Connexions Pakistan - 17TH ANNUAL EXCELLENCE AWARDS CFA INSTITUTE RESEARCH CHALLENGE - Find a Society
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Pakistan
Connexions
www.cfasociety.org/pakistan | JULY 2021
17TH ANNUAL CFA INSTITUTE YEAR OF THE DIGITAL MINI
EXCELLENCE AWARDS RESEARCH CHALLENGE WEBINARS CONFERENCE
10 19 25 29
Contents
4 President’s Message
5 Editor’s Message
6 Executive Director’s Message
Featured Research Featured Events
7 Research Report by CFA Society 10 17th Annual Excellence Awards
Pakistan: 14 CFA Society Pakistan Ethics
Coupon Stripping of Domestic Sovereign Challenge
Bonds – Key Features in Select Markets
16 Recognition Event for Ethics
Research Brief by CFA Institute Challenge and Ethics
Research Foundation: Train-the-Trainer Program
The Emerging Asia Pacific Capital Markets: 18 Global Ethics Week
Challenges and Opportunities
19 CFA Institute Research Challenge
Monetary Policy Survey
2020-2021
8 Celebrating our Members’
22 CFA Charterholders Class of
Achievements!
2020-2021
Ethics Essay Competition 2020 CFA Institute
and ACCA Hong Kong
Championing Ethics, Sustainability, and
Inclusion Advocacy and
Ethics Essay Competition Regulator Outreach
23 Advocating the Global Investment
Performance Standards (GIPS®
Article Standards) and Asset Manager Code
9 Capitalising on Millenials and Gen Z in Pakistan
to boost stock market investment in 24 Session on Compliance and
Post Pandemic Era: Lessons for Implementation of GIPS® 2020
Pakistan
Regulator Outreach
Contents
Knowledge Based Networking and
Speaker Sessions Benefits
25 The Year of the Webinars 33 Dinner by Emaar Pakistan
27 Islamic Finance Webinar Series Charter Recognition Event –
Session 1: Fundamental Principles of Islamic Islamabad
Finance Exclusive Benefits for Members
Session 2: Innovation in Islamic Banking Access to Research Reports
28 Session 3: Practices and Opportunities in Preferential Consumer Financing Benefits
Islamic Capital Markets
Discounted Rates for Residential Property
Session 4: Social Impact Sukuk
Career, Training and
Digital Mini Workshops
Conference 34 Member Directory
29 The Era of Disruptive Finance: Jobline
Potential of Blockchain and Crypto Financial Modeling Training
assets in Investment Management
Practices Industry Engagement
35 Workshops on Ethical Decision
Article Making Framework
30 Pakistan Consumption: About to
Explode Soon! Candidate and
Women’s Day 2021 University Engagement
37 University Connect Series
32 Celebrating Empowered Women in
the Financial Community of Pakistan 39 Career Guidance
Leaders in Finance: Role of Women in 39 Access Scholarships
Pakistan’s Financial Markets amidst Covid-19
Launch of Path to Empowerment Series: 40 In the Spotlight!
Dialogue on Financial Inclusion and Gender 41 Leadership Team
Equality
42 Condolence Note
43 Acknowledgements
PRESIDENT’S MESSAGE
Muhammad Asim, CFA
President, CFA Society Pakistan
Chief Investment Officer, MCB-Arif Habib
Savings and Investment Limited
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!
APAC Volunteer of the Year 2020
CFA Institute
Mr. 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.
04
EDITOR’S MESSAGE
Sadaf Shabbir, CFA, FRM
Communications & Technology Chair,
CFA Society Pakistan
Head Structured Finance, Awwal Modaraba
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!
Outstanding Research Award 2021
Pakistan
Fintech 2020
Technological Innovations in the Financial Services Industry
CFA Society Pakistan
FINTECH 2020
A Report on Technological
Innovations in the Financial The report ‘Fintech 2020’ highlights a handful of fintech innovators from around the
Services industry
globe. It defines the fintech landscape, presents recent trends, and helps
understand how fintech can revolutionize the financial industry and, in particular,
© CFA Institute 2020. All rights reserved. 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.
