KARACHI - State Bank of Pakistan (SBP) Governor Ashraf Mehmood Wathra has said that Pakistan’s banking sector has been very fundamental for the development of the economy.

While addressing at the launching ceremony of the 2nd Pakistan Banking Awards 2017, he said the financial sector plays a pivotal role in determining the overall economic growth and development of a country.

The contribution and achievements of the institutions contributing to this sector should be recognised and acknowledged, he added. “After the tremendous success of the 1st Banking Awards in 2016, I am delighted to address this distinguished gathering of executives and academicians from the banking and finance sector,” Wathra added.

The SBP governor said that these prestigious awards are now an annual event to encourage new entrants to make their mark while motivating the established institutions to strive for excellence. Awards are given to individual banks based on their performance, broadly in the developmental, financial, and customer service related spheres, he added.

Wathra appreciated the role of Institute of Bankers Pakistan (IBP), AF Ferguson & Co (AFF) for organising “PAKISTAN BANKING AWARDS 2017” on a continuous basis.

IBP CEO Hussain Lawai said the Pakistan Banking Awards 2017 would serve as a platform to promote, recognise and acknowledge the contribution of the banking industry towards enhancing Pakistan’s economy.

“Our jury comprises of people who possess relevant expertise and are undoubtedly institutions in themselves.

Like before they would adopt transparent and impartial evaluation process to select the best performers for this year’s Awards,” he added. Jury for Pakistan Banking Awards 2017comprises of SBP former governor Syed Salim Raza, former banking mohtasib Pakistan & former country head of SCB Pakistan Azhar Hamid, Pakistan Institute of Corporate Governance President & CEO Feroz Rizvi, English Biscuit Manufacturers Pvt Ltd MD & CEO Dr Zeelaf Munir, and Citibank Middle East and Pakistan former regional head Shehzad Naqvi.

Meanwhile, representatives from AF Ferguson & Co (AFF) PWC presented 8 award categories including Bank the Unbanked Award, Best MicroFinance Bank, Best Bank for Small Businesses and Agriculture, Best Bank for Corporate Finance & Capital Market Development, Best Customer Franchise, Best Islamic Bank, Best Environmental, Social and Governance (ESG) Bank and the Best Bank.