Day: July 4, 2022

The total cement sales (domestic and exports) stood at 52.89 million tons during the fiscal year 2021-22 (FY22) which is 7.91 percent lower than 57.43 million tons during the last fiscal year.

The domestic uptake during FY22 reduced by 1 percent to 47.63 million tons from 48.11 million tons during the fiscal year 2020-21 (FY21) whereas exports during the same period declined by a massive 43.57 percent to 5.25 million tons from 9.31 million tons during FY21.

Cement sales increased by 1.01 percent in June 2022. Total cement sales during June 2022 were 5.26 million tons against 5.21 million tons during the same month of the last fiscal year.

According to the data released by the All Pakistan Cement Manufacturers Association (APCMA), local cement sales by the industry during the month of June 2022 stood at 4.97 million tons compared to 4.66 million tons in June 2021, showing an increase of 6.66 percent. Exports suffered a decline of 47.57 percent as they reduced from 542,622 tons in June 2021 to 284,471 tons in June 2022.

In June 2022, north-based cement mills registered sales of 4.12 million tons in domestic markets showing an increase of 6.8 percent against 3.85 million tons in June 2021. South-based mills registered sales of 856,863 tons of cement in local markets during June 2022 which was 5.98 percent higher compared to the 808,490 tons during June 2021.

Exports from north-based mills declined by 51.79 percent as the quantities reduced from 201,540 tons in June 2021 to 97,163 tons in June 2022. Exports from the south also reduced by 45.08 percent to 187,308 tons in June 2022 from 341,082 tons during the same month last year.

North-based mills registered sales of 39.44 million tons of cement domestically during FY22 showing a reduction of 2.81 percent than cement sales of 40.58 million tons during FY21. Exports from the north declined by 64.52 percent to 910,685 tons during FY22 compared with 2.56 million tons exported during FY21.

Domestic sales by south-based mills during FY22 were 8.19 million tons showing an increase of 8.74 percent over 7.53 million tons of cement sales during the same period of last fiscal year. There was however substantial decline of around 35.6 percent in exports from the south zone as the volumes reduced to 4.34 million tons in FY22 from 6.74 million tons during the last fiscal year.

A spokesman of the All Pakistan Cement Manufacturers Association expressed serious concerns over the uncertainty in the government’s policies. He indicated that the industry is going through difficult times due to the historically high prices of fuel, electricity, coal, and other raw materials.

He said that due to the high cost of production, the prices of cement will continue to increase in the local market. The export of cement has declined massively during the ongoing financial year due to the high cost of production. The government should devise a policy that can help the cement industry to enhance its exports, he said.

Source: Pro Pakistan

Over the past few years, the real estate industry has expanded rapidly in Pakistan due to a number of factors. For instance, the demand for houses for rent in Karachi has increased because the city has become a hub of opportunities for many young professionals.

Real estate companies are now adopting new technologies to stay ahead of the competition, especially in the coronavirus-riddled market.

One such example is the introduction of 3D virtual tours – buyers can now view video tours and architectural plans of potential properties through interactive online tools.

This is an efficient and engaging way to communicate with clients. Graana.com, Pakistan’s smartest property portal, has highlighted all that you need to know about this new technology.

What Are 3D Virtual Tours?

A virtual tour is an immersive digital representation of a physical location that can be easily viewed on any screen. It allows exploring the property step by step and door to door.

Its infrared scanning technology can collect accurate data to create a 3D representation so that homebuyers can have a 360-degree view of the property. They can select any part of the house and view it from different angles. You can also add sound effects, text, narrations, music, and more to make an even more captivating video.

The virtual tour can be uploaded on a real estate company’s website and social media platforms to lead customers to its property listings.

Why Should You Consider 3D Virtual Tours?

Recent research states that 90% of customers use the internet in the home-buying process, and almost 50% of them go on to buy a place they found online.

In addition, 60% percent of the buyers have a positive impression of real estate companies that offer 3D virtual tours. Most of these customers are young, tech-savvy, and detail-oriented millennials who prioritize digital solutions.

