www.icmap.com.pk December 2018 I Vol: 18.

12

A Memoir of Institute’s activities and programs for professional development and corporate networking

Inside this issue Dear Members,

President ICMA Pakistan elected as SAFA Vice President 01
President Meeting with Chairman FBR 02
I am pleased to present the last issue of 2018 with
Meeting of President ICMA Pakistan with President ICAP 02 brief updates on the programs and events organized
ICMA Pakistan’s Participation in ACCA’s CPEC Summit 02 at national level by our Directorates, Campuses and
Meeting with Federal Minister for IT and Telecom 03 Branch Councils. Additionally, the newsletter also
Seminar on Pakistan’s Energy Sector at LCCI 03 covers the initiatives taken by the leadership of
Members’ Annual Get Together - Karachi 04 the Institute for holding productive meetings
Seminar on How to Increase Salary & Bonus - Karachi 04
with the government and regulators for taking up
Workshop on Time Management - Karachi 05
Career Counseling Sessions – Karachi 05
issues faced by members and the profession.
Seminar on Halal Industry - Hyderabad 06 We are hopeful these interactions would yield
Career Counseling Sessions – Hyderabad 06 results in the days to come. I take the opportunity to congratulate our
Career Counseling Session - Lahore 07 President, Mr. Zia ul Mustafa, for being elected as the Vice President of
Participation in Jashn-e-Iqbal Festival – Lahore 07 SAFA for the year 2019.
Workshop on MS Office 2010, 2013 – Lahore 07
Seminar on Creating Hope and Happiness - Lahore 08 On December 12, 2018, I had the opportunity to head a R&P delegation
Seerat-un-Nabi Conference – Lahore 08 for meeting with the Federal Minister for IT & Telecom which was quite
Workshop on PPP and Allied Matters – Lahore 09 interactive. An exclusive interview of the Minister has been published in
Workshop on Professional Development Prog. – Lahore 09
Seminar on Stress Mgt. and Leadership - Islamabad 10
the Nov-Dec 2018 issue of Management Accountant Journal on the theme
Seerat-un-Nabi (S.A.W.W) Conference - Islamabad 11 of ‘Big Data Analytics and the Finance Professionals’ which was released
Career Counseling Seminars - Islamabad 11 on December 31, 2018.
Meetings with Heads of Colleges - Faisalabad 11
Career Counseling Seminars - Peshawar 12
A good initiative taken by the Research and Publications Committee is the
Directorates’ Activities
formation of the ‘Students’ Publication Society (SPS)’ which has been
ED Secretariat 12 tasked to bring out a Students’ e-Magazine. The SPS is now working hard
Examination 12 under the supervision of the R&P Department and In sha Allah very soon
Members’ Prof. Development & Corp. Training (MPD&CT) 13-14 the first issue of the students magazine will be released online.
Research & Publications (R&P) 14
Technical Support & Practice Development (TSPD) 15-16 With these few words, I wish all of you a very happy new year and look
Membership Affairs 16-17 forward to your valuable comments.
Library 18-19
Mr. Badiuddin Akber, FCMA takes charge as CEO of CDC 19 Muhammad Yasin, FCMA
Meetings of the Institute 19
Chairman, Research and Publications Committee
National Council
Office Bearers
Zia ul Mustafa, FCMA, President
Abdul Wasey Khan, FCMA, Vice President
Shehzad Ahmed Malik, FCMA, Honorary Secretary
Feature News
Muhammad Yasin, FCMA, Honorary Treasurer

Members
Mohammad Iqbal Ghori, FCMA
Abid Lateef Lodhi, FCMA
Ather Saleem Ch, FCMA
Ghulam Mustafa, FCMA
Government Nominees
Sumaira K. Aslam, Ministry of Finance
Irshad Ahmed Kaleemi, Deputy Auditor General (Policy)
Jameel Ahmad, Deputy Governor, SBP
Tahir Mahmood, FCMA, Commissioner, SECP
Research & Publications Committee
Mohammad Yasin, FCMA
Salman Masood, FCMA
Rashid Mehmood, FCMA
Salman Haider, FCMA
Muhammad Azhar Khan, FCMA
Syed Mubashir Ali, FCMA
Danish Naeem, FCMA
Muhammad Shahid, FCMA
Sohail Anjum, ACMA
Saqib Masood ACMA
Muhammad Shoaib, ACMA
Editorial Board
President ICMA Pakistan elected as
SAFA Vice President
It is a matter of honour and privilege
for ICMA Pakistan that its President,
Mr. Zia ul Mustafa, FCMA, has been
elected as the Vice President of South An apex body of SAARC
Asian Federation of Accountants (SAFA)
for a one-year term with effect from
1st January 2019. He is presently the
member of SAFA Board and Assembly
and also the Chairman of SAFA
Committee on Governmental and
Public Sector Enterprises Accounting.
Mr. Zia ul Mustafa, President ICMA Pakistan has expressed that it is an
honor to be elected as SAFA Vice President and stated that his primary
focus in this role would be to engage the professional accounting bodies
in SAARC regions in thought leadership and influence areas
that play critical role in shaping the future of the profession.
CHIEF EDITOR EDITOR
Muhammad Yasin, FCMA Shahid Anwar, Director
Chairman, Research & Publications Committee Research & Publications Email: rp@icmap.com.pk
 Vol: 18.12 I Dec 2018

President’s Meeting with Chairman FBR

Islamabad | December 19, 2018

Mr. Zia ul Mustafa, President, ICMA Pakistan held a meeting with Mr.
Mohammad Jehanzeb Khan, Chairman, Federal Board of Revenue (FBR)
on December 19, 2018 at Islamabad. During the meeting, President ICMA
Pakistan took up the matter of inclusion of Cost and Management
Accountants in Amendments made in the Alternative Dispute Resolution
Committee (ADRC) related clauses of the Income Tax Ordinance 2001, Sales
Tax Act, 1990 and Federal Excise Act 2005 through Finance Act, 2018.

