Nidaebankaran

05/01/2024

🆘 HELP NEEDED! 🆘

📍 Askari Bank, Daroghawala, Lahore

Hello Everyone,

There’s this super nice uncle, around 45, doing duty as security guard at night shift Askari Bank.

He sit all night without any support such as security booth or electric heater.

Imagine sitting here like him all night in 6 Degree Temperatures.

I see him daily while jogging, man even seeing him sitting in these conditions it makes me feel sick. How’s he managing only ALLAH and he knows.

Is there anyone from Askari Bank side who can help him and others people who doing duty same as him.

State Bank of Pakistan Finance Ministry of Pakistan Banking Mohtasib Pakistan - Government of Pakistan Askari Bank

05/01/2024

04/01/2024

Mobilink Bank and NIBAF’s Synergistic Initiative to Foster Financial Inclusion

, Pakistan’s leading digital microfinance institution, partnered with the National Institute of Banking & Finance ( ) to share its vision and practices with the entire banking industry as a result of introducing an innovative product of Commercial Vehicle. The idea behind bringing this product is to nurture entrepreneurship and foster economic growth, generating employment opportunities that contribute substantially to societal development.

Through this partnership, Mobilink Bank strives to amplify inclusivity, offering vital support to the underprivileged and proactively igniting the entrepreneurial spirit in young, underserved individuals, particularly women. Today, this commercial vehicle product is utilized by several women entrepreneurs.

Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and digital services to nearly 160 million customers in six dynamic markets that are home to 7% of the world’s population.

Ghazanfar Azzam, President and CEO Mobilink Bank, and Riaz Nazarali Chunara, Managing Director NIBAF, signed the agreement at the NIBAF Headquarters in Islamabad in the presence of senior management from both organizations, including the Chief People Officer, Chief Branch Business Officer, Chief Digital Officer, and Head of Commercial Vehicle at Mobilink Bank.

Sharing his thoughts on the signing ceremony, Ghazanfar Azzam, President and CEO Mobilink Bank, said: “We believe that real progress is realized when everyone is afforded an equal opportunity to prosper. Our partnership with NIBAF is a testament to our unwavering commitment to social responsibility and our steadfast belief in the transformative potential of financial inclusion.

By collaborating for holistic empowerment, our goal is to uplift the underprivileged not only through accessible financial services but also by focusing on education and skill-building initiatives. We at Mobilink Bank are dedicated to fostering opportunities and supporting entrepreneurs to contribute to developing a more equitable society and economy at large.”

Also sharing his thoughts, Riaz Nazarali Chunara, Managing Director NIBAF, said: “The NIBAF-Mobilink Bank partnership strives to uplift the underbanked through enhanced financial inclusivity. One can certainly realize the Bank’s paramount focus to fuel entrepreneurship by merging banking expertise with microfinance initiatives, creating self-employment and job opportunities. This aligns with national development goals, promoting economic growth and empowering marginalized individuals, especially women.

Through this strategic alliance, we are dedicated to boosting financial education for the industry, enabling access to resources for sustainable livelihoods, and catalyzing positive socio-economic impact. To calibrate the industry-wide learnings, NIBAF is dedicated to developing experiential learning products through indigenous case studies to benefit the banking fraternity. Our partnership with Mobilink Bank has added another feather to our aspirations.”

Mobilink Bank fosters positive change by offering financial services to hundreds of young entrepreneurs, catalyzing business initiation and expansion. This dedication generates multiple job opportunities, particularly benefiting rural and low-income communities. Committed to nationwide progress, the Bank is a beacon for economic growth and sustainable development among the underserved.

04/01/2024

At , we cherish and celebrate the uniqueness of every role, which contributes significantly to our overall success through diverse perspectives.

The entire staff celebrated with a sweet taste of collective accomplishments from the past year and a promise for another year filled with growth, prosperity, and fulfillment.

04/01/2024

A big thank you to Meta team for hosting us, giving a comprehensive tour of their offices, taking us through their amazing initiatives, discussing with Fintechs about their innovative marketing solutions, and treating us we a delicious lunch.


