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Jun 28, 2014

Utility Store Rates - Discount on 1500 Items in Ramazan Relief Package

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Federal government has announced subsidy of 2 Billion Rupees under Ramazan Relief Package-2014. Under this package over 1500 items will be provided on a chain of Utility Stores on discounted rates. Utility Stores already offer discounted rates on common grocery and kitchen items but government offers special subsidy to give relief to the public in the holy month of Ramadan.

Price of Utility Ghee is Rs.130 per kg, Utility Oil 142 per liter, Khajoor 160, Basin 70 and Rice 90~92. Discount of Rs. is offered on 20kg flour bag. 5 to 10% special discount is offered on other 1500 items.

Utility Store Rates in Ramazan

Jun 27, 2014

Shoaib Akhter got Married - View Photos of His Wife

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Rawalpindi Express Shoaib Akhter got married with Rubab Mushtaq of aripur on 23 June, 2014. This is an arranged marriage. She is only 20 years old and a student of 3rd year, while Shoaib Akhter is now about  39 years old. Rubab Mushtaq's father is a businessman.  Nikaah and Rukhsati was done very simply without pomp and show, only few friends and close relatives were invited. This news was leaked by Nikaah-khwan Qasim Tayyab and confirmed by Shoaib's brother Shahid Akhter.




Jun 24, 2014

Australia Offers $3300 for Pakistani Refugees

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Australian Government is offering up to Australian $3,300 to Pakistani asylum-seekers in its Pacific immigration camps if they voluntarily return to Pakistan, a report said. People of Lebanon were given $10,000, Iranians and Sudanese were given $7,000, Afghans $4,000 and those from Pakistan, Nepal and Myanmar $3,300, if they dropped bids for refugee status, the report in The Sydney Morning Herald said.


Jun 15, 2014

CNG Rates and Schedule in Pakistan

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There are about 3,500 CNG stations across the country of which almost 2,200 are situated in Punjab. Approximately 3.7 million vehicles including Public Service Vehicles (PSVs), private cars, taxi cabs, rickshaws and mini buses are operating on CNG.



CNG Rates in Pakistan

Pakistan has been organized in two regions for the rate and supply of CNG;
Region-1: Khyber Pakhtunkhwa (KPK), Baluchistan and Potohar Region
Region-2: Sind and Punjb (excluding Potohar Region)

Rate in Region-1 is Rs.74.25 per kg and rate in Region-2 is Rs.66.14 per kg. These rates are maximum and includes all type of charges, fees and taxes (i.e. Gas Infrastructure Development Cess (GIDC), Value Addition (Electricity Cost), Operating Expenses, Profit Margin and 17% GST. This is maximum sale price of Compressed Natural Gas (CNG) to be charged by a CNG Station from a consumer.

Rate in is different because calorific value of gas in both regions is different; 1040BTU in Region-I and 950BTU in Region-II.


Rate    (Rs./Kg)
Region-1
76.35
Region-2

71.5



CNG Schedule in Punjab

CNG is closed in Punjab from 15 November 2014 to 15 March 2015.

Jun 10, 2014

Potential Growth of Islamic Takaful in Modern Economy

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Risks are everywhere and these risks are always associated with human life and most of their activities are exposed and not free from risk. It may affect any life, property or even a business organization. Risk exists in every course of life and everyone wants to minimize it. This situation gives a wide room to the idea of insurance that is a contract to minimize the risk of loss as. Unknown events occurring in future may be fortunate or unfortunate. However, in Islam the acceptability of insurance is arguable. The Islamic Takaful has expanded in many major markets and in Muslim dominated countries around the world. Takaful operators from Malaysia have set up joint-ventures in Pakistan, Saudi Arabia and in India provided technical expertise to many countries in the Asian region. There are currently more than 80 Takaful insurance companies worldwide. 

In Pakistan need for Shariah based insurance has become more urgent and this will affect huge business capacity. Islamic finance gave a birth to a new term in trade and commerce that is known as ‘’Takaful’’. The word “Takaful” originates from the Arabic word “Kafala” means "guarantee". Takaful therefore is the practice whereby individuals in the community jointly guarantee themselves against loss or damage. The very idea of ‘’Tabarru’’ is the core of Takaful system which is purely without the elements of uncertainty and gambling. Another indicator of its growth is the increase in size of the Muslim market.

The Takaful products strictly follow the Shariah law, rules and regulations. The role of Shariah board is to watch closely the business decisions. In Takaful individuals in the community come together on a common platform and contribute small amount into a Waqf Fund to protect themselves against future losses or damages. Loss is compensated through the Waqf Fund and not by the Takaful Operator. At the end of every year, any excess amount left in the Waqf Fund after paying off claims and meeting expenses may be distributed amongst the participants as per the advice of the Shariah Board. In Takaful shareholders of the company are not entitled to participate in the profits generated by the insurance operators. While in the case of conventional insurance the primary motivation is to earn profit from the insurance transactions. The policyholder of a conventional insurance has no right to vote in the elections of the directors of the company or to see the annual accounts of the company. However in Islamic insurance companies these facilities are available to all policyholders. These differences increase the value to the Takaful industry and Takaful is becoming popular day by day.

The Takaful industry is appearing as a strong competitor against the conventional insurance especially in the Muslim countries. The Takaful industry is contributing allot of new things to the global insurance industry. However, there is still lack of awareness about Takaful and there is still a great deal of work needed to increase its awareness. Takaful is for all as it has its own unique position in an emerging global insurance market. 

Written by: Hassan Jamil
Hassanjamil01@gmail.com
COMSATS Institute of Information & Technology, Lahore

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