SUNDAY February 5, 2012  
   
News:
August 11, 2011, Khushhalibank celebrates its 11th anniversary today, with a resolve to take on new challenges and setting further milestones as a pioneer in microfinance banking in Pakistan.                  May 05, 2011 , Khushhalibank and Western Union signed an agreement to introduce international inbound remittance services in 76 districts across Pakistan where Khushhalibank operates. This agreement makes KBL the first microfinance institution in Pakistan to introduce the cross border inbound remittance service, thereby facilitating a large segment of rural population to receive money from overseas through Khushhalibank’s wide network of 109 branches.                  May 03, 2011 , JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the entity ratings of Khushhalibank, to ‘A’ (Single A) from ‘A-’ (Single A Minus) for the medium to long-term and A-1 (A One) from A-2 (A Two) for the short-term. The ratings reflect Khushhalibank’s ability to withstand tough operating environment and maintain its market standing. It also highlights the bank’s position as one of the largest microfinance bank operating in the MFB sector in Pakistan.                  February 26, 2011, Khushhalibank, while acknowledging the contributions made by young entrepreneurs in various sectors became the exclusive partner of IBA Verve 2011 organized by IBA Entrepreneurship Society (IBAES) and Center for Entrepreneurial Development. The event took place in Karachi and was graced by the some of the country’s most renowned businesspersons. IBA VERVE 2011 was a unique platform in which students were exposed to real life success stories and industry best practices.                  February 22, 2011, Khushhalibank's clients won the highest numbers of awards during the 7th Citi-PPAF Awards held in Islamabad. Sajan, a client of Mithi Branch, was awarded a prize of Rs. 110,000 for being the Regional Winner from Sindh. His loan officer Jhaman Das received a cash prize of Rs. 25,000. In runners up category, Kalsoom Bibi from Rawalpindi Branch and Muhammad Azeem from Gawadar Branch were awarded a cash prize of Rs. 80,000 each and their loan officers Adeel Shaehzad and Khadim Hussain were given a cash prize of Rs. 20,000 respectively.                  August 11, 2010, Khushhalibank successfully completes 10 years of micro-finance banking in Pakistan. Ghalib Nishtar, President Khushhalibank, expressing his views on the occasion said, "Today, we have made our contribution by making a difference in hundreds and thousands of lives across the country by providing financial service access to the unbanked segments of the population."                April 19, 2010, Khushhalibank held its Annual Sales Conference at PC Bhurban to review the performance for the year 2009. The conference was chaired by Ghalib Nishtar, President, Khushhalibank and attended by all Departmental Heads and the Retail Unit from the Corporate Office, and Regional Business Managers and Territory Portfolio Managers from their respective Regions.                  February 16, 2010, Khushhali Bank in collaboration with American Business Council has given the first 20 cheques to the affected traders of Bolton Market under 'Bolton Market - Business Revitalization Program' of USAID in a ceremony held in Karachi. Khushhali Bank is managing the process of grant disbursement of USAID's funds of PKR 1 billion for the program.                  August 11, 2009, Khushhali Bank celebrates its ninth anniversary to acknowledge the contribution and hard work of its employees, while resolving to make its clients a priority and rejoicing the unprecedented success of past nine years.                  Khushhali Bank Limited re-constitutes its Board of Directors for a term of three years. Syed Ali Raza, President, National Bank of Pakistan, being the chairman, the new Board of Directors consists of seven members, four representing the share holders three non share holding Independent Directors.                 
 
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The Government of Pakistan has obtained a funding of US$ 150 million from the Asian Development Bank (ADB) to support the operations of Khushhali Bank Limited and to promote microfinance sector in Pakistan. Khushhali Bank Limited utilizes a US$ 70 million component of this loan for micro-loans to the poor, particularly to the women of country's rural and urban areas and a US$ 10 million component has been allocated toward institutional capacity building. Another US$ 70 million component has been allocated to support policy reforms of microfinance sector in Pakistan.

Under the sector reforms, four endowment funds have been established at the State Bank of Pakistan to support the poor with periodic contributions from both the government and Khushhali Bank Limited to ensure sustained ownership. These measures are construed as a catalyst for broadening and deepening the country's microfinance market thus contributing towards poverty alleviation in the country on sustainable basis. They include:
   
  Microfinance Social Development Fund
  US$ 40 million fund supports social mobilization activities within poor communities.
   
  Earthquake Livelihood Restoration Fund
 
20,000 community groups will be formed for provision of equity support and working capital loans to 100,000 households to restore 100,000 livelihoods.
2,000 Community Infrastructure projects will be implemented with good community groups.

A fund of US$ 38 million to finance Earthquake Livelihood Rehabilitation Programme (ELRP) has been established in SBP which is managed by ELRF Committee.
   
  Risk Mitigation Fund
  US$ 5 million fund provides risk mitigation cover to micro borrowers of the bank.
   
  Deposit Protection Fund
 
US$ 5 million fund provides protection to micro depositors of the bank.
   
 
 
 
 
 
 
 
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