sm04 19 PDF

In the Name of Allah, the Most Beneficent,
the Most Merciful

The importance of Ramadan stated in Holy Qur’an.
“The month of Ramadan (is the month) in which the Qur’an has been
sent down as guidance for mankind containing clear signs which lead
(to the straight road) and distinguishing (the truth from falsehood)..”
(Q 2:185)
Sayings of Prophet Muhammad (peace be upon him)

The Messenger of Allah (saw) said:
“When the month of Ramadan starts, the gates of the heaven are
opened and the gates of Hell are closed and the devils are chained.”
(Imam Bukhari)
On the Day of Judgment, “Fasting will say: O My Lord I prevented him

from food and desires so accept my intercession for him.”
[Imam Ahmad, Imam Haakim and Abu Nu’aim, Hasan]
Dua
In the last days of sha’ban, repeat this ofthen for Allah (S.W.T) saves
many people from Hellfire on accont of the sanctity of this month:
O Allah: If you have not forgiven us in the past days of sha’ban, (please
do) forgive us in the rest of it.
VISION: To be the Preference in Value Optimization for Business.

MISSION: To develop Business Leaders through imparting quality
education and training in financial and non-financial areas
to bring value-addition in the economy.
CORE VALUES: Competence |Innovation| Ethics| Transparency| Professionalism
ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 2

Editorial Board
Mr. Muhammad Yasin, FCMA Mr. Aamir Ijaz Khan, FCMA Shahid Anwar
Chief Editor & Chairman, Editor & Director,
Executive Director, ICMA Pakistan
Research & Publications Committee Research & Publications
Students’ Publication Society

Coordinators SPS
Mujahid Hussain Hamza Saleem Maira Shahzad

Karachi /Hyderabad Multan Lahore
Muhammad Shoaib Muhammad Talha

Islamabad Sabir, Faisalabad
Members of SPS
Nida Khan [Hyderabad] Contributions invited for next issue
Fatima Shewar[Hyderabad] ICMA Pakistan Students e-Magazine ‘Future CMAs’ accepts opinion ar-
Saman Khan[Hyderabad] ticles, creative stories on any topic, poetry, photos and art submissions.
Dur-e-Fishan Zahra [Multan] Articles typically run from 400-500 words, but submissions of any length
Rameesha Islam [Multan] would be considered. All submissions must be original and exclusive.
Syed Mehdi [Multan] The Editorial Board reserves the right to amend or alter any news or ma-
Maqsood Ahmad [Multan] terial for purposes of clarity and space.
Fatima Ayub [Lahore]
Send your contributions at sps-rp@icmap.com.pk
Nimra Tanveer [Lahore]
Zahida Saeed [Lahore]
Hammad Raza [Lahore]
Muhammad Asjad [Islamabad] Disclaimer
Danish Israr Abbasi [Islamabad] The views expressed in this e-magazine are those of students of ICMA Pa-
Ms. Tasmia Azhar Awan [Islamabad] kistan who have contributed news, articles, comments, opinions etc. in this
Hamza Amin [Islamabad] magazine and does not necessarily reflect the views of the Institute.
Kazam Hussain [Faisalabad]
Muhammad Arsalan Azeem [Faisalabad]

Inside this Issue
Campus Life & Activity
Recreational Trip to Panjpeer Rocks 08
Tips on Exam Techniques 10
Students’ Views & Suggestions 11
Articles 13
Profession and Career
Accounting Profession /News & Update 15
Career Tips 15
Soft Skills 16
Corporate Terminologies 18
Business and Economy
News on Business and Economy 19
Opinion & Comments 20
Articles 22
Leisure and Sports
Review on Movie 25
Jokes 26
Poet’s Corner 27
Technology Update
Science & Tech. News 28
Articles 28

Foreword
It is quite reassuring to know that the inaugural issue of the Students’

e-magazine has been welcomed and appreciated not only by our students
but also by our members. This is one of the outstanding achievements of
the Research and Publications Committee and I would like to give its credit
to Mr. Muhammad Yasin under whose chairmanship the R&P Committee
has taken a number of pioneering initiatives, prominent amongst which
are the e-Archiving and developing of web search engine of all issues of
Management Accountant Journal published since its inception in 1961 till
present; first-ever Authors’ Directory of MA Journal; launch of Students’
e-Magazine etc. I am quite sanguine that the R&P Committee would continue to strive for developing
and strengthening the research capabilities in members and students through publication of value-add-
ed publications. I equally praise the efforts of our R&P Directorate which has very effectively and effi-
ciently transformed the vision and ideas of the Committee into reality.
The Magazine ‘Future CMAs’ mirrors the different faces of development of students in academics as
well as co-circular activities and thus it can prove to be a rewarding experience for the students of ICMA
Pakistan. The students can utilize the platform of e-Magazine to polish their writing skills which is an
important factor in making their professional career successful. It is our earnest desire that our students
must be qualified and trained in a way that they meet and overcome the challenges in their professional
life in every role i.e. as employee or as an entrepreneur.
I am pleased to issue this message for publication in the second issue and hope that it would also be liked
by students and meet their expectations.
Zia ul Mustafa, FCMA

President, ICMA Pakistan

Chief Editor’s
Message
It is satisfying for me that the first issue of ‘Future CMAs’ has received a
warm response from the students’ community as a whole, though we have
also received some suggestions for further improving its contents, design
and presentation. I may say that this was our first issue and every achieve-
ment begin with the first step. The launching of the students’ e-magazine
was the first step and certainly as we will be bringing out future issues, the
contents and quality will improve. In fact, the students’ themselves have
to contribute a significant part in the success of their own magazine. They
need to develop creative write-ups that is not only interesting for others
but these should be equally knowledgeable and informative.
One of the skills that our students need to develop in themselves is to make a thorough research and
analysis before writing any article or write-ups. They should be looking for authentic sources of informa-
tion and translate them into constructive and presentable form and if possible, go through them several
times for purposes of locating any error, ambiguity and reliability of information provided. If they follow
this, they can become a good writer and presenter in their future life.
Let me convey my special thanks to the team of Students’ Publication Society (SPS) for taking the own-
ership of the magazine and providing some valuable suggestions to bring further improvement in the
presentation of the magazine. We will certainly be considering their proposals and at the same time
expect a good response in shape of article, news and other inputs from them. The next examinations
are just around the corner for which I wish our students best of luck. I hope that after they are free from
examinations, they may spare time to provide research-based input and material for the third issue to
be released in June 2019.
It will be unfair if I do not appreciate the Research & Publications Directorate and SPS Coordinators for
their continuous guidance and co-operation to students in making the e-magazine a success.
I wish all the best for second issue of Future CMAs which is available on your computer system, smart
phone etc. Student’s feedback, vital for success of e-magazine, will always be welcomed.
Muhammad Yasin, FCMA

Chairman, Research and Publications Committee

By: Sher Ali Samo, Islamabad
In this regard number of professional bodies arrange recre-

ational activities for their students and employees but ICMA
PAKISTAN has a great edge over them as they make number
of student committees, societies and clubs for number of
separate recreational activity some of them are as follows
1: Student coordination committee Islamabad.
2: Read and Reap club ICMA Pakistan Islamabad Campus.
3: SMART PLANNERZ ICMA Pakistan Islamabad Campus.
Recently SMART PLANNERZ ICMA Pakistan ISLAMABAD
Campus founded by ICMA Pakistan students
AMMAR BALOCH and AHMED YAR KHAN.
Recreation is anything that is stimulating and rejuvenating Managed to climb around 100 plus students with them-
for an individual. Some people enjoy nature hikes, others selves to PANJPEER ROCK.
enjoy field visits, Rock climbing etc. The idea behind these
In which number of officials, members and students from
activities is to expand the mind and body in a positive,
ICMA Pakistan ISLAMABAD Campus took a part to make it
healthy way.
successful trip.
Recreational events in an individual’s life are very important
THE best part of the whole trip which I liked the most
as they stimulate your mind in a positive way and also has
was that the management of the trip had created neces-
a great impact on individuals social, physical and mental
sary resources for the students (quality lunch, transport,
health.
BACK HOME’
‘A WALK IN NATURE WALKS THE SOUL
refreshment medical facility etc.) as the PANJPEER ROCK

is not so much commercialized place and it’s a kind of re-
mote area. We as students of ICMA Pakistan ISLAMABAD
have enjoyed a lot because there was so much to enjoy
.as there was a musical program arranged by the manage-
ment of trip for the students, so number of students rep-
resented their cultural background by singing and dancing.
It’s the beauty of recreational trips to allow individual and
specially for the students to learn and observe the things
and environment from the different perspective outside
the educational premises.
It builds the sense of responsibility, team work and taught
us how to make a bond in a social circle.
In the end I will conclude my experience of visiting PAN-
JPEER ROCKS with the famous saying regarding recreational
activities.

