obtained are remunerated from the profits earned by this pool. The Pakistan government has created the Islamic Naya Pakistan Certificate Company Limited (INPCCL), which is managed by SBP, to handle these certificates. Along with lucrative returns for investors, these certificates also provide NRPs with an opportunity to contribute towards the development of a progressive Pakistan.
This conversation was a part of a recent focus group discussion with Mr. Abadullah where our CIMA® members were also part of this discussion. These members are working as Pakistan’s leading finance professionals and in this discussion they learn more about development in the banking industry and how the CGMA® designation can play a part in promoting industry growth.
Besides Abadullah, others that were present at this discussion were:
• Syeda Sana Kaukab, ACMA, CGMA — Membership Manager, The Institute of Chartered Accountants of Pakistan
• Saba Sodher, FCMA, CGMA — Vice President, Standard Chartered Bank
• Sumaira Naz — South Market Head, CIMA Pakistan
• Ahmed Ateeq, FCMA, CGMA — SEVP, JS Bank
• Syed Faisal Bukhari, ACMA, CGMA — Unit Head, Bank Al Habib

The Association of International Certified Professional Accountants, powering leaders in accounting and finance around the globe

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© 2021 The Chartered Institute of Management Accountants. All rights reserved. CIMA and The Chartered Institute of Management Accountants are trademarks of The Chartered Institute of Management Accountants and are registered in the UK and other countries. The Globe Design is a trademark of the Association of International Certified Professional Accountants. 2109-07836

2018 MESANA Regional Board Members Announcement

We are pleased to inform you that Steve Swientozielskyj FCMA, CGMA is the new President of CIMA, effective from 1 June 2018. His Deputy is Amal Ratnayake FCMA CGMA while Nick Jackson  FCMA CGMA is the new Vice President.  Melanie J Kanaka FCMA CGMA will serve as a member in the Association Board.  Imran Khalil Naseer FCMA, CGMA, Melanie J Kanaka FCMA, CGMA, Phillie Karkaria FCMA, CGMA and Ravinda Edirisinghe FCMA, CGMA will serve as members in the CIMA Council.

The MESANA Regional Board has also been constituted, under the governance of the Association, with members serving the Board with effect from 1 June 2018. 

As stipulated under the Terms of Reference for Regional Boards, the constitution of the Board shall be 11 individuals, of which three members shall be elected. The elections for these three members have been concluded. The remaining individuals shall be five nominated members and two students. The nominations were made by the Nominations MA Sub-Committee and approved by CIMA Council. The Regional Vice President is appointed as the RVP to the Regional Board and as committee secretary. 

Mr Chandrin Fernando FCMA, CGMA serves as the Chairman of the MESANA Regional Board, with Mr  Vinesh Singh FCMA, CGMA as the Vice Chairman. 

The Regional Board will continue to provide perspective on the development of the Association’s strategic plan, the local marketplace and understanding emerging issues in the region - all towards enhancing the management accounting profession and ensuring our continued relevance to the needs of employers and the industry. 

We wish our governance members all the very best during their tenure. 

2016 MESANA Regional Board

The MESANA Regional Board meeting was held on 24 February 2016 in Dubai, United Arab Emirates.

Where Ms Zeinab Yehia Halim, FCMA CGMA from Egypt was inducted as the Chairperson and Mr Sriram Kameshwar, ACMA CGMA from India was appointed as the Deputy Chairman of the MESANA Regional Board for 2016.

Other members of the Board for 2016 include:

  • Mr Amir Al Janahi FCMA, CGMA from UAE - Immediate Past Chairman
  • Mr Girish Bhat ACMA, CGMA from India
  • Imran Khalil Naseer FCMA, CGMA from Pakistan
  • Ammar Aqeel Al Hassan FCMA, CGMA from Bahrain
  • Tariq Iyyaz Billah FCMA, CGMA from Pakistan
  • M Kabiruzzaman Yaqub, FCMA, CGMA from Bangladesh
  • Phillie Karkaria, FCMA, CGMA from India
  • Mostafa Timajchi, ACMA, CGMA from Iran
  • Irene Teng, Regional Director – Asia Pacific  

CIMA, as I've experienced, can be the single most important factor to provide you with an edge over your peers. Therefore if you wish to pursue a career as an accounting/finance professional CIMA is my earnest recommendation.

Farooq Hussain Mughal President and CEO Etimaad Engineering Pakistan Read more on how CIMA has influenced Farooq's career