05
EXECUTIVE DIRECTOR'S MESSAGE
Sarwat Ahson
Executive Director,
CFA Society Pakistan
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.
A Snapshot of the Society Today in Numbers*
448
Members
56%
in Investment Management Community
80%
Millenials
*Updated as of 30th June 2021
06
FEATURED
FEATUREDRESEARCH
EVENT
Research Report by CFA Society Pakistan
Coupon Stripping of Domestic Sovereign Bonds – Key Features in Select Markets
CFA 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 Opportunities
CFA 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 Survey
CFA 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.
07
MEMBER
FEATURED
RECOGNITION
EVENT
Celebrating our Members’ Achievements!
2nd Runner-Up The Ethics Essay Competition was jointly organized by ACCA Hong Kong
and CFA Institute. The initiative aimed to strengthen sustainability of
Ethics Essay Competition 2020 ethics in business and to reinforce its implementation. It reached out to
professionals in the accountancy, banking, finance and investment
CFA Institute and ACCA Hong Kong sectors to attract proposals and projects that could be promoted to
major players in the business community.
Ms. Shazia Farooq, CFA 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.
08
FEATURED
ARTICLE
EVENT
Capitalising on Millenials and
Gen Z to boost stock market
investment in Post Pandemic
Era: Lessons for Pakistan
Ms. Shazia Farooq, CFA
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 retail ownership in more than listed 1,500 companies reaching 9
for long term investment and retirement planning. per cent in the third quarter, the highest since March 2018.
Consequently, only 0.1% of the population in Pakistan invests in Millions of millennials, generation widely accepted as having
the stock market, far below most other countries including USA been born between 1981 and 1996 according to Reuters, have
(55%), UK (33%), China (12.7%) as well as India (3.7%). been drawn to stock market investments due to their growing
Active stock market investors stood at mere 252,322 as of April risk appetite. This comes as a paradigm shift from traditional
30, 2021, according to National Clearing Company of Pakistan investment avenues such as real estate, gold and bank
(NCCPL). The number of new investors increased by 17,684 deposits. It is pertinent to mention here that a number of these
since NCCPL launched the facility of registering investors investors had never traded in stocks before. In the words of
through online account opening for PSX, at the end of 2020 Mark Mobius, the veteran emerging-market investor, “India
amid the Covid-19 pandemic. However, the growth in the could easily equal China’s market cap in the next 5 to 10 years
number of new investors as well as the total number of because going forward, growth in India’s market will probably
investors are both insignificant considering the overall be faster. China, because of its size, will probably grow more
population size estimated 225 million according to slowly.”
worldometer. A similar trend is witnessed in China where the new generation
Pakistan needs to capitalize on its young upwardly mobile of youngsters born between 1997 and 2012/15, GenZ as they are
population to widen the investor base. The country has more known, have been a force in the markets for about two years,
young people than it has ever had with 64 percent of the nation investing amounts such as 10,000 yuan (about US$1,550)
younger than 30; this is forecasted to be on the upward according Asia Financial. Wang Dan, director of Wealth
trajectory through at least 2050 according UNDP Human Management Business Operations at China International
Development Report. This tech savvy young population Finance Corp, said: “Since last year, we have observed that the
segment offers a promising target market for stock market proportion of ‘post-90s’ and ‘post-2000s’ account openings is
investment in the age of trading apps and social media. With now close to 50% [of investors]. If you count the ‘post-80s’, this
almost 85% mobile teledensity and 100 million plus broadband number should be 70%. So it is a trend that the age structure of
subscribers as of April 2021, based on statistics provided by customers is getting younger and for us it is also our main
Pakistan Telecommunication Authority (PTA), it is easy to customer group.” This investor group is attracted to changing
digitally tap this extremely attractive market segment. industries and companies that are transforming.
India has successfully capitalized on the trading opportunity Pakistan’s mutual fund industry should intensify marketing
offered in the post-Covid era. According to Bloomberg. India’s efforts in small towns through both electronic and social media
retail trading boom advertising, an approach successfully adopted by our
has been fueled by neighbour. Investors in mid-tier cities generally invest for a
“India could easily equal
pandemic-driven longer term and tend to put in more money compared to people
China’s market cap in the next restrictions and job in the biggest cities as opined by Matthews India Fund in San
5 to 10 years because going losses, like in most Francisco. Pakistan can easily access mid-tier investors in
forward, growth in India’s countries across the these areas, given the fact that 87% of the population has
market will probably be faster. globe. Active investor access to the internet at the lowest rates according to PTA.