Tips on Computer Based reading instructions apart from time. After that you could
PROCEED to the exam.
Examinations (CBE) 2. Read the complete question:
ICMA Pakistan conducts Com-
Sometimes the question may be lengthy enough or can
puter Based Examinations
be TRICKY making it impossible to understand on first go.
[CBEs]quarterly in a year. They
Resultantly, it works as a PITFALL for students. Students
include 9 courses of Operation-
must therefore read the complete question with the help
al level 1&,2 and Managerial
of scroll button of mouse before attempting the question.
level 1. Every course consists of
MCQs (Multiple Choice Ques- 3. Note all values carefully while putting on screen:
tions) and MTQs (Multi-Task In ICMA Pakistan CBEs, students will have to do each and
Questions) *. MCQ’s weightage every calculation on their rough sheet. Thus, students
of marks vary upon quality. must be very conscious while transferring data from com-
Each MTQ is of 10 marks. Most- puter screen to rough sheet. Taking incorrect value will
By: Hamza Saleem (Multan)
ly students in Pakistan haven’t give wrong answer and will waste precious time. (for
gone through this kind of testing. Consequently, they MTQs)
don’t feel ease and often can’t handle all the questions in
4. Developing a strategy:
given time as per requirement. So, we are providing the
most important tips here. Students must develop a strategy on how to deal with the
MCQs and MTQs in time. For example, attempting those
Let’s study about tips in detail:
which are easier for you to handle in the first go.
1. Reading instruction carefully:
5. Reviewing a question not attempted:
Firstly, students should read all instructions that appear
If Students have any doubt after solving the questions
on the computer screen at the time of exam. Sometimes,
then, they can simply skip the question so that
students think reading instructions will waste
it could be dealt later on. This will not change
their time. But students get extra time for
the color of the question
number in the question
template on the right side.
Students can visit these
questions later on when
they have time remaining
before the exam.
6. Don’t panic in case of
computer failure:
Sometimes system may get
shutdown due to technical
glitches. Under such condi-
tion student get panicked.
The exam will resume from
same point. Therefore,
students don’t lose their
concentration and try to
remain focused.
7. Use “Submit” button:
Students are confident
while attempting MTQs
but in case of a BACKSPACE
or COMPUTER DOWNTIME
(failure) they lose all the
data input, in general, their
time. Students must timely
click on the SUBMIT button
so that they don’t risk their
time or patience.
*...*

Self-Employment
With coarse market con-
ditions accompanied by
o -c u r r ic u la r activities
strenuous job oppor- C erabad) yd
By: Zain Ahmed (H
tunities students are
grasping a straw in goug- ite fast in
s always been qu
ing out jobs and these ICMA Pakistan ha should limit
bus. I think they
jobs to some extent updating the sylla s. This will
dating the syllabu
support them financially the frequency of up of students
the concentration
which make them inde- definitely increase rmance in
lead to better perfo
pendent and stabilize for that will ultimately
future. Folks who work examination hall ular activi-
By: Muham ma d Asja d h about co-curric
in part time are surely Haven’t heard muc ey should
(Islamabad) ICMA Pakistan. Th
ir studies they are ties since I’ve joined ent of the
heroes because along with the all round developm
which is indeed an definitely focus on
piling themselves up with work student.
arduous thing to do. A Pakistan
) is the fastest grow- learnt a lot in ICM
Self-employment (Free lancing In general I have ng with all
t now and with little d to learn more alo
ing industry in the world righ and looking forwar tivities.
an industry which t/ co-curricular ac
dedication we can be a part of round developmen
ing decade. Pakistan
will dominate the world in com
era ted about $0.5
is in 4th place globally and gen
t of ICM A Pakistan I
billion (in 2017). As a studen
ls, Pot enti al to pen-
think we have the Attitude, Skil
n big sum of money
etrate this industry and can ear se, you
bus ine ss hou
instead of working for some s more
net ary ben efit
can be your own boss plus mo
.
Review on
ly) job
than your common (20k month
Many students will say there
is nothing we can Study
People have a lot Course of C
do about it we are lacking skil
ls.
to challenge their orporate
more excuses to not to move on,
Governanc
self-made limits and constra
ints . Current regime e Business
is giving us opportunity to be
self employed by Laws and E
providing us platform like DIG
ISK ILLS .PK, they are thics
ms and they are of By: M uhammad Fa
offering many training progra ch those
rhan (Faisala
bad)
le you wat
no charge and no fixed schedu ng to an
For the cost
& Managemen
ecia lly goi t Accountancy
videos and learn instead of esp amount
syllabus of co
rporate laws , the
rge you big & Se
institute where they will cha be hard
is in extra dep
th, it is too len
cretarial practi
ces
foll ow (can gthy which ta
and give you fixed schedule to t oppor-
much time to
cover. kes too
ts it’s the bes
for most of the us). For studen on your
and pas sion
tunity to monetize your skills Some conten
ts should not
bus because a be included in
own terms. student can le sylla-
make investment his practical lif arn these asp
“Never depend on single income Number of se
e. ects in
Wa rren Buffet.
to create a second source “– be decreased
ctions of com
pany Act 2017
to invest your time so that a stud should
As Buffet said here you need iarize himself ent can easily
famil-
you a handful of re- of the basics
(not too much) and it will give of company A
ct 2017
turns. Our syllabus
A Pakistan to look contents stat
It is my sincere suggestion to ICM evant chapte e that regula
tions rel-
ual university / Dig- rs. How the
into it and sign MOUs with virt how many re students kno
w that
the ir students an levant chapte
ital skills programs and provide The managem rs need to pre
pared.
l rela x and be more ent should clea
extra edge so students can fee name. r the chapters
the y’ll be aware of with
dedicated towards studies as
ren t ma rket require-
National and International cur
will mo tivate them
ments and competition which
NG EM ENT ACCOUN-
to be SUPER COST AND MA
TANTs, I GUESS.

Strategic Management
Is Best For Long Term
Planning
Strategic management
is an important con-
to
Recommendations
cept for managers ,
decision maker and
Pro-
Improve Student’s
business owner alike
and entails the action
el-
– oriented and results
– driven evaluation of
fessional Skills Dev
business goals , objec- opment
By: Naba Hashmi (Karachi) tive and plans for the By: Samra (Hyderabad)
future , as well a con-
crete strategy for addressing demands a high level
them. The knowledge economy
all of its participants, ef-
The long term benefits to org of professional skills for
anizations, strate- development bring forth
gic planning drives them to foc fective professional skill
us on the internal es to reflect and ex-
environment through encour students with opportuniti
aging and setting tenment and experience
challenges for employees, hel
ping them achieve tend their expert enligh
l careers.
personal as well as organizati
onal objectives. as they develop individua
graduates progressively
To be competitive then,
development of their
need to engage in ongoing
complement their aca-
expertise in area that
nce their employability.
demic program and enha
,
ally oriented economy
In today’s technologic be t-
computer skills far
Review on Math employee with strong
ematics ter in the job market the
n their tech challenged
Course partners. However, our
students lack with the
use of system software,
employability skills like
My overall experienc
e of er computerized pro-
the mathematics cour Microsoft office and oth
se grams.
has been fantastic, wi
th students acquire pro-
an effective course Strategies for helping
ma- ociated with pursuing
terial and teaching sty fessional skills sets ass
le. e offering courses or
As per my experie successful careers includ
nce integrating student-skill
I think maths can workshops dedicated to
be regular curricular offer-
a satisfying subject focused activities into -
to nts in research, network
study in second seme ings like engaging stude uld
s- s on experience sho
By: Saman Khan ter because after ing, interviewing, hand
that troubleshooting, soft
(Hyderabad) the logical skills also be emphasized like
that communication along
anyone may need skills including effective
be fulfilled incredibly can ical information, ability
by studying maths co with knowhow of techn
atleast it helped me urse, vironment interpersonal
a lot. to work in dynamic en
technology and other
I was a pre-medical stu
dent in my college so skills, use of appropriate
I thought Maths would at first .
be hard for me but it computerized programs
not like that. The mo was should make the final
st of the course is ma Ultimately the institute
of linear algebra, prob de up context of how to re-
ability and statistics. determination within its
studying Mathematics For me development and de-
is discovery: it explore source and implement the
turies-old disciplines s cen- sional skills programs.
as well as continually
fin livery of individual profes
new connections an ding process, develop a strat-
d applications to othe
r The goal is to begin the
It will equip you with fie lds. and relevant workshops
a range of critical th egy to provide trainings
methods using evide ink ing must be cognizant and
nce and logical patte
rns. for ensuring that students
I firmly believe that ons they will experience
the skills of logic and prepared for the conditi
ing that we are enco reason-
uraged to develop th upon employment.
this course will be ve rough
ry valuable in future
prove to be beneficial an d will
in life and work.

hance employment rate and to maintain the stability of the
economy.
Long Term Objectives And Prohibition of Riba

