Founded in the year 2000, Khushhalibank (KB) was a part of the Government of Islamic Republic of Pakistan’s Poverty Reduction Strategy and its Microfinance Sector Development Program (MSDP). MSDP was developed with the facilitation of Asian Development Bank (ADB), with an objective to provide affordable financial services to low income households for a significant impact on poverty reduction through increased income of these households, enhanced outreach particularly to women, building of social capital and reducing risks faced by them.
Today, Khushhalibank is the largest microfinance bank in Pakistan with its headquarters in Islamabad. It is the country’s first major initiative to bridge the demand for microfinance services and has a strong presence in the country with a network of 109 branches operating in all four provinces, Azad Jammu & Kashmir & Federally Administered Tribal Areas. While KB’s concentration has predominantly been within rural markets, it is now fast penetrating into urban territories as well. The Bank leverages upon a community-based approach for financial intermediation and invests on building social collateral amongst its client groups.
Khushhalibank is supervised by the central bank, State Bank of Pakistan (SBP) and fifteen majority private sector commercial banks are its shareholders. The mandate remains to retail microfinance services and to act as a catalyst in stabilizing the microfinance sector.
As the country’s first licensed commercial microfinance institution, KB’s facilitated the establishment of an enabling environment and financial infrastructure within which the microfinance sector can develop in Pakistan and facilitated the central bank in setting up an appropriate and responsive regulatory framework within which microfinance institutions can operate on sustainable grounds, thereby expanding outreach to the poor and promote transparency, financial rigor and good governance as leading indicators of excellence within the microfinance sector in Pakistan.
Khushhalibank has nearly 440, 518 active borrowers and has till date serviced more than two and a half million loans. KB’s array of products includes agriculture loans, livestock loans and Enterprise loans. KB is a progressive bank that has now expanded the scope of services to include a range of full service banking products as well.
KB undertakes special initiatives within the ambit of its social corporate responsibility mandate whereby community outreach programs like the ‘Jafakash Aurat Project’ that supported skill & development of micro enterprising amongst the women of Gawadar. Under the Jafakash Aurat Project, KB trained approx 4,500 women in skills ranging from tailoring and embroidery to beautician, commercial cooking and computer training courses. The initiative has now been handed over to the Government of Baluchistan.
An Initiative in line with overall strategy of Khushhalibank to strengthen its role in empowering people to reach their true potential and equipping them with the necessary tools to live, learn and thrive was the ‘Distance Learning Program’ that envisaged a need for introducing structured skill enhancement program in various communities. These training programs were concise and educated the masses about agriculture, livestock, fisheries and enterprise management through audios, visuals and print information. Mobile distance learning vehicles went even to the most remote areas to spread information on related topics through functional training modules, resulting in a staggering total of 71,763 trainees benefiting from the Program.
KB commenced its ‘Khushhalibank Scholarship Program’ in 2005 in order to provide higher education opportunities to the deserving students from marginalized territories of Sind, Baluchistan and FATA, where people are deprived of education and lack the financial resources to realize their ambitions. Under this program KB extended a total of 332 scholarships valued at USD One million to the students of marginalized territories in the leading universities of our country including LUMS, IBA Karachi, IBA Sukkur, BUITEMS Quetta, SZABIST Karachi , IMS Hayatabad Peshawar, City University of Science & Information Technology Peshawar and University of Peshawar.
In October 2005, when devastation struck Pakistan in the form of an earthquake measuring 7.6 on the Richter scale, Khushhalibank immediately responded by initiating livelihood restoration efforts in the region. Khushhalibank launched a comprehensive campaign under its Earthquake Livelihood Restoration Program (ELRP), which aimed at assisting the earthquake affected people and encouraging them to rehabilitate their business ventures by granting them a package of Rs 15,000 comprising of Rs 12,000 as cash grant and a Rs 3,000 interest free loan to be returned in easy installments.
Another initiative launched by Khushhalibank was Small Infrastructure Projects (SIP’s). Its objective was to increase access of poor communities to infrastructure for improving their livelihoods through efficient and productive use of local resources. For this purpose a Community Investment Fund (CIF) was established to finance the Small Infrastructure Projects through participatory process. The Small Infrastructure Projects were undertaken on equity participation of 40% from the Community Organization against the total project cost while 60% cost was funded through the Community Investment Fund (CIF). A Service Provider was engaged to work on technical side of the projects and as a result 1569 SIP’s were completed during the period of Fund. These projects include Roads & Bridges Farm Irrigation, Domestic Water Supply, Drainage & Sewerage, School Building, Rural Electrification, Computer Centers, PCO’s and Community Halls.
These programs have greatly empowered the local communities across the rural and urban divide and enabled them to become economically independent and productive members of society. Thus, Khushhalibank has been the engine of change in terms of spurring economic activity, touching thousands of lives and improving their quality of life and per capita income. KB has been augmenting the income generating capacities of individuals for nearly a decade now and will continue to impact the lives of the economically less privileged households within our society.