Zafar Masud WhatsApp SG FinTech Festival National Incubation Center Lahore Pakistan High Commission Singapore Monetary Authority of Singapore Singapore Fintech Association APIX Platform

04/01/2024

Visa’s She’s Next People’s Favorite Award

Presenting the final 5 faces of She’s Next 2023. Vote for your favorite business to win the People’s Favorite award and make your voice heard.

Vote now on the link below!

https://pk.visamiddleeast.com/run-your-business/she-is-next-campaign.html

04/01/2024

Faysal Bank, Data Check & Qarar join forces to revolutionize the digital banking and consumer financial sector by automating credit decisioning of consumer finance customers.

04/01/2024

MCB Bank is proud to have organized a Pre-Departure Briefing session in association with SBP at the Protectorate Office located at Quetta Office.

During the week-long session, the MCB Bank team enlightened outbound workers about the benefits of using formal channels for remittances, as well as the associated risks of informal fund transfer methods.

Through this collaborative initiative with State Bank of Pakistan, SBP-Pakistan Remittance Initiative (PRI), Bureau of Emigration & Overseas Employment; MCB Bank aims to empower emigrants with the knowledge and resources they need to conduct secure and hassle-free remittance transactions. We're dedicated to ensuring their financial well-being during their time aboard.

04/01/2024

First Women Bank Ltd. is constantly working on improving the services it provides to its customers. After renovations, Mr. Farrukh Iqbal Khan , the President and CEO FWBL , inaugurated two branches in Sindh Province. Have a look.

04/01/2024

Faysal Bank participated in eCommerce Summit 2023. Faysal Bank is steadfast in its aim to empower and facilitate the evolving needs of the digital economy.

Summit

04/01/2024

As part of BOP’s Free Helmet Drive, a distribution ceremony took place at the Deputy Commissioner's office in Lahore, where a substantial number of motorists were present. Rafia Haider (DC Lahore), Faisal Ejaz Khan (CIO – BOP) and Nadeem Arif Butt (Head PSDD – BOP) attended the ceremony and distributed helmets to the motorists.

BOP is dedicated to raising awareness regarding the critical importance of wearing helmets while riding two-wheelers. Our primary objective is to contribute to the reduction of road accidents and foster safer road habits.


Govt of Punjab I Chief Secretary Punjab I Zafar Masud | Deputy Commissioner Lahore - District Administration Lahore

04/01/2024

UBL's informative session with the emigrants going abroad for job purposes continued for Day 4 in Protectorate of Emigrants Office in Malakand.

Bureau of Emigration & Overseas Employment State Bank of Pakistan



𝑵𝒐𝒕𝒆: 𝑫𝒐 𝒏𝒐𝒕 𝒔𝒉𝒂𝒓𝒆 𝒚𝒐𝒖𝒓 𝑼𝒔𝒆𝒓𝒏𝒂𝒎𝒆, 𝑷𝒂𝒔𝒔𝒘𝒐𝒓𝒅, 𝑶𝑻𝑷 𝒐𝒓 𝑫𝒆𝒃𝒊𝒕/𝑪𝒓𝒆𝒅𝒊𝒕 𝑪𝒂𝒓𝒅 𝑷𝑰𝑵 𝒘𝒊𝒕𝒉 𝒂𝒏𝒚𝒐𝒏𝒆. 𝑻𝒐 𝒆𝒏𝒔𝒖𝒓𝒆 𝒚𝒐𝒖𝒓 𝒔𝒂𝒇𝒆𝒕𝒚 𝒂𝒏𝒅 𝒄𝒐𝒏𝒗𝒆𝒏𝒊𝒆𝒏𝒄𝒆, 𝑼𝑩𝑳 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒗𝒆𝒔 𝒘𝒊𝒍𝒍 𝒏𝒐𝒘 𝒄𝒂𝒍𝒍 𝒚𝒐𝒖 𝒐𝒏𝒍𝒚 𝒇𝒓𝒐𝒎 18257 𝒐𝒓 18258. 𝑷𝒍𝒆𝒂𝒔𝒆 𝒃𝒆 𝒂𝒘𝒂𝒓𝒆 𝒕𝒉𝒂𝒕 𝒂 𝑼𝑩𝑳 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒗𝒆 𝒏𝒆𝒗𝒆𝒓 𝒄𝒂𝒍𝒍𝒔 𝒚𝒐𝒖 𝒇𝒓𝒐𝒎 111-825-888, 𝒏𝒐𝒓 𝒘𝒐𝒖𝒍𝒅 𝒐𝒖𝒓 𝑩𝒂𝒏𝒌 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒗𝒆 𝒂𝒔𝒌 𝒇𝒐𝒓 𝒚𝒐𝒖𝒓 𝒑𝒆𝒓𝒔𝒐𝒏𝒂𝒍 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒗𝒊𝒂 𝑪𝒂𝒍𝒍, 𝑺𝑴𝑺, 𝑬𝒎𝒂𝒊𝒍 𝒐𝒓 𝑾𝒉𝒂𝒕𝒔𝑨𝒑𝒑. 𝑩𝒆 𝒂𝒘𝒂𝒓𝒆 – 𝒃𝒆 𝒔𝒂𝒇𝒆!

