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The first meeting of the Board of Directors of Sindh Microfinance Bank, a wholly owned subsidiary of Sindh Bank Ltd was held recently. The board elected Naim Farooqui, Chairman and appointed Shoaib Arif, President and Chief Executive Officer of the bank. Other members of the board are Masooma Husain, Javed Iqbal, Fazal Ellahi Memon, Liaquat Ali, Farooq Ahmed Daudpota and Shoaib Arif.
The board also approved business plan of the bank for the first 3 years period envisaging coverage of most of the rural and underserved areas of Sindh province.
While the directors carry rich experience in diversified fields like Commercial and Investment Banking, Leasing, Development Finance, Accounting, Financial Advisory & Information Technology, the CEO brings with him more than 18 years experience of running grass-root microfinance operations that includes 2 years as CEO of a microfinance institution in Kabul, Afghanistan.
State Bank of Pakistan granted NOC to Sindh Bank for establishing a microfinance bank as its wholly-owned subsidiary, with a paid-up capital of Rs 750 million. Initially the bank will be confined to Sindh Province and later on, its coverage will be extended to other provinces also.
Commenting on the occasion, Bilal Sheikh, President/CEO of Sindh Bank, expressed the hope that Sindh Microfinance Bank will work towards extending its outreach to the economically under-privileged with the focus on the womenfolk to inculcate the habit of saving and also enable them to earn their livelihood in a sustainable manner.-PR

Copyright Business Recorder, 2015

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