Banks’ role in determining economic growth termed vital

KARACHI: The central bank governor on Monday lauded the banking sector performance and termed it an engine of economic growth.

Addressing the second Pakistan Banking Awards 2017, held at the Institute of Bankers Pakistan (IBP) premises, State Bank of Pakistan (SBP) governor Ashraf Mehmood Wathra said that the contribution of financial institutions to the country’s development and prosperity should be recognised.

“The financial sector plays a pivotal role in determining the overall economic growth and development of a country,” he added. These prestigious awards are now an annual event, encouraging new entrants to make their mark, while motivating the established institutions to strive for excellence, Wathra said.

“(The) awards are given to individual banks based on their performance, broadly in the developmental, financial, and customer service-related spheres,” he added. These awards honour and promote the efforts of banks for developing new and innovative products and services, while giving them the incentive to enhance their performance for the coming year.

“They encourage active participation of banks by setting the benchmark and allowing them to gauge their standing within the industry,” the central bank governor said. “Most importantly, they inculcate a spirit of healthy competition, as the awards are a great source of pride for the winning institutions.”

IBP chief executive officer Hussain Lawai said, “The Pakistan Banking Awards 2017 would serve as a platform to promote, recognise and acknowledge the contribution of the banking industry towards enhancing Pakistan’s economy.”

“Our jury comprises people who possess relevant expertise and are undoubtedly institutions in themselves. Like before they would adopt transparent and impartial evaluation process to select the best performers for this year’s awards,” he added.

Jury for Pakistan Banking Awards 2017 comprises Syed Salim Raza, former governor, SBP; Azhar Hamid, former banking Mohtasib Pakistan; Feroz Rizvi, president of the Pakistan Institute of Corporate Governance; Dr Zeelaf Munir, CEO of English Biscuit Manufacturers; and Shehzad Naqvi, former regional head of Citibank Middle East and Pakistan.

Meanwhile, a representative from AF Ferguson & Co presented awards in eight categories, including bank the unbanked award, best microfinance bank, best bank for small businesses and agriculture, best bank for corporate finance and capital market development, best customer franchise, best Islamic bank, best environmental, social and governance (ESG) bank and the best bank.