04/01/2024

First Women Bank Ltd. is constantly working on improving the services it provides to its customers. After renovations, Mr. Farrukh Iqbal Khan , the President and CEO FWBL , inaugurated two branches in Sindh Province. Have a look.

04/01/2024

First Women Bank Ltd. is constantly working on improving the services it provides to its customers. After renovations, Mr. Farrukh Iqbal Khan , the President and CEO FWBL , inaugurated two branches in Sindh Province.

04/01/2024

Thrilled to announce our fully functional bank branch is now open for business in Sher Qilla, Gilgit.

At HBL Microfinance Bank, our mandate has been to work towards improving the quality of life of people with a singular focus towards financial inclusion. As a leading bank in the microfinance industry, we have been working towards enhancing financial inclusion in the country for the last 20 years and this new branch is a step in that direction.

We are excited to extend our services to the people of Sher Qilla as we continue our mission of making banking accessible for all. Visit us and discover how HBL Microfinance Bank can help you with your financial needs, tailor-made for you.

04/01/2024

04/01/2024

Over the last 30 years, Transparency International has put corruption at the top of the global agenda. We’ve shown that social justice, democracy, good governance and the protection of fundamental rights go hand in hand with ending corruption.

Although the fight against corruption is often slow, we have had plenty of wins over the last 30 years. But one thing is certain: Corruption won't define our future! 💙

Learn more about us and our history ➡️ http://anticorru.pt/2Ub

04/01/2024

Digital transactions surge to 80%

Value of online transactions, however, remains low averaging Rs80,000 each

KARACHI:
Pakistan is witnessing a remarkable growth in the number of digital payment transactions which increased six percentage points to 80% in retail banking in the quarter ended September 30, 2023, helping to document the economy and reducing reliance on cash.
In its latest ‘Payment System Review for the Quarter ended September 30, 2023’, the State Bank of Pakistan ( ) reported that the share of digital payment transactions had been 74% in retail banking in the same quarter of last year (Q1FY23).
The share of over-the-counter (OTC/physical) transactions decreased to 20% in the July-September quarter of FY24. The value of online transactions, however, remained low, averaging slightly over Rs80,000 each compared to physical transactions which were valued at Rs830,000 each.
This suggests that the use of online payments is on the rise among people to people (P2P) but remains low among businesses where the transaction size is usually big.
According to the SBP, the currency in circulation plays a crucial role in shaping the payments landscape. As of the quarter ended September 2023, the currency in circulation stood at Rs8.29 trillion compared to Rs9.15 trillion in the previous quarter. “The decline in currency in circulation coupled with the increase in digital payments reflects a shift in customer preferences towards using electronic payment methods over traditional cash-based payments.”
Pakistan, being an emerging economy, is witnessing a remarkable growth in the digitalisation of its payment systems, a testament to the nation’s forward-thinking approach. The emergence of digital onboarding, Raast (instant payment system), Real-Time Gross Settlement (RTGS) and fintechs have brought convenience and easily accessible banking to individuals and businesses. Pakistan has undergone a transformative shift, moving from traditional models to embracing innovative technologies, paving the way for a more progressive financial landscape. These advancements are revolutionising payments, making them instantaneous and transparent.
“This leap forward is not just about technology, it’s also about building more trust and efficiency in the financial system,” the SBP said. The central bank elaborated that the number of total transactions were recorded at 702 million in retail banking including 561 million (or 80%) through digital means and 141 million (20%) over the counter.
Read IPO opts for digitalistion to facilitate businesses

