LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) President has urged the government and State Bank of Pakistan to ensure adequate facilitation to the business community.
“Enabling the business sector to function smoothly is essential for driving the country’s economic growth and prosperity”, Mian Abuzar said during a meeting with Chief Manager of the State Bank of Pakistan Tariq Riaz at the Lahore Chamber of Commerce and Industry. The meeting was also attended by the Executive Committee members.
Mian Abuzar Shad acknowledged the efforts of the Federal Shariah Court which has directed that the country’s conventional banking system be transitioned to Shariah-compliant Islamic banking by 2027. He said that the State Bank of Pakistan is already taking various steps toward achieving this goal. Mian Abuzar Shad commended these initiatives and described them as both timely and crucial given the increasing demand for Islamic banking across the country.
He further added that the Lahore Chamber is focusing on several key areas including taxation reforms. He urged the government to take swift action in digitizing the economy as this is essential to modernizing the financial system and making it more transparent and efficient.
Mian Abuzar Shad also highlighted concerns within the business community regarding the Federal Board of Revenue saying that traders have voiced their reservations over certain practices. He urged the government to address these concerns to create a more business-friendly environment.
The LCCI President stressed the need for the State Bank of Pakistan to automate its processes, particularly in the area of banking transactions. He said that the current monopoly of commercial banks in the opening of Letters of Credit has created hurdles for businesses. Mian Abuzar Shad urged the State Bank to ensure that commercial banks are fully under its control allowing for more fair and transparent banking practices.
Mian Abuzar Shad also called upon the State Bank to address the concerns of traders, especially in areas where commercial banking practices have led to complications for business owners.
He urged the Chief Manager of the State Bank Tariq Riaz to issue clear instructions to all commercial banks, ensuring full cooperation with LCCI members. He stressed that traders and entrepreneurs should be treated as valued partners in the country’s economic growth rather than facing obstacles in their daily business transactions.
One of the key areas that Mian Abuzar Shad appreciated was the State Bank’s efforts to enhance financial access for women entrepreneurs and Small and Medium Enterprises (SMEs). He welcomed the initiatives aimed at facilitating easier access to financing for these sectors describing them as vital for Pakistan’s economic growth. Mian Abuzar Shad also praised the State Bank’s decision to encourage commercial banks to take proactive steps in supporting women entrepreneurs and SMEs, which he described as essential engines of economic development.
In addition, he applauded the State Bank’s initiative to launch banking kiosks across the country in collaboration with five of the nation’s leading banks. These kiosks will provide easier access to banking services in underserved areas, particularly for SMEs and individual entrepreneurs. This initiative, according to Mian Abuzar Shad, is a step in the right direction and aligns with the country’s broader goal of promoting financial inclusion.
To further strengthen the partnership between the State Bank and the Lahore Chamber, Mian Abuzar Shad invited the State Bank to hold awareness sessions at the Lahore Chamber of Commerce. He emphasized that these sessions would greatly benefit LCCI members by providing them with critical insights into financial regulations, banking processes, and upcoming reforms.
In response, Chief Manager Tariq Riaz congratulated Mian Abuzar Shad and other LCCI officials for their efforts and leadership. He acknowledged the longstanding and strong relationship between the State Bank and LCCI and assured the business community that the State Bank would continue to work closely with the chamber to facilitate businesses.
Tariq Riaz highlighted several initiatives that the State Bank is currently undertaking, including an upcoming awareness program focusing on SMEs scheduled for October 10. This event, he explained, will place special emphasis on women entrepreneurs, a group that the State Bank is keen to support.
The Chief Manager also provided insights into the various financial programs being introduced by the State Bank, particularly those targeting key sectors such as SMEs, agriculture, Islamic banking, and digitalization. He underlined that the State Bank is committed to ensuring that businesses, regardless of their size, have access to the financial tools they need to grow and thrive.
Moreover, Tariq Riaz highlighted the State Bank’s efforts to improve financial literacy in the country.
He revealed that financial education is being introduced into the curriculum for grades 9 and 10, as part of a broader initiative to raise awareness among the younger generation about financial management and literacy. These steps, he said, are aimed at creating a more financially aware and responsible population, which in turn will contribute to the country’s long-term economic stability.
Copyright Business Recorder, 2024
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