Furthermore, there should be increasing thrust on fintech
China, because of its size, will accounts in India rose
by a record 10.4 solutions, such as Mobile Apps and use of Artificial Intelligence,
probably grow more slowly.” million in 2020, with to make trading easy for an average person on the street.
09
FEATURED EVENT
17th Annual Excellence Awards
2nd October 2020
Pearl Continental Hotel, Karachi
CFA Society Pakistan hosted the prestigious Annual Excellence Awards in
Keynote Address by Karachi for the 17th year at Pearl Continental Hotel, Karachi. Through these
Honorable Governor, awards, we recognize the outstanding performance of financial institutions,
corporates and professionals during the past one year.
State Bank of Pakistan (SBP),
Honorable Governor, State Bank of Pakistan (SBP), Dr. Reza Baqir graced the
Dr. Reza Baqir 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:
10FEATURED EVENT
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
Standard Chartered Bank (Pakistan)
Best Bank of the Year 2019 - Mid Size Banks 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
Corporate Finance Awards
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
Investor Relations Awards
Best Investor Relations FY2020 -
Bank Alfalah Limited Winner
Listed Companies
Best Investor Relations FY2020 -
Engro Corporation Limited Runner-up
Listed Companies
11FEATURED EVENT
Brokerage Awards
Best Economic Research House of the Year FY2020 Topline Securities (Private) Limited Winner
Furqan Punjani
Best Equity Trader of the Year FY2020 Winner
Alfalah CLSA Securities (Pvt.) Limited
Muhammad Rameez
Best Equity Trader of the Year FY2020
Foundation Securities (Private) Limited Runner-up
Best Equity Analyst of the Year FY2020 Tahir Abbas
Winner
Arif Habib Limited
Muhammad Saad Ali, CFA
Best Equity Analyst of the Year FY2020 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
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
Investment Ideas Award
Best Investment Idea Award FY2020 Syed Hussain Haider, CFA Winner
12FEATURED EVENT
11
13FEATURED EVENT
CFA Society Pakistan
Ethics Challenge
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.
14FEATURED EVENT
Virtual Kickoff Meeting and Ethics Workshop
18th August 2020
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.
Virtual Pakistan Final Virtual APAC Sub-Regional Ethics
5th September 2020 Challenge Final
A total of 14 teams participated in the local challenge. The student 3rd October 2020
teams were given two weeks to analyze the case and prepare for
the challenge. The teams presented to an international panel of The APAC Sub Regional Challenge was hosted jointly by CFA
judges who were also CFA Charterholders. These included: Society Pakistan, CFA Society Malaysia and CFA Society
Singapore. The team from the Institute of Business Administration
• Alan Lok, CFA, Director, Ethics Education & Professional (IBA), Karachi, Pakistan, was announced as the winner of the APAC
Standards, CFA Institute (APAC) Ethics Challenge.
• Dr. Tony Tan, CFA, Senior Head, Ethics Education &
The case study for the APAC Ethics Challenge was written by
Professional Standards, CFA Institute
Michael McMillan, CFA, Director, Ethics and Professional Standards
• Ms. Kingpai Koosakulnirund, CFA, Board of Director, CFA at CFA Institute. The challenge was conducted virtually, due to
Society Thailand Covid-19, and each local society nominated two teams to
• Mr. Mohammad Shoaib, CFA, Director & Advocacy and GIPS participate. A high-profile panel of judges comprised of two senior
Chair, CFA Society Pakistan and CEO, Al Meezan directors from CFA Institute, a regulator from Singapore, an
Investment Management Ltd. academic professor from Malaysia and an industry practitioner
• Ms. Saniya Mahboob, CFA, Formerly employed in Private from Pakistan. There was also an audience of over 60 observers,
Equity at Abu Dhabi Investment Authority (ADIA) including regulators from Pakistan, aspiring society leaders from
• Ms. Xiaomin Hu, CFA, General Manager, Chengdu Jingying India and Japan, and board members from each of the
Zhiyuan Talent Venture Capital Management participating societies.
