| Type | Financial Services Holding Group |
|---|---|
| Industry | Financial services |
| Founded | 1971 |
| Headquarters | 7F, The Forum, Khayaban-e-Jami, Karachi, Pakistan |
| Area served | Pakistan |
| Services | Finance and Insurance Asset Management Consumer Banking Corporate Banking Investment Banking Investment Management Private Equity |
| Employees | 23,000 |
| Website | www.js.com |
JS Group is a financial services group in Pakistan. JS Group controls and operates financial services companies in Pakistan. Financial services of JS Group include asset management, commercial banking, company research, insurance, investment banking, Islamic banking, micro finance, and stock brokerage. JS Group also has investments throughout Pakistan's economy. These investments cover industrial sector, technology & media sectors, commercial real estate, energy & natural resources. JS Group has it’s headquarter in Karachi.[1]
JS Group is formed by Mr. Jahangir Siddiqui. JS Group was formed four decades ago in 1971.[2]
JS Group has five vertical businesses. These are JS Industrial, JS Infocom, JS Property, JS Resources and JS Transportation. Each sector offers long-term investment proposition in Pakistan. The diversification across these sectors allows JS Group to take a long term approach to invest and build its businesses.[3] Main business sectors of JS group are:
JS Group’s commercial banking activities are housed within JS Bank Limited (JSBL). JSBL puts forward range of commercial banking products and services and complete financial solutions to its clients. The services of JSBL include:
Commercial banking services are making their ways to offer Visa Debit card and Internet banking very soon.[4]
Asset management at JS financial services is considered as practice of managing assets. JS Investments Limited (JSIL) is operating to provide the asset management services to JS financial. It was founded in 1995, and it is the oldest asset management companies in Pakistan with assets under management spread across various mutual funds, pension funds and separately managed accounts.[5]
Private equity finance is an asset class consisting of equity investments in operating companies that are not listed. JS Group has a long term track record of developing investment opportunities in Pakistan and has led several successful private equity investments. In 2006, JS Group launched JS Private Equity Fund. This is Pakistan’s first private equity fund targeting high-quality expansion capital and buyout investment opportunities within sector-leading companies in Pakistan.[6]
Financing and advisory service of JS Group is provided by its listed stock brokerage and investment banking company named JS Global Capital. The business and advisory services include:
JS Group's securities brokerage business is run through JS Global Capital Limited (JSGCL). JSGCL is operating in Pakistan's equity, fixed income and foreign exchange brokerage markets.[8]
JS Group's research team is housed within JS Global Capital (JSGCL), which is operating in equity, fixed income and foreign exchange brokerage markets in Pakistan. JS Research currently provides active coverage on 47 companies, representing more than 85% of the KSE-100 Index. It has also, since 1991, been the exclusive provider of research and data on Pakistan to Standard & Poor’s emerging markets database and provides research to Bloomberg.[9]
JS Group stands unique with its investment in closely related business sector i.e. Insurance. JS Group is the second-largest shareholder in the EFU Insurance Group, Pakistan’s largest insurance group.[10]
JS Group launched Islamic banking and finance services by establishing a premier Islamic commercial bank with the name of Bank Islami in 2006. Bank Islami Pakistan Limited was the first Islamic commercial bank to receive an Islamic Banking license under the new Islamic Banking policy of 2003.[10]
JS Group views the Micro Finance sector as an important part of its overall financial services portfolio to tap into a new market segment. Network Micro Finance Bank (NMB), Pakistan's third such financial institution, launched its services in 2004.[11] Network Micro Finance Bank is the first Micro Finance institution in Pakistan to be listed on a stock exchange (the Karachi Stock Exchange).[12]
JS&Co is one of the investment firms in Pakistan and heads financial services group. It was Pakistan’s first securities firm with a Wall Street pedigree through its joint venture with Bear Stearns & Co.[13] JS&Co is rated AA+ (long term) and A1+ (short term) by the Pakistan Credit Rating Agency and issued Pakistan’s longest-dated (10-year) corporate bond.[14]
JS Global Capital Limited (formerly, Jahangir Siddiqui Capital Markets Ltd.) is one of the investment banking and securities firms in Pakistan. Global Investment house KSCC, the leading investment bank in the Middle East, has 43% shares of the company.[10][15] The principal activities of JSGCL are:
The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term entity ratings of JS Global Capital Limited (JSGCL) at “AA” (Double A) and “A1+” (A One plus) respectively.[16]
JS Bank is a renowned commercial bank with a host of services. JS Bank Limited has a Primary Dealer license for government securities from the State Bank of Pakistan[17] and is recognized as no.1 primary dealer by State Bank of Pakistan for the year 2010–2011.
