Articles and letters may be edited for the purposes of clarity and space. They are published in good faith with a view to enlightening all the stakeholders. However, the contents of these writings may not necessarily match the views of the newspaper.
Innovative credit scoring
During the last few years, banks in Pakistan have suffered huge losses due to high defunct rate in the case of consumer/business loans. The main reason for losses was inadequate mechanism and procedure for approving new loans to SMEs. In view of increasing infected portfolio, banks in Pakistan have realized the significance of ascertaining creditworthiness of new consumer loans.
In order to decrease the losses, more banks want to rely on credit scoring models. These credit scoring models are more important than before when SMEs are struggling to meet their daily requirements due to COVID-19. While SMEs plan to acquire loans from banks to overcome losses due to coronavirus, they are greatly affected due to the old means of acquiring credit loans from banks which results in uncertainty when it comes to running a business in Pakistan.
Understanding the circumstances, Karandaaz Pakistan has decided to support banks and SMEs, developing and disseminating evidence-based insights through innovative credit scoring models. Karandaaz aims at promoting digital financial products and services that address the needs of the SMEs and banks while creating more valuable, appealing and user-friendly solutions; and expand financial inclusion in the country. Both banks and SMEs are waiting anxiously to see the results once system is fully implemented.
Escalation of white collar crime
White-collar crime is a crime committed by a person of a high social status in the course of his occupation. White-collar crime is said to have three characteristics: it is non-violent; it is financially motivated; it is committed by business and government professionals. Is white-collar crime really non-violent? Violence is defined as “behaviour involving physical force intended to hurt, damage or kill someone or something”. For the record, the government of Pakistan buys goods and services worth $60 billion or Rs7.5 trillion a year every year.
Is white-collar crime really non-violent? Here’s the record: 290,000 newborn Pakistanis die every year before the end of their first month; 175,000 Pakistani children die annually due to premature birth; and 53,000 Pakistani children die of diarrhea caused by contaminated water every year. Pakistan is the “riskiest country for newborns – riskiest in the world”. Is white-collar crime really non-violent? Take the New Islamabad International Airport as an example. The original cost estimate was Rs.23 billion. The total amount spent was Rs100 billion. Just how much is Rs.77 billion?
In Pakistan, the FIA and NAB are the agencies responsible for prosecuting white-collar criminals. The conviction rate at the FIA is 6.6%. In 2017, a total of 26,551 complaints were filed with NAB, of which 456 complaints (two per cent of the total) were taken to the ‘inquiry stage’. Of the 456 ‘inquiries’, 215 were ‘investigated’. Of the 215 ‘investigations’, a total of 112 were convicted. I hope officials will take serious action about these black sheep of our system and eliminate them before they cut the roots of country.
This is apropos to report appeared in a section of the media on 2.6.2020 which reads that Naheeda Khaskheli, 13, a domestic house help, has become the first casualty on the ground in PIA crash incident whereas her two sisters 20 years old Aziza and 18 years old Mahira Khaskheli are also fighting with burn injuries. All three were busy doing their regular duties of cleaning a house in the Model Colony when the airliner crashed leaving girls badly injured.
The young girls got sever burn injuries. The painful aspect of this sorry state of affairs is that PIA Administration has failed to take care of these poor girls and offered no assistance. Neither any financial assistance has been announced for them nor are they being provided with proper medical cover. This apathy of PIA Administration towards poor girls is highly deplorable. I request the CEO PIA to fulfil his commitments, provide full medical assistance to them in a private hospital, announce compensation package and allocate at least two jobs for the family of deceased and injured in PIA to ease their plight. The poor family has suffered only due to plane crash which was beyond their control.
TARIQ MAJEED ADV
COVID-19 in Pakistan
As the world is fighting the COVID-19, Pakistan is also terribly facing its impact. If we go back and talk about last 5 months, we are constantly listening to the horrible news of the novel COVID-19 and its impact on the human body that shook the whole world’s economy and spread the fear and terror all over the world.
Most of the countries did not take this pandemic seriously, while it was spreading in its early stages, consequently they bore heavy loss in the shape of human lives. Ultimately it was spread rapidly and now there are 62,000 + cases of COVID-19 in Pakistan; 20,231 patients are recovered and 1,260 are died in just 60 days.
The reason of rapid spreading of Coronavirus in our country is not surely following the SOPs laid down by the government. Even lockdown is fully imposed and business activities are suspended but the number of cases is growing constantly. The Standard Operating Procedures (SOPs) are not followed by the people even Supreme Court’s ordered for the relaxation in the lockdown.
We know that this pandemic exists in our environment and it would remain for more months as it has been seen due to its rapid spread. In this context, I would urge the people of Pakistan to please take precautionary measures to avoid this pandemic for the safe and healthy society. Similarly, I would urge the Health Ministry to make sure necessary arrangements and awareness in the society to avoid this pandemic and make clear all rumours spreading in this context of the pandemic in people’s mind.
Loot and Larknao
Like many other cities and towns my lovely Larkano in my Jeejal Sindh is facing umpteen socio-economic problems nowadays which include: worsening law and order situation, loot and plunder at gun point, Covid-19 pandemic, growing abject poverty because of corona crisis, quacks treating corona and other deadly disease patients in villages and towns, environmental degradation, inadequate public transportation systems and inadequate sanitation systems.
Gambling, motor cycle snatching and night-time theft of buffaloes is also reported rampant in the jurisdiction of Police Station Garello in Taluka Bakrani. Drugs are being openly sold in My Lovely Larkano city and in various villages and towns of Larkano district and the police is not doing anything against criminals, thugs, thieves and drug dealers. Akin to other districts My Lovely Larkano also has an impressive stock of human and natural resources, but the rulers are doing nothing for the people of my district and province because they are busy with their press conferences about Covid-19’s deaths and destruction so they don’t have time for other gigantic challenges being faced by the people.
Wajid Khan brother of Sajid Khan and son of famous Tabla player, Ustad Sharafat Ali Khan died on the 31st of May. The Indian cinema had not yet recovered from the loss of unscripted exit of Irfan Khan & Rishi Kapoor that Wajid Khan of Sajid-Wajid duo has bid adieu at the age of 42.
The musician-cum-singer has entertained the film masses for 22 years with his melodious tunes and sweet voice. Having started their career with film Pyaar Kiya To Darna Kya, Sajid-Wajid scored music for many films including Dabangg, Chori Chori, Hello Brother, Wanted and Mujhse Shaadi Karogi. In the wake of unwarranted hatred against Muslims in recent Corona crisis they composed the song Bhai Bhai, sung by Salman Khan to defuse animosity between Hindus and Muslims.
The mesmerizing song MashaAllah MashaAllah from film eik the tiger, penned by Kausar Munir, sung by Wajid and Sherya Goshal has more than 100 million hits on YouTube, His death has created a vacuum in the field of music not to be filled soon, May his soul rest in peace.