Islamabad – August 31, 2023: Mobilink Bank has introduced an exclusive 10 percent discount on Hajj and Umrah packages for both its customers and employees.
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Mobilink Bank Sets New Standards in Women Empowerment
ISLAMABAD: Mobilink Bank has achieved significant growth in Loan Disbursement and Gross Loan Portfolio (GLP) in two crucial sectors – Women and Micro, Small, and Medium Enterprises (MSMEs), as evidenced by its H1 2023 results.
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Mobilink Bank, Hashoo Foundation sign MoU to promote financial inclusion
Mobilink Bank and Hashoo Foundation (HF) have joined forces to promote financial inclusion for Micro, Small, and Medium Enterprises (MSMEs) through a Memorandum of Understanding (MoU).
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Mobilink Bank awarded as best retail bank in Pakistan
Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has won the prestigious Retail Banker International (RBI) Asia Trailblazer Award 2021 for being the ‘Best Retail Bank in Pakistan’, along with an honorable mention of “Highly Commended” for its House Loan in the Best Loan Offering category.
Organized in collaboration with Arena International, UK, Middle East Economic Digest (MEED), Dubai, and GlobalData (Singapore), the Annual RBI Asia Trailblazer Awards celebrate remarkable innovations and achievements in customer service in the financial and banking industry across the Asian continent.
For the 12thedition of the coveted awards this year, more than 300 submissions were received in various categories from 25 countries. The winners were announced in a virtual ceremony in view of the COVID-19 safety protocols.
Commenting on the achievement, Ghazanfar Azzam, President & CEO MMBL said: “The award comes as a testament to MMBL’s strong commitment to customer excellence. We always strive to improve the banking experience of our customers by offering customized digital products and services that enable and empower individual users and small and medium businesses in the country. The recognition has reinvigorated our resolve to further innovate, optimize and modernize our retail services to better facilitate our customers, and foster financial inclusion in the country.”
Muhammad Asim Anwar, Chief Business and Products Officer MMBL said: “We are committed to promoting digital financial inclusion through an enabling fintech ecosystem that serves everyone alike even in the remotest parts of Pakistan. We are humbled to be recognized in the Asian continent for being the best retail bank in the country and are proud of our diversified product portfolio, including the House Loan, which has beenhighly commended as the best loan offering in the region. This accolade is a significant achievement, especially as it dovetails with the government’s flagship initiative, Naya Pakistan Housing Scheme.”
Retail Banker International (RBI) is an editorially independent briefing service that, over the last 36 years, has become an essential resource for C-suite executives from across the global retail banking and consumer finance ecosystem. RBI provides subscribers with vital coverage across the given key subject areas: product innovation, distribution channels, leadership strategy, regulation, and marketing. RBI’s recognition of MMBL’s retail services will further bolster the bank’s standing as one of the most preferred digital banks in the country.
MMBL, being the largest digital bank in Pakistan, serves millions of individual and small and medium businesses across the country through its vast digital financial ecosystem. The bank’s customized product range caters to the evolving financial needs of different socio-economic groups and businesses particularly across the rural stratum, thereby bringing millions of unbanked segments into the fold of financial inclusion.
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Mobilink Bank, Universal Motors sign financing deal
KARACHI: Mobilink Microfinance Bank Limited (MMBL) has signed a Memorandum of Understanding (MoU) with Universal Motors (Private) Limited for financing motor vehicles.
The collaboration will facilitate MMBL Borrowers by allowing them to finance commercial vehicles from Universal Motors through subsidized offerings, according to a statement issued on Monday.
President & CEO MMBL, Ghazanfar Azzam, and Adil Noman, CEO Universal Motors signed the MoU in Islamabad with senior officials from both organizations in presence.
The collaboration will usher in fast-track and priority financing for MMBL borrowers to attain commercial vehicles from Universal Motors for starting or expanding their business operations, under convenient terms.
Following the MoU, MMBL customers will get fast product delivery Turnaround Times (TAT), in addition to the provision of 1S/2S/3S dealership or retailer services by Universal Motors, near MMBL branches across the country to extend after-sale services for borrowers.
Creating further ease for borrowers, the vehicles will be delivered at MMBL branch cities with Universal Motors sharing the registration costs, and offering vehicle delivery from Karachi to the destination city at subsidized transportation rates.
Sharing his thoughts at the signing ceremony, President and CEO MMBL, Ghazanfar Azzam said,” MMBL’s expansive product portfolio has witnessed a significant growth trajectory over the past few years with the introduction of more and more customer-centric products that are aimed at facilitating maximum convenience for empowering our borrowers in true sense.
