Acknowledging the achievements of the Bank of Azad Jammu and Kashmir (BAJK) and the efforts made to get Scheduled Bank status, Governor State Bank of Pakistan (SBP) Jameel Ahmed agreed in principle with the SBP’s position to grant BAJK the licence.
According to him, the Government Financial Institution of AJK is actively contributing to the socioeconomic advancement of the State, and given how quickly BAJK is developing, it is easy to forecast that this bank will soon rank among the top institutions in its field.
These opinions were voiced by Governor SBP during a meeting with President/CEO Khawar Saeed and Chairman Khan Abdul Majid Khan of the Bank of Azad Jammu and Kashmir.
Khan Abdul Majid Khan, the chairman of the bank’s board of directors and the minister for finance, cooperatives, and internal revenue in Azad Kashmir, emphasised the significance of BAJK to the state economy as well as the association and interest of the Kashmiri diaspora abroad in the institution.
The recent actions taken in this regard by the AJK State Governments and BAJK to develop and attain scheduled bank status, including noteworthy, the implementation of core banking software, redesigning of all credit products, hiring of a consultant for completion of legal formalities and preparation of a business case for lodgment of application with SBP, are in response to the desire of the people of AJK, especially over the issue of scheduled status.
The Chairman added that the Federal Government’s support and development are essential for the Bank of AJK. The Bank must be incorporated in the Government of Pakistan’s Special Incentives Programs, which would speed up future growth in industries including hydropower, tourism, women’s economic empowerment, agriculture, and housing.
Additionally, the appointment of a focal point from SBP to help/direct BAJK in gaining licensure as the bank opens its corporate office in Islamabad may have beneficial commercial outcomes Earlier, President Mr. Khawar Saeed informed the governor on the background of the state-owned bank, its management structure, quick growth, and the state of financial development during the last three years, including its expanding network, customer reach, and paid-up capital.
Also present were Mubasher Nabi and Shahid Shehzad Mir, the chief financial officer. The governor endorsed BAJK’s position in principle and supported the management of BAJK’s actions and performance in achieving scheduled bank status. On this occasion, the Government of AJK and BAJK offered mementos to the head of SBP.