Message from the ChairIN THIS ISSUE

SPOTLIGHTYou® e-Bulletin

MC

Issue 3 of 2018

EVENTS

SUPPORT TO ICAP

- Message f®om the Chai®- Highlights of MOM of MC held    in Octobe®/NoÚembe® 2óô8

- CPD EÚents in Dubai- CPD EÚent in Abu Dhabi- 1po®ts EÚent

- Fi®st Time Pa®ticipation of UAE Chapte® in NFO 2óô8

SPEAK OUT

- Keá Note f®om a Vete®an- Financial Highlights

Key Note from a VeteranSyed Iftikhar Ali, FCA ICAP Membership No. 805 Qualified – May 1972 Articled --- A.F. Ferguson & Co. COO – Pinnacle Strategic Consultancy, Dubai, UAE

My Journey of LifeIts p®iÚilege fo® me to belong to, and abounded dutá to se®Úe Pakistan andbe the®e as fi®st gene®ation of ou® beloÚed count®á. 1ta®ting at 1t. PlacidHigh 1chool, Chittagong and moÚing up, I g®aduated as BCOM, f®om theGoÚe®nment College of Comme®ce and Economics, Ka®achi. At college IÛas inÚolÚed Ûith diÚe®se social causes such as U®du  1ocietá as ViceP®esident, Edito®ial team fo® the Annual Magazine and also as Gene®al1ec®eta®á of 1ocial 1e®Úices 1ocietá fo® 2 áea®s, setting up a Book Bank inôü65, fo® the students. I then joined Alf®ed F®ed®ick Fe®guson & Co in ôü67,fo® CA t®aining and eàaminations and ­ualified in Maá ôü72.Má emploáment jou®neá in the indust®á, sta®ted at the Boa®d ofManagement and then at 1ui Gas T®ansmission Companá 1GTC , Ûhichp®oÚided me a steep lea®ning cu®Úe th®ough dealings and compleà®epo®ting Ûith ADB and the Wo®ld Bank on financing facilities, in additionto administe®ing accounting, costing sástem and ®epo®ting to Boa®d.Oppo®tunities unfolded at Boa®d and 1GTC in:*P®esenting opinion on Accounting T®eatment of Assets of Co®po®atesLost in East Pakistan based on 1ingapo®e cou®t decisions as guidance, onthe eÚe of ®ecognition of Bangladesh at Laho®e in ôü74, Ûhich Ûas adoptedfo® the 33 affected nationalized units, and then the Cash ManagementP®og®am Fo® Units Ûhe®e su®plus at one financed the othe®s; to aÚoidbank loans and saÚe costs;*Familia®ization to the accounting sástems and checks and balances,including pe®iodic ®epo®ting to Wo®ld Bank and ADB on the pe®fo®mance 

