Author: Raja Ali

CDC signs Agreement for Centralized Insurance Repository with Life Insurance and Family Takaful Companies

On February 24, 2020, Central Depository Company (CDC) signed an Agreement for Centralized Insurance Repository (CIR) with Life Insurance and Family Takaful Companies of Pakistan. This initiative was undertaken by CDC under the regulatory impetus of Securities and Exchange Commission of Pakistan (SECP) and in line with Government of Pakistan’s objectives to provide Ease of Doing Business through digitization.

The Centralized Insurance Repository will enable electronic storage of life insurance and family takaful policies and serve as central point for critical policyholder related information. It will aid the underwriting function of the insurers to determine the appropriateness of an insurance policy, the level of insurance coverage and affordability of the insurance policy for the customer which will ultimately result in need-based selling and substantial reduction in mis-selling. It will also yield benefits such as receiving automatic claim intimation by multiple insurers, notifying of non-financial endorsements, curbing the policy churning malpractice, and complementing the financial underwriting process.

Mr. Aamir Khan, Chairman SECP graced the occasion as the Chief Guest while Mr. Shaukat Hussain, Commissioner Insurance Division and Mr. Nayyar Hussain, Director Insurance Division were also in attendance. Mr. Badiuddin Akber, CEO-CDC, members of the CDC Board of Directors, Senior Management of CDC and representatives of life insurers, non-life insurers, and relevant stakeholders attended the signing ceremony.

Prominent veterans of the Insurance Industry shared their views regarding the launch of this prestigious project including and Mr. Hussain Hijri, Chairman of the Insurance Association of Pakistan, Mr. Izkar Khan, Executive Director, State Life Insurance Corporation, and Mr. Javed Ahmed, Chief Executive Officer, Jubilee Life Insurance who showed their appreciation and support of this initiative.

During his welcome address, Mr. Badiuddin Akber, CEO-CDC said “The biggest achievement of this repository will be the data consolidation of all the policies issued in Pakistan. We are living in the information era today and we can make informed decisions to shape our future through the use of information. This information will enable us in determining our future roadmap for the Insurance Industry and assist us in planning and devising new concepts, products and services.”

Chairman SECP, Mr. Aamir Khan in his keynote address said the initiative would augment technological advancement in the insurance industry while ensuring facilitation and protection of policyholders. He hoped that it would facilitate effective settlement of insurance claims and underlined that the centralized documentation of data in digitalized form was critical to achieving transparency, speed and cost effectiveness.

UK Deputy High Commissioner in Karachi visits Central Depository Company

A delegation from British Deputy High Commission (BDHC) Karachi, headed by His Excellency Mr. Mike Nithavrianakis, British Deputy High Commissioner in Karachi visited the Central Depository Company (CDC) on February 13, 2020. Representatives of leading Pakistani corporates and UK Businesses in Pakistan attended this event.

Mr. Moin M. Fudda, Chairman CDC Board of Directors, welcomed the delegation and spoke briefly about the long term friendly relations between UK & Pakistan while stressing on the need to foster greater ties on economic, business and other fronts. Mr. Badiuddin Akber, CEO-CDC, gave a presentation on the Pakistan Capital Market landscape and CDC’s key role in its development.

At the event, British Deputy High Commissioner, Mike Nithavrianakis spoke about the untapped potential Pakistan has to offer and how the landscape of UK Business in Pakistan needs to expand and grow. Mike Nithavrianakis said “Although I am the Deputy High Commissioner with responsibility for Sindh and Balochistan, a more prominent part of my role is being the director of trade. We feel that diplomatically, in a country like Pakistan, where significant improvements in the security situation are changing perceptions, we need to shift the conversation towards mutual prosperity and increased trade investment.” 

He lauded CDC on its achievements in transforming the Pakistani Capital Market and highlighted the improvement of Pakistan’s ranking to 28 places in the area of Ease of Doing Business, according to the World Bank Index.

UK Deputy High Commissioner in Karachi visits CDC

A delegation from British Deputy High Commission Karachi, headed by Mr. Mike Nithavrianakis, British Deputy High Commissioner in Karachi visited the Central Depository Company (CDC) on February 13, 2020. Representatives of leading Pakistani corporates and UK Businesses in Pakistan attended this event.

Mr. Moin M. Fudda, Chairman CDC Board of Directors, welcomed the delegation and spoke briefly about the long term friendly relations between UK & Pakistan while stressing on the need to foster greater ties on economic, business and other fronts. Mr. Badiuddin Akber, CEO-CDC, gave a presentation on the Pakistan Capital Market landscape and CDC’s key role in its development.

At the event, British Deputy High Commissioner, Mr. Mike Nithavrianakis spoke about the untapped potential Pakistan has to offer and how the landscape of UK businesses in Pakistan needs to expand and grow. He said “Although I am the Deputy High Commissioner with responsibility for Sindh and Balochistan, a more prominent part of my role is being the director of trade. We feel that diplomatically, in a country like Pakistan, where significant improvements in the security situation are changing perceptions, we need to shift the conversation towards mutual prosperity and increased trade investment.” 