Meeting of President ICMA Pakistan with President ICAP

Lahore | December 27, 2018

Mr. Zia ul Mustafa, President ICMA Pakistan held a meeting with the President of ICAP, Mr. Jafar Hussain and Council
Members at Lahore on December 27, 2018. During the meeting matters of professional interest were discussed. Mr.
Iftikhar Taj, Vice President, ICAP; Mr. Muhammad Awais, Mr. Muhammad Ali Latif and Mr. Rana Muhammad Usman
Khan, Council Members, ICAP were also present. Mr. Muhammad Yasin, Honorary Treasurer, ICMA Pakistan, Syed Ali
Asjad Rizvi, Chairman, Lahore Branch Council, Mr. Aamir Ijaz Khan, Executive Director and Ms. Javaria Malik, Director
MARCOM also participated on behalf of ICMA Pakistan.

ICMA Pakistan’s Participation in ACCA’s CPEC Summit

Faisalabad & Multan | December 19 & 21, 2018

ACCA Pakistan organized two events titled ‘CPEC – Gateway for Progress, Prosperity & Connectivity’ at Faisalabad on
19th December 2018 and at Multan on 21st December 2018, respectively. The events were organized in collaboration
with Daily Dawn and Ministry of Planning, Government of Pakistan. Mr. Muhammad Yasin, Honorary Treasurer of ICMA
Pakistan at Faisalabad and Mr. Muhammad Sajjad, FCMA, Commerce Department of Islamia University Bahawalpur
at Multan represented ICMA Pakistan in these events. Mr. Muhamad Iqbal Ghori, FCMA, Council member, ICMA Pakistan
also attended the Faisalabad CPEC Summit as a Panelist.

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The CPEC Summit provided an opportunity for business leaders, academics and government officials from both countries
to come together to explore opportunities for cooperation and to develop linkages. It especially explored the role of
finance professionals in providing leadership with requisite skills set to profit from the opportunities arising from CPEC.

Meeting with Federal Minister for IT and Telecom

Islamabad | December 12, 2018

A delegation of Research and Publications Committee headed by Mr. Muhammad Yasin, Chairman and comprising of
Mr. Salman Haider and Syed Mubashir Ali, members paid a courtesy call upon Dr. Khalid Maqbool Siddiqui, Federal
Minister for Information Technology and Telecommunication on December 12, 2018 at Islamabad in connection with
his exclusive interview for publication in the Management Accountant Journal (Nov-Dec 2018 issue) of ICMA Pakistan.
Mr. Bilal Ahmad, Director Technical Support and Professional Development (TS&PD) was also present. The Minister was
briefed about the Institute and its contribution towards development of corporate sector and national economy. The
Minister was highly impressed with the role of the Institute and sought the professional input of the Institute in presenting
a white paper on how to use technology in reducing corruption and improving the public sector efficiency.

Seminar on Pakistan’s Energy Sector at LCCI

Lahore | December 05, 2018

Mr. Muhammad Yasin, FCMA, Honorary Treasurer represented ICMA Pakistan at a Seminar on the theme of ‘Pakistan’s
Energy sector – Current Situation, Future Needs and Strategy’ held on December 05, 2018 at Amin Hall of Lahore
Chamber of Commerce and Industry. The Seminar was organized jointly by the Unified Media Club of Pakistan, Lahore
Chamber of Commerce and Industry (LCCI) and the Institute for Energy Economics and Financial Analysis (IEEFA). Mr.
Muhammad Akhtar Malik, Provincial Minister for Energy, Punjab was the Chief Guest on the occasion. Mr. Muhammad
Hassan, President and Mr. Haroon Akram, Secretary of Unified Media Club were also on the stage. Mr. Simon Nicholas,
an Energy Finance Analyst with IEEFA presented a special report at the Seminar. Mr. Muhammad Yasin presented expert
opinion on the energy sector. The Seminar provided a useful platform for deliberating upon the energy issues faced
by the country.

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Campus & Branch Activities

KARACHI

Members’ Annual Get Together

Karachi | December 07, 2018

Karachi Branch Council (KBC) organized an Annual Get Together of members on December 07, 2018 at DHA Golf Club,
Karachi. Mr. Abdul Wasey Khan, Vice President ICMA Pakistan; Mr. Noman Bombaywala, Chairman KBC; Mr. Baber
Saleem, Vice Chairman KBC; Mr. Danish Naeem, Secretary KBC; Mr. Shaham Ahmed; Ms. Rozina Muzammil; Mr.
Muhammad Akmal,Members’ Welfare Coordination Committee, Karachi Branch Council and Mr. Aamir Ijaz Khan,
Executive Director ICMA Pakistan along with large number of members and their families attended the event.

