Professional Documents
Culture Documents
Sindh Bank
Sindh Bank
History:
The Sindh Bank Ltd, sponsored by the provincial government, has commenced
operations, opening its first branch on December 27, 2010. It would have been better,
however, if Government of Sindh had looked at the history of public sector financial
institutions in the country, before arriving to a decision. A summarised report on how
such organizations have fared is illustrative of the likely trajectory of the corporation.
Till 1973, Pakistan possessed a vibrant banking sector. Then the nationalisation tide
swept over the industry. From 1980 on wards, loans based on political interests began to
gain momentum; bad debts and write-offs mounted. Banks also had to foot the bill for
half-baked populist schemes, like the Yellow Cab program, which caused two big banks
to go under, being rendered bankrupt.
Subsequently, they had to be rescued by the State Bank of Pakistan (SBP) at huge cost to
the national exchequer. The industry was finally saved through privatisation and
deregulation. The fate of government-owned development financial institutions (DFI)
was much worse. From the 1990s to early 2000s, heavily burdened by bad debts, DFIs
began collapsing one after the other. If we look at the names of the fallen, we can gauge
the enormity of the loss, including institutions like PICIC, IDBP, NDFC, ADBP, Bankers
Equity and SBFC.
What about Bank of Punjab and Bank of Khyber, established by respective provincial
governments in the 1990s? Both suffered such massive losses, that they had to be bailed
out by SBP through loans of Rs 10 billion and Rs 3.0 billion, respectively. Even after
operating for over fifteen years, both have not been able to raise their equity sufficiently
to meet current SBP requirements. Both are plagued by nepotism in top-level
appointments, and in the disbursement of loans.
Reportedly, the main objective of Sindh Bank will be to provide credit to small and
medium enterprises (SME) and to small farmers. However at the present moment, the
countrys banks in the private domain are thriving and are providing furnishing credit to
SMEs, so the introduction of another financier in the market seems to be of dubious value
to the sectors being focused on. Furthermore, government-owned DFIS dedicated to
financing SMEs such as Small Business Finance Corporation, Regional Development
Finance Corporation, Punjab Small Industries Corporation, Sindh Small Industries
Corporation, and SME Bank- have all struggled to make a real impact on the
development of the sector in question.
Regarding agricultural credit, Pakistani banks have already been instructed by SBP to
provide this facility. In the public sector, Zarai Taraqqaiti Bank specialises in making
advances in this sector. Yet only five percent of total credit is made available to the
agricultural sector. The reason for this is that credit provision to farmers is considered too
risky. Noting the poor situation in this regard, the Government of Sindh can perhaps
better serve the agrarian community by boosting the credit-worthiness of small farmers,
though the implementation of certain measures.
For example, the government can play a more productive role by insuring that tillers are
receiving quality inputs without being overcharged and the monitoring of the activities of
middlemen who must pay fair market rates for products purchased. Production levels can
be ramped up by the provision of adequate water supply for irrigation, warning
cultivators prompt of potential insect and pest problems, providing guidance on
improving yields of crops and livestock and the enhancement of storage facilities.
The legacy of flawed government policies extends to other commercial and industrial
state-owned enterprises like PIA, Railways, Pakistan Steel Mills, Utility Stores
Corporation, PTDC motels and restaurants and other examples. These organizations are
losing over Rs300 billion annually. Therefore there is a need to acknowledge certain hard
facts. There is presently no need for another bank in the public sector. The expenditure
incurred in establishing and maintaining the proposed organization would likely lead to
huge losses in the future.
Lastly and perhaps, one must acknowledge that given past experience, the government is
perhaps not endowed with a capacity to undertake commercial enterprises on a profitable
basis. If Government of Sindh does not wind up the project, then, in the slightly modified
words of Air Marshal (r) Asghar Khan, They have learned nothing from history.
Importance Of Values:
Development:
Core Values:
Integrity:
Take pride in everything that is fair,honest and build trust in every situation.
Customer Focus:
We live by our customers success.We build lasting relationships with our clients.
Team Work:
We communicate actively and openly,We build trust by honoring our
commitments.We show respect for each other.
Innovation:
We are constantly looking for ways to innovate and improve.We embrace change as
an opportunity.
Structure:
Hierarchy Of The Organization:
Bank and over 6 years with Soneri Bank Ltd. Prior to joining Sindh Bank, Mrs. Hussain served Soneri
Bank as EVP & Controller of Branches.
Mr. Tariq is a qualified Chartered Accountant and possesses a rich & diversified experience of
commercial & investment banking of more than 30 years since 1982. Prior to joining Sindh Bank on
7th May 2013, he was associated with KASB Securities as CFO & Company Secretary. He also served
KASB Bank, KASB Capital, Innovative Investment Bank, Crescent Standard Investment Bank,
Crescent Commercial Bank, Crescent Investment Bank & National Development Finance Corporation
(NDFC) in various administrative & operational capacities.
Mr. Khan is an MBA from the lnstitute of Business Administration (lBA), Karachi with
Diplomaed from the lnstitute of Bankers' Pakistan and Post Graduate Diploma in lslamic Banking.
