Team Alfalah

Cover Page Team Alfalah

Page 1

Issue No. 46, Mar 2016

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Editor’s Note Page 3 Islamic Corner Page 4 Pakistan Day Page 5 Employee Corner Page 6 Somehow We Lost Page 7 IAP Cricket Team Selection Page 8 Tonight with Mr. Tax Page 9 Obesity Page 11 Where does Our Food Go? Page 13 Contributory Negligence Page 16

Table of Contents

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“Failure is the state or condition of not meeting a desirable or intended objective. It

may be viewed as the opposite of success. The criteria for failure are heavily

dependent on context of its use. A situation considered to be a failure by someone

might be considered a success by another, particularly in cases of

direct competition or a zero-sum game. It is not easy to overcome failure and

become successful. There are a lot of examples in the history where people failed

initially but became quite successful later on. These names include famous scientists

Newton, Edison and Einstein. Following tips may help to overcome failure and lead

to success;

1. Rise up and don’t regret; you have spent your time wisely

2. Understand that failure is there to bring you wisdom

3. Learn as much as possible from the failure

4. Don’t give up; maybe you are only one step away from success

5. Maintain your enthusiasm

6. Keep dreaming big things

7. Keep your confidence in yourself Success comes through rapidly fixing our mistakes rather than getting things right first time. Finally, remember, if you can dream it, you can make it too.”

Editorial Board

Dr. Fawad Sarwar

Syed Hasnain Zawar

Usman Arif

Chief Patron

Mr. Nasar us Samad Qureshi

Team Alfalah Head Office

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Contributed by: Editorial Board

Islamic Corner

Pakistan Day is a public holiday in Pakistan to remember the Lahore Resolution on March 23 each year. The word

“Pakistan” was never used but the Lahore Resolution is considered a major milestone in the Muslim struggle for an

independent state in undivided India.

Public Life

Pakistan Day is a public holiday in Pakistan on March 23. Government offices, banks, post offices, educational

institutions and businesses are closed, except for some multinational organizations.

Public transport is also limited on this day, and may be completely unavailable on certain routes. Many people visit

recreational spots on Pakistan Day.

Background

The roots of the struggle for independence of British India can be traced back to the uprising of 1857 which started

off as a rebellion of the British East India Company soldiers but soon took the shape of a freedom struggle and

caused a major threat to Company Raj (Company Rule) in an undivided India.

Leaders such as Sir Syed Ahmed Khan worked tirelessly for the political, social and economic uplifting of Muslims that

comprised of 25 to 30 percent of the total population of British India. In a Muslim League annual session in 1930,

Muhammad Iqbal, a poet and philosopher, put forward the ideal of Muslims being a separate nation. Iqbal is

accredited for weaving the Two-Nation theory, an ideology that eventually made the creation of Pakistan possible.

The Two-Nation theory stated that Hindus and Muslims were from two different nations. Muslim culture, tradition,

religion, ideology, morals and language were all distinctly different from Hindu ideals. Both nations (Hindus and

Muslims) shared mutually contradicting beliefs. Therefore, an autonomous state consisting of Muslim majority areas

of British India was demanded to protect Muslims’ political, social and cultural rights.

In a Muslim League general session from March 22 to March 24, 1940, Pakistan’s founder Muhammad Ali Jinnah and

other party leaders unanimously rejected the idea of united India, endorsed the Two-Nation Theory, and called for a

separate Muslim homeland. The Lahore Resolution was supported by all major Muslim Leaders of the time.

Pakistan gained independence from British rule on August 14, 1947. Nine years after Pakistan’s creation, the first

constitution was implemented on March 23, 1956. March 23 was initially meant to celebrate the adoption of the

country’s first constitution and its transformation as a republic. The constitution of 1956 was annulled by the military

government of Ayub Khan in 1958 and March 23 became a day to commemorate the Lahore Resolution of 1940,

which eventually led to the creation of Pakistan.

