Financial management: CFOs are agents of transformation, says ICAP chief
KARACHI: The Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) successfully organized the CFO Conference 2025 under the theme 'Quantum Leap: Agility & Competitive Edge' at a local hotel.
In his address of welcome, Saifullah, President ICAP, extended his appreciation to the guests, organizing committee, council members, sponsors and participants. He underscored the pivotal role of CFOs as agents of transformation — not only in ensuring sound financial management but also in steering organizations towards digital integration, ethical governance, and sustainable growth.
Samiullah Siddiqui, Vice President and Chairman of the PAIB Committee at ICAP, highlighted the relevance of this year's theme as a reflection of the rapid transformation reshaping today's business and financial landscape. He emphasized the critical need for finance leaders to foster agility, adopt emerging technologies, and proactively create strategic value within their organizations.
The keynote address, Leadership Metamorphosis: Recalibrating CFOs in Motion, was delivered by Saqib H Shirazi, CEO of Atlas Honda. He underscored the multidimensional evolution of the CFO role—from traditional financial stewardship to strategic business leadership—highlighting the CFO's capacity to drive performance, innovation, and resilience amid today's volatile economic landscape.
A prominent feature of the conference was the panel discussion titled Empowered Growth: Leveraging the Digital Ecosystem, moderated by Syed Faraz Anwer, Partner at A.F. Ferguson & Co. The panel brought together distinguished leaders including Humayun Sajjad, CEO of Mashreq Bank; Rizwan Ata, CEO of Bank Islami; and Farrah Rostamzaad, Head of Client Servicing at Marsh. The session offered deep insights into unlocking scalable growth through digital transformation, data-driven decision-making, and enhanced financial agility.
In a thought-provoking presentation titled Ethics in AI: Safeguarding Trust & Transparency in Finance, global technology thought leader Mr. Warren Knight examined the critical intersection of artificial intelligence and ethics. He underscored the necessity of robust governance frameworks to uphold transparency, trust, and accountability in algorithmic decision-making within the financial sector. Mr. Jamil Qureshi, Federal Secretary of the Special Investment Facilitation Council (SIFC), delivered an insightful address on Investment Opportunities in Pakistan: Evolving Business Climate, shedding light on Pakistan's strategic potential and the growing landscape of opportunities for both local and international investors.
Arshad Mahmud, acclaimed music composer and actor, shared his reflections in a captivating session titled Notes, Numbers & Narratives: The Arshad Mahmud Perspective. The session provided a profound exploration of the intersection between creativity, culture, and personal evolution, offering valuable insights into the artistic and human dimensions often overlooked in the world of finance.
The human capital dimension was brought into focus through the panel discussion titled The Human Balance Sheet: Future-Proofing Talent & Leadership. The panel featured distinguished speakers including M. Ahmad Khan, Director HR, Dawlance and Sharon Ditchburn, Vice Chairperson, IFAC PAIB Advisory Group, and was expertly moderated by Farhan Mithani, CEO, QICT. The discourse underscored the imperative of cultivating diverse talent pipelines, embedding future-ready competencies, and fostering leadership grounded in empathy and adaptability.
In an engaging fireside chat titled Beyond Compliance: ESG for Sustainable Success, Memosh Khawaja, Founder of ILMNET, joined environmentalist Afia Salam to examine the evolving ESG landscape. The dialogue emphasized the need for finance leaders to transcend compliance-driven frameworks and integrate sustainability as a strategic imperative within organizational DNA.
Lee White, Chief Executive Officer of the International Federation of Accountants (IFAC), delivered a compelling keynote address titled Finance in the Age of Acceleration: Navigating Complexity with Agility. He urged finance professionals to proactively embrace artificial intelligence, sustainability imperatives, and inclusive leadership models to sustain relevance and competitiveness in an increasingly complex global economy.
The concluding panel discussion, Riding the Economic Wave, convened eminent thought leaders in finance and journalism, including Khurram Schehzad, Advisor to the Finance Minister of Pakistan; Mr. Amjad Waheed, CEO, NBP Funds; Irfan Siddiqui, CEO, Meezan Bank; and Shabbar Zaidi, Former Chairman, FBR. Moderated by M. Shuja Qureshi, Presenter of Nukta, the session provided critical insights into Pakistan's macroeconomic trajectory, fiscal policy landscape, and evolving business environment.
