A.F.Ferguson, which recently manages to get audit job of Meezan Bank, country’s largest Islamic Bank, has now successfully land MCB Bank in its pockets.

According to EconomyAge, MCB has appointed A.F. Ferguson & Company, Chartered Accountants, as it auditing and accounting firm for the next calendar year 2012, an official sources said. Riaz Ahmed and Company and KMPG Taseer Hadi were maintaining accounts of Pakistan’s largest bank at present.

According to sources, the two firms were replaced as they maintained bank’s account for three-year and completed maximum period with a corporation in accordance with a law.

MCB Bank and Meezan, both are in expansion phase which could result in more audit work and, obviously, more audit revenue for A.F.Ferguson & Co.

Mohammad Usman Ali Usmani, the visionary leader of MCB Bank, under whom the Bank mark itself as an international bank, will be staying for one more year as CEO and President of MCB Bank.

Usman Ali Usmani, CEO & President MCB Bank (Pic Source: Bloomberg)

According to notification issued, State Bank of Pakistan has allowed one year extension in the services of Muhammad Usman Ali Usmani as president and CEO of MCB Bank.

According to a communiqué of the bank sent to Karachi Stock Exchange (KSE) on Friday, MCB said that Usmani’s term has been extended till September 24, 2012, subject to compliance withthe applicable laws, rules and regulations.

Let’s put the government aside. Let’s forget that we have security problems in Pakistan and let’s totally forget that we’re facing employment problems.

And if we forget all of these then we can say that Pakistan is quickly becoming a developed nation. I know this is all confusing but then what is not? For last three years, according to stats shared by government agencies, Pakistani investors transferred $10 Billion alone in Malaysia. My stress is on Pakistani Investors. And When I read this I was like, ‘Do you we have this kind of money in Pakistan?’ And where do they usually invest it?

For those who are keeping a watch on Business sections might as well aware of the fact that our beloved Engro is investing in North America (say acquiring companies). MCB  Bank declared Sri Lanka as its second home and KASB is expanding in Tajikistan. Keep this in mind that these are all Pakistani companies and they have been successfully producing jobs in other countries (Who said “Charity begins at Home” – It doesn’t)

According to new reports, Habib Bank is making steady strides in the UK through its consumer friendly strategies that has allowed the financial organisation to have turn over of GBP 5.2 million last year.

Speaking at a weekend dinner hosted in honour of its outgoing UK CEO Nauman Dar, Zakir Mahmood, Chairman, Habib Bank UK said the bank enjoys immense brand alongside its South Asian clientele whose confidence has enabled it to achieve greater heights.

He paid tributes to the leadership of Dar for increasing the profitability of the bank from GBP 1 and half million during his eight years in London as the chief executive officer to its current position.

For a little background of Habib Bank UK, it was incorporated in the UK in 2001. It is a 90.5% owned subsidiary of Habib Bank Limited (HBL). The remaining 9.5% is owned by Allied Bank Limited.

The majority ownership of HBL (51%) rests with the Aga Khan Fund for Economic Development (AKFED) which is registered in Switzerland. 49% is owned by the Government of Pakistan and the eight per cent is listed on the Karachi Stock Exchange.

But my point is still same – If these companies could invest millions of dollars outside then why can’t here?

I think you know the answer and even these companies know the answer and my editor won’t let me turn PakistanACCA into a political blog. May God Bless our country.

Muslim Commercial Bank (MCB) in Sri Lanka is gearing to become the single biggest operation out of Pakistan with a major expansion drive.

The Bank’s President M.U.A. Usmani during one of his regular visits to Sri Lanka said they intend on making the Colombo office the single biggest operation out of Pakistan.

In this respect, the bank is today offering its Sri Lankan customers products like virtual banking, which was launched on Monday in Colombo.

With banks today coming out and becoming increasingly accessible and providing more convenience, MCB has taken a step towards ensuring ease of operations.

Towards this end, the bank will be open to its customers 24 hours, seven days of the week, Usmani said, adding that they also intend to offer mobile banking and payment of utility bills through the internet banking service in the future.

At present, the virtual banking service in Sri Lanka will provide facilities like account information, local and overseas fund transfer, schedule standing orders and payments, cheque control, set alerts, inbox and document upload facility, trade services, loan settlements, bulk transactions and maker-checker facility.

MCB Bank Country General Manager Raheel Ijaz observed that customer convenience was their priority and the main reason for being committed to giving customers the innovations necessary to face today’s fast-paced world.

My previous article might be interesting for users where I pointed MCB strategy of entering in ex-Russian States and in Eastern Asia. For one thing – MCB Bank is going to dominate as the largest Asian Bank with services matching international standards.

According to Daily Mirror in Sri Lanka, the bank is currently projecting to move into the retail sector from the SME sector. Currently it has a customer base of approximately 6,000 with plans underway to double this figure within about one-and-a-half years.

In a bid to achieve this target, MCB is eyeing exponential growth, Ijaz asserted.

In the future, MCB plans to introduce new products like margin trading in the foreign exchange and capital market, home remittances and lending for a developing product for non-resident Sri Lankans.

In view of Islamic banking, MCB hopes to introduce more products both for deposit and loans. A debit card is also to be introduced by next year to its local customers.

In Pakistan, MCB is one of the biggest banks in terms of market capitalisation with a customer base of approximately four million and a nationwide distribution network of 1,081 branches, including eight Islamic banking branches and over 450 ATMs in a market with a population of over 160 million.

Forbes, last night released the list of billionaires and for the first time in history a Pakistani, Muhammad Main Mansha made into that list. Yesterday we reported about a Pakistani Scientist who is a glory for us and now we are more proud of a Pakistani Businessman. Mansha is involved in almost every industry including Cement, Power, Textile (GAP is the brand of his textile company) and banking.

Complete list of billionaires is available here.

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