Symbols

Minar-e-Pakistan (Pakistan Minaret) is a minaret (a type of tower) in Iqbal Park in the city of Lahore. It was built to

venerate the Lahore Resolution. The minaret is constructed where the Lahore Resolution was passed. This monument

symbolizes a blossoming flower and reflects the blissfulness of independence.

Team Alfalah Head Office

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Contributed by: Editorial Board

23rd March Pakistan Day

Team Alfalah Head Office

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Contributed by: Editorial Board

Employee Corner

Name Designation Location D.O.B

Manzoor Ahmed Khan Manager Karachi 1-Mar

M.Aqeel Mehboob Senior Executive Officer Head Office 1-Mar

Shahid Imran Senior Executive Officer Multan 1-Mar

Abdullah Hussain Deputy Manager Head Office 3-Mar

Farhan Khan Executive Officer Head Office 3-Mar

Usman Arif Assistant Manager Head Office 4-Mar

Izaz Ali Manager Peshawar 5-Mar

Fahad Salman Syed Executive Officer Head Office 8-Mar

Abdul Razzaq Office Boy Karachi 14-Mar

Zaheer Ullah Business Development Manager Peshawar 15-Mar

Sana Taalib Senior Officer Head Office 20-Mar

Syed Naseer Ul Hassan Senior Executive Officer Karachi 20-Mar

Farida Malik Assistant Manager Head Office 24-Mar

Dr. Maria Karim Assistant Manager Head Office 26-Mar

Syed Hasnain Zawar Marketing Coordinator Head Office 26-Mar

Nimra Shahzad Relationship Manager Multan 30-Mar

Nokia CEO ended his speech saying this “we didn’t do anything wrong, but somehow, we

lost”.

Nokia CEO ended his speech saying this “we didn’t do anything wrong, but somehow, we lost”

During the press conference to announce NOKIA being acquired by Microsoft, Nokia CEO ended his speech saying this “we didn’t do anything wrong, but somehow, we lost”. Upon saying that, all his management team, himself included, teared sadly.

Nokia has been a respectable company. They didn’t do anything wrong in their business, however, the world changed too fast. Their opponents were too powerful.

They missed out on learning, they missed out on changing, and thus they lost the opportunity at hand to make it big. Not only did they miss the opportunity to earn big money, they lost their chance of survival.

The message of this story is, if you don’t change, you shall be removed from the competition.

It’s not wrong if you don’t want to learn new things. However, if your thoughts and mindset cannot catch up with time, you will be eliminated.

Conclusion: 1. The advantage you had yesterday, will be replaced by the trends of tomorrow. You don’t have to do anything wrong, as long as your competitors catch the wave and do it RIGHT, you can lose out and fail.

2. To change and improve yourself is giving yourself a second chance. To be forced by others to change, is like being discarded.

3. Those who refuse to learn & improve, will definitely one day become redundant & not relevant to the industry. They will learn the lesson in a hard & expensive way.

Team Alfalah Head Office

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Contributed by: Underwriting Department

Somehow We Lost

We are pleased to inform you that our following colleagues of Karachi Branch have been selected in Insurance Associa-tion of Pakistan (IAP) Hard Ball Cricket Team.

Kamran Malik – Assistant Manager (Underwriting)

Muhammad Nawaz Khan – Manager Marketing It is indeed an honor and prestige for our company that two of our colleagues have been selected after marathon trail from 65 players.

Team Alfalah Head Office

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Contributed by: South Zone

IAP Cricket Team Selection

Majid: Hello, everyone! This is your host Majid Ahmed.

Waris: And I am Waris Shah.

Majid: Today we are going to interview the not-sofavourite with most of us, but since people have loads of

queries about this personality, we decided to invite him for an interview. Welcome, with a big round of

applause, Mr. Tax. Hello, Mr. Tax! How are you?

Tax: Well, I cannot say that I am fine as you know that my current position in Pakistan is not good enough.

But I hope I shall be good soon.

Waris: From how long have you been in this country, sir? What is your birthday?

