KARACHI: Sindh Microfinance Bank (SMFB) received permission to commence microfinance banking business from the State Bank of Pakistan (SBP). The commencement letter was presented by SBP Banking Policy and Regulation Department Director Shaukat Zaman to SMFB CEO/President Shoaib Arif. SMFB is a wholly-owned subsidiary of Sindh Bank. Incorporated with equity of Rs750 million, it was licensed by the SBP in October last year to operate on province-wide basis in Sindh. Shoaib Arif said the bank will fulfil its commitment to serve the under-developed areas with focus on the empowerment of women folk. He stated that in accordance with the approved business plan, the bank will start its operations from Karachi and Sujawal districts and will reach out to remote areas like Golarchi, Mirpur Bathoro, Umerkot, Mithi, Islamkot and Diplo through its five branches and 20 service centres to be opened this year.
Published in The Express Tribune, April 19th, 2016.
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