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of 1GTC then linked to B®itish Pet®oleum sha®eholde®s , and ®edesign of theAnnual Repo®t fo® ôü73 áea®-end to meet the ®e­ui®ements of economic®efo®ms o®de® issued ea®lie®;*Establishment of financial cont®ols, fo® monito®ing, ®epo®ting fo®t®anspa®encá at $ô25 mn IRB pipeline p®oject.In ôü76 I got a chance to ®elocate to Middle East and joined Galada®i G®oup asManage® Finance and Business DeÚelopment at HQ, fo® handling thei®business p®oposals and p®oject feasibilities fo® thei® CEO. Majo® cont®ibutionsÛe®e p®esentation in ôü77 to a leading U1 bank fo® a ®eal estate financing of amajo® p®oject on the C®eek in Dei®a Dubai, Ûhich Ûon lau®els fo® the G®oup. Ialso had an oppo®tunitá to be Ûith ADNOC in thei® finance/P®ojectDi®ecto®ate in thei® tÛo majo® p®ojects - RuÛais Refine®á and the Hád®oc®acke® at Milan and RuÛais offices, in addition to ope®ational finance at theADNOC HQ.ôü86 saÛ me back to Pakistan at 1ui 1outhe®n Gas Companá as its 1ec®eta®áto the Boa®d and Head of finance. God gaÚe me chance to lead the thenla®gest co®po®ate me®ge® of 1ui Gas T®ansmission Companá Ûith tÛodist®ibution companies in 1outh in Pakistan, th®ough cou®ts and ®egulato®s.Additionallá administe®ed p®ocu®ement fund utilization of $24ó million WBfunded p®ojects. I then opted fo® me®cantile and inÚestment banking andmoÚed to ME, to a bank as its T®easu®e® and Head- Finance, Compliance andRisk Management and then to GeneÚa based Islamic banking g®oup andbecame pa®t of $8óó million po®tfolio fo® Ûhole sale inÚestmentt®ansactions, financing majo® gas, poÛe®, aÚiation, shipping p®ojects,including lending to soÚe®eigns, f®om a base in Bah®ain, and Ûas ®epo®ting oncompliance, finance and ®isk to Bah®ain Moneta®á Autho®itá. I then joined theFamilá office in Dubai and Ûo®ked the®e fo® ô7 áea®s in the ®ealm of businessdeÚelopment, setting up companies in diÚe®se indust®ies in UAE and U1;inÚestments in p®iÚate e­uitá and seconda®á ma®ket ope®ations fo® thep®op®ieto®s’ book and setting up inÚestment companies in DIFC. 1ince 2óô2,I haÚe set up Pinnacle 1t®ategic Consultancá and cu®®entlá se®Úing a client asCOO at InÚestment adÚiso®á g®oup set up in DIFC.In the conteàt of social actiÚitá I am inÚolÚed Ûith LION’s Club since ôü73 inPakistan, in Bah®ain and Ûith Pakistan Association ,Pakistan P®ofessionalFo®um since ôü8ü, and noÛ also at The Indus Hospital, Ûhich is a pape®lessentitá p®oÚiding state of the a®t f®ee patient ca®e to all. Continued on Page 8

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By the time this third issue of Spotlight will hit your mailboxes, current Managing Committee will be stepping in its fifth month. In thepast 4 months, UAE Chapter has evidenced CPD events and social activities and by the grace of Allah and efforts of members, MC has sofar successfully delivered 15 hours of CPD activities to the members at absolutely no cost! Also, UAE Chapter is participating for the firsttime in National Finance Olympiad 2018 (arranged by PAIB Committee in Pakistan) to be held this month. The Chapter is as well back toholding its flagship event of ICAP UAE CFO Conference in April 2019. We are trying to do our best in our capacities. We have received encouraging response from the sponsors in conducting successful CPDevents. We are looking for having corporate sponsorship for the long term sustainability of the chapter activities. We have taken it onourselves to activate/revive this chapter and are working day and night closely with Pakistan Association Dubai and support from Seniormembers of the Chapter. Besides, we invite you to come forward and spread the word around and join hands with us in delivering ourgoals. The vibes are good, the future is promising. However, we need your trust and support, and I am hopeful that there is nothing thatcould stop us from achieving what we dreamed of. Please feel free to share your feedback at admin@icapuaechapter.org

Highlights of MOMIssue 3 of 2018

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UAE Chapter of ICAP Members

Highlights of MOM of Managing Committee of UAE Chapter of ICAP Members held in Octoberand November, 2018:Below Agenda Items were discussed: - Arranging underlying records of UAE Chapter Financial statements for the year 2017 for thepurpose of audit and onward submission to Pakistan Association Dubai;- Pakistan Association Dubai to facilitate procedure involved in unfreezing the chapter's bankaccount (non-operative since April 2017);- Discussion and Finalization of CPD activities in Dubai and Abu Dhabi in the month ofNovember 2018;- Discussion and finalization of Indoor Cricket Tournament in November/December 2018;- Developing procedure for Sub-committee formation and launch and next steps;- Discussion and finalization of Chapter's participation in National Finance Olympiad 2018;- Kick-off of discussion and weekly video conferences between OCC, ICAP Secretariat and MCabout having an ICAP CFO Conference in Dubai in last week of April 2019.Agreed highlights are as below:     - Appointment of Event Manager     - Venue and booking    -  Finalizing theme, content     - EOI for Sponsorships     - Booking of speakers     - Other logistics / execution tasks

Financial Highlights

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ICAP Wall in Pakistan Centre on contribution of 1,000 bricks out of which 136 had been subscribed so far! Lets join hands to honor the pledge and register a mark in history. Please visit www.pad.ae or contact us at admin@icapuaechapter.org for further details.