Tax: Honestly speaking, Waris, I myself don’t remember my origin in Pakistan, but I would say that my

existence in this subcontinent is for many centuries. Before partition, the British government used to collect

me, now the Pakistani government does. And as related to my birthday, it is celebrated every year. I should

say every tax year, i.e. from every July to June. But for some, on their request, their tax years are changed

accordingly.

Majid: Usually people don’t have a clear idea about you. Will you please tell our audience about yourself?

Tax: Well, I am well-known for my two major forms, i.e. Direct Tax and Indirect Tax. Direct tax is a kind of tax

in which the burden of payment is directly on the payee and cannot be transferred, an example is Income Tax;

however, on the other hand, the burden is transferred to the general public in case of indirect tax. Sales Tax is

the best example of indirect tax as the burden to pay tax is borne by the person making the expenditure for

any goods or services. That’s why it is also called Tax on Expenditure.

Waris: I didn’t understand, Sir. How can the burden be transferred to someone else, once it is paid?

Tax: It is included in the price of the goods and services bought by people. Have you ever noticed how much of

your paid amount for any good is going to the government as sales tax? You haven’t, for sure. People usually

don’t notice but they have been paying some money to the shopkeeper as sales tax. The producers collect sales

tax from shop (assuming shopkeepers are the only intermediary between the producer and the general public)

and deposit the collection to the government. The shopkeepers collect sales tax from general public and deposit

the amount (net of sales tax deducted by producers) to the government. In this way, the collectability of sales

tax becomes easy for the government. You can say that these producers/ shopkeepers act as an agent between

the government and the general public.

Waris: So what about income tax? How is it collected then?

Tax: Through tax returns! Under Income Tax Ordinance, 2001, the people who are capable of paying tax are

required to submit tax return every year, in which, they, declare their respective income and their tax liability

on the declared income which shall be computed as per the said ordinance.

Majid: How is the tax liability determined? Our audience wants to know that.

Tax: Income Tax Ordinance has divided one’s income under five heads namely salary, income from property,

income from business, capital gains and income from other sources. Rules for determining income under each

head is obviously different and will require plenty of time, so we will discuss it someday later. But I would say

that these heads cover a wide area of income and one cannot deny paying tax by saying that his income doesn’t

fall under any of these heads.

Team Alfalah Head Office

Page 9

Contributed by: Accounts Dept.

Tonight with Mr. Tax

Waris: It means there are no agents for income tax, right?

Tax: I didn’t say that. There are agents but unlike sales tax, they have different methods to collect tax. In the

Income Tax Ordinance, there is a term used as Withholding Tax and the agents collecting the said tax are

named as Withholding Tax Agents. Let me explain it through an example. When Mr. A has to pay any amount

to Mr. B against any goods or services, Mr. A will not pay the total amount but withhold a certain defined

percentage from that payment and deposit that with the tax department with a Withholding Tax Statement,

describing the details of transaction with Mr. B and the amount withheld. At the end of tax year, when Mr. B

will compute his tax liability, he will deduct the above withheld amount from his liability in his tax return and

will pay the net amount.

Majid: What is the benefit of withholding the said amount of tax?

Tax: Well, Majid, it is a very good question. I would highlight two major benefits. The first benefit is that the

government gets security about the transactions being held under this country because the tax payer cannot

hide or misguide about any transaction made by him as the withholding agent would submit the details of

transaction with the taxpayer and the amount of tax deposited. In this way, all the transactions can be

crosschecked and this will lead to a documented economy. Secondly, the working capital of the tax payer is not

hit by a single payment of cash at the end of tax year. Gradually deducted tax from his receipts from others

throughout the year will not burden the tax payer while filing his return.

Majid: What would you say about both types of taxes, Sir?

Tax: I would just say that the burden of tax should only be on those who can bear it and not on everybody,

because equality in the distribution of income in the society assures a healthy and a prospering society. Now,

will both of you just excuse me as I have to go?

Waris: Sure, and thank you very much for joining us and letting us know about you. Thank you, once again.

Tax: You’re welcome, dear.