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.
15FEATURED EVENT
Recognition Event for Ethics Challenge
and Ethics Train-the-Trainer Program
26th October 2020
CFA Society Pakistan organized a Recognition Event for two of its leading Ethics
Chief Guest Initiatives – Ethics Challenge for University Students and Ethics Train-the-Trainer
Mr Shauzab Ali, Program on 26th October 2020.
Commissioner, Mr. Shauzab Ali, Commissioner, SECP graced the event as the Chief Guest and
shared his views on the importance of Ethics in our industry.
Securities Marketing
Institute of Business Administration (IBA), Karachi and Shaheed Zulfikar Ali Bhutto
Division, SECP. 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.
16FEATURED EVENT
17FEATURED EVENT
Global Ethics Week
19th – 21st October 2020
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.
18FEATURED EVENT
CFA Institute Research Challenge
2020-2021
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.
19FEATURED EVENT
Kick-off Meeting and Company Presentation
This meeting aims to familiarize participants with the rules and A detailed presentation was also conducted for participants on
requirements of the competition. The session was conducted the subject company and its current position in the market by
by Mr. Azfer Naseem, CFA, CEO Akseer Research and Chair, Mr Tariq Mehraj, ACA, Vice President and Unit Head - Financial
Research Challenge Committee in Pakistan. He provided an Accounting, Financial Reporting and MIS at Meezan Bank
overview of the competition and the applicable rules for Limited. This was followed by an interactive Q&A session.
participants, faculty advisors and industry mentors, and
thoroughly briefed attendees on the requirements for writing an
equity research report.
Training Sessions for Participants Local Final
CFA Society Pakistan organized a series of exclusive training The teams worked hard and provided compelling and
sessions for the participants of CFA Institute Research Challenge thoroughly researched presentations on the subject
2020-21 in Pakistan. These trainings helped cement understanding company, despite the added hurdles due to the event
of financial modeling and analysis concepts for participants, and being online. Their efforts were highly appreciated by all
further refined their research report writing skills. the judges and the Chief Guest for the event, Mr Irfan
How to analyze a listed company? Siddiqui, CEO, Meezan Bank Limited. Mr. Aamir Khan,
Chairman, SECP also addressed the participants and
The session was conducted by Mr. Azfer Naseem, CFA, CEO, Akseer attendees through a video message.
Research (Pvt.) Limited and Chair, Research Challenge Committee.
The esteemed panel of judges included several senior
Introduction to Financial Modeling. capital market participants:
The session was conducted by Mr. Sateesh Balani, CFA, Director, CFA • Mr. Fawad Khan, Director, Center for Financial
Society Pakistan and Director Research, Ismail Iqbal Securities (Pvt.) Studies, Prince Sultan University
Limited. • Mr. Imtiaz Gadar, CFA, Head of Capital Markets, Bank
How to Analyze a Bank? Alfalah Limited
The session was conducted by Mr. Raza Jafri, CFA, Director CFA • Mr. Navid Goraya, Chief Investment Officer,
Society Pakistan and Head of Equities, Intermarket Securities Limited Karandaaz Pakistan
• Mr. Syed Suleman Akhtar, Chief Investment Officer,
How to write an Equity Research Report?
UBL Funds Managers Limited
The session was conducted by Mr. Azfer Naseem, CFA, CEO, Akseer • Ms. Uzma Maqbool, CFA, Head of Business Planning
Research (Pvt.) Limited and Chair, Research Challenge Committee. and Analysis, TCS Private Limited
The university teams prepared their research reports after various Karachi School of Business & Leadership (KSBL) emerged
rounds of consultation with their faculty advisors and industry as the winner of the Pakistan local final. KSBL won the
mentors assigned to them. The reports were graded by the Judges competition for the fifth time in a row and proceeded to
and teams from the following four universities proceeded to the compete at the Asia Pacific Sub-Regional round held
Local Final. virtually this year. The efforts put in by the team were
praiseworthy and we hope to see even more rigour in the
1. Institute of Business Administration (IBA), Karachi
years to come!