Seminar on ‘How to Increase Salary & Bonus’

Karachi | December 20, 2018

Karachi Branch Council (KBC) organized a seminar on ‘How to Increase Salary & Bonus’ on December 20, 2018 at Karachi.
Mr. Asif S. Kasbati, Managing Partner at Kasbati & Co. was the lead speaker at the seminar. The Seminar was specially
designed for members and qualified of ICMA Pakistan as well as corporate sector representatives to explore their
professional career in the field of taxation. The participants gained beneficial tips on taxation which would help them
to advance their career as Tax Manager and CFO.Mr. Shaham Ahmed, Chairman CPD Committee, KBC was also present.
Around 40 participants’ members, students and officials of the different companies attended the seminar.

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Workshop on ‘Time Management’

Karachi | December 29, 2018

Karachi Branch Council (KBC) organized a workshop on ‘Time Management’ on December 29, 2018. Ms. Shireen Naqvi,
Trustee of the School of Leadership Foundation (SoLF) was the lead trainer. She briefed the participants on how to bring
time management in their professional career for achieving growth and better work-life balance. Mr. Jawed Mansha,
former, Council member of ICMA Pakistan was the guest of honor whereas Mr. Shaham Ahmed, Chairman CPD Committee
KBC presented vote of thanks. Around 56 participants, including members, qualified and officials of the different
companies attended the workshop.

Career Counseling Sessions

Karachi | December 4 to 13, 2018
The South Region conduced career counseling seminars from December 04 to 13, 2018 at Fatimyah Boys College;
Fatimyah Girls College; Government Degree Boys College; Dehli Science and Commerce College; Government National
College; Government Superior Commerce College Morning; Mehran Degree College; Sir Syed Government Girls College
and Government Science and Commerce College.
Syed Shaiq Musavi, Assistant Director, South Region conducted the seminars to brief them about scope of CMA
Qualification in Pakistan. Numerous students with different academic backgrounds from various institutions attended
the sessions. An interactive Q&A session took place after each session in which students asked questions regarding
entry routes, exemptions, eligibility criteria and examination system of ICMA Pakistan.

Fatimyah Boys College Fatimyah Grils College Govt. Degree Boys College

Govt. National College Govt. Superior Commerce College Mehran Degree College

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Dehli Science & Commerce College Sir Syed Govt Girls College Govt. science & Commerce College

HYDERABAD

Seminar on ‘Halal Industry’

Hyderabad | December 29, 2018

The Hyderabad Campus organized an awareness seminar on Halal Industry in collaboration with AlHuda Center of
Islamic Banking and Economics on December 26, 2018 at Hyderabad Campus.The objective of seminar was to provide
better understanding and promoting Halal Industry in Pakistan. Mufti Raeed Ahmed, Shariah Advisor; Mr. Khalid Hameed
Khan, Manager Marketing and Public Relations and Mr. Muhammad Hussain Ajmeri, Deputy Director, Hyderabad
Campus were also present. Around 70 participants attended the seminar which concluded with question answer session.

Career Counseling Sessions

Hyderabad | December 1 & 2, 2018

The South Region conducted career counseling seminars on December 1 and 2, 2018 at Sindh Public School College;
Kainaat College; Government Degree Boys College and Bright Future College, UmerKot, Hyderabad respectively. The
purpose was to raise awareness about ICMA Pakistan, its career opportunities, entry routes and admission criteria. The
seminars were exclusively conducted for currently enrolled intermediate students with prior appointments from
principals. Mr. Lal Muhammad, Director South Region; Mr. Hussain Ajmeri, Deputy Director Hyderabad Campus and
Syed Shaiq Musavi, Assistant Director, South Region were present on the occasion. At the end, scholarship certificates
were awarded to meritorious students and shields were given to principals’ as a token of respect.
The seminars were attended by students, parents, teachers and active educationists. In addition to career counseling
sessions, the SR team also held networking with principals of coaching academies in Umerkot to access the market gap
that could be captured by ICMA Pakistan.

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LAHORE

Career Counseling Session

Lahore | December 12, 2018

Admission Team of Lahore Campus organized a Career Counseling Seminar on December 12, 2018 at Govt. College of
Information Technology for Women, Lytton Road Lahore which was attended by around 200 B.Com and D.Com students
and faculty members. Mr. Muhammad Sarfraz, ACMA, Joint Director, Campus Management was present as a role model
who shared his success story and real world experiences with the students. Ms. Somia Ishaq, Senior Officer made a
presentation on CMA Qualification.

Participation in Jashn-e-Iqbal Festival

Lahore | December 11 to 13, 2018

Mr. Muhammad Sarfraz Ahmed, ACMA, Joint Director,Lahore Campus led a students delegation to participate in the
Jashn-e-Iqbal Festival which was organized by the Youth Empowerment Society from December 11 to 13, 2018 at Awan-
e-Iqbal Complex, Lahore. Mr. Fayaz-ul-Hasan Chohan, Provincial Minister of Punjab for Information and Culture was
the Chief Guest on the occasion. The event was attended by leading educational institutions;business representatives;
top trainers and government officials. Mr. Sarfraz Ahmed, Joint Director Lahore Campus received on behalf of ICMA
Pakistan a shield by the hands of the Provincial Minister.

Workshop on ‘MS Office 2010, 2013’

Lahore | December 11-15, 2018

Lahore Branch Council (LBC) organized a comprehensive (5 days) workshop on MS Office (MS Word, MS Excel, MS
Power-point & MS Outlook 2013) from December 11 to 15, 2018 at Lahore. Mr. Tahir Mahmood Fazal was the lead
trainer. The course was especially designed for newly qualified, members and students to improve their computer
efficiency; develop analytical skills for next level of accuracy. Around 30 participants attended the workshop who were
awarded 20 CPD hours.

