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JS Bank Offers The Safest Way To Send And Receive Remittances During COVID-19 Pandemic

Pakistan is among the top-five countries that receive remittances from abroad. Overseas Pakistanis send money to their homeland to support aging parents, younger siblings’ education or wedding, and much more. However, there has always been a concern of safety and security while sending and receiving remittances as many channels are illegal and cause loss to both the sender and the national exchequer. Moreover, the COVID-19 pandemic has exacerbated the issue of sending and receiving remittances and many Pakistanis are facing difficulties in receiving money sent from abroad.

JS Bank, realizing the need of the current situation, brings its Home Remittance services that allows Pakistanis to send and receive remittances from over 200 countries around the world.

Moreover, the Bank offers the most secure, safest, and fastest remittance service in the country. You can receive your remittance within minutes with JS Bank!

JS Bank Adds Convenience During COVID-19 Situation

JS Bank is recognized for their innovative products and services that add ease and convenience to people’s lives. In regard to the remittance and COVID-19 situation in the country, where people are social distancing themselves and are afraid of going out to the local banks or grocery stores, etc. receiving remittances has become even more difficult.

In this situation, JS Bank provides its app that people can use and track their banking transactions at home. All you need to do is download the app, and take care of your banking needs without going out. This way, you can receive your remittance easily, track it, and do all your banking transactions from the comfort of your home.

JS Bank Provides A Legal Way To Send And Receive Remittances

Pakistan depends on remittances to support its economy. As mentioned earlier, there have been complicated procedures that have caused overseas Pakistanis to either not send money back home, or use illegal ways to send money to their families. Utilization of illegal ways causes a huge loss to the national exchequer.

Therefore, the State Bank of Pakistan, Ministry of Overseas Pakistanis, and Ministry of Finance have initiated the Pakistan Remittance Initiative (PRI) to tackle illegal money transfers by collaborating with reputable banks in Pakistan, such as JS Bank.

Remittances can now be transferred through registered PRI service providers around the globe and the money can be easily received through any of the JS Bank’s nationwide branch network. JS Bank offers great exchange rates, and the fastest and safest infrastructure through which people can receive remittances. With this initiative, JS Bank is supporting the SBP’s drive to counter illegal money transfers in the country.

A Final Word

JS Bank is one of the leading banks in Pakistan known for their innovative products and services. The Bank offers Home Remittance services that allows Pakistanis to receive remittance from over 200 countries in the safest, fastest, and legal manner. Moreover, JS Bank collaborates with SBP’s drive to counter illegal transactions in the country in the Pakistan Remittance Initiative.

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Fighting The Pandemic: JS Bank Takes Unprecedented Measures To Combat Coronavirus

In a pledge to take measures to reduce chances of increasing COVID-19 in the country, JS Bank has waived all transactional fees on Mobile Banking, Internet Banking and ATM till April 30, 2020. This is so their clients can avoid being in crowded places and still participate in transactions as per their convenience.

Moreover, JS Bank aims to protect all its internal and external stakeholders by implementing an ingenious business continuity plan. The plan involves accelerating effective communication for taking precautionary measures, distributing sanitizers and masks at all of their branches nationwide, disinfecting their branches and implementing thermal screenings for their employees and customers. Furthermore, they have deployed paramedic teams nationwide as well.

JS Bank has also shifted to a skeleton working model and implemented a complete work-from-home strategy. JS Bank ensures continuity of services while keeping precautionary measures in check to fight the pandemic.

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Pakistan’s Engagement At The World Economic Forum, As Explained By Ali Jehangir Siddiqui

Each year, thought leaders in politics, business and academics from all over the world come together in the World Economic Forum held at Davos to carve out agendas for various regional and global industries. This year too, in January, the WEF brought together various diplomats from across the globe together under one roof for collaborative purposes.

Pakistan, which is striving for economic stability under the leadership of Prime Minister Imran Khan also took part in the Forum. He was accompanied by Ali Jehangir Siddiqui who led his agenda in the Forum. Ali Jehangir Siddiqui is the Ambassador-at-Large for Foreign Investments and had previously been an ambassador to the US in 2018 and a part of the Forum of Young Global Leaders—a community within the WEF—making him the right choice to represent Pakistan in the Forum this year.

Ali Jehangir Siddiqui represented the Prime Minister and briefed various business giants about Pakistan’s narrative. He highlighted how Pakistan is considered as one of the countries that provides Ease of Doing Business in addition to the low cost of labor in the region. In this regard, Siddiqui invited various companies to extend their business in Pakistan and create high value jobs in the country.