JS Bank Limited has been formed after the merger and amalgamation of Jahangir Siddiqui Investment Bank Limited and commercial banking operations of American Express Bank Ltd Pakistan. JS Bank Limited commenced operations in Pakistan as a fully scheduled bank on 30 December 2006. JS Bank is has 132 branches in more than 67 cities nationwide.[18]
The Pakistan Credit Rating Agency (PACRA), which is Pakistan's premier credit rating agency, has upgraded the long term and short entity ratings of JS Bank to A (Single A) and A 1 (A one) respectively.[19]
Retail Banking at JS Bank offers products and services for both depositors and borrowers at competitive rates. Retail banking services are a group of financial services that includes installment loans, residential mortgages, equity credit loans, deposit services, and individual retirement accounts.[20]
JS Bank’s Treasury has evolved as an active player in the Financial Market. The Bank's client-centric treasury partner its customers in ensuring they use the financial markets to optimize their risk profile and enhance value to their stakeholders. The Treasury seeks to do this by becoming the risk solutions provider of choice, offering quality treasury products.[21]
JS Bank delivers financial solutions and corporate credit facilities tailored to meet the needs of every type of business and industry. It always set out to help corporate customers succeed by forging strong working relationships.[22]
JS Bank’s investment banking group is pioneer of numerous landmark transactions brought to the domestic capital markets. The group’s legacy dates back to the 90’s through a closely held partnership with the then eminent Bear Stearns. More recently, the investment banking group has been an advisor and arranger to:
JS Investments Limited (JSIL) is the oldest and private sector Asset Management Companies in Pakistan, with over PKR 12.81 billion (as at 30 June 2011) in assets under management, spread across various mutual funds, pension funds and separately managed accounts. The company is listed on the Karachi Stock Exchange and has a market capitalization of over PKR 510 million (as at 30 June 2011).[24]
JSIL's mutual fund product suite provides diverse range of products under a single Asset Management Company in Pakistan. This includes funds for every investment strategy and risk profile.[25]
JSIL offers two lifetime integrated solutions to address the retirement needs of these salaried professionals and self-employed individuals, so that they can enjoy a secure retirement. JS Pension Savings Fund (JS PSF) has partnership with Standard Chartered Bank and EFU Life Insurance to provide integrated retirement solution. JS Islamic Pension Savings Fund (JS IPSF) is a Shariah compliant way to save for retirement needs.[26]
JSIL offers customized Investment Advisory Services (IAS). Asset allocation, diversification and a long-term focus play important role in achieving investment advises.
Separately Managed Accounts (SMA) are personalized discretionary investment portfolios tailored to the specific needs of the account holder and managed by investment professionals. A discretionary SMA allows the investment manager to buy and sell securities at his discretion as permitted by the account holder.[27]
EFU General is engaged in the general insurance business, in particular fire, marine, motor, and engineering insurance. EFU Insurance Group was established in 1932 as the Eastern Federal Union Insurance Company and grew to become the largest life assurance company in Asia (excluding-Japan) from 1961. In 1972, the life insurance business was nationalized but EFU continued as a general insurance company. Today, it is Pakistan’s second-largest general insurer.[28] In 1992, the private sector was again permitted to carry out life assurance and EFU Life insurance was launched by EFU General in conjunction with the JS Group. Today, this company is the largest private sector life assurance company in Pakistan with a sales force of over 1,500 people and over 50% share of the life insurance business.[29]
Bank Islami Pakistan Limited was the second Islamic Commercial Bank to receive the Islamic Banking license under the Islamic Banking policy of 2003 from State Bank of Pakistan on 31 March 2005. Bank Islami started its operations from 7 April 2006 and offers shariah compliant retail banking, investment banking, consumer banking and trade finance products.[30] Bank Islami Pakistan Limited is a fully licensed Islamic commercial bank. Presently, the nationwide branch network of Bank Islami consists of 102 branches spread over 49 cities of Pakistan.[31] The epochal idea of Bank Islami was conceptualized by Jahangir Siddiqui & Company Limited and DCD Group in late 2003. Dubai Bank was one of the founding shareholders of Bank Islami which invested 18.75% in the total Capital.[32] The State Bank of Pakistan issued a No Objection Certificate on 19 August 2004 and Bank Islami Pakistan Limited, the second full-fledge Islamic Commercial Bank in Pakistan, was incorporated on 18 October 2004 in Pakistan.[33]
