GOVT'S SUPPORT FOR BANKS AND OTHER FIRMS COMMENDABLE AS HOPES OF QUICK REIVAL FADE IN COVID-19.

Byline: KHALIL AHMED

PAGE: Tell me something about Meezan Bank, please: Irfan Siddiqui: Meezan Bank was established in 2002 and has always worked with the vision of establishing 'Islamic banking as banking of first choice'. We believe that Islamic banking offers a distinct customer-centric value proposition and underlying these operations are the attributes of complete transparency. Our aim and wish is that the Islamic finance market in the country should grow. I believe that the Islamic banking industry in Pakistan is well poised to expand. Instead of seeing other Islamic banks or windows as competition, we work with them and support them.

Alhamdulillah, Meezan Bank has witnessed consistent growth in its branch network each year ever since its inception; beginning with four branches in 2002 to reaching a nationwide network of over 770 full-fledged commercial banking branches today, with a workforce of over 12,000 employees. In its nineteenth year of operations, the Bank is not only the largest Islamic Bank in Pakistan but is now also the 7th largest commercial bank in Pakistan. Meezan Bank has been acknowledged as the Best Bank in Pakistan for 2018 by the Pakistan Banking awards, which is the most prestigious award in the country's banking sector. The Bank has also been recognized as the Best Islamic Bank in Pakistan by numerous local and international organizations consistently over the past several years.

PAGE: Has coronavirus (COVID-19) affected the activities related to Islamic finance in Pakistan?

Irfan Siddiqui: The ongoing pandemic has caused historical disruptions in economies across the globe and banks across the world are struggling to fight this crisis as consumers from all income strata are facing the financial impact of the pandemic and there has been a significant decrease in spending across all categories. For businesses, challenges for many SMEs may continue to mount and the banking sector's nonperforming financing (NPL) ratio is also expected to reach higher levels. Given these circumstances, the support extended by the Regulators in order to minimize the economic impact of COVID-19 is commendable. The provision of concessional financing in order to prevent layoffs is an excellent initiative.

The State Bank of Pakistan (SBP) has also announced one-year extension in principal payments, doubling of the period for rescheduling of loans from 90 to 180 days in an additional effort to support the economy. Also, hospitals and...