Own A Brick

Mr. Jahangir Siddiqui (Dubai)Mr. Muhammad Asfandyar(Abu Dhabi) For their valuable contributions in arranging Sports Event (in Dubai) and IFRS Workshop (in Abu Dhabi). 

Members of the Month

CPD Events happened in November in Dubai was hosted (and fully sponsored) by Leading Edge Alliance Software Consultants and in Abu Dhabi co-hosted by Pakistan Business and Professional Council (PBPC) Abu Dhabi and Alliot Hadi Shahid Chartered Accountants. UAE Chapter collaborated with sponsors for these events, with no corresponding inflows and outflows. Hence the income and expenditure for the reported period is NIL.

Participation in National Finance Olympiad 2018

Issue 3 of 2018

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UAE Chapter of ICAP Members

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Dear Chapter Members, Your Managing Committee is pleased to  announce that for the First Time, UAE Chapter isparticipating in the National Finance Olympiad (NFO) 2018! NFO is a unique initiative brought by ICAP in collaboration with Unilever Pakistan to bring tolimelight the talent of finance and accounting professionals. The NFO format currently followed inPakistan finds its leverage in corporates taking prestige in sponsoring their teams by allowingthem to participate, avail preparation time as well as funding their participation fees, toencourage efforts towards winning a prestigious award. Since it would take a while to build similar situation in UAE for the chapter, and given the factsthat there is absolutely zero source of revenue, absence of a bank account and no majorPakistani sponsor at hand to fund chapter activities, we requested ICAP to waive the participationfee (PKR 30,000/- per team) to encourage first time participation from UAE Chapter, which wasnot approved. The Institute however agreed to be taking care of Venue costs of qualifying roundin Dubai and 100% of travel and lodging expenses (in Karachi) of these teams in case they makeit to second round and till the last round if they are able to progress to the top 6 teams.

We further requested ICAP to consider approaching Unilever Gulf through NFO team in Pakistan to get support for the UAE Chapter teams. ICAP has decided to pursue this idea for the next Olympiad. We are pleased to con rm the below 12 names and composition of teams – 3 Teams from Dubai and 1 Team from Abu Dhabi for a Qualifying Round in Dubai on Thursday December 13, 2018:

Meanwhile, MC is grateful to the below members for having received and accepted expression of interests to bear the cost of participation of 4 UAE Chapter teams in NFO 2018: 1. Tola Associates (for 2 Teams) 2. Ahmed Alagbari Chartered Accountants (for 1 Team) 3. Lynchpin Consulting (for 1 Team) An assessment team of ICAP will travel from Pakistan to supervise the qualifying round, and a ceremony shall be held to distribute certi cates of participation to participants. We are grateful to all participants for stepping forward and showing enthusiasm, and wish them success.

Blockchain Technology and Its Impact on Business in Dubai

CPD EVENTSUAE Chapter of ICAP MembersIssue 3 of 2018

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APRIL 17: POSTER SALEAPRIL 21: ART SHOWAPRIL 28: SCULPTURE CLASSAPRIL 29: MUSIC SHOW

