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.
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