Lenders likely to give $5.5bn: Tarin

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KARACHI: Shaukat Tarin, former finance minister and adviser to the Silkbank chairman, has said that after Pakistan’s new agreement with the International Monetary Fund (IMF), chances are bright for the release of financial inflows from the other global lending agencies.


Talking to The News on the sidelines of Emaan Islamic banking ceremony by Silkbank at a local hotel on Monday, he said that Pakistan will be able to obtain around $5.5 billion worth of inflows from the World Bank, the Asian Development Bank, United States and the UK under various heads as soon as the Executive Board of the IMF approves the deal in early September.


“This will boost the country’s fast depleting foreign exchange reserves and ease pressure on the local currency.”Earlier, Tarin said that Islamic Banking Division of the Silkbank leaves no stone unturned in seizing every promising opportunity in its quest to become a meaningful player in the Islamic financial industry.


“This positive and proactive approach is reflective of the expeditious growth of its book size. Emaan Islamic banking branches are making swift strides to captivate the Islamic banking industry in Pakistan,” he said.


Tarin said that Silkbank plans to open more Islamic banking branches across the country and offers state-of-the-art products, in retail and consumer banking backed by the latest innovation and technology to encash the potential of Islamic banking in the country.


M A Mannan, executive director of the Silkbank, said that currently the Islamic Banking Division offers a complete suite of liability-based products and services, including current account, savings account and term deposits (one month to five years).


The extension of the branch network and availability of 78 online Silkbank branches across the country substantially enhance the reach of Emaan Islamic banking services,” he added.

Courtesy:  The News

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