Majid: Today’s discussion was quite different

Waris. Hope our audience enjoyed it.

Waris: Yeah, me too. Dear audience, that’s all for today. We’ll meet soon with some new celebrities. Till then,

goodbye!

Team Alfalah Head Office

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Contributed by: Accounts Dept.

Tonight with Mr. Tax

Pakistan is one of those countries where obesity and diabetes are increasing at alarming rate; every one out of four

Pakistanis is either obese or overweight. Pakistan ranked 9th out of 188 countries in terms of obesity, according

to the Global Burden of Disease Study published in The Lancet medical journal.

Overweight is defined as having a Body Mass Index (BMI), or weight-to-height ratio, greater than or equal to 25 and

lower than 30, while obesity is defined as having a BMI equal to or greater than 30. Globally, 37 percent of male and

female adults are considered to be overweight or obese. In Pakistan, 14 percent of both men and women are obese.

Overweight and obesity are the fifth leading risk for global deaths. Health risks such as cardiovascular disease,

cancer, diabetes, osteoarthritis, breathing problem like sleep apnea and chronic kidney disease increase when a

person’s BMI exceeds 23. In 2010, obesity and overweight were estimated to have caused 3.4 million deaths

globally, most of which were from cardiovascular causes. Research indicates that if left unchecked, the rise in

obesity could lead to future declines in life expectancy.

Team Alfalah Head Office

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Contributed by: Health Dept

Obesity

Our nation is now facing a “double burden” of disease, as we continue to deal with the problems of infectious

disease and under-nutrition; we are experiencing a rapid upsurge in non-communicable disease risk factors such as

obesity and overweight, particularly in urban settings. In Pakistan obesity level among rural areas is found to be 9

percent in males and 14 percent in women, while in urban areas situation is quite alarming as the obesity level is

found to be 22 percent in male and 37 percent in women. The higher obesity level in urban areas is due to their

changing life style, high fat and carbohydrate-rich diet and lake of exercise.

The fundamental causes of obesity are an increased intake of energy-dense foods that are high in fat, salt and sugars

but low in vitamins, minerals and other micronutrients; and a decrease in physical activity due to the increasingly

sedentary nature of many forms of work, changing modes of transportation, and increasing urbanization.

Many of the strategies that produce successful weight loss and maintenance will help prevent obesity. Improving

your eating habits and increasing physical activity play a vital role in preventing obesity. Things you can do include:

Eat five to six servings of fruits and vegetables daily.

Choose whole grain foods such as brown rice and whole wheat bread. Avoid highly processed foods made with

refined white sugar, flour and saturated fat.

Weigh yourself regularly.

Avoid foods that are high in "energy density" or that have a lot of calories in a small amount of food

Crack a sweat: accumulate at least 30 minutes or more of moderate-intensity activity on most, or preferably, all

days of the week

It is so important to start healthy habits early in life. The benefits of good behavior and good life patterns can make

life more fulfilling, worth living for and longer lasting.

“Obesity is not a disease. It is a lifestyle affliction. It is a symptom. It is a side-effect of poor habits and it can be

reversed.”

Team Alfalah Head Office

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Contributed by: Health Dept

Obesity

Some food waste, be it measured in mass or as lost energy, is inevitable: potato peels, woody broccoli

stalks, steak bones and beef gristle, egg shells, tea leaves. Other waste is avoidable but excusable, part of

the quotidian inefficiency of human lives: a few last slices of stale bread, the remainder of some milk or

yoghurt that is past its best-before date, a piece of fatty meat or exotic fruit rejected by a child.

But most food waste is both unnecessary and avoidable, and, over the past decade, a series of studies

have given us a better appreciation of the problem’s scale as well of its considerable environmental and

economic impact.

That is a welcome change. In 1999, at the UN’s Food and Agriculture Organization in Rome, the most

memorable impression of the institution was that hundreds of its rooms in Mussolini’s former Ministry of

the Colonies were filled with thousands of people preoccupied with how to increase food output, while

the study of food waste was delegated to a single man in a one-room office.