Riba is unjustified increment in borrowing or lending money.
Investments In Islamic Laws In the light of surah Al Baqarah (2:278 -279)
By: Naba Hashmi (Karachi) ”O you who believe! Be careful of (your duty ) to Allah and
relinquish what remains (due) from usury, if you are believ-
Without Long Term objectives, an organization would drift ers but if you do (it) not, then be apprised of war from Allah
aimlessly toward some unknown end. It is hard to imagine and his Messenger, and if you repent, then you shall have
an organization or individual being successful without clear your capital, Neither shall you make (THE DEBTOR) suffer
objectives. A long term planning for a Financial Accountant Loss, nor shall you be made to suffer Loss.”
is to increase investment for an Organization. A Long term
planning for a Management Accountant is to increase Pro- Prohibition of Gharar
duction in an Organization by Investment of Shares holders. The term gharar refers to fraudulence. Technically gharar is
the unknown surrounding a financial transaction.
FINANCIAL OBJECTIVES The Prophet ( sallallaho Alaaihi wasallam ) has forbidden
Financial objectives include those associated with growth in the pebble sale and the gharar sale.
revenues, growth in earning higher dividends, larger profit
margins, greater return on investment, higher earnings per Dawabit or Regulation Rules of Investment in Islam
share, a rising stock price, improving cash flow. The term Dawabit refers to firmly protecting something
from any foreign elements. Technically, Dawabit is the rule
STRATEGIC OBJECTIVES that shape the behavior. In the investment context, Dawabit
A Larger market shares, quicker on time delivery than rivals, refers to a set of principles derived from shariah teaching
shorter design to market times. that shape the Investment behavior of Muslim Investors.
ISLAMIC INVESTMENT Regulations Aqida – Or –Belief of Investment
Islamic investors perceive Islamic investment as an act of The dawabit Aqida refers to the fixed dogmatic principles
worship; accordingly, there is a number of unique features that guide the belief of Muslim Investor, The application of
arising from the religion of Islam governing investment. Is- this Regulation is characterized by the constancy and perma-
lamic investment is a viable alternatively to the convention- nence through time and geographical location. The utmost
al investment. Islamic investor need to earn halal profits, objective of this regulation is to promote social welfare.
hence in contrast to conventional investors that consider
investment as a way to generate more materialistic profit. Student Life
Islamic investment lately, such evaluation involves a wide The most important factor that
range of issues related to the practice of this industry. The affects the student life is the val-
Islamic scholars tried to define Islamic investment In the ue of time. Being a student we
light of Holy Quran and Hadees. should do everything on time as
Mufti Taqi Usmani suggested that, Islamic investing is em- it never waits for anyone.
ploying the surplus money for the purpose to earn Halal There are different stages in our
profit in strict conformity with the precepts of Islamic sha- life. One of these stages is stu-
riah. In its Broader meaning AL-ISTITHMAR includes any ac- dent days. Student life is consid-
tivity leading to the increase of capital as long as it complies ered as the most important peri- By: Areeb Hassan (Islamabad)
with Islamic principles. od of our life. Our future dreams,
Islamic Investment can be defined as using a certain assets desires and hopes depend upon it. Student life is a period
in accordance with shariah to generate profit in this world. of preparations. It is a period of education. At this time, our
Islamic investors must consider the inclusion of Ethical stan- mind is like clay. Clay is a soft thing and the potter designs
dards, such as fairness and justice in the investment deci- various things out of the clay. Like clay, our mind can also
sion to fulfill the objectives of shariah. That is to say Islamic be shaped in different ways. Once the pots are made their
investment aims to provide a fair Circulation of wealth, en- shape cannot be changed. Likewise, once our character is
formed in one way, it cannot be changed easily. If we make
right use and receive good education during our student
life, we shall be successful in future. On the other hand, if
we aren’t serious at this time, we can’t achieve our goals.
Students, therefore, should be very careful. We must think
seriously before every step we take. We must learn new
things as much as possible at this period.
Students are the future leaders of a nation. The prosperity
of a nation depends on its students. We have a responsibil-
ity to acquire proper education, maintain good character
and live a respectable social life. Obedience, diligence, reg-
ularity and forbearance are the important parts of student
life. We must learn perseverance; it is the root of all suc-

cess. If we are idle and cannot move on according to time, ship and a good sense of direction. They soon find out that
we can achieve nothing. colleges come with challenges and struggles because of
the great demands and expectations that are put on the
The most important factor that affects the student life is
importance of education. Students experience a great deal
the value of time. Being a student we should do everything
of stress many times. Thus, it is very important for them to
on time as it never waits for anyone. Obeying one’s parents
manage a proper routine and stick to it.
and teachers and respecting and loving one’s elders are the
great virtues of a student. Another important part of a stu- Student life is the best part of an individual’s life. At this
dent’s life is his/her social life. A student must have good time a student experience many things he lives in hostel
discipline and he/she must be co-operative with everyone. he enjoys with his friends he had a great time in college.
Social life influences our character in many ways. We should stop thinking of anything else and concentrate
on education. Education must be given the top priority and
Many students enter college expecting good times, friend-
other things should be placed after study.

the definition used in the Conceptual Framework and the
standards.
The new definition states that “information is material if
omitting, misstating or obscuring it could reasonably be
expected to influence decisions that the primary users of
general purpose financial statements make on the basis of
those financial statements, which provide financial informa-
Global Consultation on Qual- tion about a specific reporting entity”. (effective from 1 jan,
ity Management for Firms 2020)
Via: www.ifrs.org
and Engagements
The International Auditing and As-
surance Standards Board (IAASB)
seeks public comment by July 1,
2019 on three interrelated stan-
dards that address quality manage-
Job Searching Tips
ment. The proposals bring import- By: Kazam Hussain (Faisalabad)
ant changes to the way professional It’s clearly not easy going hunting for jobs in the present
accountancy firms are expected challenging business environment. In addition to reading
By: Kazam Hussain to manage quality—for audits, re-
(Faisalabad) newspapers, you can also begin by choosing any or all of
views, and other assurance and re- following job portal to search the ideal job:
lated services engagements.
Rozee enjoys an exalted standard as Pakistan’s #1 job web-
The proposed standards include a new proactive risk-based site with plenty of nationwide vacancies advertised each
approach to effective quality management systems within day. Invested in by founders of renowned companies such
firms that establish the foundation for consistent engage- as CISCO, PayPal and LinkedIn, Rozee offers a united front
ment quality. The new approach improves the scalability of for employers and potential employees. Exclusive MoUs
the standards because it promotes a system tailored to the allow Rozee deep integration with renowned HEC univer-
nature and circumstances of the firm and its engagements. sities.
The IAASB proposals are intended to improve engagement BrightSpyre operates on the primary aim to connect tal-
quality through: ented people with available opportunities. The folks at
1-Modernizing the standards for an evolving and increasing- BrightSpyre continually look to enhance connection be-
ly complex environment, including addressing the impact of tween employers and potential employees. There is a sim-
technology, networks, and use of external service providers; ple process for employers to hire people without having to
put pen to paper. Users have easy access to vacancies from
2-Increasing firm leadership responsibilities and account- all over the country using their computers and/or smart-
ability and improving firm governance; phones.
3-More rigorous monitoring of quality management sys- Bayrozgar offers a common platform for employers and
tems and remediating deficiencies; potential employees from all over Pakistan. It offers users
4-Enhancing the engagement partner’s responsibility for an opportunity to sift through a wide variety of vacancies
audit engagement leadership and audit quality. before choosing which one suits their needs. It is an equal-
ly beneficial opportunity for employers to pick talent that
5-Addressing the robustness of engagement quality re- fulfills their exacting standards. Simply sign up and take it
views, including engagement selection, documentation, from there.
and performance.
IASB Amends the Definition
When you are called for an interview, remember that first
impression is the last impression. Your physical Appear-
Of ‘Material’ ance is the first contact with interviewer. You must have
By: Dur e Fishan Zahra (Multan)
command on your CV. Before interview, you must get back-
ground knowledge of the company where you have been
The amendments in Definition of Material (Amendments to called for interview. You must reach the interview place be-
IAS 1 and IAS 8) clarify the definition of ‘material’ and align fore schedule time and get adjust with the environment. A
too early arrival makes hazards and lose your energy.

acteristics, knowledge and needs of your audience so that you
are delivering the ‘right’ presentation to the ‘right’ audience.
Presentation Skills Know who your audience is, what they want/need to know &
what is their background. This step is done before the presen-
Start with Bismillah… and Salam. Like tation or throughout.
Assalam Alaikum everyone This is Dur
e Fishan Zahra and the topic of my Opening your Presentation: This is also known as the hook.
presentation (By looking at screen) is It is designed to grab audience’s attention and provide them
XYZ. with a reason to be interested in the presentation.
You have to look into the eyes of the Body of Presentation: This is the major portion of the presen-
audience. Keep walking and hands tation. It is necessary that it connects directly to your purpose
By: Dur e Fishan Zahra or bridge. Cover enough points to achieve your purpose (no
(Multan) movement is necessary
more) and be sure to support your points clearly and concisely.
There are different ways to start a presentation, every culture
follows different rule, like- in America they use to start with a Closing your Presentation: This is the final impression that you
joke to attract the audience; on the other hand, Japanese are will leave with your audience - make sure it is a strong one.
some serious business. Connect back to your purpose. Let them know where you have
been. Leave your audience with a clear understanding of your
Start and end of the presentation is very important especially points.
the end part as you have to end with a bang. If you are doing a
presentation in a group, its better - the start and end should be Middle Portion: A person should not be loud but speaks
presented by a good speaker. smoothly. On the other hand, if there are some facts and fig-
ures; he or she may raise its pitch so that audience focuses on
Presentation doesn’t mean you have to talk about stories - it’s it. This part shows the data of your report and the things you
about you have to tell the key points. And what you put in pre- are focusing.
sentation, it means it is the most important part of your report
and you have to justify it. Ending: It should have solution and recommendations for your
problem & there should be a core solution not more than 3.
Purpose: To determine your purpose, ask “What are the main Ending should be memorable. It should be loud, clear, concise
points I want my audience to take away from my presenta- and meaningful.
tion”? This provides focus for you and the audience is clear on
what they will gain listening to your presentation. Your audi- Slides: One can see slides and pinpoint it but slide reading is
ence should not be like this. prohibited… All the Data on slides must be clear so that the
audience can see it. Take special care of the figures. It should
Audience pre-assessment: It is important to identify the char- be clear enough to be seen…
INTERVIEW TYPES asking the interviewer to repeat something you are not sure
you heard or understood. Show your level of interest by what
By: Fatima Ayub (Lahore) you say,
Initial Screening Interview e.g.
A short session during which the employer tries to narrow “I’m excited to be considered for this position”, and by the
down the field of applicants who meet the job qualifications. inflection in your voice.
Screening interviews may be conducted either over the tele- One-On-One Interview
phone or in-person and with one person or several. One person interviews the candidate and makes the hiring
Follow-Up Interview decision. These interviews can range from being very infor-
Follow-up interviews are almost always conducted in person mal and conversational to being more formal and structured.
and can last from an hour to one or two days. They can in- Follow the lead of the interviewer, but keep in mind that no
volve either a single interview or a series of sequential inter- matter how informal, this is a conversation with an agenda.
views with individuals and groups. Occasionally, a presenta- Project enthusiasm, maintain good eye contact and be pro-
tion, meals, and/ or social events are included, depending on fessional.
the nature of the job. There are multiple objectives to these Panel Interview
follow-up interviews: to further evaluate candidates’ match If you are being interviewed by a group of people, remember
with the position, to choose among the top candidates, and to make eye contact with all of your interviewers. Connect
to “sell” the workplace and position to the candidates. first with the person who asked you the question, and then
Telephone Interview glance at the others in the room to gauge their responses and
An advantage to being interviewed over the phone is that you interest. Finally, reconnect with the person who initially asked
can easily refer to notes that remind you of key points to in- you the question. Try to link your answers to others that were
clude. A disadvantage is that you will not be able to receive or asked, and get the interviewers to talk among themselves.
convey non-verbal cues. It is important to speak clearly and Make sure you get the names and roles of all of those who
more slowly than you might in person. Don’t be shy about participated in the interview.