2. Institute of Business Management (IoBM)
3. Karachi School of Business & Leadership (KSBL) The Local Final of CFA Institute Research Challenge
qualified for 2 CE hours for CFA Society members.
4. Sukkur IBA University (SIBAU)
Prize Distribution Ceremony by Meezan Bank
Hailing the efforts of the finalists, Mr. Irfan Siddiqui also Mr. Muhammad Asim, CFA, President, CFA Society Pakistan, Mr.
announced generous cash prizes for the winners and runners Azfer Naseem, CFA, Chair, Research Challenge Committee in
up. A ceremony was then held at Meezan Bank Limited Head Pakistan, and Mr. Syed Tariq Hassan, CFA, Chief Risk Officer,
Office where the winning team received PKR 200,00 and the Meezan Bank Limited awarded the plaques to the teams on
runner up team received PKR 100,00. Students of the winning behalf of CFA Society Pakistan.
team, KSBL, and the runner-up team, IBA , also presented their
Mr. Ameet Doulat, CFA, Industry mentor of Team KSBL, and Mr.
equity research analysis on Meezan Bank Limited to the top
Faraz Younus Bandukda, CFA, Faculty Advisor of Team KSBL
management of the bank.
were also honored at the event
20FEATURED EVENT
21CONGRATULATIONS, CFA CHARTERHOLDER® CLASS OF 2020-2021! 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, CFA Hooria Saboor, CFA Muhammad Kafeel Zaheer, CFA Syed Hassan Hammad Zaidi, CFA Abdul Rehman, CFA Huda Ahmad Khan, CFA Muhammad Kazim, CFA Syed Jazib Shere, CFA Abdul Samad Khan, CFA Hussaini Shan-E-Abbas, CFA Muhammad Muaz, CFA Syed Mohammad Sabih, CFA Abdul Wasay Siddiqui, CFA Ibaad Kalim, CFA Muhammad Mustafa Fahim, CFA Syed Muhammad Ali, CFA Ahmad Arshad, CFA Isfandyar Ikram Khan, CFA Muhammad Mustafa Khalid, CFA Syed Qutub Uddin Mubashir, CFA Ahmed Faisal Chaudhry, CFA Jahandad Nadeem, CFA Muhammad Rameez Naeem, CFA Syed Raza Hassan, CFA Ahmed Raza, CFA Jawad Ahsan, CFA Muhammad Saad Abdullah, CFA Syed Shakaib Ali Naqvi, CFA Ali Abbas, CFA Jehanzeb Hassan Khan, CFA Muhammad Shahzeb Badar, CFA Syeda Sharmeen Ahmed, CFA Ali Haider, CFA Junaid Ahmed Shaikh, CFA Muhammad Suhail, CFA Talha Khan Ghauri, CFA Ali Masood, CFA Kashif Waheed, CFA Muhammad Talha Asif, CFA Umair Ahmed Khan, CFA Ali Raza Gillani, CFA Kazi Aijaz Qureshi, CFA Muhammad Talha Azhar, CFA Umer Mustafa Merchant, CFA Ali Shah Jumani, CFA Mahad Shahbaz, CFA Muhammad Usman Siddiqui, CFA Usama Ashfaq, CFA Anam Khan, CFA Malik Muhammad Umair Akbar, CFA Muneeba Shoaib, CFA Usman Ali, CFA Aniqa Bawany, CFA Manesh Kumar, CFA Muntaha Tasneem Usmani, CFA Usman Ali, CFA Anita Hakani, CFA Mariam Agha, CFA Murtaza Kamil Shahbazker, CFA Usman Ghani Qureshi, CFA Anjlee, CFA Maryam Memon, CFA Nabeel Ahmed Khan, CFA Uzair Ali, CFA Ansreen Malik, CFA Mohammad Abdullah, CFA Nabeel Hussain, CFA Vanesh Kumar, CFA Anum Amin Kanjani, CFA Mohammad Adeel Mushtaq, CFA Nayab Babar, CFA Waqar Mohammad Naqvi, CFA Asia Nasim, CFA