“This collaboration with Universal Motors will further solidify our aim of promoting hassle-free attainment of commercial vehicles, for business use, which will substantially be backed by quality after-sales services.”
Adil Noman, CEO Universal Motors said, “Our collaboration with MMBL will help us target low-income groups that need financing for our sturdy and dependable JMC commercial vehicles. Universal Motors is introducing special financial incentives and logistical support to fully facilitate MMBL borrowers.
“We are hopeful that our collaboration with MMBL will drive our shared ambition of supplementing the economic development of Pakistan.”
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Jazz pays Rs5 billion income tax liability on court order
ISLAMABAD: Pakistan Mobile Communication Limited (PMCL) – the operator of Mobilink / Jazz on Thursday paid an amount of Rs5 billion out of total Rs22 billion as tax demand created by Large Taxpayers Office (LTO) Islamabad.
The payment has been made as per the directions of Islamabad High Court (IHC) order in Income Tax reference No. 32/2020 dated November 10, 2020.
Earlier, the IHC allowed PMCL to deposit an amount of Rs5 billion against income tax liability.
A division bench of the IHC in a hearing on November 10, 2020 granted the application of the petitioner i.e. PMCL to deposit Rs5 billion. The high court also granted interim relief to the petitioner and suspended notices sent to the applicant under Section 140 of the Income Tax Ordinance, till the next date of hearing i.e. December 02, 2020.
During the proceedings the counsel for the petitioner submitted that the petitioner was willing and ready to pay a sum of Rs5 billion.
The counsel for the Federal Board of Revenue (FBR) submitted that the sum offered to be deposited by the petitioner was meager as compared to the total liability. The counsel submitted that the applicant is liable to pay a sum of Rs22 billion plus penalty etc.
The LTO Islamabad last month initiated tax recovery of Rs25 billion from M/s. PMCL by sealing of its business premises.
The LTO Islamabad took the action against the mobile operator as income tax amount Rs25.39 billion was outstanding against the defaulter.
“The defaulter is refraining itself deliberately, dishonestly and without lawful excuse to discharge tax liability and thus causing huge loss to the national exchequer,” according to a notice of LTO Islamabad.
While responding to the report, the PMCL issued the following statement:
“Jazz is a law-abiding and responsible corporate citizen. Our contribution to Pakistan’s economy over the past 25 years is significant.
“We have received a notice from FBR this afternoon. Jazz has made tax submissions based on legal interpretations of the tax owed. We will review and take measures under our legal obligations and will collaborate with all concerned institutions for an early resolution of this issue.”
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Mobilink terms FBR recovery action as unfortunate
ISLAMABAD: A spokesman of Jazz (Mobilink) on Thursday said that the treatment of the Federal Board of Revenue (FBR) for the recovery of disputed amount through sealing the office was unfortunate.
“Despite being the largest taxpayers, we are treated in an unfortunate way,” a company spokesman said.
“While the government is making efforts to improve the business environment in the country, such drastic measures would unfortunately severely affect investment prospects,” the spokesman said in a statement.
“We have received a notice from FBR yesterday for the recovery of a disputed tax demand and we have serious reservations on these alleged taxes.
“The proceedings were carried out on plea of a tax recovery notice for a disputed amount from 2018 which is under legal proceedings.
“Due to the drastic measures our corporate reputation and pride has been hurt and shakes the confidence of foreign investors of Jazz and others.
“Despite being the largest taxpayers, we are treated in an unfortunate way.
“While the government is making efforts to improve the business environment in the country, such drastic measures would unfortunately severely affect investment prospects,” the spokesman said.
Jazz seeks resolution of the matter and has always been willing to conduct dialogue as well as rightful legal course to reach merit and right interpretation.
“Jazz also assures its valued customers that despite the challenges, we will continue to provide uninterrupted services,” the statement said.
Mobilink is Pakistan’s number one 4G operator and the largest internet and broadband service provider is amongst the largest taxpayers and the biggest foreign investors with an investment of over US$ 9.5 billion during the last 25 years.
In the last 6 years alone, Jazz has contributed over Rs251 billion to the national exchequer in the form of taxes and duties.
Jazz has always been a law-abiding corporate citizen and has been in the forefront for contributing to Pakistan’s economy in monetary and development terms, and as the market leader in telecom and internet services with over 63 million customers.
The company has also discharged its social responsibility in floods, earthquakes, and recently in COVID-19 relief response worth over Rs1.2 billion.
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OICCI expresses dismay over FBR action against mobile operator
KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) on Thursday expressed its shock and dismay over action taken by the tax authorities against Pakistan’s leading mobile operator.
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