Pakistan’s aim at the Forum in Davos was to invite leading IT companies to extend their software houses in the region. In this regard, SAP, GSMA, Facebook and YouTube have agreed to provide digital up skilling opportunities to Pakistani students. Moreover, Siemens and SAP want to avail Pakistan’s low-cost resources and provide software engineering ventures in the country. The Pakistani delegates also met with Turkish business giants and are hoping the renewed diplomatic ties between the two countries bring business opportunities in the region.

Wrapping up, Ali Jehangir Siddiqui invited private businesspeople from Pakistan to get in touch with him so as to take their business to international recognition, such as in Davos. This will give them the opportunity to become the driving forces for shaping global economic and political agendas in the future—something that will be invaluable for Pakistan’s prosperity.

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Foreign Investment Drive In Pakistan

When former veteran cricketer Imran Khan won the 2018 elections, Pakistanis saw a beacon of hope. With the promise of making Pakistan a tourist destination, improving international relations, encouraging foreign direct investments in the country among other things, the newly-appointed PM became everyone’s hero. While there were a few ups and downs at the beginning, things are finally looking up.

The new government, under the leadership of Imran Khan has been focusing on gaining self-sufficiency and decreasing reliance on debt financing. The previous policy involved using the withholding taxes of Pakistani entrepreneurs to fund the country’s projects, which was quite discouraging for the businessmen. However, the country has now reduced exchange rates to the actual rates, resultantly boosting its export trade while releasing the working capital of Pakistani entrepreneurs.

Moreover, the increase in the number of tax filers from 1.8 million to a whopping 2.6 million has seen a positive response in the Pakistani economy. This change was realized as the FBR shifted its focus from only salaried individuals to retailers and wholesalers as well—the task done so for the first time in the economic history of Pakistan. Pakistan also aims to maintain good bilateral ties with other countries and has been focusing more on its foreign policy. This had led to various improvements, such as deferred oil payments from the KSA and UAE.

PM Imran Khan has articulated time and again that the center of economic stability of the nation is foreign direct investments. In this regard, he appointed Ali Jehangir Siddiqui as Pakistan’s Foreign Investment Ambassador-at-large. Siddiqui has previously served as Pakistan’s Ambassador to the United Nations and although his appointment has sparked criticism in the beginning, people eventually realized that Siddiqui’s educational background and expertise make him highly competent for this position.

Appointing Jehangir for this position is a strategic task by the PTI government in as such that he is a man not unknown among foreign delegates; therefore, serving as a trust-building element with other nations in order to encourage investment opportunities.

Siddiqui is known for his steadfastness and his quick decision-making capacities. Because of his efforts, Hutchison Port Holdings, Hong Kong’s port operator announced a $240 million investment in Pakistan. This investment project aims to increase the terminal capacity of Karachi Port and make it a ‘major trade hub’. This investment adds up to $1 billion of the total investment of the company in Pakistan and has the potential to increase capacity of CPEC, owing to increased growth potential for Pakistan.

Pakistan needs to continue with its efforts of encouraging foreign direct investments in the country in order to support its economy and improve its debt situation. Moreover, the appointment of people who are well-versed in their fields and who have sound international exposure will greatly benefit the country in the long run. The climb towards sound economy is indeed a long and tedious one; but if persevered till the end, has the potential to create a better livelihood for generations ahead.

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Hutchison Port Holdings To Facilitate Trade In Pakistan By Making Karachi Port A Major Trade Hub In The Region

Imran Khan, Pakistan’s 22nd Prime Minister, had pledged to make the country ‘investor-friendly’ as one of his missions while being appointed to the seat. He envisioned easing the tax laws and policies in order to encourage foreign and local investments in Pakistan to improve its economic status. In this regard, the Tahreek-e-Insaaf leader welcomed an investment of USD 240 million in the country last month by a Hong Kong-based Port Operator, Hutchison Port Holdings.

The company proclaimed to make Karachi Port a ‘major trade hub’ and increase its container terminal capacity in a meeting with the PM and other delegates on October, 15. The meeting was led by the Group Managing Director, Eric Ip, who briefed the PM about their plan to increase the terminal capacity of Karachi Port, encourage job opportunities in the region (as much as 3000 jobs would sprout because of this investment) and help their company and its parent organization, CK Hutchison Holdings in progressing.  