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Seminar on ‘Creating Hope and Happiness’

Lahore | December 13, 2018

Lahore Branch Council (LBC) organized a Seminar on ‘Hope and Happiness-Way Forward’ on December 13, 2018 at
Lahore where Mr. Muhammad Yasin, FCMA, Honorary Treasurer ICMA Pakistan was the Chief Guest and Ms. Faaiza
Amjad, President, Women Chamber of Commerce and Industry (WCCI), Lahore Division was the guest of honor. The
resource person at the seminar was Mr. Firasat Ali who is a motivational speaker and trainer, having diversified
experience of working in UNDP, USAID, World Bank, Asian Development Bank and Agha Khan Rural Support
Program. He highlighted the importance of happiness in life which is sustained by hope and how to achieve happiness
in life. The seminar was attended by Syed Ali Asjad Rizvi, Chairman, LBC; Mr. Awais Yasin, Chairman CPD Committee,
LBC; Mr. Abdul Razzaq and Mr. Najaf Abbas Zaidi, members LBCand Mr. Sarfraz Ahmad, Joint Director,Campus
Management, Lahore campus.Around 125 members, faculty and the newly qualified CMAs attended the seminar.

Seerat-un-Nabi Conference
Lahore | December 05, 2018

Lahore Branch Council (LBC) organised a Seerat-un-Nabi Conference on December 05, 2018 to pay homage to the Holy
Prophet (PBUH) and to renew the pledge to transform our lives to his teachings. The Theme of the conference was
‘Hazrat Muhammad (S.A.W.W) as Role Model for Business World’.Mr. Fayazul Hassan Chohan, Provincial Minister for
Information and Culture was the Chief Guest on the occasion.Mr. Zia ul Mustafa, President and Mr. Muhammad Yasin,
Honorary Treasurer, ICMA Pakistan welcomed the chief guest. Others present at the conference included Syed Ali Asjad
Rizvi, Chairman LBC; Mr. Awais Yasin, Chairman CPD Committee, LBC; Dr. Amjad Saqib, Founder Akhuwat Foundation;
Mr. Raza-Ud-Din Siddiqui, Chairman Zavia Foundation; Mr. Iftikhar Taj, Vice President ICAP; Mr. Sajeed Aslam, Head
of ACCA Pakistan; Justice-R. Nazeer Ahmed Ghazi, Former judge of Lahore High Court; Maulana Mohammad Yousaf
Khan, Ustadul Hadith Jamia Ashrafia and Mr. Ghulam Abbas, Chairman Marketing and Communications Committee
LBC were present on the occasion. A large number of participants including members, students attended the conference.
Speakers at the conference shared their views on various aspects of business on which the Holy Prophet (PBUH) provided
guidance for humanity including importance of honesty in business, ethics, honesty in sales transactions, transparency
and disclosure in business, employer-employee obligations and encouraged the audience to refrain from monopoly
and hoarding of goods. Speakers also shared the evolvement of Business Model of Partnership and the vital role of
entrepreneurship in formation of Islamic civilization.

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Workshop on ‘Procurement, Procurement Processes and Allied Matters’

Lahore | December 21 & 22, 2018

Lahore Branch Council (LBC), ICMA Pakistan and Pakistan Institute of Public Finance Accountants (PIPFA) jointly organized
two-day workshop on the subject of ‘Procurement, Procurement Processes and Allied Matters’ on December 21 and
22, 2018 at Lahore Campus. Mr. Muhammad Yasin FCMA, Honorary Treasurer, ICMA Pakistan was the guest of honor
at the inaugural session whereas Mr. Ghulam Mustafa Qazi, President PIPFA was the guest of honour at the closing
session of the Seminar. Mr. Shahid Hussain, Managing Director, Punjab Procurement Regulatory Authority (PPRA) was
the lead trainer at the workshop. The objective was to train participants from public sector on how to achieve value
for money through optimizing the principle of transparency and accountability. The participants gained useful knowledge
about methodology, framework, tools and techniques of public procurement as well as fast growing changes in the
procurement legal framework. Around 45 participants attended. The workshop had 16 CPD hours.

Workshop on ‘Professional Development Program’

Lahore | December 28, 2018

Lahore Branch Council (LBC) organized a workshop on ‘Professional Development Program’ on December 28, 2018 at
Lahore. Mr. Aamir Ijaz Khan, FCMA, Executive Director, ICMA Pakistan was the chief guest at the workshop which was
aimed at providing essential learning skills to members and students with regard to their professional grooming so that
they can play an effective role at their work places. The workshop consisted of three sessions which were conducted
by three different trainers as under:

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 Vol: 18.12 I Dec 2018

a) Session # 1 on ‘Let’s Talk about some Practical Technique for Professional success’
Trainer: Mr. Ghulam Abbas FCMA
b) Session # 2 on ‘Corporate Etiquettes and Interview skills’
Trainer: Mr. Asim Jameel
c) Session # 3 on ‘Positive Attitude’
Trainer: Ms. Yasmin Butt
The workshop was also attended by Mr. Ghulam Abbas, Chairman, CRC Committee LBC; Mr. Salman Haider, Member,
LBC; Mr. Muhammad Yasin, Secretary, CPD Committee LBC; Mr. Yasir Saeed, Secretary, CRC Committee LBC; Mr. Saif
Ullah Sheikh and Mr. Mohsin Ehsan, members and Mr. Sarfraz Ahmad, Joint Director, ICMA Campus Lahore. In the end
shields were awarded by the Executive Director ICMA Pakistan to the trainers. A large number of participants including
members, qualified CMAs and students attended the workshop.

