Century Insurance has signed Agri Credit Insurance agreement with Askari Bank Ltd at the Mall Road branch of the bank on Thursday. Century Insurance would provide the facility of insurance on agricultural loans, crops and machinery to the bank.
Chief Executive Officer (CEO) Century Insurance Company Muhammad Hussain Hirji and Country Head Agri Rural Business Division Askari Bank Ltd Fahd Sardar Khan inked the agreement along with their representatives.
Talking to Business Recorder, CEO Century Insurance said his company is operational since last 30 years and has recently entered the area of crop insurance. We are already working with a few other banks in the area of Agri Credit, he said.
He said Century Insurance was more into the property, marine cargo, motor insurance and liability insurance etc, earlier. However, there is a feeling in the company we should extend our services to Agri Credit as well, which is already proved a success story in India.
He said his company would be entering into similar agreements with other banks as well. Country Head of Askari Bank expressed the hope that the agreement would double the bank's efforts to increase agriculture business in the country and protection of small farmers. It may be noted that Askari Bank has extended its operations to the agriculture sector since 2006 to look after the needs of farmers.
He lauded the State Bank of Pakistan (SBP) for the promotion of agriculture business in the country, saying that the business has registered an annual growth of about 10 percent and more focus of the banking industry has been shifted towards this area in the recent past.
At the moment, Askari Bank has 110 agriculture credit officers located throughout Pakistan. The bank has entered similar insurance agreements with another three insurance companies. Fahad said the Century Insurance is a strong name in the market and the bank is happy to join hands with it for the promotion of the agricultural economy of Pakistan.
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