This business was established in 2002 to develop three buildings materials projects. The company’s fiber board plant is Pakistan’s largest producer of Medium Density Fiber (MDF) boards. The company’s Ferro-alloy plant produces about half of the Ferro-alloy requirements of Pakistan’s steel industry. The company also has a calcium carbide plant.[34]
In 1991, JS invested in this sugar and ethanol producer. Al Abbas Sugar Mills has a rated cane crushing capacity of 5,500 tons per day and operates two distillery units for superfine ethanol production.[35]
PICT is the East Wharf container terminal at the Karachi Port. The company is sponsored by Premier Mercantile Services and JS Group is its second largest shareholder. IFC and the OPEC Development Fund are lenders to PICT. It is the only container terminal managed by a Pakistani operator and has a handling capacity of 550,000 TEU per annum.[36]
The telecommunication sector in Pakistan is regulated by the Pakistan Telecommunication Authority (PTA). Eye Television Network Limited is a Pakistan-based company. The Company is engaged in operating satellite television channel. During the fiscal year ended 30 June 2009, Eye Television Network Limited launched Style 360, Masala TV and Hum TV.
ETN received its first up-linking license for HUM TV to operate as an International Satellite Television Channel in October 2004 from Pakistan Electronic Media Regulatory Authority (PEMRA) for a period of 15 years. Being the first ever Public Limited Company in electronic media in Pakistan, ETNL went live with its first channel HUM TV in January 2005.[37]
Masala TV was launched in September 2006. Masala became a household name that was recognized all across Pakistan and helped set the dinner tables in almost all homes.[38]
During the fiscal year ended 30 June 2009, ETNL launched Style 360. Style 360 is a lifestyle and entertainment channel that aims to fill the gap of quality programming in Pakistan.[39]
JS Property is currently developing seven commercial and residential sites in Karachi and one in Islamabad. JS Property is a holding company of JS Group. It invests in real estate projects within Pakistan and worldwide. JS Property acts as a financial partner internationally for JS Group.[40]
Pakistan has deposits of 45 billion barrels of oil which can cater to energy needs for the next 300–400 years. Oil contributes more than 42 per cent to the total energy supply. Discoveries of the new oil fields in different parts of the country have raised the local production to 60,580 barrels per day[41] thus meeting about 23 per cent of our total requirement of about 250,000 bpd.[42] The JS Resources strategy is to develop upstream assets of varying exploration risk. These are blended with more predictable cash flows from producing assets to give a portfolio approach to this business.[43]
In 2011, JS Bank was ranked by State Bank of Pakistan for being the No. 1 primary dealer.[44] In 2011, JS Bank organized the First ever day and night women T-20 tournament in Pakistan which was a roaring success.[45] In 2010, JS aligned with the Overseas Private Investment Corporation start a private equity fund worth $50 million which will be used to invest in technology companies.[46] In 2009, JS Private Equity was among 49 companies to receive an award at the 6th Annual Environment Excellence Awards, organized by National Forum for Environment and Health (NFEH).[47] On 8 November 2010, JS Bank Ltd and Mahvash & Jahangir Siddiqui Foundation in collaboration with United Nations and the Provincial Disaster Management Authority Sindh, hosted a joint conference “United for a Cause” at Mohatta Palace Museum in order to develop strategies to deal with the rehabilitation needs of flood affected communities from the 2010 Pakistan floods.[48]
A false allegation was made against Jahangir Siddiqui and his family members by Sindh revenue department. The department officials registered a case against prominent businessman Jahangir Siddiqui for allegedly illegally occupying a 1,000 square yard plot in Clifton.[49] However, the allegations were false. according to tribune, allegations of illegal land occupation against Jahangir Siddiqui and his family are politically motivated and aim to intimidate and coerce Siddiqui to accept illegitimate demands of various politically connected persons.[50] A case has been filed against persons who made allegations and lodged false cases against Mr. Jahangir Siddiqui. They tried to defame Mr. Jahangir Siddiqui, his family members and bring his businesses into disrepute.[51]