Ten Ways to Improve Your
Interpersonal Skills
Interpersonal skills are invaluable at
work. How your coworkers see you
can have a big impact on your career
long term, as well as on your day-to-
day life.
You may be the most brilliant person
at your company, but if you can’t get
along with your colleagues, you won’t
By: Kashif Alam
(Karachi)
get far. Fortunately, there are several
things you can do to strengthen your
social skills and become a team player. These 10 actions will
not only help you make better connections at work, they’ll
improve how others perceive you.
Put on a happy face: People who are the life of the party usu-
ally have one thing in common: They’re happy. If you smile
often and have an upbeat attitude, your coworkers will be
drawn to you. And when you are having a bad day, don’t try to
pull others down with you. You may find that people pass you of the whole office down, but you can improve the situation
by in favor of those with a more cheerful outlook. by taking on the role of moderator. Arrange to have a discus-
sion with both of the aggrieved parties, and try to help them
Show that you care: When it comes to praise, don’t hold back
resolve their conflict. Not only will your office be a happier
the applause. If a coworker has done something you appre-
place, but you’ll come to be known as a leader.
ciate -- no matter how small -- thank them for it. Identify at
least one attribute you value in each of your coworkers, and Be a great communicator: In addition to being an active lis-
let them know about it. Give colleagues a warm welcome tener, you need to have otherwise great communication skills.
whenever they call you or visit your office. By showing others When in a discussion with colleagues, don’t blurt out the first
how much you care about them, you’ll encourage them to do thing that comes to mind. Instead, think carefully about the
the same in return and give you their best work. words you use. With clear communication, you’ll be able to
avoid any potential misunderstandings with colleagues.
Be considerate of colleagues: Take note of what’s happening
with your coworkers. Recognize the happy events in their lives A good speaker comes to be known as intelligent and mature,
-- from a birthday to a kid’s kindergarten graduation -- and be no matter their age. If you have a tendency to give voice to
sure to show your genuine compassion when they face any any half-baked thought that crosses your mind, people won’t
personal tragedy. Look people in the eye when you speak to put great value in your opinions.
them, and refer to them using their first names. Show col-
Make them laugh: Funny people are popular for a reason, so
leagues you value their input by asking their opinions.
if you’ve got a great funny bone, use it. As long as you avoid in-
Be an active listener: Unfortunately, active listening is becom- appropriate jokes and don’t laugh off serious situations, you’ll
ing a lost art. Being an active listener shows that you intend find your colleagues will be drawn to you. Humor can even
to both hear and recognize another’s perspective. Using your be a great way to break down barriers with that super shy
own words, repeat what the speaker has said. By doing this, coworker or moody boss.
you’ll know that you’ve processed their words, and they’ll re-
Put yourself in their shoes: An empathetic person can under-
alize that your answers have been genuinely thought out. Col-
stand how another person feels, and empathy is an important
leagues will feel more connected to you knowing that you’re
trait when working with others. Always consider circumstanc-
an active listener, and you’ll develop a better understanding
es from another person’s viewpoint. What may seem like the
of them.
obvious, correct answer to you could have entirely different
Promote togetherness: Help coworkers thrive by creating a implications when seen from another perspective. Above all,
friendly, cooperative environment. Treat everyone the same, keep tabs on your own feelings; people who are unable to
not like they’re part of a hierarchy, and don’t act like one per- tap into their own emotions often have difficulty empathizing
son’s opinion is more important than another’s. Don’t gossip with others.
about your colleagues. Always consider your coworkers’ sug-
Don’t be a whiner: Almost every office has a chronic com-
gestions. After addressing a crowd, make sure you’ve been
plainer, and you’ll notice they tend to be the least popular
understood. If you follow these rules, your coworkers will
person in the office. If you constantly whine about this and
come to identify you as a team player and someone who can
that, your negativity will push others away from you. If there’s
be trusted.
something you really need to get off your chest, write about
Settle disputes: You know how to bring people together, and it in your journal or briefly chat about it with your friends and
now it’s time to become the person they can turn to when dis- family. Otherwise, you’ll risk being known as the office brat.
putes arise. When colleagues disagree, it can bring the mood *...*
pand the volume of their profits.
Habits of a Succ Asset stripping: It is a term used to refer to the practice of

essful selling off a company’s assets in order to improve returns for
Entrepreneur equity investors. The proceeds of the sale of assets may be
Build the right mindse used to lower the company’s net debt.
t.
Save money to invest. Bullet Loan: It is a term loan that calls for no amortization and
Go to seminars and ne a lump sum payment at maturity.
twork.
Provide valve to othe
rs.
Long-term mindset an Collateralized Loan Obligation (CLO): It refers to securities
d thinking.
Build multiple flows of collateralized by bank commercial loan portfolios.
income.
Always learn and impr Equity Kicker: It is an equity incentive where the lender pro-
ove.
Have a strong self-beli By: Fatima Ayub vides credit at a lower interest rate and, in exchange, gets an
ef.
Invest time don’t waste (Lahore) equity position in the borrower’s company.
it.
Don’t try to get rich qu
ickly.
Work hard and smart Private Placement: It is the sale of a bond or security directly
.
Set lots of goals. to a limited number of investors.
Think big. Treasury Stock: stock re-acquired by the issuer that has not
been retired and is available for sale.
Warrant: A security entitling holder to buy a proportionate
amount of stock at specified future date at specified price.
Management Buyout: A leveraged buyout in which the ac-
By: Dur e Fishan Zahra (Multan) quiring group is led by the company’s management.
Consularization: In international law, consularization is the Tax Haven: A tax haven or offshore financial center is any
act of authenticating any legal document by the consul office country or jurisdiction that offers minimal tax liability to for-
by signing and affixing red ribbon to the document. Interna- eign individuals and businesses.
tional trade shipments often require consular invoices. Oth-
Paradigm Shift: A paradigm shift is a major change in how
er documents needing consularization include travel docu-
some process is accomplished. A paradigm shift can happen
ments, letters of credit and powers of attorney.
when new technology is introduced that radically alters the
Averch-Johnson Effect: It is tendency of regulated companies production process of a good.
to engage in excessive amounts of capital accumulation to ex- *...*
CONDOLENCES
On behalf of ICMA Pakistan it is to inform everyone with deep grief and sorrow that Mr. Hamza Masood Ali
& Mr. Ammad Shahzad Uddin, students at Karachi Campus, passed away for their eternal abode.
Inna Lillahe Wa Inna Ilaihe Rajeoon
May Allah rest the departed soul in eternal peace and give strength and patience to the bereaved family to
bear the irreparable loss (Ameen).
Mr. Hamza Mr. Ammad

Masood Ali Shahzad Uddin

Pakistan’s economic out- equivalent of 5pc of GDP mainly due to widening trade
deficit. It will narrow further to 3pc in fiscal year 2019-
look gloomy, warns ADB 20 as pressures on external accounts ease.
By: Kazam Hussain (Faisalabad) Finance Ministry Proposed
The Asian Development Bank (ADB) released a report To Amend The Fera 1947
which says that Pakistan will continue to face macroeco-
nomic challenges despite tight fiscal and monetary poli- By: Saman Khan (Hyderabad)
cies to rein in twin deficits leading to deceleration of the Finance ministry had proposed to amend the forie-
GDP to 3.9 per cent in the ongoing fiscal year, says the gn exchange regulations act 1947 by introducing a bill
Asian Development Bank (ADB) in a report. “FER(Amendment) Act 2019”, in the National Assembly
In its assessment of Pakistan’s economy in the ‘Asian to empower the SBP to regulate foriegn exchange re-
Development Outlook’ for 2019, the Manila-based bank gime in the country more effectively.
warns that until macroeconomic imbalances are allevi- “The proposed amendment has been approved by the
ated, the outlook is for slower growth, higher inflation, Federal Cabinet and transmitted to parliament for en-
pressure on currency and heavy external financing is actment” said the finance ministry adding the measure
needed to maintain even a minimal cushion of foreign was the part of government’s effort to enhance transpar-
exchange reserves.Moreover, lower revenue collection ency of financial transactions.Moreover, it was also part
and higher current expenditure pushed the budget defi- of the government’s efforts to comply with the Finan-
cit from 2.3pc of the GDP in the first half of 2018-19 to cial Action Task Force (FATF) requirements to regulate
2.7pc a year later. Pointing out the supply-side slow- domestic movement of foreign exchange by proscribed
down, the bank warns the agriculture sector is likely to organisations through cash couriers including transport
underperform the 3.8pc growth target for the ongoing services and considered a weakness of state institutions
fiscal year as well amid water shortages. in fighting terror financing and money laundering.
The current account deficit is expected to narrow in the *...*
ongoing current fiscal year but will remain high at the

Basic Economic Indicators
Economic development is set to decelerate this monetary year as the nation thinks about a huge
current account deficit, delicate government funds and constrained universal stores. Starkness mea-
sures to ease these issues, combined with winding down speculator certainty, are probably going
to control development. Economic growth will be 4.3% in FY 2019, unchanged from last month’s
estimate, and 4.0% in FY 2020
By: Nida Khan (Hyderabad)
Main Indicators 2016 2017 2018 (e) 2019 (e) 2020 (e)
GDP (billions USD) 278.66 304.95e 306.90 0.00 0.00
GDP (Constant Prices, Annual % Change) 4.6 5.4e 5.8 4.0 3.5
GDP per Capita (USD) 1,440e 1,546e 1,527 0 0
General Government Gross Debt (in % of GDP) 67.633 66.962 72.535 73.191 73.554
Inflation Rate (%) 2.9 4.1 3.9 7.5 6.5
Current Account (billions USD) -4.87 -12.44 -18.17 0.00 0.00
Current Account (in % of GDP) -1.7 -4.1 -5.9 -5.3 -5.2
Corrigendum Tourism: It makes up an insubstantial part of our earnings.