The conference also featured the third edition of the Professional Excellence Awards, celebrating exemplary leadership and transformative impact across diverse sectors. In the Business Enabler – Public Entities category, accolades were presented to Mr. Muhammad Rizwan (K-Electric), Mr. Salman Amin (Competition Commission of Pakistan), and Mr. Mohammed Irfan Amanullah (Attock Cement). The Business Leader – Non-Public Entities award was conferred upon Kamran Nishat (Muller & Phipps), while the Public Entities category recognized Muhammad Ali Zeb (Adamjee Insurance) and Farhan M. Haroon (Haleon Pakistan).
The Emerging Leader Award honored Iqra Sajjad (Packages Group), Basat Humayun (Samba Bank), and Saad Un Nabi Khan (P&G Pakistan). In the Finance Leader category, Imtiaz Jaleel (Tapal Tea) was awarded for Non-Public Entities, while Syed Manzar Hassan (PAEL) and Shagufta S. Hassan (Aga Khan University) were recognized under Public Entities. The Overseas Excellence Awards acknowledged global contributions from Dr. Rahim Somani (America), Khurram Nagori (Europe), Humayun Habib (ASEAN/Oceania Region), Asad Zain (KSA), and Abdul Haleem Sheikh (UAE). This year also marked the introduction of the Entrepreneur Leadership Award, bestowed upon Faisal Qamar, Co-Founder & CEO of Decibel BPO Pvt. Ltd.
The well-attended conference provided a platform to leading industry experts and business professionals to discuss, debate and seek pragmatic solutions of emerging business and finance issues.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
15 hours ago
- Business Recorder
Tax evasion, smuggling: MoC and PRIME update Senate panel
ISLAMABAD: The meeting of the sub-committee of the Senate Standing Committee on Commerce, chaired by Senator Sarmad Ali, was held here Friday. The Ministry of Commerce and a private organization, PRIME, briefed the committee on issues related to tax evasion, counterfeit goods, and smuggling. The meeting was attended by Senators Faisal Saleem Rahman and Zeeshan Khan Zada. The committee was briefed on the basic functions of the Policy Research Institute of Market Economy (PRIME) and was informed that PRIME is essentially a think tank established to assist government organizations in advancing ideas and policies for open trade and economic efficiency in Pakistan through its research. Dr. Ali Salman, Executive Director of PRIME, highlighted the issue of illicit trade of tobacco, medicines, and other items. He stated that such activities are mostly carried out in the provinces of Khyber Pakhtunkhwa and Azad Jammu Kashmir, particularly in tax-free zones. He added that small units operating in these areas often avoid paying taxes and generate profits through illegal means. He also talked about the menace of smuggling of international cigarette brands which are sold in the market at very cheap prices, without any taxes and without any health warnings. The Convener of the Committee expressed concerns over the performance of the Federal Board of Revenue (FBR) and Pakistan Customs, which have failed to curb such activities. He directed that all relevant stakeholders be invited to the next meeting. Senator Zeeshan Khan Zada raised the issue of tobacco smuggling and suggested that a proper debate be held to address the problem. He emphasized that it is a matter of national interest and proposed that the Committee ask representatives from multinational companies, local companies, the Tobacco Growers Association, consumer rights groups, Pakistan Tobacco Board, the Ministry of Health, DG Track and Trace FBR, and IPOR for a holistic and sustainable solution. Copyright Business Recorder, 2025
Express Tribune
31-05-2025
- Express Tribune
CA qualification instils leadership qualities: CM
Chief Minister Murad Ali Shah, addressing the Members' Convocation Ceremony for the Winter Batch 2024 of the Institute of Chartered Accountants of Pakistan (ICAP), stated that the rigorous journey to obtaining Chartered Accountant qualification instils discipline, ethics, and leadership qualities, transforming these professionals into trusted advisors and visionary leaders beyond mere numbers crunchers. The event, held at a local hotel, celebrated the achievements of the newly qualified Chartered Accountants and highlighted their vital role in the country's economic and professional landscape. Addressing the gathering, the CM expressed his honour and privilege to stand among Pakistan's brightest young minds. He described the convocation as more than a formal event - a joyous celebration of talent, perseverance, and the promising future these professionals represent for Pakistan. Murad emphasised the prestige of ICAP, calling it a national institution with a stellar reputation both domestically and internationally. He noted that ICAP has consistently produced exceptional professionals who have become finance leaders, auditors, CEOs, advisors, and entrepreneurs, contributing