Former Managing Director (MD), Bank of Khyber (BoK), Qazi Munirul Haq has said that the bank can play a crucial role in overcoming the prevailing energy crisis and employment generation in Khyber Pakhtunkhwa. Talking to this scribe, he suggested two options in the larger interest of the province. He said that there are reputable solar companies in China, which can design economical and tailored solar generators for domestic and agriculture consumers.
The Bank of Khyber through public and private partnership/Peshawar Chamber may identify investors who should import such generators and the Bank may provide financing to consumers under Islamic mode of financing, ie Mudaraba Financing. This will provide relief to common person and also boost bank business.
For long term resolution of the problem, he said the option of hydropower generation could be explored. There are Chinese investment companies such as AES China who make such Hydro projects on BOT Basis, ie Built, Operate and Transfer.
The BoK may explore this option and through public/private partnership hydro projects can be financed under diminishing Musharaka as it will provide the cheapest electricity. On river Swat there is potential of generating 20,000MW of electricity which is sufficient for the whole country. I think Federal Government should help and provide resources to undertake such projects which are of national interest.
The BoK, he said, through public/private partnership may establish a high slandered private hospital and school in each district level to provide all sorts of best service to the citizens at their doorstep. The best example, he said, is the financing of North West Hospital in Peshawar which is a successful story by all means while the progress and contribution Punjab group of colleges/school is also a good precedent.
About the role of BoK in the development of agricultural sector, he said it may engage a reputable group to import best hybrid seed of wheat, sugarcane and maize and other crops. The bank should start financing such seeds for farmers to boost Agricultural production.
He said that latest harvesters, sugarcane cutter and other equipment may be introduced through public/private partnership and provided to farmers under Islamic Financing. He said that during his stint as M D BoK, he in collaboration with Agriculture department had started loans for fertilisers/seeds on 6.5 percent mark-up to farmers which was exceptional and great relief to farmers. Such schemes need revival.
About the contribution of BoK in reduction of unemployment, he said the bank has a well-established Micro Finance Department which can launch various self-employments schemes under Islamic Banking which will certainly avoid misutilisation of funds as under Islamic Banking creation of an asset is mandatory, thereby ensuring success of the schemes such as Rozgar scheme of BoK which could be further extended and made more productive with full awareness program and launched in Islamic Banking.
He said that since this bank was established for socio-economic development of the province, therefore young post-graduates may be given six months internship on regular basis to prepare them for jobs in the market.
I had started this scheme in BoK. Furthermore, he also stressed need for launching some mega projects to create jobs, Like Inter City Rail service in Peshawar which will be a great facility and source of employment. Many international firms could be invited for investment. For bringing improvement in export from Khyber Pakhtunkhwa, he stressed need for introducing products world-wide. The provincial government should establish a display centre in New York, the hub of international business where shows could be arranged through Chamber of Commerce for indigenous product like gems, Bannu leather, Charsadda Chappal/Kaddar, Swat Vast coat DIK wood work, carpets and other Peshawari products to introduce and boost our exports. This will really catch a good market share.
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