Saturday November , 8 5: am to : pm at Dusit Thani, Dubai, UAEBlockchain technology is already turning the financial industry upside down through its applications, but finance is only the tip of the iceberg. The blockchain’s true scope is inits ability to change the way you do things every day. Feeling the need of the hour, UAE Chapter of ICAP Members joined hands with Pakistan Business Council Dubai tointroduce block chain and its impact on businesses as a CPD and Networking event for chapter members and Pakistani business community on November 8, at DusitThani Hotel, Shaikh Zayed Road, Dubai.The seminar started with a condolence note and recitation of fateha on the sad and untimely demise of one of the members of the ICAP fraternity in Dubai the same morning.Speakers from UK based companies briefed the audience about blockchain, cloud operations, hosting and management of end-to-end solutions from ideation to delivery.Chief Guest Mr. Ashfaq Tola, President Tola Associate and member of Tax Reforms Committee in Pakistan stressed upon the fact that use of blockchain technology not onlyexpands business opportunities, but also plays a vital role in enhancing the integrity and transparency of the transactions. He further emphasized on the fact that regulatorshave yet to evolve the execution of CryptoCurrency, however, once put in place, it will support the global money transfer trails thus helping in anti-money laundering initiatives.Panelists discussed the future of IT through blockchain technology, including implementation matters in various global jurisdictions. Role of Cryptocurrency and its legality wasalso deliberated.The seminar also included a detailed brief by speakers from a UK based company on the concept of Value Added Tax VAT and the comparison of implementation of thesame between Euro Zone and GCC. Few live-case examples covering legal aspects of VAT including cases settlements were also presented before the audience.Pakistan Business Council Dubai was represented by Mr. Iqbal Dawood President PBC and Mr. Ahmed Shaikhani Vice President PBC , who encouraged the initiative takenby the sponsor. Mr. Asif Zaman Secretary UAE Chapter was the Master of Ceremony and Ms. Asma Jan Muhammad Chairman UAE Chapter presented an update to theaudience about Chapter’s vision, current and upcoming initiatives.The seminar concluded over a splendid dinner, sponsored by Leading Edge Alliance Software consultants.

4

4 credit

hours

Abu Dhabi CPD Event (I)UAE Chapter of ICAP MembersIssue 3 of 2018

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APRIL 17: POSTER SALEAPRIL 21: ART SHOWAPRIL 28: SCULPTURE CLASSAPRIL 29: MUSIC SHOW

APRIL 2: SCIENCE FAIRAPRIL 22: SEMINAR TALKAPRIL 23: HEALTH & HEALAPRIL 26: SEMINAR

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UAE Chapter of ICAP Member and Abu Dhabi Chartered Accountants Committee of Pakistan Business and Professional Council - Abu Dhabi organized a Seminar on New Tax Regulations for Non-Resident Pakistanis, and Blockchain and Its Impact on Business, on 11 November 2018 at Alliott Hadi Shahid O ce Abu Dhabi. Mr. Azhar Iqbal, Vice Chair to the Managing Committee of UAE Chapter was the Master of Ceremony who invited Ms. Asma Jan Muhammad, Chairperson of UAE Chapter of ICAP Members for an opening speech of the CPD Event. She welcomed participants on attending the CPD event organised by UAE Chapter in Abu Dhabi, and stressed upon members to encourage further participation by arranging similar events in Abu Dhabi. She also shared the vision and actions of Managing Committee towards marketing the brand image of ICAP in the UAE market by holding many quality CPD and other social events. Mr. Fraz Mahmud, an experienced IT professional with over 19 years of industry experience spoke about blockchain, cloud operations, hosting & management. He explained the impact of blockchain technology on various businesses. Mr. Ahsfaq Yousuf Tola graced the event by presenting the participants on New Tax Regulations for Non-Pakistanis. He also detailed a presentation on facts and gures on the current economic situation of Pakistan. Mr. Syed Qaiser Anis, President of Pakistan Business and Professional Council - Abu Dhabi delivered a concluding speech in the event. He appreciated the efforts of UAE Chapter of ICAP Members and Abu Dhabi Chartered Accountants Committee on organising successful CPD event. The seminar was sponsored by Alliott Hadi Shahid Chartered Accountants.