significantly to economic growth and stability. Highlighting the rigorous journey to becoming Chartered Accountants, the CM acknowledged that the qualification instils discipline, ethics, and leadership qualities that transform these professionals into trusted advisors and visionary leaders beyond mere number crunchers. Murad praised the elected governing Council of ICAP for safeguarding the profession's independence, championing innovation, and maintaining the highest standards to keep the institute aligned with global best practices. This, he said, prepares members to compete and lead on the world stage. To the newly qualified Chartered Accountants, the Chief Minister conveyed a powerful message: their success is not just about passing exams but about demonstrating dedication, consistency, and self-belief to achieve extraordinary milestones. He reminded them that their journey is just beginning and that their prestigious title carries worldwide respect and great responsibility. The Chief Minister called on these professionals to lead with integrity, sound judgment, and courage, whether in boardrooms, public service, or entrepreneurship. He underscored Pakistan's need for honest and capable leaders who set trends and drive meaningful change, especially in the public sector. He also lauded ICAP's commitment to merit, innovation, and professional excellence, recognising its crucial role in nurturing ethical and future-ready professionals. Acknowledging the families present, the Chief Minister appreciated their sacrifices and support, stating that this achievement belongs to them as much as to the graduates.
Business Recorder
30-05-2025
- Business Recorder
Solar panels: Pakistan govt mulling withdrawing ST exemption
ISLAMABAD: Chairman Federal Board of Revenue (FBR) Rashid Mahmood said Thursday that the government is examining a proposal to withdraw sales tax exemption on solar panels in budget (2025-26). FBR Chairman was responding to a query of a member of the Senate Standing Committee on Finance during meeting held at the Parliament House. He stated that the FBR is working on proposals to withdraw all kinds of tax exemption including exemption available on the import of solar panels. Cabinet halts additional tax on solar power users Meanwhile, during another meeting of the National Assembly Standing Committee on Finance, the representatives of Refineries briefed the committee that their input was taxed, but on output, there was no GST, causing problems over the last several years. Without resolving this issue, they would not be able to invest $6 billion. The Chairman FBR, Rashid Mahmood Langrial, said that their business came out of the ambit of the Value Added Tax (VAT) when there was no tax on their output. He said that there were proposals under consideration to impose sales tax on their output or provide them some kind of other permanent solutions. Chairman FBR has also assured the committee that he will inquire into the matter of recovering over Rs 80 million amounts from KababJee restaurant Karachi. Member of committee Mirza Ikhtiar Baig raised the issue before the finance committee chaired by Nafeesa Shah. He informed that FBR has recovered more than Rs 80 million from accounts of this restaurant without giving any chance of hearing in different forums. He has no money to pay salaried and owner of the restaurant has threatened to commit suicide. The business community is pressing me for this harassment by the FBR, Baig added. The FBR Chairman replied that I did not have knowledge of this particular case. I will update the committee after inquiring about the matter from the relevant field office of FBR. The committee considered 'The Income Tax (Second Amendment) Bill, 2025'. The Committee expressed concern over the second proviso of the newly inserted clause (3A). The Secretary Revenue assured the Committee that the concerns of the Hon. Members would be addressed and that the words 'and shall cease to have effect after tax year 2025' would be deleted. Upon the assurance given by the Secretary Revenue, the Committee recommended that the Bill, as amended, may be passed by the Assembly. The Committee considered Starred Question No. 38, moved by Aliya Kamran, MNA, regarding the imposition of Section 99D of the Income Tax Ordinance, 2001, and Starred Question No. 40, moved by Sharmila Sahiba Faruqui Hashaam, MNA, regarding the recent policy shift prioritizing digital currencies, without adequately addressing their regulatory deficiencies. After a detailed discussion the Committee decided to defer both agenda items for discussion in the next meeting of the Committee. The report on the 'non-implementation of minimum wages, as announced by the Federal Government in its departments', a matter raised by Syed Rafiullah, MNA and referred by the Honourable Speaker, was also deferred due to the absence of the mover. Copyright Business Recorder, 2025
