Centre of Excellence inaugurated at UET Lahore

MD & CEO of the Pakistan Petroleum Limited (PPL) Imran Abbasy formally inaugurated the Centre of Excellence for Research, Development and Training at the University of Engineering and Technology (UET), Lahore, as per a press release. The initiative is funded by PPL under its corporate social responsibility programme.

With a Rs51.1 million grant by PPL covered the construction, furnishing, and procurement of cutting-edge simulation and laboratory equipment for the Centre.

The centre is the first of its kind in Pakistan’s petroleum sector, set up to provide free technical training to PPL staff and other industry professionals, undertake applied research projects in exploration and production, host national and international petroleum conferences and seminars, and support in-house research and development projects, including production optimisation and shale gas studies

Vice Chancellor UET, Dr. Shahid Munir, said, “The inauguration marks a milestone in building a self-reliant, skilled workforce, and boosting Pakistan’s capacity in energy innovation.”

NBP upgrades its banking platform

The National Bank of Pakistan (NBP) has successfully completed a major upgrade of its banking technology platform, as per a press release. The improved banking platform introduces a suite of enhancements, including accelerated transaction processing, significantly reduced system downtime, and greater operational efficiency across branches and digital channels. The modern infrastructure enables NBP to offer faster, smarter, and more secure banking services to millions of customers nationwide and internationally.

In addition to performance improvements, the system advancement brings state-of-the-art security features, offering stronger data protection while minimising potential vulnerabilities. Customers will also benefit from more intuitive mobile and digital banking services, powered by technology-driven insights and personalized financial tools.

TDAP’s Baloch handicraft seminar

The Trade Development Authority of Pakistan (TDAP), in collaboration with the Quetta Chamber of Commerce & Industry (QCCI) and Taraqee Foundation, organised a seminar titled “Export Potential of Local Handicrafts of Balochistan” at QCCI Hall as shared in a press release. Focused on empowering women entrepreneurs, the event highlighted export opportunities in the handicraft sector.

As part of its ongoing efforts to promote trade from underserved regions, the TDAP has already conducted seven awareness sessions for women and supported their participation in key trade platforms like WEXNET, offering 100 per cent subsidised participation.

This seminar marked TDAP’s third sector-specific event aimed at building export readiness in Balochistan. Based on the above theme, Zain ul Abideen from TDAP shared insights on export procedures, market trends, and opportunities through events like TEXPO and OIC Trade Fairs.

The seminar reinforced TDAP’s commitment to link Balochistan’s cultural heritage with economic opportunity through inclusive trade initiatives.

ICMA’s analysis on the Islamic banking sector

The Institute of Cost and Management Accountants of Pakistan has conducted a detailed analysis of Pakistan’s Islamic banking sector, as per a press release, highlighting its rapid growth, key challenges, and future potential as the country moves toward full Shariah compliance by 2027.

According to the State Bank of Pakistan data for September 2024, Islamic banking assets grew by 17.4 per cent year-on-year to Rs9.88 trillion. Deposits increased by 23.3pc to Rs7.59tr, net financing rose by 7.5pc to Rs3.252tr, and investments grew by 22.3pc to Rs4.80tr. Islamic banking now represents 19pc of the total banking industry’s assets and 23.2pc of deposits.

Looking forward, Pakistan’s Islamic banking sector has strong growth opportunities. The government’s goal of fully Islamising the banking sector by 2027 will open new markets. Emerging areas such as Islamic fintech, Takaful (Islamic insurance), and Sukuk (Islamic bonds), combined with rising global demand for ethical finance, will support this growth. Strategic partnerships and investments from Gulf and Southeast Asian economies, along with government incentives for Islamic finance development, add further momentum.

Published in Dawn, The Business and Finance Weekly, May 26th, 2025