Pakistan has a lot of ancient and beautiful places to be vis-
In the first issue, under the Segment ‘Business & Economy’ a news ited. Northern areas which are famous for greenery and
titled ‘Export Target of USD 27 billion for FY 2018-19’ was pub- cleanness, old civilization of Harappa & moen jo daro, the
lished. The name of the author of this news was inadvertently Islamabad which is famous Faisal Mosque, Rawal lake etc.
mentioned as ‘Mujahid Hussain’ whereas it was contributed by Ms.
These all are attractive place for foreigners to visit. Pakistan
Saman Khan of Hyderabad. We regret for this unintentional error.
needs to maintain the stability in it. This sector can helps to
The news is being published afresh with name of original author.
generate huge revenue.
Export Target of USD 27 Chine Pakistan Economic Corridor (CPEC): CPEC itself is
billion for FY 2018-19 a huge project. It is a gateway of success in many aspects
as it will open doors to immense economic opportunities
By: Saman Khan (Hyderabad)
in Pakistan. CPEC also attract investors to invest more and
Mr. Abdul Razak Dawood, Adviser to the Prime Minister more which influences the economic growth of Pakistan. It
on Commerce, Textile, Industry and Investment has said will also generate employment by bringing the new oppor-
that this year we will achieve the highest export target of tunities to the job seekers. It will also boost tourism. Thus
US$ 27 billion in the history of Pakistan. As per State Bank Pakistan’s economy will be improved.
of Pakistan, total exports stood at US$ 11.5bn in the first Stimulate Exports: Pakistan should stimulate exports and
half of current FY which means that another US$15.5bn should not buy any Raw material and should try to produce
will have to be achieved in remaining half of FY to meet there own instead of buying imported items and Raw mate-
the export target. He also said that one of the biggest rial. There are lot of things which are produced and made in
challenges for the country was current account deficit Pakistan such as fabrics like Soosi etc, famous well repetitive
and government was taking emergency steps to resolve Pakistani brands like Khaadi, Alkaram etc which are inter-
this issue. Mr. Dawood further said that government has nationally recognized and are demanded in large quantity.
acquired a one-billion-dollar market in China for export of Pakistan’s sports equipments which are famous all over the
sugar and rice. He claimed that foreign exchange could be world. Its dry fruits, Seasonal fruits such as mango which is
saved through local production of edible oils. expected to all over the world. A little concentration is re-
quired to improve it. It will affect very positive image of our
country and hence also improve our economy.
New Initiatives by Govern-
How to Improve Economy ment to increase Economic
Improving an economy has been Growth
the struggle from the start. Being By: Bakhtawar Azam (Lahore)
talk about Pakistan, It is a develop-
ing country having scarce resourc- If we look on government initiative to increase the economic
es which aren’t utilized efficiently rate of our country by business or other activities .like, Govt.
and effectively. Its always been a taking structural reforms to increase economic growth.
challenge for us to improve our Govt. plans to make Pakistan a hub of business. Trying to
By: Fatima Shewar economy but now the question improve trade and economic relationship with other coun-
(Hyderabad) arises that How to improve our tries like, Qatar Investment Authority has expressed keen
economy? We can improve our economy by implementing interest in investing in housing, energy, tourism, airports and
certain strategies which can influence the economic growth. in management sector of Pakistan .Pakistan and Turkmen-

istan signed the final version of host govt. agreement on also include one of the biggest problems of all time i.e. un-
TAPI gas pipeline networks .CPEC (China Pak Economic Cor- employment.
ridor) would be very beneficial for our economy.PM Imran
Changed current tax system in country. China has deposited According to a report, there are many people living under
2.1 billion into State Bank of Pakistan foreign currency re- poverty. Approximately, 39 percent of the population is un-
serve to help Islamabad in making international payments der multidimensional poverty. Most of them are from the
on import and debts repayment counter. areas of Baluchistan and FATA. This is also the reason why
the crime rates in those areas are higher than other parts of
Saudi government signed seven investment agreements the country. When proper education and employment is not
with Pakistan. The Chinese govt. has finally offered Pakistan given to them, they end up being in the wrong company and
market access for three commodities rice, sugar, yarn worth commit several crimes. All this is the result of frustration and
one billion for the current calendar year .Under the agree- revengeful attitude which results from the lack of proper ed-
ment export have been allowed to ship 200000 tons of rice ucation. Thus, the government needs to spend properly on
and 300000 tons of sugar total value 30 billion –to china in the education.
the ongoing calendar year.
In the previous 5-year tenure of the government, it start-
Pakistan may soon hit the oil project which will be good ed some major projects for the public, but they are not, in
news not only for the country but all of South Asia China and some way, very beneficial. There are no proper projects for
Gulf nations. Pakistan, Belgium sign MoU to enhance trade the education of poor children and the opportunities of em-
and investment .Govt is in talks with IMF on regular basis ployment. Moreover, most of our resources and a very big
to support country’s condition. President urges to work with portion of the economic budget go to the Army and defense
foreign investors in joint ventures. agencies. Therefore, the problems of the common people
2020 shall be the year in which Pakistan shall take significant remain unsolved. Many lives of innocent people were lost
steps towards improving its “ease of doing business climate.” during the previous years in the war against terrorism. Cor-
A new tariff policy aimed at rationalizing duties on import ruption is also a very big issue going by and some serious
of raw materials, machinery plus simplification in taxes and decisions should be taken to provide justice to the common
filling procedures for individuals . Corporation and business people. The recent Sahiwal incident is a big example of it.
shall be announced .Tax shall no longer be used purely to Incidents like these take the trust off the government. Thus,
raise revenue .The aim of the separation of tax policy division it needs to win the trust back by its policies.
from FBR ‘s administration is precisely to phase out all taxes Of the Gross Domestic Product, we should be spending al-
that have added to the cost of doing business in Pakistan and most 10 percent on the education. When there will be right
replace them with measure incentives for SME’s and busi- education for the children, they will involve in less criminal
nesses.2020 is also expected to be the year for more foreign activities. Moreover, the parents will not find themselves in
investment in Pakistan .CPEC shall be entering its third phase position for sending them for child labor. However, Pakistan
that shall be more focused on trade and industry ,moving only spends 2.5 to 3 Percent of the GDP on education. The
on from infrastructure .This shall play a vital role in trems of rising problems in Pakistan requre that a must 10 Percent
technology and skills transforms to our economy. Multina- of GDP should be spent on the infrastructure development,
tional companies from sectors ranging from automobiles, sanitation and other basic needs of the common people.
telecommunications, energy electronics and other have also The government should be giving the Industrial Companies
expressed to invest in Pak . some major perks so that the employment ratio in the coun-
To sum up, the economy has averted the severe balance try should increase.
of payments crises and all macroeconomics indicators are Everyone has a part to play in the current ventures going in
showing positive effect towards stabilization .The general the country. The common people have their roles, the gov-
paradigm of fiscal and monetary policies has been realigned ernment has others while we as students need to do our
towards exports, investment and productivity growth. part as well. Hence, we should all try and do our duties to-
Socio-Economic Problems Of wards the country.
Pakistan
BY: Duraid Ahmad (Lahore)
Just like any other developing country, Pakistan also faces a

big number of problems. Some of them are political while
some of them are within the local people. Among these,
most of them are the Socio-Economic Problems. Many of
you will be aware of these problems but for those who don’t
Socio-Economic Problems are the ones which cause a very
bad and negative influence on the common people of the
country. There are many examples of these problem poverty
being a major one. In addition, lack of education, discrimina-
tion on cultural and religious levels following corruption on
various scales and overpopulation are one of them. These

Trade Deficit of Pakistan Last month the government claimed that the impact of
currency devaluation will be visible in the export trajecto-
Pakistan’s trade deficit reduces
ry, say that foreign sales will pick up momentum and im-
by 11.03% and comes to $21.52
ports will record steep decline in the months ahead.
billion in 8MF19 (8th Month of Fi-
nancial Year 2019) from $24.19 bil- The value of imported goods in the eight-month period
lion in same period last year as per was recorded at $36.63bn, down 6.13%, from $39.02bil-
the record of PBS (Pakistan Bureau lion.The decline was even steeper in February, falling by
of Statistics). 12.26pc to $4.18bn, from $4.76bn in same month last
By: Mansoor Akhter year. According to the government, the decline in imports
Similarly, during 8MF19 (8th
Malik (Islamabad) is mainly due to imposing of regulatory duties on imports
Month of Financial Year 2019),
of luxury items and automobiles. Moreover, government
trade deficit declined 11.03pc to $21.52bn, as against $24
also slapped ban on import of furnace oil last month.
in corresponding months of last year. This decrease came
on back of the steep decline in the overall import bill even The Commerce Division claims that imports have begun
though export proceeds posted a mixed trend. their downward journey due to a number of policy inter-
ventions by the government such as import contraction
Exports edged lower by 0.37pc year-on-year to $1.88bn
measures like regulatory duties (RDs) on non-essential
in February 2019 due to the border tensions with India.
items, improved energy supply, import substitution drive,
The massive 33pc rupee devaluation since July 2018
economic stabilization and currency devaluation. GOV-
coupled with cash assistance to major sectors, mainly
ERNMENT OF PAKISTAN, PAKISTAN BUREAU OF STATISTICS
textile and clothing wasn`t enough to boost the coun-
KARACHI shows a Summary of Exports, Imports and Bal-
try`s exports as they grew a marginal 1.85pc to $15.11bn
ance of Trade for the month of February, 2019.
during 8MFY19(8th Month of Financial Year 2019), from
*...*
$14.83billion in corresponding period last year.
(Rupees in Million) (U.S. Dollars in Million