Among the delegates with the PM were the Advisor to PM on Commerce Abdul Razzaq Dawood, Minister for Maritime Affairs Syed Ali Haider Zaidi, Special Assistant to PM Syed Zulfiqar Abbas Bukhari, Chairman Board of Investment Zubair Haider Gilani and Ambassador at Large for Foreign Investment Mr. Ali Jehangir Siddiqui, among others.

This investment is one of the many investments that the Hong Kong Port Operator has done in Pakistan, totaling to $1 billion as of now. The Ambassador at Large, Ali Jehangir Siddiqui views this investment as a means of economic growth and prosperity in the country. Since the country has a fairly priced currency, the demand for exports is high. This investment, according to Jehangir, will increase the country’s export competitiveness.

Hutchison Port Holdings is a renowned port company in the world, with its operations expanding across the world. With terminals in 27 countries and 52 operating ports, the company works with a workforce of 30,000 employees. The port they are operating in Karachi is situated at the Keamari Groyne Basin, which facilitates easiest route to Karachi for trade and investment. This investment will further pave the road for more foreign investments in Pakistan, under the trade-friendly policies of PM Imran Khan.  

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The Future of Foreign Investment in Pakistan: Highs and Lows!

In this regard, the appointment of Ali Jehangir Siddiqui as Pakistan’s Ambassador for foreign investments in June 2019 is one of the steps Pakistan has taken in revamping its foreign strategies. A Cornell University graduate with his roots in business, Ali Jehangir Siddiqui has served as a special assistant to the Prime Minister of Pakistan in 2017. The very next year, Siddiqui was appointed at Pakistan’s ambassador to the US. Pakistan’s Fight With The Current Economic Downfall

Foreign investments are directly linked with the economic growth of a country. The more profound the foreign investments a country receives, the more sustainable the economy is. Through foreign investments countries are able to globalize, improve their economic growth and find expansion in domestic and foreign markets. Moreover, foreign investments create job opportunities and create value chains.

  The State Of Foreign Investment In Pakistan

Pakistan lags in attracting sufficient foreign investment—besides that from China. To make matters worse, local investors are dubious of the justice system in the country as well as its law and order conditions. Due to these reasons, profound amount of funds are sent out annually from the country. Financial experts consider this as one of the reasons for economic instability in Pakistan.

Last year, the findings of a suo moto case revealed a whopping $15.253 billion had been sent out of the country to foreign regions during the fiscal year of 2016-17. After this report, the then Chief Justice formed a committee of experts to retrieve the funds from abroad.

Because of this profound drain of the country’s assets there’s been a downfall in the currency exchange rates—as seen by the surge in US dollar and Pound rates against the Pakistani rupee. Moreover, this has severely impacted the country’s reserves of foreign exchange. The negative impacts of this outflow of funds from the country can be seen in the economic lurch the country is facing along with the constant foreign currency strains. In addition to that, inflation is at an all-time high because of the excessive wealth of the country transferred to foreign accounts.

Pakistan’s Fight With The Current Economic Downfall

Even with these issues, Pakistan can grow to give competition to the markets in the region. Pakistan receives foreign direct investments (FDI) in oil and gas, construction and energy sectors. Moreover, government has taken several initiatives to attract foreign investments, such as more privatization, tax incentives, equality with local and foreign investors, etc. Furthermore, the government of Pakistan is improvising its economic reforms to further improve economic development and investment situation in the country.

In this regard, the appointment of Ali Jehangir Siddiqui as Pakistan’s Ambassador for foreign investments in June 2019 is one of the steps Pakistan has taken in revamping its foreign strategies. A Cornell University graduate with his roots in business, Ali Jehangir Siddiqui has served as a special assistant to the Prime Minister of Pakistan in 2017. The very next year, Siddiqui was appointed at Pakistan’s ambassador to the US.

During his tenure as the special secretary and ambassador, Ali arranged meetings of the then Prime Minister, Shahid Khaqan Abbasi with foreign dignitaries in the World Economic Forum. For his notable services, Ali was honored by the title of a Young Global Leader by the World Economic Forum in 2014.

Ali—a business-minded individual—invested in American Express Bank (JS Bank now) to serve his country and support its economic growth. JS Bank controls financial services in Pakistan, including asset management, company research, commercial banking, Islamic banking, micro finance, stock brokerage and insurance investment banking. The institution is working

JS Bank’s accreditation of the Green Climate Fund (GCF) will help the private sector organizations in reducing the emissions of greenhouse gases (GHG) by investing in climate-resilient and low-emission programs. This program allows JS Bank to apply for funds up to USD 250 million for a project. This is definitely the pathway for more local and foreign investments in the country.