Today, the bank is offering a range of banking products and services that include Current Accounts, Term Deposit Certiicates, Remittances and Insurance while expanding the horizon of its service and outreach each year.
- Mr. M. Ghalib Nishtar
- Khushhalibank Limited
As the founder President of Khushhali Bank since 2000, Mr. M. Ghalib Nishtar was part of the process initiated by the Government of Pakistan to reform the financial sector under the Microfinance Sector Development Program with the objective of providing sustainable financial services access to the low income segments of the market.
Under his leadership Khushhali Bank has emerged as Pakistan’s premier microfinance Institution with a nationwide presence across all parts of the country including Azad Jammu & Kashmir.
Prior to Khushhali Bank he has over 20 years of management experience commencing with Bank of America in ’82 and concluding with the National Bank of Pakistan, the country’s largest commercial bank as its Senior Executive Vice President.
He has served on various Boards and Steering Committees and represented the Bank at Summits, Conference and meetings at National and International forums.
He holds a Masters degree in Information Technology from the Quaid-e-Azam University Islamabad.
In view of his contributions to the development of microfinance sector in Pakistan, Mr. Nishtar was conferred the Sitara-i-Imtiaz, Pakistan’s highest civilian award in 2007.
Muhammad Umar Farooq
Head Operational Integration
Mr. Muhammad Umar Farooq is an MBA & CISA with over 37 years of experience mainly at overseas with multinational banks i.e. BNP Paribas, NBAD, EBI, etc. His diverse banking experience encompasses multiple banking segments such as Banking Operations, Treasury, Sales, Audit, Trade Finance, etc. His expertise also includes implementation & operationalizing of Core Banking/Payments/Card Management systems as well as Business Processes Re-engineering.
Mr. Farooq joined Khushhali Bank in 2001 as Head Operations with Sales & Operations responsibilities with core objective of expanding network to over 100 Branches across districts; plus strengthening & automating front/back-end processing engine inclusive of formalizing/standardizing operational policies & procedures.
Saleem Akhtar Bhatti
Chief Financial Officer
Mr. Saleem Akhtar Bhatti has over 20 years of experience in telecom and microfinance sector. He has served on various management positions responsible for providing leadership and strategic direction in the finance & accounting function through financial strategy, planning, financial and management accounting, budgeting, tax planning, defining financial policies and controls.
During his career; he also has had a diverse experience of working closely with the Board of Directors and shareholders where his key responsibilities included planning, administering and reviewing corporate compliance activities, effective practice concerning board/shareholders meetings, ensuring implementation of board directives in bank operations. He is an associate member of the APA and CA – finalist from the ICAP.
Head Retail Banking
With an MBA in Management and a Masters in Applied Psychology, Ms. Amina Hassan has over 15 years’ service-sector experience with particular focus on managing grassroot initiatives for socio-economically vulnerable groups such as illiterate adults, child workers and people with disabilities.
In KBL she is recognized for her contribution towards establishing effective retail distribution & client service platform across branch, area, region & national level.
Joining KBL at inception with the first batch of executive trainees, Ms. Hassan has progressed with the bank over the past 12 years to become the first woman on the senior management team.
She has recently received specialized training in micro-enterprise management from the Kennedy School at Harvard University, USA, and has attended several management & retail training programs domestically, besides exposure visits to International best practices such as BRI, Indonesia and M-Paisa, Kenya.
Yawar Khan Afridi
Mr. Yawar Khan Afridi is the Head Operations. He is an MBA in Banking & Finance & has well over 25 years of Sales and Management experience in telecommunication, manufacturing and banking industries. Besides KBL, he has served at various prestigious organizations including Mobilink, Mashreq Bank, International Industries Limited & Union Bank.
Syed Nasir Abbas Naqvi
Chief Information Officer
Syed Nasir Abbas Naqvi has over 20 years of experience of building and managing enterprise IT systems. Besides being the architect of KBL’s IT function, he has undertaken many BPR and BI initiatives working with Unilever, one of the largest blue chip conglomerates where he spent a large chunk of his career, and during his prior association with leading local & international software development and management consulting firms. He has an undergraduate and a graduate degree in CS from National University of Computer & Emerging Sciences (formerly BCCI FAST). In addition to this, he holds an Executive-MBA degree from Lahore University of Management Sciences (LUMS) and has attended numerous technical and management trainings in Pakistan and abroad. He has a solid grip over IT strategy and policy building and apart from managing the technology portfolio, he plays an active role in bank’s HR and Operations committees.