ISLAMABAD

Seminar on ‘Stress Management and Leadership’

Islamabad | December 01, 2018

Islamabad Branch Council (IBC) organized a seminar on the subject of ‘Stress Management and Leadership’ on December
01, 2018 at Islamabad. Syed Mubashar Ali, Chairman IBC was the lead speaker at the seminar. Having over thirty years’
experience as a professional trainer and management consultant, he is currently working as CEO of SKIM Training and
Consultancy, Islamabad.The purpose of seminar was to address people’s problems which may include work related
stress; long hours of work; time pressure and poor leadership. In the end, the Chairman, IBC presented certificates to
the participants. Mr. Zakir Hussain Satti, Director/In-charge Islamabad Campus was also present on the occasion. Around
20 participants attended the workshop.

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Seerat-un-Nabi (S.A.W.W) Conference

Islamabad | December 11, 2018

Islamabad Branch Council (IBC) organized a Seerat-un-Nabi (S.A.W.W) Conference on December 11, 2018 at Islamabad.
Mr. Peerzada Muhammad Raza Saqib Mustafai, Islamic Scholar was the chief guest. He guided the participants about
Khatam-e-Nabuwwat and responsibilities of Muslims in the light of teachings of Hazrat Muhammad (PBUH). Mr. Shehzad
Ahmed Malik, FCMA, Honorary Secretary, ICMA Pakistan presented shield to the Chief Guest. Syed Mubashar Ali,
Chairman IBC and Mr. Zakir Hussain Satti, Director Islamabad Campus were also present. Around 300 participants
attended the seerat conference.

Career Counseling Seminars

Islamabad | December 03 to 14, 2018

The Admission Department of Islamabad Campus organized career counseling seminars in December 2018 at Islamabad,
kallarSyedan, Havelian and Gujar Khan. The colleges visited by the admission team included Islamabad Model College
for Girls (Post Graduate), G-10/4, Islamabad; Islamabad Model College for Girls (F.A), Golra, Islamabad; OPF College
for Boys, Islamabad; Punjab College of commerce and Science for Girls, kallarSyedan; Punjab College of commerce and
Science for Boys, kallarSyedan; Super Wing College for Girls, kallarSyedan; Super Wing College for Boys, kallarSyedan;
Iqra Degree College, Havelian; Govt Degree College for Boys, Havelian; Punjab college of commerce for girls (intermediate
students ), Gujar Khan; Punjab college of commerce for Boys (intermediate students), Gujar Khan; Punjab college of
commerce for Boys (B.com & Masters), Gujar Khan; Punjab college of commerce for Girls (B.com & Masters), Gujar
Khan; Govt Degree college for women, Gujar Khan; Islamabad Model College for Girls G-10/2, Islamabad and Islamabad
Model College for Girls I-8/3, Islamabad.

FAISALABAD

Meetings with Heads of Colleges

Faisalabad| December 4 to 27, 2018

Mr. Ayaz Mustafa, FCMA Joint Director, Faisalabad Campus conducted networking meetings with the Principals and
Directors of various colleges in Faisalabad including Shiblee Group of Colleges; University of Central Punjab; Punjab
Group of Colleges, Sahiwal; Superior College, Sahiwal and ILM College, Sahiwal.

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PESHAWAR

Career Counseling Seminars

Peshawar| December 06, 10 &13, 2018

Peshawar Campus organized a series of career counseling seminars on December 06, 2018 at Brilliant College, Peshawar,
on December 10, 2018 at Fazaia Degree College and on December 13, 2018 at Govt. Degree College Pabbi, Dist.
Nowshera. Mr. Adeel Zeb Khan, Deputy Director/Campus Incharge conducted the seminars and briefed the
students about general career planning and CMA education scheme. The seminars were followed by questions
and answers session. The faculty members and Intermediate and BS level students were the target audience.

Directorates’ Activities
ED Secretariat
Participation of Executive Director, ICMA Pakistan in Dunya Media Group’s Seminar
Karachi | December 13, 2018

Mr. Aamir Ijaz Khan, Executive Director, ICMA Pakistan participated as a ‘Panelist’ at Dunya Media Group’s Seminar
titled ‘TaleemSubKLiye - Sindh Education Reforms: Role of Government and Institution’s Responsibilities’ on
December 13, 2018 at Karachi. Syed Sardar Ali Shah, Minister of Education and Literacy Department / Chairman
Board of Governors (BoG) Sindh Teacher Education Development Authority (STEDA), Government of Sindh was
the chief guest on the occasion. The seminar was participated by all educational departments including universities,
colleges and professional institutions. Dunya Media group provided the 360º Media support by engaging, Dunya
News, Roznama Dunya, FM Radio, Social Media etc.

Examination
The result for Winter 2018 written examinations was announced in December 2018 in record 17 working days from
its conclusion. In addition, the ongoing enrolment for Institute’s Computer Based Examinations (CBE), December 2018
was also concluded and the examinations were held from December 17, 2018 to December 24, 2018, for all nine
applicable courses of Operational Level-1, Operational Level-2 and Managerial Level-1, under Modified Scheme of
Study (MSS) 2018. There were 1,034 students (head count) enrolled for CBE, December 2018 examinations.