He possesses about 30 years rich diversified experience in the field of Banking & Finance. He served
Habib Bank Limited for about 17 year at senior management positions including CEO, HBL
Mudaraba, Head, lslamic Banking, Head, Budgeting & MIS. Prior to joining Sindh Bank in
December, 2013, he was working with Habib Bank Limited as EVP / General Manager, Remedial
Assets Group. Further, Mr. Khan also worked with Pakistan Banking Council, National Development
Finance Corporation (NDFC) & M/s Rahim Jan & Co. Chartered Accountants
2001 to March 2011,also a member of the board of directors of the Islamic International Rating
Agency.
Mr. Khan is an M.Com. Gold Medalist & also a Diplomaed of Institute of Bankers, Pakistan. He has
about 24 years diversified experience in Financial Sector. He remained associated with renowned
banks, such as, BCCI, Union National Bank (Abu Dhabi), The Bank of Punjab, Mybank & Summit
Bank Limited. Prior to joining Sindh Bank in Dec12, Mr. Khan served Summit Bank as SVP / Head
of Cash Management & Financial Institutions.
last position held by him at Habib Metropolitan Bank was that of VP / Chief Manager, S.I.T.E.
Branch, Karachi.
Ms. Saima Aziz possesses about 14 years diversified banking experience. She joined Sindh Bank in
Jun12. Prior to joining Sindh Bank, she remained associated with JS Bank, Atlas Bank, National
Bank of Pakistan & Standard Chartered Bank.
Reporting System:
Products And Services:
Student Loan:
In pursuance of the directives of the President of Pakistan, Sindh Bank Limited is pleased to launch
Student Loan Program cum employment for Post-graduation with a view to enhance education
in the country and support meritorious students who otherwise cannot afford cost of higher education.
The students of universities/colleges recognized by Higher Education Commission are eligible to
apply for the scheme.
Agriculture Loan:
Sindh Banks Agricultural loan policy focuses on supporting the small farmers in meeting their
funding requirements for the purchase of inputs and implements. Moreover, the Banks policy is
geared towards boosting agricultural production in the country to meet its growing demand.
To contribute to agricultural development by funding agricultural projects for farmers as Sindh
Bank Agriculture Loan is the official and specialized source of agricultural credit. The funding will be
through Sindh Bank branches and in compliance with its law and by-laws taking into consideration
that the Corporation is one important means to implement the national strategy of agricultural
development as well as contributing to mitigating burdens of agricultural risks.
Benazir Zarai Card:
The objective of introduction of Benazir Zarai Card is to improve farmers access, especially small
farmers.Agricultural credit facility would enable farmers to purchase quality farm inputs such as
seeds, fertilisers, pesticides etc.
The Benazir Zarai card will be issued for three years under this scheme for loans up to Rs 500,000.
Western Union Services:
1)Bring your Remittance Reference Number and any valid identification document (CNIC, Passport,
Drivers License) to receive your payment.
2).Receiver's account in Sindh Bank is not mandatory.
Islamic Banking:
Sindh Bank always strive to keep pace with the changing market dynamics and customer needs.
Keeping in view the appetite for Islamic banking products in the market, Sindh Bank has launched its
Saadat Islamic Banking. The word Saadat means Blessing in Arabic representing our
commitment to provide innovative banking solutions that uphold our customers belief. The Bank has
set up an Islamic Banking Division, in December, 2013, with dedicated and capable human resource to
manage this business.
Vision & Mission Statement
VISION
To be a proactive and dynamic player in the promotion and growth of Islamic banking industry by
providing to the markets and customers that we serve with best financial products and services with
an unwavering and absolute adherence to the principles of Shariah.
MISSION
To be a prominent player in the Islamic banking industry fulfilling the needs of our customers by
offering Shariah compliant financial solutions, while adhering to our core values of Integrity, Service
Excellence, Consistent High Performance, Innovation and Growth for all the stakeholders.
Our Presence
The Bank is proud to add Shariah Compliant Islamic banking products and services available at its
flagship Islamic Banking Branch located in DHA Phase - II, Khayaban-e- Ittehad, Karachi, to be
followed by a network of Islamic Banking Branches in major cities and towns across the country.
Our Shariah Compliance Framework
A Shariah Supervisory Committee, reporting directly to the Board of Directors, has been formed
comprising of two eminent Shariah Scholars namely; Mufti Zeeshan Abdul Aziz and Mufti Ibrahim
Essa. Mufti Zeeshan Abdul Aziz is the Shariah Advisor of Sindh Bank, Islamic Banking.
All products and services being offered by Sindh Bank, Islamic Banking have been thoroughly
scrutinized and duly certified by the Banks Shariah Advisor as well as the Member, Shariah
Supervisory Committee. All deposit and financing products are provided under the strict supervision
and monitoring of the Shariah Scholars, who ensures that the principles of Shariah are fully complied
with.
Most Attractive Deposit Schemes:
Country wide ATM Network:
SME Credits:
Debit Card:
Utility Bills Payments:
SMS And Email Alerts:
Working Activities:
Name of Branch:
Sindh Bank.
Location:
Kalra Khasa Branch Gujrat.
Importance:
Functions:
Structure of branch:
Manager:
Shahzad Mehmood
Operation Manager:
Shagufta Jabeen
Cash Officer:
Munasaf Hussain:
Cash Incharge:
Abuzar Kaleem Mir