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SC Media Centre - IGI Financial Services

IGI Funds dividends on income and stock funds

Karachi: August 4, 2009 - IGI Funds Limited, the asset management company of the IGI Financial Services Group, announced a cash dividend of Rs. 6.29 per unit for income unit holders of IGI Income Fund and 6.28% bonus units for all growth unit holders. The income unit holders of IGI Stock Fund are entitled to Rs. 25.31 per unit and growth unit holders are allotted 23.52% bonus units. The decision represents a 97% payout of the earnings from both the Funds.

"IGI Income and Stock Funds have both performed exceptionally well over the last year during a period of challenging market conditions", said Maheen Rahman, head of funds, IGI Funds. The Stock Fund (AUMs of PkR 296mn) has delivered a return of over 32% since July 2008 outperforming its benchmark the KSE100 which registered a negative 40% return over the same time period. Similarly the Income Fund remains TFC free and has grown its Assets Under Management to over PkR2.0bn. "We aim to continue this out performance over the upcoming year and deliver on the trust placed in us by unit holders" she added.

IGI Funds has also maintained its rating of 'AM3' by PACRA with the IGI Income Fund rated '4 Star' by PACRA .


IGI Investment Bank and Pak-Qatar Family Takaful Limited Sign MOU

Karachi: July 29, 2009 - IGI Investment Bank, a part of the IGI Financial Services recently signed a bancatakaful agreement with Pak-Qatar Family Takaful Limited aiming to further strengthen its portfolio by adding Family (Life) Takaful Insurance to its insurance advisory services. According to this agreement, clients would be able to secure their own and their family's future the Islamic way through a host of Shariah compliant Takaful- Islamic insurance products offered to the Bank. IGI Investment Bank would therefore successfully be able to cater to all those clients who are seeking a Halal alternative to conventional insurance.

The recently appointed CEO and Director of IGI Investment Bank, Syed Javed Hassan stated, "IGI Investment Bank aims at going that extra mile in providing its valued customers with not only the very best standards of conventional insurance products, but also with a comprehensive bouquet of Shari'ah compliant insurance products to create a greater synergy between the client's need and the solution provided by us."

Also present on the occasion, Mr. P. Ahmed, Director and CEO of Pak-Qatar Family Takaful Limited stated, "I commend the management of IGI Investment Bank for their bold initiative to provide Family (Life) Takaful coverage to their customers. They have certainly set a precedent for other Banks to follow. Clearly, we can no longer ignore the religious values of the people and this agreement between IGI Investment Bank and Pak-Qatar Family Takaful just shows how sincerely we respect these values."


Commodity trading picking pace, more than 600 contracts are traded daily

Karachi: July 20, 2009 - National commodity exchange limited NCEL is seeing a steady growth in activity and more than 600 contracts worth rupees 150 million are traded daily. This was revealed to a group of media at a briefing session held at IGI commodities, division of IGI securities

The event was chaired by Azhar Ahmed Batla, CEO IGI Securities, Muhammad Khurram, Head of IGI Commodities and Mansoor Ali, Head of business development NCEL. The speakers briefed team of journalists about the growth of in commodity trading with emphasis on prospects in the field. "Operational transparency, time elasticity and global accessibility marks profit potential in the field and NCEL will soon be launching crude oil trading and futures trading" said Mansoor.

Azhar Batla, CEO IGI Securities added, "IGI Commodities although a market leader in commodities trade with 43% share is striving for wider investor base as Pakistan being an agriculture base country, is most suited for commodity trading like its neighbors".

There are 70 commodity exchanges around the world and NCEL as a platform makes access to these markets easier for Pakistani investors. The exchange also facilitates international researches and expert opinion to its investors and comprises of more than 300 members.


IGI Insurance Receives Best Corporate Report Award 2009

Karachi: June 18, 2009 - IGI Insurance Limited, part of the IGI Financial Services Group, was awarded the Best Corporate Report (BCR) Award in the Non Banking Financial Institutions Category. Salim Raza, Governor State Bank of Pakistan presided the ceremony held at a local hotel in Karachi.

The award recognizes the best annual reports of companies in terms of accuracy, transparency, usefulness and speed of financial and other disclosures made for all stakeholders along with its presentation and ability to convey corporate objectives.

Jalees Siddiqi, CEO IGI Insurance when contacted said, "Stakeholders associate high quality annual reports as a fundamental to providing pertinent, concise and comprehensive information to understand the company's operating and financial performance. This award recognizes that we are following good governance and management practices at IGI Insurance".

The awards are adjudicated jointly by the Institute of Cost and Management Accountants of Pakistan (ICMAP) and Institute of Chartered Accountants of Pakistan (ICAP) and are regularly held since 2000.

IGI Insurance Receives 26th Corporate Excellence Award

Karachi: May 16th, 2009 - IGI Insurance Limited a part of the IGI Financial Services was the winner of the 26th Corporate Excellence Award for Financial Category by the Management Association of Pakistan (MAP).

Amongst Pakistan's leading insurance companies, IGI Insurance has maintained one of the highest Solvency Margins which proves the company's ability to manage associated risks, along with its substantial risk absorption capacity, provides significant cushioning to make inroads into relatively high risk areas.

IGI Insurance also maintains the "AA" Insurer Financial Strength Rating with a Stable Outlook by PACRA that denotes a very strong capacity to meet policy holders and contract obligations.

After receiving the award from Mr. Salim Raza, Governor of State Bank of Pakistan, Mr. Jalees Siddiqi CEO of IGI Insurance stated, "Strong, effective management practices enable organizations and companies to attain high standards of performance across regions, cultures and markets. At IGI Insurance we strive to bench mark with the best in class and embrace good management practices in our business with strong emphasis on governance. Receiving this award is an indication that we are headed towards the right direction."

Established in 1953, IGI Insurance underwrites all types of property and casualty insurance. With over 55 years of experience, IGI Insurance has become one of the leading providers of risk management services across the country and has been listed on the Karachi and Lahore Stock Exchanges since December 1987.

IGI Investment Bank and Pak Kuwait Takaful sign agreement

Karachi: April 17, 2009 - IGI Investment Bank, a part of IGI Financial Services signed a banctakaful agreement with Pak Kuwait Takaful Company Limited (PKTCL) for its upcoming insurance advisory service. According to this agreement, clients would be able to secure their future without compromising on their faith as PKTCL offers a host of Shariah Compliant general takaful - Islamic insurance products. IGI Investment Bank is now able to cater to clients seeking alternative of conventional insurance.

Present on the occasion, Mr. Samir Ahmed, CEO and managing director of IGI Investment Bank stated, "IGI Investment Bank aims at going the extra mile in providing its valued customers with not only the very best standards of conventional insurance products, but also with a comprehensive bouquet of Shari'ah compliant insurance products to create a greater synergy between the client's need and the solution provided by us".

Also present on the occasion, Mr. Imtiaz Bhatti CEO of Pak Kuwait Takaful Company Limited stated, "The Takaful way of insurance in Pakistan is greatly needed and much awaited as a significant segment of the population desires Shari'ah-compliance in all their financial dealings. By providing our products to IGI Investment Bank, I am confident that we are getting closer to our aim of filling the gap and introducing Shariah compliant products for the benefit of all Muslims in Pakistan".