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Need stressed to improve financial institutions

Need stressed to improve financial institutions

ISLAMABAD: The Senate Standing Committee on Finance, Revenue and Privatisation on Wednesday stressed the need to improve performance and capacity of national financial institutions for economic development of the country.

The committee said that there was a need to modernise the banking system and adopt professional approach to enhancing the performance and capacity of financial institutions.

The meeting of the Senate Standing Committee was chaired by Senator Saleem Mandviwalla.

Briefing on the role and responsibilities of House Building Finance Company (HBFC), its Managing Director Pervez Said stated that the institution was providing loans to low-income people for building their houses.

“We are giving loans from Rs300,000 to Rs10 million for building a new house,” he said.

Pervez said the HBFC has total assets of Rs21.5 billion and holds 54,000 accounts to give financial support to the people.

“We want to initiate a labour colony in Faisalabad city with the collaboration of the industrial sector to provide accommodation facilities to low income people,” he said.

Senior Executive President of Zarai Taraqiati Bank Ltd (ZTBL) Amanullah said that his bank has started mobile banking and plans were underway to initiate Islamic banking.

“ZTBL has also started crop insurance scheme and other schemes regarding the value addition of agricultural product in Sindh and Gilgit-Baltistan,” he added.

President First Women Bank (FWB), Tahira Raza told the committee that the bank had Rs.1.5bn assets and 42 branches all over the country.

The FWB is concentrating on women empowerment and providing easy loans to poor women in the country, she said.

Senator Mohsin Khan Laghari, Nuzhat Sadiq and government officials attended the meeting.

Published in Dawn, August 27th, 2015

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