In 2011, when the FAO published its first detailed study into food waste, it contracted the job out to the

Swedish Institute for Food and Biotechnology.

That study found that roughly a third of the food produced globally for human consumption — 1.3bn

tonnes a year — is lost or wasted. Predictably, the highest wastage occurred in the EU and North America

at about 100kg per person per year. Losses in sub-Saharan Africa and Southeast Asia were far lower, at 6kg

-11kg.

Team Alfalah Head Office

Page 13

Contributed by: Editorial Board

The Global Waste Dilemma: Where does Our Food Go?

In 2009, the UK’s first food waste assessment

was produced by the Waste and Resources

Action Programme (WRAP). Using data from

2007, it found that UK households wasted a

third of all their food, with nearly 90 per cent of

that waste going to landfill. It concluded that

about 60 per cent of that waste was avoidable.

But an update in 2013 registered an

encouraging shift: UK household food waste was

found to have fallen by 15 per cent between

2007 and 2012, down from 8.3m to 7m tonnes.

A separate US study in 2012 put total food

waste along the entire food chain at 40 per cent

of the country’s food supply. Another inquiry

found that, between 1974 and 2005, US food

waste had risen by 50 per cent, with subsequent

further increases.

Losses at the production level are particularly

high. About 20 per cent of some vegetables, most fruits and many kinds of seafood, are wasted at this

early stage. Post-harvest losses have been greatly reduced in rich economies with proper produce

handling, chilling, refrigeration, protective packaging and anti-spoilage additives. But such losses remain

high in the tropics.

In rich countries, losses at household level account for the largest share of food waste, not only for fruits,

vegetables and seafood but also for grains due to wasted bread.

Why do rich countries waste so much food? The two most obvious reasons are that first they produce

more than they need and then sell that produce so cheaply.

But another, less well-appreciated, factor is the decline of home cooking. About half of all meals in the US

are now eaten outside the home, a major source of plate waste — particularly given the gargantuan

restaurant portions in the US. People in rich countries tend also to be overzealous observers of best-before

dates — even though you can eat that yoghurt a day after its “expiry” with impunity.

Team Alfalah Head Office

Page 14

Contributed by: Editorial Board

The Global Waste Dilemma: Where does Our Food Go?

Food availability in the EU and in the US averages at about

3,500 kilocalories (kcal) a day per capita but the average

food intake per person of the west’s increasingly sedentary

and ageing populations is no more than 2,100 kcal. This

creates a 1,400 kcal (40 per cent) waste gap.

And food is too cheap: it costs the average American family

just 11 per cent of its disposable income. In the EU

consumers spend 14.5 per cent of household expenditure on

food, but that too is far less than in the past and than in

most low-income countries.

Among affluent countries, Japan is the only notable

exception in terms of wasting less food. That is due to a

combination of its high dependence on food imports — at

60 per cent — and a more frugal and ageing population. Average daily food availability is now only about

2,400 kcal/capita, significantly lower than the Chinese mean, and food waste amounts to only about 20 per

cent of the total supply.

The global waste of a third of our food means that 30 per cent of farmland is ploughed, planted, fertilized,

irrigated and harvested without any real benefit. To make matters worse, these processes generate

significant emissions of carbon dioxide, methane and nitrous oxide. If the world’s food waste were its own

country, it would be the world’s third-largest emitter of greenhouse gases following China and the US,

require 250 cubic kilometres of water per year — more than Danube’s annual discharge. Such demands

also leach nitrates into groundwater and streams creating coastal dead zones, accelerating soil erosion,

reducing biodiversity and promoting the spread of antibiotic-resistant bacteria.

Better food literacy would help in the campaign to curb waste. So would more home cooking and less

eating out, but, in the long run, there is only one effective measure, especially given the fact that food

consumption is fairly price-elastic, which could substantially reduce waste in affluent countries: that is

paying more for the food we buy.

Ending all food subsidies and enforcing food-related environmental safeguards would accomplish that goal

— but western governments remain unwilling to pursue that course and altruistic consumers eager to buy

more expensive food are few and far between.