Mohammad Afaq Nasir, CFA Omer Saeed, CFA Waqas Iqbal, CFA Asim Hussain, CFA Mohammad Ali Yafis Gardezi, CFA Rameesha Nayab, CFA Waqas Mustafa, CFA Ayesha Khan, CFA Mohammad Hashim Sohail, CFA Rida Sahar Khan, CFA Yuha Bint E Ishtiaq, CFA Azeem Maqbool Malik, CFA Mohammad Hayat Un Nabi Khan, CFA Saad Bilal Khawaja, CFA Zain Amir Naseem, CFA Bilal Khan, CFA Mohammad Sohail Siddiqi, CFA Saad Khatri, CFA Zeeshan Shafi, CFA Bilal Mustafa, CFA Mohammed Hunain, CFA Saad Masood, CFA Bosco Firmin Dominic Sales, CFA Mohsin Azam Khan, CFA Safwan Ghori, CFA Faizan Elahi, CFA Moiz Sabir, CFA Saim Shahid, CFA Farrukh Yasin, CFA Momina Masood Siddiqui, CFA Saqib Pervez Abbasi, CFA Hafiz Muhammad Umar Farooq, CFA Mudassir Alam Shah, CFA Shahmeer Afroze, CFA Hamadullah Abro, CFA Muhammad Asad Uz Zafar, CFA Shahrukh Saleem, CFA Hammad Mansoor, CFA Muhammad Faisal Waleed Soomro, CFA Shayan Kodvavi, CFA Hammad Uddin Khan Bozai, CFA Muhammad Habib, CFA Shoaib Zafar, CFA Hamza Sajjad Sarwar, CFA Muhammad Imran Chaudhry, CFA Sidra Abbasi, CFA Haris Sheikh, CFA Muhammad Janice, CFA Syed Babar Ali, CFA Hashim Fazal Hasnain, CFA Muhammad Junaid Naeem, CFA Syed Fawwad Hasan, CFA *Updated as of 4 June 2021.
ADVOCACY
FEATURED EVENT
AND REGULATOR OUTREACH
Advocating the Global Investment
Performance Standards (GIPS® standards)
and Asset Manager Code in Pakistan
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 ™.
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.
23ADVOCACY
FEATURED EVENT
AND REGULATOR OUTREACH
Session on Compliance
and Implementation of GIPS® 2020
27th February 2021
CFA 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.
Regulator Outreach
Representatives 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.
24KNOWLEDGE BASED SPEAKER SESSIONS
The need to stay up-to-date with current developments as well as to shape a view of the
The Year of 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
the Webinars 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.
• Pakistan Investment Outlook: Global Perspectives • ESG Disclosure Standards for Investment Products
featuring Mr. Ali Farid Khwaja, CFA, Chairman, KASB featuring Ms. Mary Leung, CFA, Head of Advocacy, APAC, CFA
Securities, Pakistan; Mr. Farhan Rizvi, CFA, FCCA, SCA, Head Institute.
of Asia Frontier Markets Research, Credit Suisse AG,
• Crowdfunding Potential for Startups: Global traction and
Singapore; and Mr. Muhammad Shamoon Tariq, CFA, Fund
the Role of Fintech Platforms featuring Mr. Shauzab Ali,
Manager and Deputy Chief Investment Officer, Tundra
Commissioner Securities Marketing Division, SECP and Mr.
Fonder, Stockholm. The session was moderated by Mr.
Ashar Nazim, CEO, Aion Digital. The session was moderated
Farrukh Karim Khan, CFA, Co-Founder and CEO of TrueNorth
by Mr. Ali Farid Khwaja, CFA, Chairman, KASB Securities,
Advisors.
Pakistan.
