Bank of AJK Board of Directors decides to start Islamic Banking, set up Microfinance Bank as financial subsidiary of BAJK, Islamic Banking Division established
Approves half-yearly accounts in the 60th meeting of the Board of Directors held under the chairmanship of Finance Minister, Chairman Bank Khan Abdul Majid Khan
Muzaffarabad ( Web News )
BAJK Board made Important decisions to start Islamic banking in the Bank of Azad Jammu and Kashmir and to establish a microfinance bank as a subsidiary financial institution of the bank. These decisions were taken in the 60th meeting of Board held at head office of the bank. The Minister of Finance, Cooperatives and Inland Revenue of Azad Kashmir and the Chairman Bank chaired the meeting. In the meeting approval was given to start Islamic banking by the State-owned Bank and to establish a subsidiary financial institution of the bank, Microfinance Bank, while the half-yearly records and accounts were approved. Islamic banking division was established in the bank. In the meeting, a detailed agenda paper, keeping in mind the market survey and potential was presented on the instructions of the Chairman. In which all the operational, Shariah and other relevant frameworks related to Islamic banking were discussed. After detailed discussions, the Board gave in-principal approval to start Islamic banking. After the approval from the Board, the Islamic banking division has started working to ensure that Islamic banking is in accordance with Sharia. Work is underway to open Islamic banking branches across the state and establish Islamic banking windows in the existing branch network. At the beginning of the meeting, President/CEO of the Bank Mr. Khawar Saeed briefed the Board on the important performance points of the first half of the year 2022. CFO Mr. Shahid Shahzad Mir gave a detailed briefing on financial business. The Board reviewed the measures taken for the progress and development of the bank and approved the records and accounts up to 30th June 2022. Among the directors who participated in the meeting were Secretary Finance Mr. Asmatullah Shah, Secretary Law, Justice and Parliamentary Affairs Mr. Irshad Ahmad Qureshi and Secretary Industries, Commerce & Minerals Mr. Wajahat Rashid Baig along with Independent Directors Syed Haider Abbas, Mr. Mubasher Nabi, Mr. Zulfiqar Abbasi, Company Secretary Maazullah Khan.