In terms of the value of the transactions, the retail banking system recorded payments worth Rs134 trillion in the quarter under review (Q1FY24) including Rs45 trillion (or 13%) through online channels and Rs117 trillion (87%) over the counter.
The number of internet banking users increased to 10.3 million in the quarter ended September 30, 2023 compared to 9.6 million in the prior quarter.
Mobile banking users surged to 17 million compared to 16.1 million in the previous quarter. The number of e-wallet holders rose to 2.4 million compared to 2 million earlier.
There were 61.3 million m-wallet holders (issued by branchless banking service providers) by the end of July-September quarter. Alongside, 54.3 million payment cards had been issued to customers, of which 79% were debit cards, 17% were social welfare cards and 4% were credit cards.
All these retail transactions were facilitated by the payments network provided by banks, microfinance banks (MFBs) and Electronic Money Institutions (EMIs).
This included a network of 17,768 bank branches, 18,117 ATMs, 118,444 Point of Sale terminals and 7,310 registered e-commerce merchants (with banks/MFBs).
As of quarter-end, there were 33 banks, 11 MFBs, four EMIs and 5 Payment Service Providers/System Operators (PSOs/PSPs) providing payment services across the country.
In addition, Real-time Gross Settlement System (RTGS) and Raast - an instant payment solution, both operated by SBP, further enriched country’s payments infrastructure. Moreover, 16 banks and MFBs extended their offerings to Branchless Banking (BB) services thereby expanding the accessibility of financial services.

04/01/2024

03/01/2024

Traditional banking globally is changing. Will Pakistani banks pay attention?

Banks ignore the rising trends against their traditional operating models at their peril

I am amused to see the frequent advertisements showcasing one bank or the other winning awards like “Bank of the Year”. For one, it is rather well-known how underhanded means are used to win some of these accolades. And even if these awards are genuinely won, it is often done following conventional methods of doing business.

Traditionally, if a bank is well-capitalised, generates a decent deposit base and has economies of scale, then it should be able to do well – until now.

My hypothesis of the traditional industry structure being unable to withstand emerging changes is based on watching consumer needs and technology evolve over the last decade or so.

Products such as checking and savings accounts, outdated processes for lending (or more like non-lending), and even corporate advisory remain completely indistinguishable from one bank to the other. Imagine promoting “free cheque books” as a feature of your service in this day and age!

But let me come to the faux pas of the Pakistani banking industry in a bit. First, let us look at the international arena.

Global banking heading towards specialisation

The biggest change in the global banking industry is driven by the introduction of new technology, which has seriously challenged the economies of scale model built on bricks and mortar. A bank’s size used to be an advantage in reaching customers, aggregating services and building loyalty. But not anymore. In the last 10 years or so, hundreds of digital banks have appeared along with payment platforms, wealth management providers, venture capital firms as well as e-commerce retailers bundled with consumer finance options.

All of them have raised the bar for customer expectations. Consumers now demand much more from their financial services providers and are likely to seek specialised services from differentiated organisations. A working example is the number of unicorn fintechs – estimated at 274 companies in 2022, each valued at over $1 billion! Their collective valuation was then more than $1 trillion.

At the same time, traditional banks face declining revenues and profits and consequently trade at an “accelerating discount” to other industries in the world’s largest stock markets. This means that global investors are not making rosy predictions for the future profitability and sustainability of the existing business model.

