PR No. 191 Islamabad

Muzaffarabad; July 27, 2017: Sardar Masood Khan, President of Azad Jammu and Kashmir, today inaugurated the branch of Faysal Bank in Muzaffarabad.  Faysal Bank already has branches in Mirpur, Chak Sawari and Dudyal.


After inaugurating the Faysal Bank branch, the President said that Azad Kashmir is hospitable to private banking and private investment. It welcomes greater participation of private and public banks in the development of Azad Kashmir, especially in the sectors of infrastructure development, hydropower generation,  promotion of tourism, telecommunications, industry and agriculture.


The Azad government is taking all steps, the President said, to enhance ease of doing business and in this context private banks are playing an important part.


“We welcome participations of banks like Faysal Bank in the economic  growth of Azad Kashmir  because of their exposure, standing and clientele networks”, he said


The AJK President highlighted that after the launch of four projects under the China Pakistan Economic Corridor—Karot Hyropower Project, Kohala Hydropower Project, as well as proposed expressway from Mansehra to Muzaffarabad to Mirpur as well as an industrical zone in Mirpur— the role of the banking sector has increased , especially the private banking. He added  that the banking networks will facilitate supply chains, logistics chains, courier services and transportation. “The services industry would take off which would from now on prove to be a life line for Azad Kashmir’s growing economy and for the implementation of the CPEC projects”, Sardar Masood Khan said.


The AJK President said that Azad Government would try to forge and promote win-win partnerships between the public sector, the private sector and private and public banking institutions.


The President also appreciated the efforts of the bank branch to service small account holders.


“The future of Azad Kashmir economy is bright”, he said   after inauguration of the branch,  the President mixed and chatted the management and staff who said that they would take the performance of the bank in Azad Kashmir to a new height.