Pakistan’s Economy And The Future

Though foreign investments may be scarce, there’s a hope for a bright future under the present government. However, the present government needs to ensure sociopolitical stability within the region as well as create a fair business environment to attract international as well as domestic investors. This will need drastic measures to improve the legal framework in the country to protect the rights of the investors. Moreover, refining institutions that are related to investment and business is vital in attracting foreign investments.

Nature has gifted Pakistan with a crucial geopolitical location crucial for all trade routes within the region. While Pakistan is busy with its mega infrastructure project with China, it needs to consider involving other nations in similar projects. Opening trade routes and improving its bilateral relationship with its neighboring countries will help encourage stability and peace in the entire region.

Pakistan has a profound population of young people in the workforce. Providing them quality education and training is pivotal in building a supreme workforce of the future.

Moreover, Pakistan needs to focus on research and development in the country. This will lead to the creation of many products and job opportunities, decreasing its dependency on imported goods.

In short, in order to attract more foreign investments in the country, Pakistan needs to focus on its economic stability.  

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Ali Jehangir Siddiqui Appointed Honorary Ambassador For Foreign Investment

Ali Jehangir Siddiqui has lectured at the following universities: College of William and Mary in Virginia, National School of Public Policy in Lahore, National Defence University in Islamabad, Entrepreneurship and Management Excellence Center at Institute of Business Management in Karachi, and School of Advanced International Studies at Johns Hopkins University in Washington DC. Read more about his appointment as Honorary Ambassador For Foreign Investment here. United States (U.S.) commentators praised the efforts of Ali Jehangir Siddiqui who gave his credentials to Donald Trump in June, 2018. Recently, he has joined the “Global Unicorn” along with David Cameroon (Former British Prime Minister) and William Owen (Former Vice Chairman Joint Chief of Staff Admiral). PM (Prime Minister) Imran Khan chose Siddiqui as an honorary ambassador for foreign investment on June, 2019

Siddiqui has served as a chairman of JS Bank and JS Private Equity. State Bank of Pakistan (SBP) allowed American Express Bank merger with JS Bank in December, 2019. Over the years, JS Bank has grown to $4 billion in assets, around 5,000 employees, and branches in over 160 cities in Pakistan. Siddiqui is an investment banking expert. Previously, PML-N (Pakistan Muslim League-Nawaz) appointed Siddiqui as Pakistan’s ambassador to the U.S.

Previously, Siddiqui was appointed as a special assistant to PM with the status of Minister of State. He received a guard of honor on behalf of Pakistan in July 2018, when he met James Mattis (US Secretary of Defence) in a meeting at Pentagon. He is BA (Bachelor of Arts) in Economics from Cornell University. In 2014, he was awarded as a Young Global Leader by the World Economic Forum. 

Ali Jehangir Siddiqui was previously a Board Member of CDB (Community Development Board) of the Sindh Government, Board Member of Private Sector Task Force of the Planning Commission of the Government of Pakistan, Board Member of the Board of Investment of the Government of Sindh, Board Member of the Privatization Commission of the Government of Pakistan, Director of the Acumen Fund (Charity); Director and former-CEO (Chief Executive Officer) of the Mahvash and Jahangir Siddiqui Foundation (Charity).

Ali Jehangir Siddiqui has lectured at the following universities: College of William and Mary in Virginia, National School of Public Policy in Lahore, National Defence University in Islamabad, Entrepreneurship and Management Excellence Center at Institute of Business Management in Karachi, and School of Advanced International Studies at Johns Hopkins University in Washington DC.

Read more about his appointment as Honorary Ambassador For Foreign Investment here

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Pushing Mediocrity Or Promoting Innovation?

Pakistan has been going through a cascade of paradigm shifts that have delineated her geopolitical considerations resulting from religious extremism to political instability in the region. The lopsidedness in the current authoritative regimen is also a variation of the feeble systematic approach, which has long hindered the innovative thought process and generation of productive ideas.

Given that the traditional dogma has etched within the core of our political system, many a few diplomats have contributed to the upheaval of relationship status quo Pakistan shares with other nations, especially the US. After Trump’s tweet of accusing Pakistan of lies and deceit, Ali Jehangir Siddiqui was appointed as Pakistan’s Ambassador to the US in order to mitigate the heated two-tier tension.