In 2007, a Sri Lankan newspaper published allegations against JS Group Company (JSGCL) for unauthorized investment transactions. The newspaper claimed that it has achieved some inside information about the case.[52] SECP has found that the Jahangir Siddiqui Group (JS Group) is guilty of illegal stock market manipulation and insider trading.[53] The allegations said that JSGCL failed to comply with the requirement of the Notification by non-providing the required information to its shareholders in the general meetings of the Company.[53]
The allegations in the news item (Massive Fraud and Insider Trading Uncovered in Pakistan by Abdul H. Azeez)[54] were baseless and fabricated and motivated.[55] The allegations are absolutely false, misleading and concocted and therefore emphatically denied. No contact or inquiry was ever made by any reporter before circulating this false, fabricated and motivated report. It is further clarified that Securities and Exchange Commission of Pakistan has not issued any such report or findings as alleged. JSGCL (Jahangir Siddiqui Global Capital Limited) is brokerage house in Pakistan. This story is nothing but an attempt by some rival or interested party to tarnish the image of JSGCL.[55]
The Mahvash & Jahangir Siddiqui Foundation was established in 2003 as a charitable, non-profit organization. Since then the foundation has been a major donor and participant in humanitarian causes in Pakistan.[56] Mahvash & Jahangir Siddiqui Foundation is aimed to provide healthcare, education and social enterprise through sustainable development to underprivileged members of society with a special focus on women, minorities, children and disabled individuals.[57] The Mahvash and Jahangir Siddiqui Foundation have experience in providing humanitarian relief during three previous national disasters; Kashmir Earthquake in 2005, Internally Displaced Persons Crisis in 2008 and 2010 Floods.[58]
Floods in Pakistan have played havoc with the lives of millions of people. Thousands lost their lives as the rushing floods swept them away, while others were injured and lost their homes and property within a matter of minutes. The MJSF has designed a Relief Process that is simple but effective. The relief objective is to increase the rate of survival by providing items of basic needs such as food, clean water, and essential medicines.[56] The organization first surveys the areas of operation gathering data from local NGOs as well as from the Provincial Disaster Management Authorities. The second step is to send MJSF’s workers to the affected areas to carry out an independent survey. The relief operations begin 24–48 hours after the survey, during which time the procurement, packaging and transportation of relief supplies takes place. The basic relief items being provided to the affected areas include 8 day food rations and clean drinking water.[56] To extend care and support to the families displaced due to the recent flood 2011 in Sindh, Mahvash and Jahangir Siddiqui Foundation and JS Bank sent out its health team composed of doctors, Para-medical staff, dispensers and helpers along with its fleet of ambulances and food rations for more than 3,000 families, to provide assistance to the affectees. To date, medical attention to 10,229 patients along with food rations, water and basic medical supplies have been provided to an estimated 17,500 people in the affected areas which should last them for a period of 8–10 days. The areas that were covered in the initial phase from 3 to 12 September included Badin, Mirpurkhas, Thatta, Tando Mohammed Khan, Tando Allahyar and Mithi and the next phase will cover areas of Sanghar, Nawabshah, Dadu and Khairpur districts.[59] The United Nations (UN), the Provincial Disaster Management Authority Sindh (PDMA), the International Organization for Migration (IOM), JS Bank and The Mahvash & Jahangir Siddiqui Foundation (MJSF) jointly coordinated the relief efforts for the 2010 flood relief under “United for Cause” group focusing on developing coordinated strategies to address humanitarian needs of flood hit communities.[60]
The group has offices throughout the major cities in Pakistan and manages its international operations from its London and Dubai offices. The group comprises businesses with over 18,000 employees and profit after tax of $510 million in 2007.[61]
JS Group has grown over the last four decades partly by forging successful partnerships with international, world-class organizations and brands to develop new businesses in Pakistan. Examples of JS Group partnerships in Pakistan include: