Culture of charitable giving thrives in Pakistan

islamabad n e w s d e s k

ISLAMABAD: The Bank of Punjab (BOP) signed an MoU with Pakistan Microfinance Investment Company (PMIC) under which BOP will become the first commercial bank to use PMIC’s Credit Enhancement Facility (CEF) for lending to microfinance institutions Under CEF, PMIC will provide credit guarantee to BOP for lending to MFIs across the country Both entities will also jointly work on product development, syndication and offering advisory services to microfinance providers in the quest for improving financial inclusion across Pakistan

Mr Yasir Ashfaq (CEO – PMIC) and Mr Farid Ahmed Khan (Group Chief Corporate and Investment Banking – BOP) signed the MoU Senior leadership from both institutions witnessed the signing pr

USC jacks up prices of certain branded items

I S L A M A B A D: In order to improve demand and supply and ensure uninterrupted supply of branded items, prices of certain branded items have been increased at all utility stores across the country However, this increase is from branded companies, which is due to factors like market volatility/rising trend Utility Stores Corporation does not manufacture or produce itself but purchases from reputed and certified branded companies of the country When raw material prices increase, production charges increase and transportation charges increase, the product cost also increases due to which the prices have to be revised So that demand and supply improve and availability of these products is possible pr

Shan Foods Collaborates with Textile Institute of Pakistan to Provide Skill-Based Education

K A r A c h I: Shan Foods being one of the leading food companies in Pakistan, has taken a strong step towards educating the youth by joining hands with the Textile Institute of Pakistan (TIP) This is the second time that the company has taken this initiative to grant scholarships for the financially struggling students In addition to being one of Pakistan's top institutions of Art & Design, TIP is a non-profit organization that strives to provide students the access to both skilled and non-skilled education to become well-rounded and successful citizens Students who apply to the Textile Institute of Pakistan, clear their exams, and demonstrate promise but are not able to continue due to financial restraints are provided scholarships to pursue a career through both professional and industrial-related knowledge, which help them land successful jobs after they have graduated from the institution pr

Writing for Dawn, Dr Zainab Salim says that Despite the challenges of poverty and underdevelopment in Pakistan, the country boasts a thriving culture of giving According to the author, a study by the Pakistan Centre for Philanthropy (PCP) found that 98% of Pakistanis contributed roughly 1% of the country s GDP, or about Rs240 billion, to philanthropic causes in a single year Giving is motivated by both religious beliefs and compassion with most donations going to individuals or religious institutions

During the COVID-19 pandemic, despite rising poverty and unemployment, 84% of Pakistanis still gave in some form Monetary donations were the most common and convenient way of giving, and respondents were more likely to help people they knew personally or street beggars Corporate philanthropy is also growing, with public companies contributing the largest share of an estimated Rs13 32 bbillion in donations in 2020

According to the author Diaspora giving has also become more prominent in recent years PCP found that Pakistani-Americans donated approximately $1 billion annually, including $250 million in cash, while British Pakistanis gave about £1 25 billion the gains from philanthropy are not always sustainable, as most donations are directed to individuals rather than charitable organizations

The author further believes that for sustainable development in Pakistan, there needs to be a shift towards more institutionalized forms of philanthropy Effective government regulation and support for social welfare organizations could help ensure that private charity is routed towards more structured social philanthropy By building public trust in social service delivery organizations and ensuring clear structures and transparent reporting systems, philanthropy can have a greater impact on Pakistan s social and economic development

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