The 10th Pakistan Banking Awards ceremony was held at the Pearl Continental Hotel in Karachi, recognizing excellence in the banking sector. State Bank of Pakistan Governor, Mr. Jameel Ahmad, graced the event as the Chief Guest and presented the prestigious Best Bank Award to Meezan Bank, recognizing their outstanding performance and commitment to excellence.
In his address, Governor SBP observed the important role of these awards in helping raise the standard of banking in the country. In this context, he proposed a blueprint for the necessary transformation of the banking system over the next decade, driven by innovation, inclusion, and responsibility. He observed that this transformation would not be possible unless banks reoriented their business models to serve the financial needs of the private sector, especially SMEs and small depositors. “Banks that continue to rely on easy returns from lending to the government will eventually be left behind by institutions that are mobilizing deposits and meeting the growing credit needs of the underserved segments,” said the Governor of SBP.
For the way forward, Governor SBP encouraged banks to focus on four main areas. First, banks should integrate digitalization into the everyday digital experiences of their customers and their own business operations, including mobile commerce, agricultural supply chains, credit scoring, and risk management. Second, banks should put in place artificial intelligence and machine learning tools to build smarter risk models incorporating alternative information furnished by AI; and design tailor-made financial products for small firms, start-ups, and entrepreneurs who may lack conventional documentation. Third, there is a need to integrate climate risk into banks’ credit decisions; set clear sustainability targets; and develop green bonds and sustainability-linked loans for climate financing. And finally, banks should reassess their priorities and strategically realign their business model to facilitate better and strengthen Pakistan’s exporters.
The 10th Pakistan Banking Awards ceremony was organized by the National Institute of Banking and Finance (NIBAF) Pakistan, in collaboration with DAWN Media and A.F. Ferguson & Co. Governor SBP commended the three partners and the Pakistan Banking Awards for promoting excellence, innovation, and integrity in the financial sector consistently for 10 years.
The details of the other awards are as follows:
The Best Bank for Women Inclusion went to The Bank of Punjab; Best Microfinance Institution Award went to Kashf Foundation; the Award for Best Bank for SMEs went to The Bank of Punjab; while The Bank of Punjab was declared the Best Bank for Agriculture Inclusion; Bank Alfalah received the Best Bank for Digital Excellence; Bank Alfalah bagged the award for Best Bank for Customer Engagement, Faysal Bank won the award for Best Mid-sized Bank. HBL was declared the best bank for ESG.