- New Tax Regulations for NRPs - Blockchain and its impact on Business 

3 credit hours

Abu Dhabi CPD Event (II)UAE Chapter of ICAP MembersIssue 3 of 2018

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APRIL 17: POSTER SALEAPRIL 21: ART SHOWAPRIL 28: SCULPTURE CLASSAPRIL 29: MUSIC SHOW

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IFRS Workshop

UAE Chapter of ICAP Member and Abu Dhabi Chartered Accountants Committee of Pakistan Business and Professional Council - Abu Dhabi organized an IFRS Workshop on 24 November 2018 at Abu Dhabi Chamber of Commerce and Industry, Corniche, Abu Dhabi. The Workshop covered discussions on recent updates and changes brought by IFRS 9 — Financial Instruments, and IFRS 16 – Leases and IFRS 15 - Revenue from Contracts with Customers. Mr. Azhar Iqbal, Vice Chair to the Managing Committee of UAE Chapter was the Master of Ceremony who invited Ms. Rizwana Kamran, chairperson Abu Dhabi Committee and Ms. Asma Jan Muhammad, Chairperson of UAE Chapter of ICAP Members for an opening speech of the CPD Event. Participants were welcomed and encouraged on attending the CPD event. Ms. Asma also shared the vision and actions of Managing Committee towards marketing the brand image of ICAP in the UAE market by holding many quality CPD and other social events. Speakers included Mr. Yusuf Hassan who works as a Partner and Head of accounting advisory services in KPMG UAE, and Mr. Hammad ul Ahad, who is a Senior Manager Audit and Assurance Services in Deloitte and Touche (M.E.). Mr. Yusuf spoke about the conceptual change IFRS has brought in recognition of revenues from contracts with customers, including the necessity of having this change addressed by reporting standards to cater to changing world of contracts in business. He further went on to explain the signi cance of the impact of change in treatment of operating leases by businesses to have assets and liabilities to be now re ected on their balance sheets. Mr. Hammad presented an overview about of Financial Instruments, their classi cation and difference between various measurement approaches and their impact on nancial statements. The event was also graced by Dr. Ahmed A. Abdelsalam, Financial Expert from Ministry of Economy, UAE. Mr. Syed Qaiser Anis, President of Pakistan Business and Professional Council - Abu Dhabi delivered a concluding speech in the event. He appreciated the efforts of UAE Chapter of ICAP Members and Abu Dhabi Chartered Accountants Committee on organising successful CPD event. He also commended efforts of speakers for having an IFRS session delivered in an effective way. The seminar was sponsored by Alliott Hadi Shahid Chartered Accountants.

4 credit hours

Its Sports Time!UAE Chapter of ICAP MembersIssue 3 of 2018

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The 3rd season of ICAP UAE Cricket League 2018 is happening from 24th of November at Aktiv Nation, Dubai. UAE MC planned a tness activity for the Chapter members through this tournament, which comprise 8 teams that is divided into two groups of four participants each. Teams are scheduled to perform on 24th November, 1st December, 15th December and 22nd December. The top two teams from each group will qualify for semi- nals with winners of each semi- nal to compete in the league nal. ICAP members and students have actively participated in the rst performance, and enjoyed playing and reconnecting. Fixtures of the Tournament are below:

Results can be viewed at the below linkhttps://cricheroes.in/tournament/28678/ICAP-UAE-Street-Cricket-Tournament-2018

UAE Chapter Annual Calendar

UAE Chapter of ICAP MembersIssue 3 of 2018

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Key Note from A Veteran - (Continued from Page1)

Key Note from Veteran (continued from Page 2): During the long professional career, opportunism was a galore to travel extensively to Europe, and US Sri Lanka and the Paci c for business and as tourist. I had the great honor to be associated with professional role-models of highest moral and professional standards. It had been a journey of steadfastness, merit and rewards from Almighty. My head is bowed to the graces from Almighty, as I clocked 52 years of professional services. There is no greater wish unful lled in the time well spent and my promises to the parents and family. My Message: The judicious period one spends at the great institutions, introduce us to etiquettes, the cultural ethos, and the standards of professional excellence, through work and study assignments. These opportunities at learning and introspection, serve as the core contributions to our professional development, which prepare us for the eventual transition to roles in the industry and practice. The strongest chime in the armor is neither in ict authority nor be a icted by it. We need to show steadfastness in upholding the professional standards and moral values, which will always protect us and help us sail through all times including the occasional rough tides.