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AlHuda CIBE introduces Islamic Financial products for Agriculture Sector:   
A two day workshop was held by AlHuda CIBE at NIBAF, State Bank of Pakistan in Islamabad on Islamic Agriculture Finance where Islamic Financial products were introduced for the agriculture sector to facilitate the Islamic Banks and Financial Institutes to promote the agriculture sector in the country.
 
AlHuda CIBE: Training Workshop on Islamic Agricultral Finance at NIBAF - State Bank of Pakistan - Islamabad.
 
 
 
 
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Insurance surveyors complain against Dr. Mumtaz Hashmi
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LAHORE: The Professional Association of Insurance Surveyors of Pakistan (PAIS) has written letters to Prime Minister Yousuf Raza Gilani and former Finance Minister Ishaq Dar against the Securities and Exchange Commission of Pakistan (SECP) Chairman Razi-ur-Rehman for supporting ‘unlawful acts’ of his adviser, Dr Mumtaz Hashmi.

In the letters, the association has alleged that they had continuously been pointing out to the SECP chairman about the unlawful acts of Adviser Dr Mumtaz Hashmi, but instead of controlling these unlawful acts, the SECP chairman was supporting the actions by keeping silent on the PIAS complaints.

The subject of the letter is “Complaint against Chairman SECP for supporting unlawful acts by his adviser Dr Mumtaz Hashmi (tagged as an agent of ex-prime minister Shakaut Aziz)”.

It was stated in the letter that the chairman is silent upon his adviser issuing a Without Jurisdiction Circular by misrepresentation of Sect 112(3)e of Insurance Ordinance 2000. The circular is not revoked till date.

It is further stated that the Chairman is silent upon his Advisor for not taking any action to regulate violation of Insurance Companies under Sect 24 of SECP (SRO 938) Dated 12-12-2002 framed under Sect 85 of Insurance Ordinance 2000, and the insurance companies are paying the insurance claims without a report by an Insurance Surveyor.

According to the letter, the Chairman is silent upon his Advisor for hurdling in issuance of Renewed Licenses under Section 112(4) & 113(4) by demanding extra requirements other than desired in the relevant Sect 19 (2) & 21 (2) of Insurance Rules 2002, whereas under the same criteria licenses were regularly renewed in the previous years.

It is further stated in the letter that the Chairman is silent upon his Advisor for not taking any action to regulate violation of the Constitution of Pakistan Sect 18 (Freedom of Business) by the insurance companies, to promote a particular group by making a panel of surveyors without any attentive criteria.

It has mentioned that the Chairman is silent upon his advisor for ignoring Sect 39 & 40 of SECP Act 1997 and referred the draft for amendments in Insurance Rules 2002 to the Law Ministry.

The PIAS had requested Prime Minister Yousuf Raza Gillani and Finance Minister Ishaq Dar that being the stake holders and the only Association of Insurance Surveyors, the amendments related to the Insurance Surveyors were not elicited for their opinion. They urged the top offices of the government to look into the matter and take appropriate action for the supremacy of law.

Government Insurance Department is running without a commissioner since the department was established in 2000. When contacted, Chairman SECP Razi Ur Rahman Khan said that he was unaware of such matters. “I don’t remember about this issue and no letter was passed in front of me,” Razi said.

When contacted, Dr Mumtaz Hashmi claimed that the letter was fake and the signature of Professional Association of Insurance Surveyors of Pakistan General Secretary was also bogus. However, Naeem Ch General Secretary of PAIS when contacted, accepted that he had sent letters to the PM and Finance Minister. “I have signed both the letters,” he added.

Courtesy by “ The News”
 
 
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