With the era of monolithic banking under serious threat, the important question is: what will replace it?

With the aggressive move towards a “zero cash” economy, the developed world is unlikely to need cash storage and related services. A bank account will still be required along with credit and debit cards, which could be competed for by traditional banks and fintechs.

Investment, project finance and personal wealth advisories are already becoming areas which are offered by specialised firms. The trends in housing and commercial mortgages point towards the increasing presence of developers who can combine selling, renting and operating real estate projects. REITs are already quite common in the developed world and hold sizable real estate portfolios. Marketplaces for automobiles offer combinations of leasing and maintenance, while e-commerce financing, both for B2B and B2C segments, is rapidly making headway.

Besides these industry-specific trends, there are wider social and technological changes driving change. Data, for instance, is now regarded as the new oil, implying data ownership to be much more valuable than any product or service. And if cryptocurrencies can break the shackles of the regulatory frameworks, they will be able to neutralise the raison d’etre for a bank.

In other words, it is unlikely that a traditional bank offering the entire universe of financial services under its umbrella can compete with specialised providers, who are much nimbler and are likely to be far ahead in technology adoption as compared to the giant banking bureaucracies.

The evolution of banking globally seems to be heading towards specialisation of one kind or another. This is why future banking stock valuations are probably building the break-up of traditional banks into smaller and more efficient platforms of the particular service they choose to compete in.

Banks losing talent

Banks are also losing the war for talent. The best students from my school class or even my graduate school class (in the late 80s) started their careers with international banks and have pretty much stayed with that profession, even if they switched to local banks.

This is hardly true anymore with the best students being lured by technology firms, start-ups, consulting and the development world.

According to EY, “young people today have a sceptical view of the banking sector, regarding it with disinterest or even distrust. For various reasons, a career in banking might not be as appealing as it once was…this would drain the supply of inbound talent to the sector and pose business continuity and financial risks to banks around the world.”

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“You can’t put tomorrow’s talent in yesterday’s jobs,” says a senior EY executive in the USA.

Pakistani banking industry

Let us now look at the situation in our homeland. But let us also look at it from a longer-term perspective, and not at local banks’ annual or quarterly reports, which make for fancy numbers these days.

Unfortunately, banks have never been a widespread source of capital for businesses in Pakistan. This negative trend has only been enhanced over time. From their inception when the norm was lending to the politically powerful, to the 21st century when the main borrower from banks is the state itself, the journey remains far removed from banks ever being providers of capital for economic growth.

Blame it on the reforms brought about at the start of the decade or loan conditions from external lenders, but banks in Pakistan have taken risk aversion to an extreme. As anyone who has ever tried to borrow from Pakistani banks would know, you need to provide foolproof securities in addition to unlimited personal guarantees to qualify for a loan! The basic point is that it is nearly impossible for a common person to borrow from Pakistani banks.

Banks in Pakistan have insisted upon bricks and mortar driven growth, with the number of retail branches and deposit generation being major achievements for bank management. I am sure our local bankers would have understood that technology does not recognize geographical boundaries and will be here sooner than later. Yet, they continue to follow the same decadent business models.

Where do Pakistani banks go from here? Of course, this question first applies to the country itself, where is that going? But since we are not discussing the country, I would like to imagine that banking industry leaders will understand the global trends far better and be able to reform their business before someone else does it for them. Some of the country’s leading business houses have now been in banking for a few decades. They can surely see how their core businesses have suffered by remaining stuck in the past.

Pakistani banks, not too dissimilar from their global counterparts, need to choose the sectors they will specialise in, build talent in the same area, redefine their purpose and restructure their organisations into smaller more efficient units.

But most of all, whatever strategic direction they choose, it must be from the perspective of becoming facilitators of business and entrepreneurship in the country.

However, as all things Pakistani go, I am always reminded of Tolstoy’s famous line from War and Peace “Nothing was ready for the war which everyone expected”.