He lauded CDC on its achievements in transforming the Pakistani Capital Market and highlighted the improvement of Pakistan’s ranking to 28 places in the area of Ease of Doing Business, according to the World Bank Index.

Ms. Tania Aidrus, Head of PM’s Digital Pakistan Initiative visits CDC

Ms. Tania Aidrus, Head of Prime Minister Imran Khan’s Digital Pakistan Initiative (DPI) visited CDC House on Friday, January 31, 2020. Mr. Badiuddin Akber, CEO-CDC, received Ms. Aidrus along with senior management representatives.

Mr. Akber briefed her about CDC’s contribution in transforming the Pakistan Capital Market and ongoing efforts towards digitization of a number of industry sectors including the Insurance Industry and future plans to introduce reforms in the Government Sector including Zakat Repository and Digitization of National Savings Certificates. Ms. Aidrus was pleased to learn about CDC’s achievements and vowed to extend her full support for future projects.

The briefing was followed by an interaction session with CDC’s staff where Ms. Aidrus talked about key objectives of the Digital Pakistan Initiative which are Access & Connectivity to Internet and Availability of Digital Infrastructure for every Pakistani, eGovernance that digitizes intra-government operations & eGovernment services for citizens, Digital Skilling & Literacy enabling technical graduates to secure relevant jobs and Innovation & Entrepreneurship enabling environment for startups.

While responding to questions from CDC’s staff members about the prospects of Digital Pakistan Initiative, she reiterated her resolve that “it is not a question of whether we will succeed or not. It is a question of how quickly we can.”

Ms. Tania Aidrus, Head of PM’s Digital Pakistan Initiative visits CDC

Ms. Tania Aidrus, Head of Prime Minister Imran Khan’s Digital Pakistan Initiative visited Central Depository Company on Friday, January 31, 2020.
She was welcomed by CDC’s senior management team led by Mr. Badiuddin Akber, CEO-CDC who briefed her about the contribution of CDC in transforming the Pakistan Capital Market. He also highlighted CDC’s efforts towards digitization of a number of industry sectors including Pakistan Capital Market & Insurance Industry and future plans to introduce reforms in the Government Sector including Zakat Repository and Digitization of National Savings Certificates. Ms. Aidrus was pleased to learn about CDC’s achievements and vowed to extend her full support for any future projects.

The briefing was followed by an interaction session between CDC’s staff with Ms. Aidrus where she talked about key objectives of the Digital Pakistan Initiative which are Access & Connectivity to Internet and Availability of Digital Infrastructure for every Pakistani, eGovernance that digitizes intra-government operations & eGovernment services for citizens, Digital Skilling & Literacy enabling technical graduates to secure relevant jobs and Innovation & Entrepreneurship enabling environment for startups.
While responding to questions from CDC’s staff members about the prospects of Digital Pakistan Initiative, she reiterated her resolve that “it is not a question of whether we will succeed or not. It is a question of how quickly we can.”

CEO’s Message

Extraordinary Measures for Extraordinary Times

Year 2020 has changed the scope of the way we perceived life, safety, work and business and most of all, survival. While the whole world is fighting to find ways to resume normal life, these are indeed challenging times.

These are indeed extraordinary times, which call for extraordinary measures. While developed countries are combating hard to cope with the Coronavirus pandemic, it is indeed a challenge for Pakistan, its government, corporates and citizens to fight with this disease. But when human lives are at stake, it is an even bigger challenge to continue business. And some businesses are not just a commercial enterprise, they are essential services like ours.

At CDC, we have always believed that we are the Custodians of People’s Assets which is a huge responsibility. These people have trusted us and may need their Assets any time, especially during the current unpredictable situation.  Hence, it is all the more important for us to continue our operations so that people can utilize their assets whenever they want. As the Ultimate Custodian, this is our primary responsibility.

Organizations that prepared for unforeseen circumstances in good times seem to have survived or pull through in this first-of-its-kind situation. For the past many years, Business Continuity Management Planning remains in continuous focus at CDC and now we are reaping its benefits. However, at CDC, the efforts for Business Continuity were not only focused on our own business. As an Infrastructure Institution, the continuity of our clients’ operations was equally important.

Hence, for us the responsibility was twofold, to ensure that while our own business continues, our clients also receive seamless service from our side. While the staff of organizations from the Pakistan Capital Market work from home, everyone easily connects with all CDC systems and perform their day to day transactions with the same ease of working from their office due to efforts made by CDC for business continuity in times of tranquility.

I take this opportunity to offer my gratitude to all our stakeholders, clients and other key infrastructure institutions for their constant support and trust. While CDC’s Board of Directors continued to provide their guidance, CDC’s Management and employees showed an unrelenting commitment and resolve to keep it going no matter what the circumstances are.

Let’s hope that this pandemic goes away soon from the whole world, life comes back to normal and businesses resume, inshaa Allah.

Stay Safe!

Badiuddin Akber

Chief Executive Officer