Time-Saving

3D virtual tours save a significant amount of time for sellers and buyers both. The new technology helps filter out options to match the right property to the right buyer before a live showing.

Both parties wouldn’t have to commute long distances to the location of a property, plus the seller does not have to go through the process of staging and showcasing a home each time they have a potential customer. There is less time spent on scheduling and more time communicating with clients.

Solution for Social Distancing

Many industries have adapted to the changing environment by establishing new policies and procedures for everyone’s health and safety.

3D tours are also such an example – the step-by-step virtual navigation of a property (instead of physical inspection) allows buyers to consider their options without compromising their wants and needs.

An Immersive Experience

3D technology also gives an instant sense of ownership. A customer can view the same room multiple times without hassle or rush. They can also save or share it with their friends and family to get their opinions before purchasing.

Increase in Online Engagement

3D virtual tours can attract massive traffic and develop strong communication with clients. Once a seller engages a buyer online, they can immediately direct them to other resources like their company’s website and social media platforms to provide additional information.

A 3D virtual tour helps your business grow and grab more customer attraction. The more videos that get shared, the more people will watch them. This makes an effective way to tap into the potential market.

You can visit Graana.com to stay updated on the latest trends and technology in the real estate sector.

Source: Pro Pakistan

Pakistan’s textile exports increased by 25.5 percent during the fiscal year 2021-22 (FY22) and stood at $19.35 billion compared to $15.42 billion in the fiscal year 2020-21 (FY1).

The textile exports increased by 4.2 percent on a year-on-year (YoY) basis to $1.73 billion in June 2022, compared to $1.66 billion during the same period last year.

Similarly, textile exports increased by 5.5 percent to $1.73 billion in June 2022, compared to $1.64 billion in May 2022.

According to data released by the Pakistan Bureau of Statistics (PBS), the country’s total exports increased by 25.51 percent and stood at $31.760 billion in FY22, compared to $25.304 billion during the same period of FY21.

Further, exports registered 5.83 percent growth on a year-on-year basis and increased from $2.758 billion in June 2021 to $2.887 billion in June 2022.

According to a research report by All Pakistan Textile Mills Association (APTMA), textile exports in FY22 have increased by 57 percent compared to $12.3 billion in FY12 and 43 percent compared to FY18.

Source: Pro Pakistan

The State Bank of Pakistan has adopted four additional Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah standards to further enhance Islamic Banking in the country.

Strengthening Shariah compliance in the Islamic banking industry in line with the best international practices is one of the key pillars of SBP’s 3rd Strategic Plan for Islamic Banking Industry 2021-25. Under the plan, SBP has been adopting Shariah standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) systematically and gradually. The standardization and harmonization of Shariah practices and procedures are helping in elevating the local Islamic banking industry to par with the international best practices.

After a comprehensive process of evaluation and deliberations with the internal and external stakeholders, keeping in view our local environment, today, the State Bank of Pakistan (SBP) has adopted four more AAOIFI Shariah standards:

i) Salam and Parallel Salam

ii) Istisna’a and Parallel Istisna’a

iii) Combination of Contracts

iv) Irrigation Partnership (Musaqat), with certain clarifications and amendments.

Salam is a mode of finance frequently used in agriculture, while Istisna’a is a mode generally used by Islamic banking institutions to provide financing where manufacturing/assembling/processing is involved.

Irrigation partnership (Musaqat) standard can be used in the agriculture sector, especially for orchard financing, while the standard on a combination of contracts guides Islamic banking institutions when making use of multiple contracts in their various arrangements to meet the needs of the customers. It may be noted that earlier SBP had already issued detailed general guidelines on Islamic financing for the agriculture sector.

With the adoption of these four standards, the total number of AAOIFI Shariah standards adopted by SBP has reached twenty, while work on the remaining standards is underway. Besides, there are a few AAOIFI standards, which have already been adopted by SBP as part of its various regulations, instructions, and guidelines issued from time to time.

AAOIFI is a leading international organization primarily responsible for the development and issuance of standards for the global Islamic finance industry. SBP has remained a key member of AAOIFI’s Board of Trustees.

Source: Pro Pakistan