(By:Abdul Basit Alvi)
The Bank of AJK is touching new heights of excellence and has entered in 2022 which is 16th year of its service to the People of the State of Azad Jammu & Kashmir. An experienced and skilled President /CEO was appointed in December 2019. BAJK got new boost under the kind patronage of its new Chairman of Board of Directors, Mr. Abdul Majid Khan. He brought revolutionary changes in the functioning of the institution. New board was constituted soon after assumption of his charge as Chairman. The current Board members are qualified professionals with relevant experience and there is a preponderance of independents on the board. In compliance with applicable regulatory frameworks, the Board has sought to develop and operate at high standards of corporate governance.
BAJK’s business and role has evolved primarily as an institution serving the government, government entities and their employees. This has afforded the institution an advantage in the handling of their banking requirements. However, it has also resulted in a corporate culture that is public sector based. Chairman,Board and management have determined that in today’s highly competitive environment, employee progression driven by performance is essential as it is the need to ensure accountability across the institution. To this end they are focusing on strengthening Human Resources through the hiring of talented staff and boost their expertise to get higher levels of customer satisfaction. Already his team has prepared policies on several key areas including recruitment, promotions, employee discipline and performance management. In addition, they have proceeded further to help in building a platform for growth, enabling effective AML/KYC screening and providing timely and accurate data. All divisions of the Bank have been reinforced through the induction of experienced professionals who can assist in addressing the multiple suits in which the institution is engaged. New Chairman and Board are well committed and enthusiastic to achieve the hallmark of excellence. They are fully prepared to tackle all challenges. They are taking solid steps to counter all risk factors.
Looking ahead, Banking systems globally are threatened by the emergence of less regulated non-bank institutions and innovative fintechs that can lure away lucrative processing business flows. To counter these threats BAJK is trying to evolve beyond its traditional focal point of government business. The Chairman and the Board has thus, promoted attention towards the key under-served sectors in our economy. These will not only widen and deepen the role of BAJK but also enable the management to develop niches that are currently untapped. To this end the Chairman of the Board has set up new committees and assigned their leadership to Board members with specific expertise in the relevant areas. Chairman aims to explore new avenues and strengthen the Bank's portfolio. In coming years his emphasis will be on implementing high standards for controls.
Chairman is effectively involving Governments of AJK, which is its major shareholder. As he looks to enhance the corporate culture of the institution, the government’s role in facilitating this effort is critical. To the regulators both in AJK and Pakistan, the Bank via its worthy Chairman is successfully sending the message that they will give priority to building their standards of governance across the range of their markets and activities, so they fully meet the expectations.
The legacy of problems will take time to address but Chairman is much enthusiastic and have set the right directions and declared the standards. Under his patronage BAJK looks to be fair, transparent in its actions and to operate on the basis of merit only. Bank is proceeding rapidly towards achieving the status of a Scheduled Bank by proactive steps taken by its competent Chairman and Management.
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