Muzaffarabad: Minister for Finance and Inland Revenue and Chairman, Bank of Azad Jammu and Kashmir, Chaudhry Qasim Majeed, chaired the 99th meeting of the Board of Directors of the Bank of Azad Jammu and Kashmir.
The meeting was attended by board members including Secretary Finance Atif ur Rehman, Secretary Law Irshad Qureshi, Secretary Industries, President and Chief Executive Officer of the Bank of Azad Jammu and Kashmir Shahid Shehzad Mir, while private members Mubashir Qureshi and Ms Bushra Malik participated through video link.
During the meeting, a review was conducted of the implementation of decisions taken in the 98th meeting of the Board of Directors. The board discussed key administrative and financial matters concerning the bank’s operations and future roadmap.
The meeting approved the decision by the Government of Azad Jammu and Kashmir to provide Rs2.90 billion as equity to the Bank of Azad Jammu and Kashmir to enable it to attain the status of a scheduled bank. Following this equity injection, the total capital of the bank has increased to Rs10 billion.
Speaking on the occasion, Chaudhry Qasim Majeed said that the Government of Azad Jammu and Kashmir was taking urgent measures to achieve the required targets for converting the Bank of Azad Jammu and Kashmir into a scheduled bank. He expressed confidence that, God willing, the bank would attain scheduled bank status within the next three months.
He added that strengthening the bank was a key priority of the government, as it would enhance financial stability, expand banking services, and support economic development across Azad Jammu and Kashmir.