ISLAMABAD ( Web News )
Mr. Khan Abdul Majid Khan , Chairman Bank of Azad Jammu and Kashmir and Mr. Khawar Saeed, President and Chief Executive Officer BAJK called upon Mr. Jameel Ahmed, Governor State Bank of Pakistan (SBP) the other day. Mr. Mubasher Nabi ,Director Bank and Mr. Shahid Shahzad Mir, Chief Financial Officer were also present on this occasion. The Governor SBP was briefed by President Mr. Khawar Saeed on the history of the state owned bank, its management structure, rapid development. A briefing was also given on the status of financial progress during the last three years including expanding network, customer reach and paid up capital.
Azad Kashmir Minister for Finance, Cooperatives and Inland Revenue Khan Abdul Majid Khan, who is also the Chairman of the Bank’s Board of Directors, highlighted the importance of BAJK in the state economy, the association and interest of overseas Kashmiri diaspora with the institution., the importance and usefulness of issuance of license 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 lodgment of application with SBP, wish of people of AJK, especially overseas Kashmiri diaspora and corporate sector of AJK for BAJK to acquire scheduled bank status. The Chairman further said that Bank of AJK needs development and patronage of the federal Government The Bank needs to be included by the Government of Pakistan special Incentives Schemes like hydropower, tourism, women economic empowerment, agriculture and housing sector, which will accelerate the growth of BAJK. In addition, nomination of a focal person from SBP to assist/guide BAJK for obtaining licensing while opening of corporate office of the bank in Islamabad will have positive business results.
The Governor SBP while taking interest and paying attention to the briefing of the bank team, appreciates the recent performance of the institution and the steps taken to achieve the scheduled bank status, said that the manner and speed with which this institution is progressing and playing a role in the development of AJK, it is not difficult to predict that this bank will set new heights of progress very soon. He agreed in principle with the position of the State Bank to issue a license for the Bank of AJK. During the meeting, souvenirs were also presented to the governor on behalf of the Government of Azad Kashmir and BAJK.