Governor State Bank of Pakistan (SBP) Jameel Ahmed agreed in principle with the position to award the licence to Bank of Azad Jammu and Kashmir (BAJK), praising the institution’s performance in achieving Scheduled Bank status.
In a meeting with Bank of Azad Jammu and Kashmir Chairman Khan Abdul Majid Khan and President/CEO Khawar Saeed, Governor SBP voiced these views.
He stated that the AJK government financial institution is playing a good role in the socioeconomic growth of the state and BAJK’s rapid advancement.
It is not difficult to foresee that this bank will become one of the most successful in the near future.
Khan Abdul Majid Khan, Minister for Finance, Cooperatives, and Internal Revenue in Azad Kashmir and Chairman of the Bank’s Board of Directors, emphasised the significance of BAJK to the state’s economy, as well as the association and interest of the abroad Kashmiri diaspora in the institution.
The importance and usefulness of issuance of licence for conferring scheduled status, the recent steps taken in this regard by AJK State Governments and BAJK to develop and attain scheduled bank status, including notable, implementation of core banking software, redesigning of all credit products, hiring of consultant for completion of legal formalities and preparation of business case for lodging application with SBP, and the desire of the people of AJK, particularly overseas Kashmis, for AJK banks to attain scheduled bank status.
The Chairman added that the Bank of AJK need development and federal government support.
The Bank must be incorporated in the Special Incentives Schemes of the Government of Pakistan, such as hydropower, tourism, women’s economic empowerment, agriculture, and the housing sector, in order to further accelerate growth. In addition, the appointment of a focal person from the SBP to assist/guide BAJK in acquiring a licence while opening the bank’s corporate office in Islamabad will result in beneficial commercial outcomes.
President Khawar Saeed informed the Governor on the history of the state-owned bank, its management structure, quick development, and the status of financial progress over the past three years, including the expansion of network, customer base, and paid-in capital.
Mubasher Nabi and Mr. Shahid Shehzad Mir, Chief Financial Officer, were also present. Governor agreed in principle with BAJK’s plan to become a scheduled bank and praised the performance and steps taken by BAJK’s management.
On this occasion, souvenirs were presented to the head of SBP by the AJK and BAJK governments.