(By: Abdul Basit Alvi)
BAJK is a fast growing commercial bank operating across the state of
Azad Jammu & Kashmir with a network of 77 branches. The Bank is a wholly
owned corporate entity of the Govt. of Azad Jammu & Kashmir mandated to
mobilize private savings and public funds for diverting them to productive
channels; promote industrial, agriculture, rural micro financing and other
socio economic activities through active participation of private and public
sectors and help under-developed areas, create employment opportunities and to
assist overseas Kashmiris to effectively and profitably invest their savings in
the State. The bank has a number of liability and assets products customized to
fulfill the banking needs of people. The Bank believes that equal access to
resources in the economy is smart economics and a powerful means of poverty
reduction and a path to faster socio economic development. That is why the Bank
has launched an innovative scheme of microfinance for those who have limited or
no access to financial resources.
BAJK has shown historical performance of
achieving record profit first time in the history of the Bank. It’s a great honor
for the team of AJK Bank to show the excellent performance among cut throat
competition. Following are the key points of the comparative analysis of their
prominent business results:
Ø The Profit of
the Bank was Rs. 301 million in 2020 while in 2021 it jumped to remarkable
figure of Rs. 458 million. The bank earned the handsome profit of Rs. 200
million in short span of current Government’s tenure, which is a record
achievement.
Ø Deposits of
the Bank which were Rs. 13.70 billion in 2020 raised to triggering figure of
Rs. 17.27 billion in 2021.
Ø Bank showed
another historical achievement in the area of Advances where the figure jumped
to Rs. 3.056 billion in 2021 compared to Rs. 2.450 billion in 2020.
Ø Home
Remittances also shown historical trend of achievement where the amount jumped from
Rs. 2.856 billion in 2020 to historical figure of Rs. 4.250 billion in 2021.
Ø Bank’s total
assets which were Rs. 16.819 in 2020 rose to notable amount of Rs.23.693
billion which is again highest ever in the history of the Bank.
These results
show that all business targets might be achieved by continuous hard work and
enthusiasm. The Bank of AJK is quickly proceeding not only towards achieving
the hallmarks of good name, brand and standards but strengthening the internal
control for getting further achievements. It’s their mission to provide the
best services to their clients.
Bank is growing fast under the leadership of its Worthy
Chairman of the Board of Directors Mr. Khan Abdul Majid Khan, Board members and
Bank’s President/CEO Mr. Khawar Saeed.
The
name of Mr. Abdul Majid Khan who is serving as State’s Finance Minister and
Chairman of the Board of Directors of BAJK is not new for the people of the
State. Bank’s current Chairman of the Board of Directors Mr. Abdul Majid Khan
is a seasoned politician who has been the member of AJK Legislative Assembly
since 2006. He is currently serving as Finance Minister of the State and also
actively taking care of matters of BAJK as its Chairman of the Board of
Directors. He has exceptional understating of the economic and political
dynamics of the State. He has also previously served as Minister of
Rehabilitation and Social Welfare in Azad Government of the State of Jammu
& Kashmir. He has been the Chairman of the Board of Directors of Bank of
AJK since October 21, 2021. He holds Master of Business Administration degree
from well reputed foreign University. As Chairman of the Bank, he provides
effective leadership to the Board of Directors. He presides over Board Meetings
to discuss all strategic issues of the Bank while ensuring that the board is a
high performing team with a shared sense of purpose. He promotes the highest
standard of corporate governance and has diligent planning to get the status of
a scheduled bank. He is a visionary and well committed politician with a rich
experience and political background. He has deep roots in public and has strong
social connections. He used to work hard and day & night for welfare of the
State as a whole and specially for further development of the Bank of Azad
Jammu and Kashmir. He is putting in and using his foreign qualifications, sound
political track record and professional expertise for further growth of the
bank’s business. It is first time in the history of BAJK that such a foreign
qualified, well committed and experienced politician is leading the bank with
full enthusiasm and proactive approach. Although, he is quite busy due to his
social and ministerial commitments but he has close connections with the
management of the Bank and also has a proper & organized monitoring system. BAJK’ s Chairman is taking special interest not only in growth of
bank’s business but he is trying his level best to get a notable name and
reputation for the bank. He is using his political and public influence for
getting new avenues. He organizes meetings, seminars and public gatherings for
introducing Bank’s offers and plans.
Mr.Khawar Saeed is a career banker with diversified
Domestic and International banking experience. He has Master of Business
Administration (MBA) degree and DAIBP with distinction in Book Keeping &
Accounts. He also holds Professional Designation in International Business Management;
Award in General Business Studies-Credit Management, Certificate in
International Business and trade from the University of California, Los
Angeles, USA (UCLA). He has Certificate in Credit Management from the National
Institute of Credit, USA. Mr. Saeed attended a number of banking courses,
seminars, and workshops.
He possesses strong leadership and management skills with proven abilities.
During 33 years of glorious innings in banking, he played leading role at Head
Office/Operating Offices and been able to transform the business profile of the
Institution by implementing strategies, team spirit, and unique result-oriented
practices. He maintains an excellent portfolio with numerous accomplishments,
awards, and accolades that accumulated over the years due to consistent
outstanding performance.
Bank’s newly constituted Board consists of very capable,
professional and dedicated members. They are fully committed with the vision
and mission of the Bank.
The Bank is rapidly progressing towards obtaining the
status of Scheduled bank from SBP and registering a notable name in the
business market under the leadership of its Chairman, Board and President/CEO.
Their countless contribution, hard work and intellectual vision along with team
efforts of bank’s management and employees are playing key role behind
historical performance of the Bank.
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