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Business

May 17, 2018

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State Bank evolving low-cost housing finance policy framework: Bajwa

State Bank evolving low-cost housing finance policy framework: Bajwa

KARACHI: Tariq Bajwa, the governor State Bank of Pakistan (SBP), on Wednesday said they had consulted all the stakeholders to evolve a policy framework for the low-cost housing finance.

“After the analysis and formation of policy low-cost housing financing will grow in the country,” the central bank governor said at the launching ceremony of the Pakistan Banking Awards 2018 at the Institute of Banking Pakistan (IBP) head office.

Bajwa said the banking sector has been very fundamental for the economic development of the country.

“The financial sector is instrumental in the national development of a country,” he said adding the role of the institutions contributing to this sector in various forms needed to be not only highlighted, but also duly acknowledged.

Lauding the IBP and A.F Ferguson & Co. (AFF) for their initiative, he said these awards would showcase banking sector’s efforts in promoting and projecting Pakistan as a progressive nation that is advancing towards economic stability and developing into a welfare state.

“I strongly encourage maximum participation by banks and supporting institutions; and would like to see more and more entrants actively participating in this event every year,” he said.

Bajwa said he was positive that in order to ensure transparency and independence at all levels, the honorable jury would maintain the secrecy and nominations would be made on merit.

“These awards honor and promote the efforts of banks for developing new and innovative products and services, while giving them the incentive to enhance their performance for the coming year,” the state bank governor said.

He added that such accolades encouraged banks to gauge their standing within the industry by setting benchmarks.

“Most importantly, they inculcate a spirit of healthy competition as the awards are a great source pride for the winning institutions,” he concluded.

Husain Lawai, the chief executive IBP said, the Pakistan Banking Awards 2018 would no doubt once again, serve as a distinguished platform to promote, recognise and acknowledge the contribution of the banking industry towards boosting country’s economy.

Lawai said Dr Ishrat Husain, former central bank governor, would chair the jury, comprising Atif Bajwa, former president/CEO, Bank Alfalah Limited, Naved A. Khan, former president/CEO Faysal Bank Limited, and Atif R Bukhari, former president/CEO, United Bank Limited.

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