State Bank to give scheduled status to Bank of AJK The Chairman further said that Bank of AJK needs development and patronage of the federal Government.


Governor State Bank of Pakistan(SBP), Mr. Jameel Ahmed, while appreciating the performance of Bank of Azad Jammu and Kashmir (BAJK)and the steps taken to achieve Scheduled Bank status, agreed in principle with the position of the SBP to issue the license to BAJK and said that the Government Financial Institution of AJK is playing positive role in the socio-economic  development of the State and the way BAJK is moving towards speedy progress, it is not difficult to predict that this bank will soon become one of the most successful banks. Governor SBP expressed these views in a meeting with Chairman Bank of Azad Jammu and Kashmir Mr. Khan Abdul Majid Khan and President/CEO Mr. Khawar Saeed.

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’s Special Incentives Schemes like hydropower, tourism, women economic empowerment, agriculture and housing sector, which will accelerate further the growth. 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. Earlier, the Governor was briefed by President Mr. Khawar Saeed on the history of the state-owned bank, its management structure, rapid development, the status of financial progress during the last three years including expanding network, customer reach and paid-up capital. Mr. Mubasher Nabi and Chief Financial Officer Mr. Shahid Shehzad Mir were also present. Mr. Governor agreed in principle on the position of BAJK to achieve scheduled bank status and appreciated the performance and measures taken by the management of BAJK. On this occasion, souvenirs were presented to the head of SBP on behalf of the Government of AJK and BAJK.