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The Institute also uploaded the Mock Examination [for all 09 CBE papers – due to revision of syllabus contents and
inclusion of three additional courses in CBE], Question Papers Pattern & Structure [for all 18 courses of CBE and Written/
Regular Examinations, including Local Laws Gateway Examination (LLG)] and Model Papers [for all 09 courses of Written/
Regular Examinations and LLG], under MSS 2018, for the guidance of students.

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

20th Directors’ Training Program

Karachi | December 14 to 22, 2018

ICMA Pakistan organized 20th

Directors’ Training Program
(DTP) on December 14, 15,
21 and 22, 2018 at Karachi
which was participated by 19
participants from the public
and private listed companies.
Mr. Muhammad Lukman,
Chief Executive Officer,
National Clearing Company
of Pakistan was the guest of
honor. Since 2013, ICMA Pakistan has certified more than 300 Directors. During the training, they were given exposure
of following:

Module Topics
1 Board Composition, Committees & Responsibilities, Risk Management, Related Party Transactions, Conflict
of Interest & CSR, Governance, Risk management and Compliance (GRC) issues and Robert Rules for
Conducting Business Activity: The Board Room Corporate Strategy

2 Financial Reporting, Interpretation of Financial Statements, Corporate Reporting and Financial Decisions

3 HR Management Organizational Values, Succession Planning, Public Procurement Rules, Corporate

Governance Standards and Overview of Pakistan Stock Exchange Regulations

4 Company Law, Taxation, OECD, Labor & Other Business Laws of Pakistan, Code of Corporate Governance
(Public & Private Listed Companies)

Job Placements of Members and Students

S No. CMA status Karachi Lahore Islamabad Faisalabad Total
1 Members 5 1 0 1 7
2 Qualified 5 3 1 2 11
3 Students Placements 16 5 1 0 22
4 Students Internships 7 1 3 0 11

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Walk in Interviews conducted by Vice President Finance, Dawlance

Karachi | December 11, 2018
Mr. Munawar Ali Atif, Vice President Finance, Dawlance conducted walk in interviews of students for junior and middle
management positions on December 11, 2018 at Karachi.

Research & Publications (R&P)

Release of Nov-Dec 2018 issue of

Management Accountant
The Nov-Dec 2018 issue of Management Accountant Journal on the
theme of ‘Big Data Analytics and the Finance Professionals’ was released
on December 31, 2018 by hosting on Institute’s website and sending
with hyperlink Contents Page through email to all the members. The
main features of this issue are a Special Message of Mr. Robert Dohrer,
IAASB Member and Chair of the IAASB’s Data Analysis Working Group;
and an exclusive interview of Dr. Khalid Maqbool Siddiqui, Federal
Minister for IT & Telecom. The issue also contains a survey report on
‘Use of Big Data Technology in Pakistani Organizations conducted by
Research and Publications Directorate of ICMA Pakistan.

Articles invited for 2019 issues of MA Journal

A circular inviting articles from members for Jan-Feb 2019 issue, on the
theme of ‘Public-Private Partnership (PPP)’and March-April 2019 issue
on the theme of ‘Institutional Reforms and Governance’, respectively,
was issued on December 27, 2018 by hosting on website and emailing
to members. The deadlines for submitting articles are January 31, 2019
for Jan-Feb 2019 issue and March 10, 2019 for March-April 2019 issue.

Formation of Students Publications Society (SPS)

In pursuance of the decision of the Research and Publications (R&P)
Committee, a Students Publications Society (SPS) has been formed
comprising of students who were selected in an online interview session
conducted on December 27, 2018 and chaired by Mr. Muhammad Yasin,
Chairman R&P Committee. The session was also participated by chairmen
of R&P sub-committees of Branch Councils and Mr. Aamir Ijaz Khan,
Executive Director, ICMA Pakistan.

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Technical Support & Practice Development (TSPD)

1. EXTENSION IN DATE FOR FILING OF REVISED RETURNS SPECIFIED IN SECTION 214E
Federal Board of Revenue (FBR) vide their Circular 10/2018 dated December 31, 2018 had extended the date
of filing of revised return specified in clause (iii) of Section 214E to January 31, 2019.
2. CHANGE IN SALES TAX RATES ON PETROLEUM PRODUCTS W.E.F. 1STJANUARY 2019
FBR vide their S.R.O. 1574(I)/2018 dated December 31, 2018 had amended the sales tax rates on petroleum
products w.e.f. 1st January 2019 as under:-

Product PCT heading Rates w.e.f 01-01-2019 (ad valorem)

Motor spirit excluding HOBC 2710.1210 17%
Kerosene 2710.1911 17%
High Speed Diesel oil 2710.1931 17%
Light diesel oil 2710.1921 17%

