Latest news with #ICMA
Business Recorder
08-07-2025
- Business
- Business Recorder
CDC facilitates ICMA international elections
KARACHI: Central Depository Company of Pakistan Limited (CDC) has successfully facilitated the Institute of Cost & Management Accountants of Pakistan (ICMA) International Branch Council Elections 2025. The elections were conducted seamlessly across six strategic locations-including Saudi Arabia, the United Arab Emirates, Karachi, Lahore, Multan, and Faisalabad-marking a milestone in cross-border digital governance. Held on a single day, the elections unified the ICMA International community through a secure, transparent, and fully digitised voting process. Leveraging CDC's robust digital infrastructure, the initiative exemplified how strategic technology partnerships can transform institutional governance-enabling professional bodies to operate with greater inclusivity, efficiency, and integrity. Electronic voting was made available through an enhanced, state-of-the-art e-Voting platform by CDC, accessible both online and via designated ICMA institute booths. Voters received real-time support throughout the process, ensuring accessibility and participation regardless of geography or technical familiarity. The platform was specifically upgraded to meet ICMA International's requirements, including the display of candidate names alongside photographs and built-in controls to ensure accurate ballot submissions aligned with the number of eligible candidates. CDC has been offering e-Voting service to multiple listed companies through its wholly-owned subsidiary CDC Share Registrar. Commenting on the achievement, Badiuddin Akber, CEO of CDC, has said that this successful execution reaffirms CDC's commitment to supporting democratic processes across diverse sectors. 'By enabling a cross-border election through secure and inclusive digital means, we continue to demonstrate the far-reaching impact of Pakistan's capital market infrastructure. Our vision extends beyond the conventional role of a depository—towards shaping institutional trust, accountability, and governance at every level', he added. This collaboration not only reflects CDC's technological leadership but also underscores its role as an enabler of institutional transparency, innovation, and inclusive governance. As the sole securities depository of Pakistan, CDC has continually expanded its mandate-introducing a range of transformative digital solutions including Emlaak Financials, Asaan Connect, eIPO, CDC Access, Dividend Repository, and e-Meeting. These platforms are designed to simplify investor access, digitize market processes, and enhance operational efficiency across the financial ecosystem. Anchored in trust, resilience, and forward-looking partnerships, CDC remains committed to building platforms that meet the evolving needs of stakeholders-both within and beyond the capital market. Copyright Business Recorder, 2025
Bahrain This Week
24-06-2025
- Business
- Bahrain This Week
Infracorp Unveils Bahrain's First Sustainable Sukuk at UN Workshop
Infracorp, a leading specialised company in investing in the infrastructure and sustainable development sector, has announced its participation in a United Nations workshop recently held in Bahrain to highlight the Kingdom's contribution to global efforts in financing sustainable development. The company presented its pioneering experience in issuing Bahrain's first sustainable sukuk. Infracorp took part in a panel discussion entitled 'Innovative Financing Instruments: SDG-Linked Bonds and Sukuk'. Ms. Zeeba Askar, Chief Sustainability and Investment Officer at Infracorp, delivered a presentation titled 'Bahrain's First Sustainable Sukuk'. She outlined the company's transition from green sukuk to a broader sustainable sukuk framework in line with international trends for financing projects with environmental and social impact. Ms. Askar confirmed that Infracorp's sustainable sukuk framework is fully aligned with the ICMA's Green, Social and Sustainability Bond Principles, supports Bahrain's Economic Vision 2030 and is consistent with the United Nations SDGs. She added that the framework's governance is underpinned by an independent, accredited external opinion to ensure transparency and credibility. The company has mapped key performance indicators, adopted a rigorous project-selection mechanism based on expected outcomes, and issues regular reports to measure each project's environmental and social impact. Commenting on the occasion, Ms Askar said: 'Our objective went beyond issuing a conventional finance instrument; it was about setting a standard for what a Sustainable Sukuk should represent. We carefully built a framework aligned with Bahrain's Economic Vision 2030 and the UN Sustainable Development Goals, with measurable KPIs mapped across every eligible project. The result is a Sukuk rooted in transparency, governed by rigor, and driven by real-world impact.' The workshop highlighted Bahrain's leading efforts in development finance, including Islamic finance, SDG-linked bonds and the fintech sector, ahead of the fourth International Conference on Financing for Development (FfD4), scheduled to take place in Seville, Spain, from June 30 to July 3, 2025. It brought together UN officials, public-sector representatives and private-sector partners to discuss the Kingdom's participation in the conference. FfD4 will serve as a pivotal platform to assess progress on global commitments to finance sustainable development and to address challenges that have emerged since the adoption of the Addis Ababa Action Agenda in 2015. The conference will gather high-level representatives from governments, international and regional organisations, financial and commercial institutions, the private sector, civil society and the United Nations system.