Team Alfalah Head Office

Page 15

Contributed by: Editorial Board

The Global Waste Dilemma: Where does Our Food Go?

Contributory negligence in common-law jurisdictions is generally a defense to a claim based on

negligence, an action in tort. This principle is relevant to the determination of liability and is

applicable when plaintiffs/claimants have, through their own negligence, contributed to the harm

they suffered. It can also be applied by the court in a tort matter irrespective of whether it was

pleaded as a defense.

For example, a pedestrian crosses a road negligently and is hit by a driver who was driving

negligently. Since the pedestrian has also contributed to the accident, they may be barred from

complete and full recovery of damages from the driver (or their insurer) because the accident was

less likely to occur if it weren't for their failure to keep a proper lookout. Another example of

contributory negligence is where a plaintiff actively disregards warnings or fails to take reasonable

steps for his or her safety, and then assumes a certain level of risk in a given activity; such as diving in

shallow water without checking the depth first.

In some jurisdictions, the doctrine states that a victim, who is at fault to any degree, including only 1%

at fault, may be denied compensation entirely. This is known as pure contributory negligence. In the

United States, the pure contributory negligence only applies in Alabama, the District of Columbia,

North Carolina, and Virginia. Indiana applies pure contributory negligence to medical malpractice

cases and tort claims against the state government. In the other 46 states in the U.S., plaintiff's

recovery is simply diminished by the extent to which he or she contributed to the harm: this doctrine

is known as comparative negligence.

In England and Wales, it is not possible to defeat a claim under contributory negligence and therefore

completely deny the victim compensation. It does however allow for a reduction in damages

recoverable to the extent that the court sees fit. In India compensation in favor of victim gets reduced

in proportion with his negligence.

In Australia, particularly New South Wales, the award of damages is reduced by the same percentage

as the plaintiff's own negligence. For example, if the plaintiff was 50% negligent in causing his or her

own accident, but would otherwise be entitled to $100,000 in damages, a court will award only

$50,000. A court may also find that 100% contributory negligence is applicable in which case the

plaintiff is not entitled to any damages. Determining the extent of the contributory negligence is

subjective and heavily dependent on the evidence available. Parties will often work to negotiate a

mutually satisfactory percentage figure when engaging in alternative dispute resolution (such as

mediation). If the matter does not settle, a percentage figure is ultimately assigned by the court at the

hearing.

Team Alfalah Head Office

Page 16

Contributed by: Claims Department

Contributory Negligence

Contents:

1 Burden of proof

2 Availability

3 Culture

4 History

Burden of Proof:

In some jurisdictions, the defendant has to prove the negligence of a plaintiff or claimant. In others,

the burden of proof is on a plaintiff to disprove his or her own negligence. Even if the plaintiff was

negligent, the tortfeasor may still be held liable, if he or she had the last clear chance to prevent the

injury.

Availability:

Contributory negligence is generally a defense to a tort of negligence. The defense is not available if

the tortfeasor's conduct amounts to malicious or intentional wrongdoing, rather than to ordinary

negligence. In England and Wales, it is not a defense to the tort of conversion or trespass to chattels.

In the United States, it is not a defense to any intentional tort. In Australia, contributory negligence is

available when the plaintiff's own negligence contributed to its own injuries.

Culture:

"Contributory Negligence" was the title of a circa 1982 poem by Attila the Stockbroker, a performance

poet in the UK. The poem criticized a court decision where a rapist escaped heavy punishment and

was ordered to pay only a fine on the ground that the women in some way provoked or contributed to

the rape.

History:

The doctrine of contributory negligence was dominant in U.S. jurisprudence in the 19th and 20th

century. The English case Butterfield v. Forrester is generally recognized as the first appearance,

although ironically in this case the judge found the victim to be the sole proximate cause of the injury.

Team Alfalah Head Office

Page 17

Contributed by: Claims Department

Contributory Negligence

Team Alfalah Head Office

Page 18

Contributed by: Editorial Board