3. GROWTH RATE SCENARIOS FOR LIFE INSURANCE AND FAMILY TAKAFUL ILLUSTRATIONS — 2019
Securities and Exchange Commission of Pakistan (SECP) vide their Circular No. 22 of 2018 dated December 20,
2018 notified Growth Rate Scenarios for Life Insurance and Family Takaful Illustrations-2019.
As per clause 8.1, 8.2 and 11,1 of the Directive for Life Insurance and Family Takaful Illustrations, 2016, notified
via S.R.O 255(1)/2016 dated March 25, 2016, Life insurance and family takaful companies use three nominal
growth rate scenarios and three inflation adjusted growth rate scenarios to demonstrate projected benefits
to potential policyholders. SECP specifies these growth rate scenarios based on long-term interest rate outlook
prevalent in Pakistan.
Due to the increased interest rates in the country during the past couple of months and future outlook is also
showing the rates to increase further in 2019. Accordingly, the growth rate scenarios for life insurance and
family takaful illustrations have been decided by the SECP to be 10%, 12% and 14%, however, inflation adjusted
rate of return will remain at 3%, 4% and 5%.
All new illustrations of life insurers and family takaful operators (including family window takaful operators)
on or after February 01, 2019 should be made on the above stated scenarios. Furthermore, all life insurers and
family takaful operators are required to submit sample illustrations for each product with this office on or
before the above date.
4. OVERSEAS PAKISTANI FOUNDATION TO MAINTAIN DATA BANK
Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 1570(I)/2018 dated December 26, 2018
notified that Overseas Pakistanis Foundation are authorized to create and maintain data bank of independent
directors and post such data on its website for the use by the company making the appointment of such
directors.
5. AMENDMENTS TO PUBLIC OFFERING REGULATIONS, 2017
SECP vide their S.R.O. 1569(I)/2018 dated December 26, 2018 made amendments to the Public Offering
(Regulated Securities Activities Licensing) Regulations, 2017. The same were published in the official Gazette
vide notification S.R.O. 1353 (1)/2018 dated 6th November 2018:-
In the aforesaid Regulations, amendments have been made in regulation 2, regulation 6 & in Schedule
I and III.
6. REGULATORY REQUIREMENTS FOR THE BRANCHES OF NON-BANK MICROFINANCE COMPANIES
SECP vide their Circular No. 23 of 2018 dated December 27, 2018 had issued following requirements for the
branches of Non-Bank Microfinance Companies (NBMFCs):-

December 2018 Page 15

 Vol: 18.12 I Dec 2018

(i) Appropriate display of certificate of incorporation and valid license issued by the Commission to conduct
the business of microfinancing.
(ii) Properly trained staff/human resource.
(iii) Security arrangements for the safety of documents and staff.
(iv) Proper client support for filling up of applications and completion of documentation.
(v) Grievance redressal system/mechanism for prompt and effective resolution of clients' complaints.
(vi) Product information relating to various products being offered by the NBMFC at the branch through
printed brochures for the information of potential /existing clients.
All NBMFCs must ensure compliance with the above mentioned requirements within 60 days of the date of
this Circular.
7. GUIDELINES ON GRIEVANCE REDRESSAL SYSTEM (GRS) IN NON-BANK MICROFINANCE COMPANIES (NBMFCS)
SECP vide their Circular No. 24 of 2018 dated December 27, 2018 has specified guidelines for establishment
of Grievance Redressal System in the Non-Bank Microfinance Companies (NBMFCs).
The purpose of these guidelines is provision of formal channel of grievance redressal to clients of NBMFCs.
These guidelines will facilitate and guide the NBMFCs to set out a system within the organization for complaints
and problem resolution for their clients. These guidelines envisages a fair, transparent, flexible efficient and
effective system and it is hoped that this will not only increase customer satisfaction but will also reduce
operational and reputational risk of the NBMFC.

Membership Affairs

NEW FELLOW MEMBERS

Associate Fellow
S No. Membership No. Name City / Country Membership No.
1 A-2116 Hissamuddin Karachi F-2078

2 A-2682 Manzoor Ahmad Lahore F-2079

3 A-2756 Naveed Akbar Lahore F-2080

4 A-3067 Muhammad Akbar Saudi Arabia F-2081

5 A-3102 Moeen Ashraf Lahore F-2082

6 A-5458 Khalid Mukhtar Islamabad F-2083

7 A-5476 Naseer Ahmad Lahore F-2084

8 A-909 Mushir Ahmed Saudia Arabia F-2085

9 A-5446 Muhammad Kashif Majeed Karachi F-2086

10 A-1328 Wajid Ali Shah Mardan F-2087

11 A-5470 Yasir Ahmed Awan Karachi F-2088

12 A-4832 Muhammad Aamir Sarwar UAE F-2089

13 A-4986 Asif Hafeez Saudi Arabia F-2090

14 A-5284 Asad Ullah Tahir Karachi F-2091

December 2018 Page 16

 Vol: 18.12 I Dec 2018

NEW ASSOCIATE MEMBERS

Associate
S No. Reg No. Name City / Country Membership No.
1 S-00950609 Muhammad Arif Islamabad A-6642