Biz Bahrain
12-06-2025
- Business
- Biz Bahrain
Infracorp Showcases the Kingdom's First Sustainable Sukuk
Infracorp, a leading specialised company in investing in the infrastructure and sustainable development sector, has announced its participation in a United Nations workshop recently held in Bahrain to highlight the Kingdom's contribution to global efforts in financing sustainable development. The company presented its pioneering experience in issuing Bahrain's first sustainable sukuk. Infracorp took part in a panel discussion entitled 'Innovative Financing Instruments: SDG-Linked Bonds and Sukuk'. Ms. Zeeba Askar, Chief Sustainability and Investment Officer at Infracorp, delivered a presentation titled 'Bahrain's First Sustainable Sukuk'. She outlined the company's transition from green sukuk to a broader sustainable sukuk framework in line with international trends for financing projects with environmental and social impact. Ms. Askar confirmed that Infracorp's sustainable sukuk framework is fully aligned with the ICMA's Green, Social and Sustainability Bond Principles, supports Bahrain's Economic Vision 2030 and is consistent with the United Nations SDGs. She added that the framework's governance is underpinned by an independent, accredited external opinion to ensure transparency and credibility. The company has mapped key performance indicators, adopted a rigorous project-selection mechanism based on expected outcomes, and issues regular reports to measure each project's environmental and social impact. Commenting on the occasion, Ms Askar said: 'Our objective went beyond issuing a conventional finance instrument; it was about setting a standard for what a Sustainable Sukuk should represent. We carefully built a framework aligned with Bahrain's Economic Vision 2030 and the UN Sustainable Development Goals, with measurable KPIs mapped across every eligible project. The result is a Sukuk rooted in transparency, governed by rigor, and driven by real-world impact.' The workshop highlighted Bahrain's leading efforts in development finance, including Islamic finance, SDG-linked bonds and the fintech sector, ahead of the fourth International Conference on Financing for Development (FfD4), scheduled to take place in Seville, Spain, from June 30 to July 3, 2025. It brought together UN officials, public-sector representatives and private-sector partners to discuss the Kingdom's participation in the conference. FfD4 will serve as a pivotal platform to assess progress on global commitments to finance sustainable development and to address challenges that have emerged since the adoption of the Addis Ababa Action Agenda in 2015. The conference will gather high-level representatives from governments, international and regional organisations, financial and commercial institutions, the private sector, civil society and the United Nations system.
Yahoo
28-05-2025
- Business
- Yahoo
Albemarle City Manager to retire after 35 years of local service, 1 year with city
ALBEMARLE, N.C. () — Albemarle City Manager Todd Clark is announcing his intent to retire in August 2025. Clark became the city manager in August 2024. In total, he has served 35 years in local government, including two years as the town manager of Beaufort, fifteen years as the city manager of Newton, three years as the town manager of Maiden and four years as the town manager of Catawba. 'I'm deeply grateful for the opportunity to serve the City of Albemarle,' said Clark. 'I've truly enjoyed building relationships with the people of our community, City staff, and our elected officials. After 35 years in local government, I'm now looking forward to spending more time with my wife, Jane, who recently retired from her career as an educator. Albemarle and Stanly County will always hold a special place in our hearts.' Charlotte leader calls for probe into leaked information from council's closed session In this role, Clark has overseen the day-to-day operations of the City of Albemarle, including services like electric, water, wastewater, landfills and public housing as well as parks and recreation and the police and fire departments. During Clark's tenure, the City finished the infrastructure installation for the new Albemarle Business Center, began to develop a new Comprehensive Land Use Plan (Envision Albemarle 2045) and created a new Parks and Recreation Master Plan. Clark also continued the work on the City's award-winning Strategic Plan. Mayor Ronnie Michael said, 'On behalf of City Council and our citizens, I thank Todd for his leadership in our City. Todd has done a remarkable job balancing the immense responsibilities of City operations. His professionalism and vision for making local government the best it can be are deeply appreciated. We wish him the very best in his retirement.' Clark has been an active member of both the North Carolina City & County Management Association and the International City/County Management Association (ICMA). In 2020, Clark was recognized by the ICMA for 30 years of distinguished service in local government. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Recorder
24-05-2025
- Business
- Business Recorder
ICMA conducts SWOT analysis of Islamic banking sector
KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMA) has conducted a detailed SWOT analysis of Pakistan's Islamic banking sector, 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 (SBP) data for September 2024, Islamic banking assets grew by 17.4% year-on-year to Rs. 9,881 billion. Deposits increased by 23.3% to Rs. 7,596 billion, net financing rose by 7.5% to Rs. 3,252 billion, and investments grew by 22.3% to Rs. 4,803 billion. Islamic banking now represents 19% of the total banking industry's assets and 23.2% of deposits. Islamic banks have shown greater resilience during economic downturns due to their asset-backed financing model, which provides more stability compared to interest-based conventional banks. A landmark achievement was the Rs. 50 billion (USD 170 million) raised by Lucky Investments Limited in a single day through the IPO of its Lucky Islamic Money Market Fund — the largest Shariah-compliant mutual fund launch in Pakistan's history. Key Islamic banks such as Meezan Bank, Al Baraka Bank, Faysal Bank, and BankIslami are expanding their branch networks and customer base across the country. These banks enjoy strong public trust by offering a diverse range of Shariah-compliant financial products. Despite these strengths, the sector faces challenges including a shortage of trained Shariah scholars and Islamic finance professionals, limited public awareness and financial literacy, and gaps in legal and regulatory frameworks for full Shariah implementation. Additionally, product innovation and technology adoption lag behind conventional banks, and Islamic banking penetration remains low in rural areas and among small businesses. Looking forward, Pakistan's Islamic banking sector has strong growth opportunities. The government's goal of fully Islamizing 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. However, the sector must navigate threats such as competition from conventional banks offering Islamic windows, potential delays in legal reforms, macroeconomic instability, and global financial regulations that may not align with Islamic banking principles. There is also the risk of reputational damage if Shariah compliance or governance standards are not rigorously maintained. ICMA stresses that addressing these challenges through stronger regulation, enhanced public education, and faster technological innovation will help Pakistan's Islamic banking sector reach its target of a 30% market share by 2025. This growth is essential to promote financial inclusion and support Pakistan's overall economic development.