03/01/2024

Banks score poorly in sustainability

Report exposes low commitment to climate change, human rights

ISLAMABAD:
Pakistan’s major commercial banks have performed poorly on indicators of reducing corruption, ensuring accountability, and transparency, says the first report on the policies of the country’s five financial institutions.
Policy rankings of five leading commercial banks in Pakistan, “Benchmarking the Sustainability Policies of Banks in Pakistan,” show all five banks have low policy commitments on climate change, human rights, gender equality, and labour rights, while none disclose policies on nature and tax when lending money to companies, according to a report released by Fair Finance Pakistan.
Fair Finance Pakistan is a member of Fair Finance International and seeks to strengthen the commitment of financial institutions to social, environmental, and human rights standards.
Fair Finance Pakistan assessed the sustainability policies of Habib Bank Limited ( ), Allied Bank Limited ( ), National Bank of Pakistan ( ), , and across 10 thematic areas in the Fair Finance Guide International (FFGI) Methodology.
The highest average scores are observed for the themes of financial consumer protection where these banks got an average score of 4.62 out of 10.
On the index of corruption, the banks scored only 3.18 out of 10, in gender equality hardly 1.48 out of 10, and in transparency and accountability, 1.08 out of 10.
For all the other themes, the average score for the five banks is inferior to 1 out of 10, revealing a lack of public policies on most of the sustainability topics assessed, showed the report.
The ranking is based on the FFGI Methodology used in 21 countries to assess financial institutions’ approach to sustainability, including corruption, human rights, and climate change. It was conducted with the support of Lahore University of Management Sciences (LUMS).
The banks have been assessed based on publicly available information, and their ratings might have been better if they were also assessed on the basis of internal policies, said Siraj Qadir, the representative of ABL.
The banks have long been criticised for making risk-free money by investing in government debt and, in the process, have compromised economic growth and transparency in many areas. They are now facing calls for restructuring their debt after the country’s finance minister termed the public debt “unsustainable.”
The recent statement of the caretaker finance minister that “Pakistan’s debt is unsustainable” is unwarranted, said Ashfaq Tola, former minister of state and former chairman of Reform and Revenue Mobilisation Commission (RRMC) at the report launching ceremony. Tola said that Pakistan’s economy needs an additional $9 billion every year from millions of overseas Pakistanis and exporters to eliminate the current account deficit besides introducing tax reforms as elucidated in the RRMC interim report, which will also give Rs2.5 trillion in direct taxes to reduce the fiscal deficit.
With these two accomplishments, “we can reduce our soaring interest rates by a minimum of 6% gradually to save at least Rs2 trillion in debt servicing,” he added.
“These steps will rejuvenate our economy, and we can quickly achieve GDP growth of 7% and say goodbye to the IMF.”
Read: Mayor urges global collaboration for climate change
The report showed serious policy gaps in the working of the banks, resulting in low standards.
On a scale from 0 to 10, the five banks scored an average of just 0.5 for addressing climate change. Some of the banks have not publicly disclosed any climate policies aligned with the Paris Agreement in lending and investment activities.
Similarly, all five banks scored an average of 0.72 out of 10 in human rights policy. None of the banks disclosed human rights policies related to their investment or financing, which raises concerns and is not aligned with the UN Guiding Principles on Business and Human Rights, according to the findings.
Pakistan’s top five assessed commercial banks scored less than 1 out of 10 on labour rights policies and lack policy commitments to international labour rights standards or adherence to national laws for worker welfare.
None of the assessed banks have formulated public labour rights expectations for their clients and investee companies.
With an average score of 1.48 out of 10, no commercial bank reported measures for equal participation and access to senior positions, with the highest reported representation of women on boards at 12.5%, significantly lower than the global average of 27.1% and falls short of the target of 50%.
None of the banks disclose how they apply a gender lens to their lending and investment activities.
Zahid Latif, former president Islamabad Stock Exchange, said women are ghost members of the board of directors in the companies regulated by , and there are no regulatory checks on the eligibility of women on the board.
Asim Jaffry, Country Programme Lead, Fair Finance Pakistan said, “Finance must be repurposed to address society’s challenges and must redouble efforts for clean air, clean water and save the liveable planet for our future generations.”
All assessed banks reported an average score of 0.36 out of 10 on the theme of tax, transparency, and accountability. None of these banks discloses a responsible tax policy.
They demonstrated low policy commitments on tax policies, primarily due to the lack of public disclosure on tax transparency.
With an average score of fewer than 2 out of 10, none of the assessed banks disclosed transparency and accountability practices in the companies they lend to. Risk control and grievance mechanism documentation were lacking in all five commercial banks assessed.
The five banks scored highest on financial consumer protection, 4.6 out of 10, followed by anti-corruption policies 3 out of 10.