2 S-20110715 Muhammad Umair Sheikh Lahore A-6643

3 S-20111621 Waleed Bin Farooq Lahore A-6644

4 S-20080027 Mueeza Munir Ahmed Vehari A-6645

5 S-20123749 Muhammad Asadullah Siddiqui Karachi A-6646

6 S-009222010 Athar Iqbal Karachi A-6647

7 S-20010829 Muhammad Faisal Shehzad Rawalpindi A-6648

8 S-20071197 Bilal Bashir UAE A-6649

9 S-20071234 Hafiz Abdul Mateen Hafizabad A-6650

10 S-20081805 Qasim Ali Multan A-6651

11 S-20120041 Muhammad Daniyal Hanif Karachi A-6652

12 S-20061297 Muhammad Musab Lahore A-6653

13 S-20091210 Abdul Ahad Lahore A-6654

14 S-20101146 Muhammad Usman Faisalabad A-6655

15 S-20110034 Kamran Nisar Lahore A-6656

16 S-20131209 Muhammad Usman Akbar Faisalabad A-6657

17 S-00923243 Kamran Jamil Lahore A-6658

18 S-00962082 Zahid Mahmood Siddiqui Saudi Arabia A-6659

19 S-20041050 Jamil Ahmed Karachi A-6660

20 S-20091563 Khalid Mahmood Lahore A-6661

21 S-20110721 Syed Tauqir Haider Kazmi Lahore A-6662

22 S-20123454 Muhammad Usman Asad Lahore A-6663

New COPs

S No. Membership No. Name City

1 A-5892 Iftikhar Ul Haq Karachi
2 A-6052 Ashfaq Mansha Kasur
3 A-5271 Salman Afzal Islamabad

RENEWAL OF COPs

S No. Membership No. Name City

1 A-6252 Muhammad Khurram Karachi
2 A-5442 Muhammad Ali Khan Islamabad
3 A-6039 Yasir Bashir Islamabad
4 F-937 Mazhar Mahmood Rawalpindi
5 F-2067 Faisal Nadeem Gujranwala

December 2018 Page 17

 Vol: 18.12 I Dec 2018

Library

Best Readers of the Library

Gulshan Lahore Islamabad Hyderabad Peshawar Multan

Campus Campus Campus Campus Campus Campus

Umair Ahmed Mirza Abdul Karim Rana Ahmar Jawad Rao Mujtaba Alam Ghani Khan Mahmudul Hassan
S- 20133825 S-20150577 S- 20123263 S-20140276 S- 20140455 S-20170866
Professional level (2) Strategic Level (2) Managerial Level CMA Finalist Level Operational Level Operational Level

New Arrivals
(Revival of Periodicals)

Bloomberg Business Week

The Economist

December 2018 Page 18

 Vol: 18.12 I Dec 2018

Reader’s Digest Fortune

Congratulations
Mr. Badiuddin Akber, FCMA takes charge as CEO of CDC
Mr. Badiuddin Akberhas taken charge as the Chief
Executive Officer (CEO) of Central Depository Company
(CDC) on January 01, 2019. He is a Fellow Member
of ICMA Pakistan and also holds ACMA-CGMA
(Chartered Global Management Accountants)
qualification from the Chartered Institute of
Management Accountants (CIMA – UK) and
qualification of Chartered Professional Accountant
(CPA, CMA – Ontario, Canada).He was previously
serving as the Chief Compliance and Risk Officer at
CDC since June 2015. He was also the nominated Chairman of the Oversight Committee formed by the Securities
and Exchange Commission of Pakistan under Joint Inspection Regulations, 2015. He has more than 20 years of
diversified senior management experience in the fields of finance and operations. He has served in various
renowned conglomerates in Pakistan as Head of Finance and Company Secretary. He has also served as the Chief
Financial Officer and Chief Operating Officer at the National Clearing Company of Pakistan Limited.

Meetings of the Institute’s Standing and

Non-Standing Committees
During the month, the following Committee meetings were convened.

S No. Committee No. of meetings Date

1. National Council Meeting # 376 01 December 06, 2018
2. Disciplinary Committee Meeting # 28 01 December 06, 2018
3. Executive Committee Meeting # 290 01 December 06, 2018
4. Examination 04 December 1&2; 15, 21 & 29, 2018
5. Research & Publications 01 December 20, 2018

December 2018 Page 19

 Vol: 18.12 I Dec 2018

Are you still not a member of ICMA Pakistan?

Becoming a member of the Institute can entitle you to a wide-range of benefits
you are missing at the moment

Organizations always prefer professionals who are recognized members

Part of Recognized of professional bodies. By becoming member of ICMA Pakistan, you would
Professional Body enhance your status and reputation as a recognized professional and will
also be entitled to use globally recognized designations of ACMA/FCMA.

You will get entitlement to do public practice by obtaining the Certificate

Public Practice of Practice (COP) from ICMA Pakistan

You will get legal entitlement to become CFO, CEO, Head of Internal Audit
Legal Rights and Company Secretary as per Companies Act and Code of Corporate
Governance of listed companies.

You will be entitled to inclusion of your name in Life Insurance cover (1.5
Life Insurance million for natural death and 3 million for accidental death). The
membership will eventually secure your family’s financial future.
You can claim exemptions from international accounting bodies like CPA
Exemptions: Australia, CPA Ireland, CIMA (UK), ICAEW, ACCA (UK) etc., in case you
intend to study further to obtain other recognized qualifications.

Career You can avail placement services and place your CV on “Career Portal”
Opportunities: of ICMA Pakistan’s website.

Management You will be entitled to receive soft and hard copies of ‘Management
Accountant’ – the official flagship bi-monthly Journal of ICMA
Accountant Journal
You will be entitled to get frequent e-technical updates about current
e-Technical Update IAS, IFRS and Interpretations etc.

@ You will be entitled to receive monthly e-Newsletters covering all the

e-Newsletter activities and programs of ICMA Pakistan

Utilize library facilities in all the Campuses of the Institute as well as digital
Library Facilities library.
You can avail discounts on services offered by different companies which
are in agreement with the Institute.
Discounts & Offers % 10% 20% Privilege Club
Membership
20% 30% 10%
Rs. 5000 on Monthly Fee
25% 12% 25% 36% 100% waver on
Membership Fee

Avail special discounts from different renowned publishers.

Discounts on Books %
53% 20% 20%

Progressive
International
Agencies
35% Alliance Book Co 40%

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

Research & Publications Directorate

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