Network Microfinance Bank was launched at a simple ceremony on December 28, 2004. NMB is sponsored by the Network Leasing Corporation and Jahangir Siddiqui & Co and would be the first Microfinance institution to be listed at a stock exchange (the Karachi Stock Exchange). The bank would provide full range of banking services to micro-entrepreneurs and people belonging to low income strata, says a press release issued here on Wednesday.
Special efforts will be made to support and finance women entrepreneurs, said Ms Musaret Siddiqui the President of the Bank, the release said.
Elaborating on the micro-financing theme of NMB, she explained the State Bank's prudential regulation applicable to micro-finance banks, fixes the maximum loan size at Rs 100,000k.
It further stated that the primary commercial banking function of the bank will be to provide short and medium term loans for working capital and other productive needs.
For enhancing the asset base of micro-enterprises, medium term micro-leasing facility will be provided.
In due course, NMB will also provide truly low cost housing finance within the prevailing prudential and legal framework, the release added.
The Bank's policies will aim to ensure access to financial services to all types of productive micro-initiatives while achieving and maintaining financial sustainability.
The event was inaugurated by Jahangir Siddiqui.-PR
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