% Change in
Series * February, 2019 * January, 2019 February, 2019 over January,
Rs. $ Rs. $ Rs. 2019 $
(1 $=Rs.138.530726 ) (1 $=Rs.138.695078 )
Exports 261,669 1,889 283,372 2,043 -7.66 -7.54
Imports 579,039 4,180 624,644 4,504 -7.30 -7.19
Balance of Trade -317,370 -2,291 -341,272 -2,461 -7.00 -6.91
% Change in
Series * February, 2019 * January, 2019 February, 2019 over January,
Rs. $ Rs. $ Rs. 2019 $
(1 $=Rs.138.530726 ) (1 $=Rs.110.434192)
Exports 261,669 1,889 209,415 1,896 24.95 -0.37
Imports 579,039 4,180 526,141 4,764 10.05 -12.26
Balance of Trade -317,370 -2,291 -316,726 -2,868 0.20 -20.12
% Change in
* July - February July - February 2017 - 2018 July - February, 2018 - 2019
Series 2018 - 2019 over July - February, 2017 - 2018
Rs. $ Rs. $ Rs. $
Exports 1,991,207 15,113 1,589,322 14,838 25.29 1.85
Imports 4,808,389 36,636 4,180,430 39,029 15.02 -6.13
Balance of Trade -2,817,182 -21,523 -2,591,108 -24,191 8.72 -11.03
* Provisional figures based on figures provided by the Director (R&S) FBR, Islamabad.
NOTE:-
Rupee Value converted into US Dollar on average monthly exchange rate provided by S.B.P.
February, 2019 (1$=Rs.138.530726), January, 2019 (1$=Rs.138.695078) and January, 2018 (1$=Rs.110.434192).
Reference: DAWN NEWS PAPER, 13th March 2019

State of Pakistan’s Economy public exchequer and played havoc with the state’s econo-
my. Moreover, IMF and World Bank have also played signifi-
– A Critical Outlook cant role worsening the economic conditions of Pakistan.
Background: The Flaws in Economi- The Way Forward: Turning Around Pakistan’s Struggling
cal Approaches – Walking the Paths Economy, Need for Governance Reforms
Besides sustaining high rates of i. Accountability: There’s a dire need of accountability in
economic growth in 1960s, the Pakistan where each individual, group or stakeholder is re-
economy of Pakistan has steadily sponsible for their actions that affect public interest in gen-
deteriorated to the state where the eral and economy in particular. Financial accountability of
economy has, for the past few de- public official is necessary and managerial to promote code
By: Maira Shahzad cades, lurched from one financial of corporate governance in Pakistan.
(Lahore) crises to the next. The present sit- ii. Justice and Equity: Must be given priority specifically
uation gives an outlook of problems in financial and economic affairs and policy making. There
and challenges being faced by Pakistan’s economy are poor should be gender equality, protection of human rights and
management practices deeply inherited in governance struc- equal participation of all members in decision making pro-
tures, lack of political consensus, uncertainty due to lack of cess. In addition, quality of public service should be en-
continuity of policies, unresolved structural issues and poor hanced giving the efficient, effective systematic utilization of
governance. The consequences of these problems which ex- resources that would lead to ensure the best possible out-
acerbated the Pakistan’s economy at an unprecedented level comes for national economy.
are plain to see: higher inflation rates, bad social indicators, iii. Transparency and Standardized Rule of Law: It deals
poor public services, widespread corruption, macroeconom- with the fact that democracy and good governance essen-
ic instability, growing unemployment, deepening poverty, tially entails the rule of law and significantly sticking to it. A
power outages, deteriorating debt profile, poor law and or- consensus oriented legislation must be crafted to ensure the
der situation and economic isolation. Despite this poor eco- strict enforcement of rule of law and to protect the sover-
nomic and governance Pakistan’s average economic growth eignty of the state/country. Transparency is one of the main
rate since independence has been turn out to be resilient indicators of good governance which must also be imple-
dynamic and sustaining having tremendous potential pros- mented.
pects and enormous opportunities to drive rapid and fastest
economic growth in competitive global economy. The aver- Strengthening and Restructuring Institutions: A long-term
age annual real GDP growth rates were emerged as trend- economic governance reform agenda
setter in Asia as 6.8% in 1960s, 4.8% in 1970s and 6.5 % in Guiding principles to undertake for ranging institutional re-
1980s. Average annual growth fell/sank to 4.6%in 1990s with forms.
significantly lower growth in the second half of that decade Following multistep-process must be adapted to privatize
and suffered from poor governance and bad economic man- state-owned enterprises. Primarily, corporatize these enter-
agement, 8.96% to 9.0% in 2004-08, 4.09% to 2% in 2009- prises by converting them into companies and subsequently
13, 4.14% to 5.3% in 2013-18 due to the their government’s commercialize these converted companies in order to privat-
liberal economic policies which set the nation’s economy in ize them. This will bring austerity, uniformity and standard-
its takeoff stage towards gradual recovery and subsequently ization in their structures. It will enhance innovation, critical
on the verge an investment led growth cycle and in 2007, commercial mindset and culture by incorporating modern
according to London based nation’s magazine, The Econo- technology and research oriented environment.
mist, forecasted Pakistan’s GDP to grow at 5.3% making it the
Conclusion
fifth fastest growing economy in the world and the fastest
growing in Muslim world. Unfortunately, Pakistan’s economy History of this country shows that the country is going
yet again has gone from being one of the best performing to through bad governance in economic and socio-political
poor performing within few months. spheres. For having good governance there’s a dire need
of strengthen and successful implementation of the above
The Context: Diagnosing the Problem/Root Causes mentioned policy suggestions and recommendations by
As far as Pakistan is concerned, there is no denying the fact eliminating corruption, controlling poverty, unemployment,
that the country’s economy has been prone to multifacet- illiteracy, enhancing and attracting foreign direct investment,
ed problems and issues which never let the country to grow curbing inborn dependence on IMF and World Bank. More-
and emerge at an unprecedented level in competitive global over, successful implementation and expansion of CPEC
economy. Essentially the foremost requirement emergence should also improve and vitalize the economy of Pakistan.
and persistent was good governance and efficient and effec- Besides, strong governance leads to economic stability and
tive economic management which couldn’t be evolved in vibrant economic outlook. In conclusion, Pakistan is a coun-
Pakistan due to unstable, incompetent, dishonest govern- try blessed with everything, there should be appropriate use
ments and their corrupt practices. Similarly, poor account- of its resources, effective rules, efficient decision making
ability, feudalistic political system, abysmally poor level of procedures and active policies must be orchestrated and ap-
transparency, political instability, rapid erosion of rule of law, plied in economic affairs of the country by a charismatic and
struggling institutions, rampant corruption and weak social visionary leadership to transform the country into a vibrant,
indicators which have inflicted financial loss of billions to responsive economic leader in global economic world.

Pakistani athletes bag First-ever Pakista
n Sports
18 gold medals in Spe- Awards acknowle
dge
cial Olympics achievements of
Pakistani athletes outperformed in the Special
By: M. Talha Sabir
athletes
The first ever Pakistan
(Faisalabad) Sports Awards were he
Olympics World Games 2019, winning a total chi to acknowledge the ld in Kara-
of 61 medals including 18 gold medals in Abu Dhabi during services and achieveme
Pakistani athletes. The nts of
founder and chairman
March 14-21. Sports Awards Shoaib of Pakistan
Malik said that it was
duty to acknowledge the everyone’s
services of our athletes
er unsung heroes who and oth-
have made Pakistan pro
ud.
Karachi United’s y
oung foot-
ballers make Pakis
tan proud
with an internatio
Karachi Un
nal win
ited’s Under-11 and Un
stan proud by beating der-12 teams made Pa
the Aspire Academy to ki-
in Qatar. clinch a series

