Fintechs, Zakat cuts, and Linkden ‘wins’ – this week in Pakistan’s business and economics twitterverse

With Ramzan in sight and prices skyrocketing, it was a slow week

As the time for the holy month of Ramzan rolls around, things seem to be slowing down just a little. But the week did have its highlights, with continuing inflation front and center of conversations of and around Pakistan’s business and economics Twitterverse, and State Bank Governor Reza Baqir’s interview on CNN had people responding with thoughts aplenty.  

For this week’s social media round up, we look at whether or not the State Bank of Pakistan is providing a healthy environment for fintechs to thrive in a country desperate to accelerate digitization of the economy. The PIA’s woes are discussed by Abbas Nasir, with some more general conversations about what the right way to reject someone for a job is and where the money that gets cut in lieu of Zakat every Ramzan. Profit’s Ariba Shahid looks at all this and more.

Osman Mohiuddin, ex banker and a startup founder comments on how the SBP is providing the right environment for fintechs. While commenting on the SBP Governor Reza Baqir’s interview with Julie Chatterley, he says the potential is immense. As per Baqir, the SBP is studying opportunities regarding Central Bank Digital Currency which is exciting news that can help Pakistan counter money laundering, counterterrorism and can help boost financial inclusion.

Naya Pakistan is a term used to describe the Pakistan made by the PTI government. Murtaza Solangi, a journalist, comments on how the price of flour has more than doubled throughout the tenure of the PTI government. After the title of Captain, Solangi gives out a new title, Double Shah – a nod to the infamous ponzi scheme merchant that made headlines back in 2007 and eventually came to an inglorious end. Foreshadowing? We’ll find out eventually. 

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When other airlines are making a killing in earnings after international travel has opened up again, PIA’s performance has been underwhelming. You know what they say, you snooze, you lose. Abbas Nasir bemoans the state of the national airline and its continued failure to do very basic things that aren’t that complicated. 

The 5 AM club might sound nice to some, but for this reporter, it sounds like a nightmare. However, Mubashir is right when he says that you don’t need certain habits to make money. There are no fixed habits that can make you a millionaire, however if you already have a couple grand that makes it much easier.

With Ramzan, right around the corner, Mahim Maher, Editor of Samaa Digitial, asks an important question about Zakat deductions from accounts. For all you that do not know, yes, Zakat is deductible from your savings accounts unless you’ve submitted the CZ 50 affidavit, regardless of whether it is an individual or corporate account. And yes, sometimes in the case of some banks you may have to submit the affidavit every year. Perhaps another question we may want to ask is what is then done with the money that has been deducted? Ideally, it should be for charitable purposes, but is there any way to trace where exactly this amount is going?

Ammar habib, a regular in our twitter feed compilations, comments on Pakistan’s low tourism growth rates. @Allahsfav however feels that using white women bloggers to lie about Pakistan may not be the right strategy at getting things done. Even if it is the right strategy, we would argue that simply for reasons of annoyingness, cringe-inducing content, and nauseating pandering these bloggers should still be avoided. It serves no purpose other than making the days of twitter users sour. 

https://www.linkedin.com/posts/zoya-mujahid-71a0a814a_ive-received-countless-rejection-emails-activity-6785870278900621312-mq0I

No one likes rejections. However, it looks like if said in the right way, you can say no to an applicant without hurting their feelings or demoralizing them. The right corporate strategy and tone can help. Careem manages to do so in the form of their rejection email. For anyone in the position of accepting or rejecting someone in a professional setting, we would urge compassion. It never hurts for the world to be a place that is a little nicer than it is now. 

https://www.linkedin.com/posts/hnimri_i-am-thrilled-to-announce-that-i-will-be-activity-6785236252733034496-p5f9

On a lighter note, with every other person posting their wins on LinkedIn, one cant help but feel like they are underperforming. However, with fun posts like this, this reporter thinks that she can also post her “wins.”

 

Ariba Shahid
The author is a business journalist at Profit. She can be reached at [email protected] or at twitter.com/AribaShahid

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