Khushhali Bank has been converted to a public limited company, incorporated with the Securities and Exchange Commission of Pakistan and licensed by the State Bank of Pakistan to operate under Microfinance Institutions Ordinance 2001 effective from April 1.
The most significant aspect of this conversion will be profiling the largest microfinance institution within the sector as a commercially motivated private sector driven institution committed to the path of sustainable growth. The experience in terms of Pakistan and elsewhere has generated sufficient evidence that successful institutions pursue the path of commercialisation.
Khushhali Bank has over the last seven years or more influenced the complexion of the microfinance industry in the country. It has been successful in demonstrating that public-private partnerships can serve as a model to deliver core public policy development agenda's not just as a rhetoric but as a sustainable and real engine of jobs and services for the economically less-privileged. Microfinance has been mainstreamed within the formal financial services industry and a competitive environment exists within the sector.-PR