The Bank of Khyber (BoK) and United Insurance Limited signed an agreement for provision of insurance cover to loans disbursed by the bank for agriculture sector. The agreement formally signed by Imran Samad, Executive Vice President/Group Head, Credit Management from the BoK and Chaudhary M. Aslam Feroze, Executive Director of the United Insurance Company during a ceremony held here on Friday.
Bilal Mustafa, Managing Director, Mir Javed Hashmat, Executive Director and other executives were present at the ceremony. The basic purpose of the agreement was to provide insurance cover to loans disbursed by the BoK for agriculture inputs, and farm machinery. The agreement would provide comprehensive cover to the agriculture loans provided by the BoK to its clients against natural disasters, calamities, theft and other risks covered under the agreement. It is pertinent to mention that loans for five major crops like wheat, maize, cotton, sugarcane and rice are required to be mandatory insured. Insurance premium for subsistent farmers is paid by the Government of Pakistan.
Comments
Comments are closed.