communicates only
by phone, tells him
that it’s time for him
The Accountant Review to take on a “legit”
big client, and plops
“The Accountant,” said in opening
him in the lap of a
minutes, directed by Gavin O’Con-
high-tech prosthetic
nor. Then there is another scene,
firm headed by John
set in 1989, at a home for neurolog-
Lithgow. Turns out
ically impaired kids, run by a kind-
that Dana, one of
ly doctor who explains to a cranky
that firm’s accoun-
dad and a less cranky mom why
tants, played-by-An-
their “different” son might have a
By: Syed Mehdi na-Kendrick doing,
(Multan)
better chance at adjusting to life in
as she did in “Up in
the world if he spends a summer
the Air,” fine work in
at the institute. Said kid, watched over by his brother, puts
a Non-Romantic-Ro-
together a jigsaw puzzle not only scarily quick but also in a
mantic-Interest role
VERY novel way.
has discovered a discrepancy. Christian uncooks it, as they
The next scene takes us to the present day, where a strip say … and then very nasty assassins are dispatched to kill
mall accountant named Christian Wolff (the allusion is to both Christian and Dana.
the German philosopher and mathematician, not the con-
Here the action heats up. Christian kills a guy who looks a
temporary avant-garde musician and composer, and you
bit like Vice mascot and rapper Action Bronson, in a scene
can only imagine how to let down I am by that), an affect-
that is far and away my favorite in the movie. A very effec-
less fellow played by Ben Affleck (who, frankly, is trying a
tive hitman played by Jon Bernthal shows up. The plot, as
little too hard to be flat—the strain shows), dazzles a couple
they say, thickens.
of his clients with tax code wizardry anyone who’s ever filed
under “self-employed” will recognize as pretty basic. And And then it goes south. It goes very far south, with two plot
then we are whisked to the Department of The Treasury, reveals that are among the most ludicrous that I’ve expe-
where Ray(J.K. Simmons) delivers some exposition on a rienced in quite some time. The worse of the two twists
mystery man. are made genuinely hilarious by the cutaways to Lithgow
watching things unfold on his home security cam monitors
“He’s their accountant, an accountant, ‘the’ accountant,”
and looking in disbelief—echoing the likely expressions of
Simmons says. The junior officer he’s telling all this to is
the audience. But excitement isn’t always positive.
intrigued. And soon she’s annoyed, as Simmons dredges
some stuff up from her past to effectively blackmail her into Simmons and Kendrick aren’t asked to do anything here
tracking “the accountant” down for him. that we haven’t seen them do before. Kendrick’s role is
smaller than you may suspect. Bernthal is fine as a charac-
There’s quite a bit of stuff going on here, and for a good
ter whose importance can be figured out fairly early on, but
while “The Accountant” its multiplicity of plot threads even
as with Simmons and Kendrick, he’s playing a type of char-
as it keeps adding to them. As it happens, the “accountant”
acter we’ve already seen him tackle before. Cynthia Add-
that the Treasury agents are looking for is up to quite a bit
ai-Robinson is the cast member who, by virtue of having a
more than providing tax relief for rural dwellers. He un-
lower profile due to mostly TV work, get noticed most. The
cooks the books for a slew of deadly bad guys. Deadly bad
Accountant is most engrossing when it focuses on being a
guys who are, an observant viewer will note, subsequently
character study. It’s the ultimate actor’s challenge to convey
busted by the Treasury Department. Despite his proximity
a lot with doing very little and Affleck’s tightly coiled per-
to some of the most dangerous criminals in the known uni-
formance proves he was up for the task. He also finds the
verse, this man of dozens of aliases stays alive. How? Part of
humor in his character and, less surprisingly, excels in the
the answer is provided by the recurring flashbacks, in which
brutal combat scenes.
Wolff’s father (Robert C. Treveiler) provides young Christian
with his more militaristic cure, which later manifests itself in Director Gavin O’Connor excels at finding a vulnerability
sharpshooting and martial arts skills. I admit that it is a nov- and genuine emotion in films that traffic in very macho do-
el idea to take a “Rain Man”-type character and also make mains, often getting very nuanced performances from his
him into a Lethal Killing Machine, but it’s also in kind of bad leads, and The Accountant is no exception.
taste, something the movie tries to ameliorate by depicting
autism with sympathy and some progressive accuracy. De- Directed by: Gavin O’Connor
spite the fact that he has oodles of cash and precious art at Produced by: Lynette Howell Taylor, Mark Williams
his disposal, the accountant’s life is a welter of pain, much Written by: Bill Dubuque
of it in the form of self-punishment. The viewer is left to Starring: Ben Affleck, Anna Kendrick and more.
wonder why he plays the dangerous games he does. Distributed by: Warner Bros. Pictures
At that point, the nice British-accented woman who seems Awards: 3 wins & 5 nominations.
to be the only person he can truly trust, and with whom he Budget: $44 million
Box office: $155.2 million

Importance of Jokes & Riddles
We all come across these elements
in our everyday life but here I am
going to put your attention towards
what is their importance with some
interesting examples.
In Today’s scenario, life of every
person has become so much busy
By: Hammad Raza
that are unable to get time to enjoy
(Lahore) and relax. People are getting more
stressed due to their hectic work
schedule, bad habits (drinking and smoking) and financial
issues, disappointments in relation, struggles and tensions.
Jokes play a very important role to ease our lives and work
as good medicine to releave stress.
The importance of jokes is that when people around you are
either sad, in a serious mood or in a problem, jokes can help
them to feel better. Jokes are basically the stories that bring
laughter to people who are listening or watching. There are
countless benefits of laughing and sharing funny jokes. Let
us look at some of the important that makes our life better:
Health Benefits
Relieve Stress and Sooth Tension
Social Benefits
Develop a Sense of Humor
Being old is associated with poor memory and recognition.
On the other hand, riddles can help in sharpening mental
capacity once again. Children usually develop behavioral
problems if their parents don’t bond with them much.
With parents giving riddles, kids are not afraid to blurt out
answers. They get more confidence in expressing them-
selves. That’s why riddles are useful to develop children’s
social skills.

‘My ICMA Pakistan’
By: Tasmia Awan (Islamabad)
‘Beloved Mother’ Let’s see inside ICMA tree,
By: Fatima Shewar (Hyderabad) Where butterflies are less than the bees,
Where enrolled are more than the passing glees,
Those hands are lovely and precious,
Where you study and study, not being free.
Who works day and all night,
Our costing has some Malaysian jokes,
With joy and pleasure inside.
And nashasta of potato in E.M rocks,
Yet she has bundles of pain,
While MIS gives us technical shocks,
But she never contrite. But we keep calm, enjoy on talks.
All she give is a big smile,
Here we own blessed brains,
And stand like upright. And ever popular BHAI JAAN,
She gives us the bright light, The tallest lad of our badge,
A man holding book like, the P.M OF JAPAN,
Her presence makes us delight.
The one who comprehend his child, A duo of HARRY POTTER,
And Cinderella of library,
Is the only one who support in failure.
Some join it just for fun,
And now i know the reason behind,
While others make history.
The success of every cost and management
It is not a cake walk,
accountant,
But we do it efficiently,
Lies the infinite blessing and prayers of their
Businesses rely on us,
mother.
We conquer it brilliantly.
The load of exams,
The notes of master,
The roar of laughter then,
The splendid results after.
By: Rabeeya Kosar By: Waleed Zia Abbasi

(Islamabad Campus) ( Islamabad Campus)
By: Muhammad Sam By: Awais MD

i
(Lahore Campus) (Lahore Campus)
Karachi Police Launch App for
Online Complaint Registration
By: Muhammad Talha Sabir (Faisalabad)
Karachi Police have launched an app which allows people to

register their complaints online.
But Samsung overtook Fitbit on a quarterly basis in the last
This app will help in reducing the trust gap between the peo- three months of 2018.
ple of the metropolitan city and the police. With the help of
this app, people won’t have to visit the police station [which Indeed, rivalry for a greater share of the market has heat-
most of the times people chose not to]. With your phone, ed up as Apple and Samsung have added features for health
you can register a complaint against any crime, be it a snatch- tracking, Fitbit’s core focus. The Apple Watch included an
ing, theft, robbery or anything else. electrocardiogram feature last year, and Samsung this year
added a blood pressure sensor to its Galaxy Active Watch.
Fitbit also announced new versions of its cheaper trackers
in a bid to lure more casual users who might not be ready to
fork out for the pricier devices of its rivals: The $100 Fitbit
HR, capable of tracking heart rate, and the $70 Ace 2, which
tracks activity in children as young as 6 years old.
Apple does not make a cheaper tracker and its watches start
at $279, while Samsung’s tracker and watches start at $200.
Blockchain Technology And

Its Impact On Accounting
By: Kashif Khurshid (Islamabad)
Blockchain is the technology of the future. It will not only

change the way we perceive processes and record data but
Fitbit launches lower-cost it also has the potential to transform the economy. Many
people think that blockchain is the technology that power
fitness devices Bit coin but blockchain is capable of so much more. Many
developed countries are briskly adopting this technology in
By: Muhammad Talha Sabir (Faisalabad)
banking sector, health sector, smart contracts, land registry
FitbitInc launched its cheapest smartwatch to defend its posi- and many more areas and some are in process to adopt this
tion as the second-largest seller of smart watches after Apple disruptive technology.
Inc. Meanwhile it will be difficult to survive in this modern tech-
The Versa Lite smartwatch will cost $160, down from $200 nological world without the familiarity of this technology es-
for the full version. While still tracking workouts and heart pecially for accountants. So to transform the confusions into
rate, it will lack some features such as the ability to store clarity lets first understand what exactly the blockchain is.
music directly on the watch. Blockchain was created by unknown person(s) in pseudonym
In 2018, Fitbit sold 5.5 million smart watches, behind the of Satoshi Nakamoto. Despite the name of word blockchain
biggest seller Apple Inc’s 22.5 million units, but just ahead of is a suit of distributive ledger technology that can be pro-
Samsung’s 5.3 million units, according to data firm Strategy grammed to record and track anything of value from financial
Analytics. transactions to land registry.
Well, we already have a process to record and track data