Aamir Shakoor Khan
Chief Internal Auditor
Mr. Aamir Shakoor Khan is CA – Finalist from Institute of Chartered Accountants of Pakistan with over 20 year of experience. He started his professional career with A. F. Ferguson & Co. Chartered Accountants – PriceWaterHouseCoopers with completion of four years training of accounting and auditing and also serving there for some time. Then he joined one of the leading business groups (Atlas Group of Companies), where he served over five years as Group Auditor with responsibility for all group companies located in the North of country, which included automobile manufacturing, banking, leasing and insurance companies. Later he was appointed as Head of Internal Audit of Atlas Honda Ltd, where he served almost six years before joining Khushhali Bank Limited. His specialization includes internal audits, management audits, financial reporting, regulatory compliance and corporate governance.
Lubna Azam Tiwana
Chief Risk Officer
Ms. Lubna Azam Tiwana has completed her M.Sc in Investment Management from CASS Business School, City University, London, UK with a distinction.. She is also a Britannia Chevening Scholarship holder of the British Council with the Premier Award for being the most outstanding candidate from Pakistan.
Ms.Tiwana has also done her Masters in Public Administration from Quaid-i-Azam University, Islamabad with a Gold Medal for holding first position. She also holds certification in Islamic Banking along with the third position. Throughout her academic career she has been a holder of merit scholarships and certificates.
Ms Tiwana is a senior banker with nineteen years of diversified experience with core competency in the field of credit, risk management and training.
Prior to joining Khushhali Bank as Chief Risk Officer, Ms.Tiwana was the Country Head Risk Management Division with Askari Bank Ltd. Her prime responsibilities included identification, measurement, monitoring, controlling and reporting of market, liquidity, operational, credit and other types of risks. Functional responsibilities also included business continuity planning and management, information security , Basel Compliance, ICAAP assessment and reporting, IRAF analysis, regulatory reporting of all types of risks, Stress testing, RORAC/RAROC modeling, implementation of advanced approaches of Basel II, Capital Adequacy Ratio assessment and reporting etc. Review of policies and procedures of the entire bank was also one of the key responsibilities.
She also worked as Chief Credit Officer for many years managing credit risk for Corporate, Commercial, SME, Investment Banking, Islamic Banking, Consumer banking and Agriculture finance etc.
Ms Tiwana has been the member of all the main functional committees within the bank.
She is also an active member of PBA Sub-Committees on Basel, Compliance, Governance and Credit.
She has attended various domestic and international trainings on Basel, Credit and Risk Management.
Syed Ali Imran Bokhari
Chief Compliance Officer
Head Human Resource
Mr. Wajid Ali is a talented and dynamic HR professional with a Master’s Degree in Economics with distinction. He started with career with State Bank of Pakistan and soon moved to the corporate sector to pursue his career goals. He attended many international certification courses and trainings relating to Human Resources, Business Excellence and Leadership.
His career spans over 30 years with Pakistan Tobacco Company, a member of the British American Tobacco Group, UK (BAT); which is the 2nd largest multinational Tobacco Company in the world. During his career, he managed all HR functional areas of expertise e.g. Business Partnership, Industrial Relations, Reward, Talent, Learning, Leadership and Organizational Development. In addition he has successfully managed many change initiatives.
Prior to joining Khushhali Bank in September, 2013, he was assigned for a two year term as HR & Reward Advisor to Bentoel Tobacco Company, Indonesia; a subsidiary of BAT. He was responsible for the integration and alignment of HR and Reward strategy, policies, processes and systems with BAT to enhance the organization’s overall capabilities.
As member of the Regional Centre of Expertise team, he developed and executed a transparent and robust reward strategy to sustain a high performance culture at individuals’ and teams’ levels across sister companies in ASPAC region.
Mr. Ali has gained immense experience of developing / emerging markets while working for five years with companies in Bangladesh, Sri Lanka and Indonesia.
Company Secretary & Legal Counsel
Ms. Sarah Anjum has over a decade of diversified international experience in the field of law, compliance and regulatory affairs. She has worked as a corporate lawyer in various financial institutions including a brokerage house in Pakistan where she made recommendations to the SECP on FOREX Regulations, and successfully executed a UK Financial Services Authority licensed brokerage partnership in private equity fund in London with a focus to reconcile EMEA regions legal requirements with that of the UK and in the Legal and Compliance department at Credit Suisse investment bank in London advising the Capital Markets division. She has also advised institutions on multi jurisdictional transactions including off shore transactions and Public Private Partnerships. Prior to joining Khushhali Bank Limited Ms Anjum was Head of Compliance & Regulatory Affairs at American Life Insurance Company (ALICO).
Ms. Anjum is a dual qualified lawyer, being an Advocate of the High Courts of Pakistan and a qualified Solicitor, England and Wales. She has an LLB (Hons) degree from Holborn College London and an LLM in Corporate Finance Law (with distinction) from University of Westminster. She is a member of Amnesty International and the Human Rights Commission of Pakistan and participates in initiatives on a pro bono basis.