Ali Jehangir Siddiqui identified the gap, exposing a multitude of business affairs along with the ideas of future prospects for both nations. His services were held credible by the contemporary Foreign Minister, Shah Mehmood Qureshi, for having improved the communication to an affirmative degree.

However, the new PTI government has focused on meritocracy, which entrusts leadership quality from the best officers in all fields. And with that perspective, new ambassadors have been appointed in the US, the UK, UAE, Saudi Arabia, Cuba, Qatar, Dubai, and Serbia. These actions of the current Pakistani administration is backed by the aptitude of consistency as a means of promoting innovation. With talent like Maleeha Lodhi, Sherry Rehman, and Jehangir Keramat, the need to recognize diplomats is crucial for the accomplishment of the modern thought.  

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The Diversity of Pakistan’s Art and Culture In The US

Recently, he delighted the audience from the American as well as the Pakistani communities by appearing at the South Asian Film Festival held at D.C. At the occasion, the envoy highlighted the importance of the promotion of the diversity of Pakistan’s rich culture.

Pakistan showcases a kaleidoscope of multiple cultures and civilizations that is apparent from its diversity radiating across its borders. The cultural and traditional values exhibited in today’s Pakistan represent the preservation of the creative and artistic process. It encompasses a wide range of art and culture aspects that include visual media and crafts, literature, plays and performance, design, and interactive media and so on.

For several years, Pakistan’s culture has constantly been impregnated with the idea of modernity and contemporariness. The traditional and classical façade of the Pakistani culture keeps evolving into a new and improved state on the stage of the world.

When it comes to interacting with other nations and establishing productive relationships, Pakistan’s culture and its heterogeneity come into play as a domineering as well as a contributing force. One notable example is that of the relationship between Pakistan and the US. Both of the countries have stood the test of time and have surpassed the challenges jeopardizing their sisterhood.

Though both the states have collaborated to strengthen each other during the times of need, the exchange in the cultural assets has served as a fundamental binding force. Without a doubt, the Pakistani and the US culture vary greatly in their historical, social, and community context, but the difference has attracted vast attention and appreciation from both sides.

In the recent years, the Embassies from both the sides have attempted to successfully regulate and enhance the mutual cooperation.

In addition to that, the Pakistani Embassy and the Ambassador to the US have striven strenuously to fortify the bond of connectedness and nationhood among the Pakistani community residing in the US. In fact, the services of Ali Jehangir Siddiqui, the current Pakistani Envoy to the US, have been greatly appreciated in this regard. Apart from maintaining his obligations as the Ambassador to the US, Siddiqui has persisted as the herald of an affirmative cultural affair.

Shortly after his appointment, Siddiqui appeared at the forefront of organizing cultural events, including the organization of a Qawwali performance by Ustad Rahat Fateh Ali Khan in order to celebrate Pakistan’s 71st Independence anniversary in the US where Ambassador Alice J. Wells was invited as the Chief Guest.

Pakistan Embassy, DC — Qawali performance by Rahat Fateh Ali Khan

Recently, he delighted the audience from the American as well as the Pakistani communities by appearing at the South Asian Film Festival held at D.C. At the occasion, the envoy highlighted the importance of the promotion of the diversity of Pakistan’s rich culture.

When considering the cultural variation from the lens of another perspective, it becomes apparent that the US culture and its civilization have shown compatible tolerance and appreciation in welcoming an alien culture. On a relative note, it can also be said the vigorousness of the Pakistani culture is rooting in the grounds of the foreign land and it is hoped that both the countries enjoy the fruits of their amassed cultural heritage in the coming future.

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JS Bank Supports Entrepreneurs Through SZABIST Partnership

Recently, JS Bank has shown its support for the entrepreneurs of tomorrow, aka the students. The Bank partnered with the Shaheed Zulfiqar Ali Bhutto Institute of Science & Technology (SZABIST) to provide loans to the aspirants through the JS Prime Minister Youth Business Loan (PMYBL) program. The eligibility criteria include the students and the alumni from SZABIST aged between 21 to 45 years, along with mandatory skills in entrepreneurship and management attained from SZABIST.

The loan scheme is aimed to aid student startups or businesses with an annual markup of 6%. In addition to that, the officials at SZABIST are propelled to create entrepreneurship experiences for upcoming students. For that reason, the institute also inaugurated a four-year BS degree program in Entrepreneurship in 2017. This step has been taken to create opportunities for students opting for an entrepreneurial future and the alliance with the JS Bank is the proof of the broadening advanced entrepreneurship scope in Pakistan.