what is special about blockchain? Why science is here…
Blockchain store information into batches called blocks that Things evolve by time, if we look
are linked together into chronological fashion to form a con- back there were so many things
tinuous chain of block. which are no-where in the town
Before block can be added to a chain, a few things happen; a by now or the other way around
cryptographic puzzle must be solving that creating block. new things keep popping into
The computers solve the puzzle share the solution to all other existence. Everyday we are dis-
computers on network, the network than verify it and if cor- covering advanced technologies,
By: Syed Ammar Waris adopting modern techniques,
rect block will be added to the chain. Once block is added, it’s
(Karachi)
verified to be true and can’t be tempered instead if you want building virtual businesses and
to change the information, change will be stored into new introducing more convenient advancements. From Ab-
block showing that X changed Y at particular date and time. bas ibn firnas (first flying man) to NASA’s fastest Aircraft,
from the Classic to modern age mankind passed through
With all this features blockchain make data: a bulk of experiences.
Immutable Everything is moving in this universe or one can say ev-
Decentralized erything is still just the time is passing by, which runs so
Permanent endlessly it generates newer things and consumes the
Impact of blockchain on work of accountants older ones whether they are inventions, developments,
The accounting profession is broadly concern with measure- beliefs or truths; vanishing without a trace. In our ef-
ment, record and communication of financial information. For forts to become modern, in our race to be powerful we
accountants using blockchain prouds clarity over ownership of somehow ignored the existence of the Main power, the
asset and obligation of liability by maintaining accurate ledger Creator and the Sustainer of the universe, we started
of transactions. Blockchain technology has power to enhance thinking that we on our own are the great planners, we
the accounting profession by reducing cost of maintaining and can make the Un-sinkable and we can interfere with na-
reconciliation of ledgers and also provide absolute certainty ture, that’s how our direction changed and we persuad-
over ownership of asset to gain clarity over available resourc- ed wrong mentors.
es for concentration of planning, valuation and controlling Mankind has become arrogant over its little knowledge,
rather than bookkeeping. he started questioning the existence of God let alone
Auditing Area trying to understand the purpose of life, God has given
Performing conformation of company financial status him. The reason of being given a mind and capability to
would be immaterial as all transactions and records are think is to explore the nature and to believe what lies
verified to be true, immutable and accurate. The auditor’s within it. We discover yet another organ in human body
skills will be better spending on consideration of high level in 2018 and still there must be a lot more to discover, yet
questions. For instance, audit is not just about accuracy of we think we are here on our own, we ended up here out
transaction but also how records are classified and valued. of no-where and the same way we will perish. The great
If any transaction credits cash, is this outflow recorded on mind of this century Stephen Hawking gave some con-
right head? does accounting framework allow such classi- fusing statements about God, he thinks if scientist could
fication? These types of judgmental areas still need human find a “theory of Everything”-that is, a cohesive expla-
knowledge and experience. nation for how the universe works, in other statement
he said “God is the name people give to the reason we
Other than that blockchain have wide range of applications are here but I think the reason is the laws of physics”
in other areas like smart contracts, land registry, collection Hawking spoke more plainly about God in an interview
of taxes, crypto currencies. As a student of accountancy we “before we understand science, it is natural to believe
should must invest some part of our time to gain knowl- that God created the universe” not to mention he died
edge of new emerging technologies like Big Data, Artificial an atheist despite of observing so much markers, placed
Intelligence, cloud computing and many more technolo- just to make man understand his Lord better .This is how
gies and that is only possible with continuous learning and one of the greatest minds of this century is talking about
updating yourself. God, indeed he did remarkable works for sciences; the
person who believed that he along all the people walk-
ing the land are made out of star dust; the stars which
are beyond our reach, which work on the mechanism we
can’t decipher, which glide in the places we have never
been. Still the scientist was confused, still he could not
see what it had to tell him, this thing proves the limita-
tions of mankind.
“Praise be to Allah, the Sustainer and the Cherisher of
the worlds.” Al-Quran 1:2
The plural use of the “world” refers in conventional sense
to the plant world, animal world, human world and ma-

terial world until or unless we come across some alien more than 1400 years ago in Holy Quran,
world in the future as well. To determine the significance
“Do they not look at the camels, how they are made?”
of the word “worlds” one has to recognize that there are
Al-Quran 88:17
circles within the circles or there are worlds within and
beyond our familiar world. Modern scientific knowledge
These are very few of those indications that I wrote,
enables the one to classify these worlds in terms of a
there are a lot and lot more. The purpose of discussing
length scale. The difference between the smallest and
all the above scientific indications in Holy Quran is to
the largest creation of Allah is from 10-13cm to 1028cm
make you see that Allah is the Creator, He is the greatest
(known yet), if this difference is converted into distance
Planner, He is the best Architect, He is the Sustainer and
then light need more than ten billion years in order to
the Provider of the universe, He is the most beneficent,
cover it.
He is the Eternal lord, He is the Mighty one, He is the
The balance between night and day, our body structure, flawless Shaper, He is the all-knowing one, He is One,
creation of child from a mere speck of blood, the attrac- who is aware, He made everything with utter perfection.
tion between male and female, difference in colors and If we look at ourselves we will find our body in a perfect
languages of different areas, the process of agriculture, proportion known as the Golden proportion (phi-1.618) ,
cycle of the moon and the sun, the existence of unseen, the florets of a sunflower that appear so beautiful are ar-
climatic changes, supply of food, extraction from the ranged in increasing distance from the center in ratio of
ores, difference in taste of foods, colors in the rainbow, Fibonacci numbers, these are very few of the examples.
production of honey etc. all stand in front of us to tell us
So now, what do you think of science? Science is the
there is someone, the Creator and the Sustainer, there is
study of nature which is here to explore the Allah’s cre-
perfection in Allah’s every creation.
ations and to admire His perfect sequences and designs,
“In the creation of the heavens and the earth; in the dif- it is here to make us believe that Allah, only has all the
ference between the night and the day; in the ships that power, it is here to be pleased that Allah send us in this
ply on the sea with that which benefits mankind; in what beautiful world to marvel His creations. May Allah for-
Allah sends down from the water in the sky, and thereby give all our mistakes and make us deeming to end up in
He revives the earth after its death and disperses therein the gardens of Eden; He made for the good souls, the
all kinds of animals; in the change of winds, and in the seeing eyes and the praising tongues. A place that is far
clouds obedient between the sky and the earth; indeed beyond breathtaking than the one we dwell in. (amen)
there are signs for a people that are wise.” Al-Quran
2:164
In above ayah it is clear that science is to explore what
Allah made, there are indication in the holy Quran for
those who are wise, science has achieved so many break-
throughs which make today’s life easier and better yet
we know little, most of the biggest discoveries on which
science stumbled upon accidently were told in the Holy
Quran centuries ago.
In 1927 the concept of big bang was given and was uni-
versally accepted. Around 1400 years ago In Quran, Allah
said
“Do not the unbelievers see that the heavens and the
earth were joined together as one single entity before
we clove them asunder ….” -Al-Quran 21:30
DNA was identified by James Watson and Francis crick at
university of Cambridge in 1953. Around 1400 years Ago
Quran give indication of DNA,
“And in your nature and in (that of) all the animals which
He scatters (over the earth) there are messages for peo-
ple of assured faith.” Al Quran 45:4
Prof Kunt schimdt Nislson of duke university discov-
er that camel has moisture absorbing membrane in its
nostril that does not let moisture out when it exhales.
This membrane has never been found in any other ani-
mal. Because of this membrane in the nostril of camel, it
saves 68 per cent of the waterpower that other animal,
breath out involuntarily, allowing it to survive the harsh
weather of deserts It is amazing to notice that Allah told

Ishtiaq Khan Abbasi Basharat Karim Mujahid Hussain
Gulshan Campus Karachi Gulshan Campus Karachi North Nazimabad Campus Karachi
Saman Khan Haseeb Ahmed Umer Sharif

Hyderabad Campus Lahore Campus Islamabad Campus
ACKNOWLEDGEMENT OF NEWS/MATERIAL RECEIVED FROM STUDENTS

The R&P Department has received an encouraging response from the students who have sent news; articles; write-ups and other
materials, including poetry; art work; jokes; quotes etc. related to five regular segments. As per approved policy, all such submis-
sions shall be considered for publication on ‘first-come- first-serve basis’. The Editorial Board reserves the right to amend alter
any news or material for purposes of clarity and space as well as not to consider any material for publication in magazine for valid
reasons.
Provided below are the names of students whose submissions /additional material have been received which would be considered
for publication, subject to approval of Editorial Board, in the next issue of the magazine:
Lahore:
Usman Aziz; Saim Saleem; Hamza Azeem Buttar; Adil; Salman Ahmad; Wajiha Waseem; Hammad Raza Samoon; Syed Usama Badar
Shah and Sana Babar
Karachi/Hyderabad:
Ayesha Irfan; Mujahid Hussain and Iqra.
Islamabad:
Syed Muhammad Kumail Haider Rizvi; Tasmia Azher Awan; Hamza Amin; Tamkanat Nowall Siddiqui and Hasan Zahid Chaudhry;
Sher Ali Samo.
Multan:
Farrukh Aftab; Maqsood Ahmed.
Faisalabad:
Muhammad Talha Sabir and Kazam Hussain.
The above may please be treated as a acknowledgement receipt of the materials received from students.
*...*

Message for Students by Founder of Pakistan
You must devote yourself wholeheartedly to your studies, for that is your
first obligation to yourselves, your parents and to the State.
(Islamia College, Peshawar, 12 April, 1948)

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In the Name of Allah, the Most Beneficent,

the Most Merciful

Sayings of Prophet Muhammad (peace be upon him)

On the Day of Judgment, “Fasting will say: O My Lord I prevented him

VISION: To be the Preference in Value Optimization for Business.

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 2

Students’ Publication Society

Mujahid Hussain Hamza Saleem Maira Shahzad

Muhammad Shoaib Muhammad Talha

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 3

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 4

It is quite reassuring to know that the inaugural issue of the Students’

Zia ul Mustafa, FCMA

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 5

Muhammad Yasin, FCMA

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 6

In this regard number of professional bodies arrange recre-

refreshment medical facility etc.) as the PANJPEER ROCK

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 9

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 10

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 11

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 12

Long Term Objectives And Prohibition of Riba

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 13

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 14

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 15

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 16

Habits of a Succ Asset stripping: It is a term used to refer to the practice of

Inna Lillahe Wa Inna Ilaihe Rajeoon

Mr. Hamza Mr. Ammad

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 18

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 19

Corrigendum Tourism: It makes up an insubstantial part of our earnings.

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 20

Just like any other developing country, Pakistan also faces a

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 21

(Rupees in Million) (U.S. Dollars in Million

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 22

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 23

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 24

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 25

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 26

By: Rabeeya Kosar By: Waleed Zia Abbasi

By: Muhammad Sam By: Awais MD

Karachi Police have launched an app which allows people to

Blockchain Technology And

Blockchain is the technology of the future. It will not only

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 28

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 29

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 30

Saman Khan Haseeb Ahmed Umer Sharif

ACKNOWLEDGEMENT OF NEWS/MATERIAL RECEIVED FROM STUDENTS

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 31

ICMA Pakistan’s Students’ e-Magazine | Volume 1.2 | April 2019 32

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