• Fintech 2020: A Fast Evolving Venture Landscape
• Investment Opportunities in Pakistan: Roshan Digital
featuring Ms. Sadaf Shabbir, CFA, FRM, Head – Structured
Account featuring Dr. Murtaza Syed, Deputy Governor, State
Finance , Awwal Modaraba and Director, CFA Society
Bank of Pakistan (SBP), Mr. Syed Irfan Ali, Managing Director,
Pakistan; Mr. Mr Ali Farid Khwaja, CFA, Chairman, KASB
Deposit Protection Corporation (DPC), SBP, Mr. Farrukh H
Securities, Pakistan; Mr. Sumair Farooqui, Co-Founder and
Khan, CEO, Pakistan Stock Exchange Limited, Mr. Shazad
MD, Kashat, Egypt; Mr. Vishnu Chundi, CEO, AssetVault and
Dada, President & CEO, United Bank Limited, Mr. Badiuddin
IND1, India; Ms. Naureen Hayat, Co-Founder, Tez Financial
Akber, CEO, Central Depository Company, and Mr. Sharjeel
Services, Pakistan; and Mr. Umar Munshi, Co-Founder, Ethis,
Shahid, Group Executive - Digital Banking Group, United
Indonesia and Founder, GlobalSadaqah.com, Malaysia. Mr.
Bank Limited. The session was moderated by Mr.
Farid Haque, Co-Founder, AssetVault, London moderated
Muhammad Asim, CFA, President, CFA Society Pakistan
the session.
• Update on Government Securities Auctions featuring Mr.
• Auction Calendar for Government Securities & Launch of
Abdul Rehman Warraich, CFA, FRM, Director General Debt,
3-Year and 5-Year Floating Rate Bonds featuring Mr. Abdul
Ministry of Finance.
Rehman Warraich, CFA, Director General Debt, Ministry of
Finance. • Bloomberg Essentials: Functionality, Navigation and
Enhancements featuring Mr. Boris Grozev, Country
• Brand Yourself to Attract Career Opportunities, featuring
Manager, Bloomberg
Mr. Eric Sim, CFA, Founder of Institute of Life (IOL).
• Understanding Refinitv Eikon: Navigation & Analysis
• Effects of COVID-19 Pandemic on the Global Economy,
featuring Mr. Shane Clark and Mr. Mohammed Mousa,
Capital Markets, and the Investment Management
Investment Advisory Specialists for Middle East and Africa
Industry featuring Ms. Mary Leung, CFA, Head of Advocacy,
(MEA) Region at Refinitiv.
APAC, CFA Institute. Mr. Mohammad Shoaib, Director, CFA
Society Pakistan moderated the event. • Understanding IMF Program and the Underlying Economic
Challenges and Opportunities featuring Mr. Abdul Rehman
• Launch of 3 months Coupon Floating Rate Bonds featuring
Warraich, CFA, FRM, Fiscal Space Advisor, Sub-National
Mr. Abdul Rehman Warraich, CFA, FRM, Director General
Governance, Lahore.
Debt, Ministry of Finance, Government of Pakistan.
• Information Session on CFA Institute Asia-Pacific
• Financial Modeling Best Practices featuring Mr. Ian
Research Exchange (ARX) featuring Mr. Scott Lee, Director
Schnoor, CFA, AFM, Executive Director of Financial Modeling
of ARX, CFA Institute and Mr. Piotr Zembrowski, CFA,
Institute (FMI).
Manager of Advocacy Research and Content.
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
25KNOWLEDGE BASED SPEAKER SESSIONS
Pakistan’s Investment Outlook: Fintech 2020:
Global Perspectives A Fast Evolving Venture Landscape
Launch of 3 Month Coupon Financial Modeling ESG Disclosure Standards
Floating Rate Bonds Best Practices for Investment Products
Crowdfunding Potential for Startups: Investment Opportunities in Pakistan:
Global Traction and the Role of Fintech Platforms Roshan Digital Account
Bloomberg Essentials: Understanding Refinitiv Eikon: Understanding IMF Program and the
Functionality, Navigation and Navigation and Analysis Underlying Economic Challenges and
Enhancements Opportunities
26KNOWLEDGE
FEATURED EVENT
BASED SPEAKER SESSIONS
Islamic Finance Webinar Series
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.
Session 1: Fundamental Principles of Islamic Finance
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 2: Innovation in Islamic Banking
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.
27KNOWLEDGE
FEATURED EVENT
BASED SPEAKER SESSIONS
Session 3: Practices and Opportunities in Islamic Capital Markets
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.
Session 4: Social Impact Sukuk
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.
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