ISLAMABAD, Dec 24 (APP): The meeting of the National Assembly Standing Committee on Finance Tuesday informed that ZTBL has planned to launch full-fledged Islamic Banking from 2019, which will make ZTBL as first agriculture financial institution of the country, offering shariah compliant banking and financing services.
The committee which met here at Parliament house with MNA Faiz Ullah in chair further informed by the President ZTBL that Bank was implementing crop loan insurance scheme for five major crops (wheat, cotton, sugarcane, rice and Maize) to mitigate the risk of losses occurring to agricultural borrowers due to natural climates and risks of defaults to bank.
President, ZTBL also briefed the Committee about the organizational structure and core operations of the Bank including disbursement of loans through various pre-designed lending schemes, covering the productivity & value addition model, recovery of advances/outstanding loans, deposits & resource mobilization and treasury operations.
The Committee noted the higher rates of interest by the Bank. The Committee also expressed its concern about the disbursement of province-wise loans and directed the ZTBL to rationalize the lending in the country.
The Committee also expressed its apprehensions about the delay for appointing ZTBL Board by the Ministry of Finance, and directed that the summary in this regard must be sent to Cabinet for final approval.
The Committee expressed its displeasure on the absence of Governor, State Bank of Pakistan and President, National Bank of Pakistan (NBP) in the meeting and deferred the agenda pertaining to SBP and NBP.
The committee also decided that next meeting of the Committee would be convened in Karachi.
Beside the members of the committee the meeting was also attended by the officials of related departments and ministries.
VNS ISLAMABAD