03/01/2024

His Excellency Sheikh Nahayan Celebrates Bank Alfalah’s Dual Triumph: Expanding 1000 Branches Network and PKR 2 Trillion in Deposits

With immense pride and gratitude, we at Bank Alfalah, celebrate two important milestones in the extraordinary growth of the Bank: the inauguration of our 1000th branch and the surpassing of two trillion PKR in deposits. These two impressive milestones are significant as the Bank continues its remarkable journey of excellence and its quest to meet and surpass the highest expectations of its customers and partners. These milestones clearly indicate our strong commitment towards growing our presence in this wonderful nation of Pakistan and providing excellent services in virtually all locations in the country.

Over two decades ago, we embarked on a transformative journey by acquiring Habib Credit and Exchange Bank Limited with just three branches. Our goal was to reshape the banking landscape in Pakistan and to enhance access to excellent financial services. Pursuing that goal has led to the remarkable journey of Bank Alfalah, a journey defined by innovation, transparency, new technology, and best practices in banking and financial services.

At Bank Alfalah, we continue to move forward to fulfill the Bank’s vision to be one of the best in its class for the banking industry. We are absolutely committed to making it a leading financial institution that will always be a force for quality and excellence in the field. In recent years, the Bank has embraced digital innovation, leading the way in reimagining banking experiences. We are at the forefront of redefining the digital banking experience and have launched new services, such as the Digital Lifestyle Branch, focusing on an evolving way of life and ease of use for customers. We have also inaugurated the Digital Payments Sales and Service Centers to meet the needs of merchants and small scale businesses.

At Bank Alfalah we express our gratitude for the trust of the Government and the people of Pakistan. We value that trust highly. We are greatly honoured to be part of the vision for Pakistan and its future. We aim to be one of the finest financial institutions in Pakistan and the region:

A Bank where customer satisfaction is at the center of our work, remaining committed to building trust and long lasting relationships with our customers.

A Bank that is building important strategic alliances and networks in the region and the world.

A Bank that will continue to strengthen the business environment in Pakistan and to contribute notably to the economic growth and prosperity in the country and the region.

Approved Bank Alfalah remains committed to investing in the economic development of Pakistan. We will workwith individuals and businesses to build the local economy, develop markets, create jobs, contribute expertise, and serve the general banking needs of all types of consumers. Bank Alfalah is also proud to be a responsible corporate citizen in Pakistan. We are intentionally deploying a business model that will help the communities within which we operate. We collaborate with public, private, and civil society stakeholders, reinforcing our role as the ‘Caring Bank’.

In 2022 and 2023, Bank Alfalah became one of the largest corporate donors to communities affected by devastating floods. This noble initiative aims to facilitate the return to normalcy for those residing in areas severely impacted by flood disasters.

As we look ahead, Bank Alfalah, God willing, will continue to aspire to even higher standards of excellence. The Bank’s vision for the future propels us to explore new horizons, expand our presence, and deepen our impact on communities. Our plans envision greater diversification, more reliance on technology, an entrepreneurial spirit, and a global orientation. Bank Alfalah has great potential, and we are pursuing the realisation of that potential with intensity, dedication, and vigour.

To conclude, I want to take this opportunity to extend our heartfelt appreciation to the Government of Pakistan and the esteemed State Bank of Pakistan for their invaluable support throughout our journey. We remain resolute and dedicated to the well-being of the people of Pakistan and will continue our relentless pursuit of advancing the nation’s prosperity.