"Small and medium sized enterprises (SMEs) are one of the principal driving forces in economic development, soft-term financing schemes are essential for their progressive emergence", expressed by Ateeq ur Rehman, Chairman, Banking & Insurance Sub-Committee of KCCI while chairing the 9th Meeting of Banking & Insurance Sub-Committee. Chairman, Pakistan Banks' Association and Chief Executive of Allied Bank, Muhammad Aftab Manzoor was invited in the meeting as Chief Guest. In his welcome speech, Ateeq ur Rehman asserted on the need of projecting and promoting the SME sector to uplift the face of the national economy.

He stated that SMEs stimulate private ownership and entrepreneurial skills, they are flexible and can adapt quickly to changing market demand and supply situations, they generate employment, help diversify economic activity and make a significant contribution to exports and trade. Many transition economies have acknowledged that SMEs are significant for industrial restructuring and have formulated national SME policies, programmes and enterprise development policies, he added. He lamented that in the past, the banks focused their financial products towards the corporate sector. He articulated that it was need to the day that banks should now focus on SME sector and introduce flexible financing products without or low collateral. He also expressed his concern on increased ratio of poverty in the country and also suggested to promote Microfinancing for the small scale, low income entrepreneurs, especially women to alleviate poverty. He also asked the banks to introduce soft loans for white collar class being the major entity of the society.

He also urged the Government to encourage for establishment of network of micro-financing banks from Karachi to Skardu as the poverty had become menace it was our prime responsibility. Ateeq ur Rehman appreciated the services rendered by Muhammad Aftab Manzoor in the banking sector of Pakistan. He said that under his dynamic leadership, Allied Bank would excel to new horizon. He informed that about 25% members were Account holders of ABL, therefore, he suggested to introduce a SME helpdesk for KCCI members at ABL. Ateeq ur Rehman informed with pleasure that KCCI's Banking & Insurance Sub-Committee had actively persuaded its objectives and had subsequently invited the CEOs and the Presidents of all leading national and international banks operating in Pakistan and drew their attention to introduce necessary financing products to promote trade and industry.

Shamsul Islam Khan, Managing Committee Member-KCCI lamented that since the inception of Pakistan, business sector had not witnessed any financial product without collateral. He said the many countries were offering loans to the business sector on the basis of their documentation without any collateral. Rasheeduddin Rashid, Managing Committee Member-KCCI said the ABL had gone through modernization phase and its account holders were enjoying online services countrywide, however, he was of the view that some old staff of ABL has to change its mindset.

Chairman, Pakistan Banks' Association and Chief Executive of Allied Bank, Muhammad Aftab Manzoor appreciated the role of KCCI to promote trade & industry. To execute financial schemes for SME sector, he emphasized on the need of simplification of prudential rules. Presently, we have to live with existing prudential rules, however, efforts are underway to get them simplified and make them to meet the present day's requirements. He informed that Allied Bank was giving priority to the SME sector and agriculture sector to cater their needs, however, he was of the view that SME sector was adequately enlightened with the financing schemes and the sector often refrain from sharing complete financial details of their businesses, which helps banks to ascertain their credit worthiness. Likewise, he added that in the agriculture sector, people either do not contact to availing benefits or they have no knowledge about the available financing facilities.

He informed that ABL could provide financing from Rs.500000/- to Rs.10million for SME & agriculture sector. He disclosed that ABL with collaboration of International Finance Cooperation (IFC) would chalk out programmes for financing SMEs and to hold seminars for dissemination of relevant information. He expressed that with productive suggestion from KCCI the premier chamber of the business community of Karachi, the bank can further improve its services and mutually interact to boost economic growth. He informed that ABL was keen to help its clientele and provide them one-stop banking solution. He said that noteworthy efforts were made to improve the services quality of ABL and most of its branches were renovated and equipment with state-of-art technology to extend quality services to its clientele. He appreciated that ABL was operating about 775 branches with 450 ATM outlets countrywide.

Zia Ijaz, Group Chief, Commerce & Retail Banking ABL, said the last five years bank's balance sheet has increased 2.5 times with more than 10 percent additional account holders throughout the market. He said that ABL was making efforts to facilitate the business community by giving loans and help Pakistan come out of the economic imbalances. Aun Ali, ABL Group Head, GRBG South, Jamal Abbasi, ABL Head Assets South, Nuzhat Sherwani, Regional Head, CRBG Saddar, Sajid Ali, Regional Head, CRBG City Region, Kamran Ghias, Regional Head CRBG Nazimabad, H. Jalil Zuberi, Country Coordination-ABL and large number of dignitaries and Managing Committee Members of KCCI participated in the meeting. Chairman, Banking & Insurance Sub-Committee-KCCI also presented shield to CEO, Allied Bank.