TC May-Jun 2022 Issue

TRADE CHRONICLE
Loans on collateral basis: NBP starts
facilitating farmers through ‘EWRF’ system
National Bank of
Pakistan (NBP)
has started
facilitating farmers
through Electronic
Warehouse Receipt
Financing.
The NBP is now facilitating farmers
in acquiring loans through Electronic
Warehouse Receipt Financing (EWRF).
The simple process will allow farmers
to open their accounts, provide
collateral and receive a loan up to 70
NBP launches the Aitemaad Islamic
Banking window, Rawalpindi
The Islamic Banking Window of NBP
Aitemaad at Main Branch, Rawalpindi,
was inaugurated by Mr Gul Bahar Khan,
EVP / General Manager – Islamabad
Cluster and Mr Saquib Haider Loan,
Regional Head, AIBR-FEDC. Ms Zahida
Hameed, Regional Head Rawalpindi,
Ms Mahum Tariq, SVP/Chief Branch
Manager Main Branch Rawalpindi, and
PITB and Faysal Bank sign
MoU to facilitate freelancers
In a special ceremony held at Arfa
Technology Park , Punjab Information
Technology Board (PITB) and Faysal
Bank Limited (FBL) signed an MoU to
facilitate freelancers across Pakistan.
The MoU was signed by PITB DG
e-Governance Sajid Latif and FBL
Head CIBG Ali Waqar on behalf of their
respective organizations.
Senior officials from both organizations
including PITB’s JD Freelancing Wing
Pak-Qatar Family Takaful (PQFTL)
signed MOU with WAADA
Pak-Qatar Family Takaful Limited
(PQFTL) came into an MOU with
WAADA, to promote Takaful products
through the digital medium. WAADA
and PQFTL aim to make Takaful
products, affordable, and accessible
for the major part of the population
currently not being served.
Mr. Azeem Iqbal Pirani (CEO, PQFTL),
Mr. Ishaq Kothawala (CEO, WAADA)
and Mr. Zeeshan Haider (Head of
Alternate distribution & Banca Takaful),
signed the MOU along with senior
percent of the
collateral’s
price.
EWRF system aims to make farmers’
journey easy and profitable from crop
cultivation to sale. The loan facility
can be obtained for a period of up to
6 months by securing an electronic
warehouse receipt as collateral.
To open an account in the electronic
warehouse receipt the farmers can
contact the warehouse operator
of Naymat Collateral Company
Management with their CNIC and
photo.
Mr Muhammad
Farhan, Project
Coordinator
IBW AIBR-FEDC
Islamabad.
The launch of Islamic Banking
windows will allow NBP to
serve its customers with tailormade
financial solutions while
growing its overall position as
the leading Islamic Banking
player in the industry.
Ahmed Islam, State Bank of Pakistan’s
Senior Officer Ali Atta, and Payoneer’s
Country Manager Mohsin Muzaffar
and Partnerships Manager Affaf Noor
were also present.
According to the MoU, PITB and
Faysal Bank would collaborate to
support endeavors and activities of
mutual interest for the facilitation of
freelancers by offering them a “Digital
Freelancer Account”.
In particular, FBL would provide
the Digital Freelancer Account to
officials
of both
companies.
On the occasion, Mr.
Azeem Iqbal Pirani
(CEO, PQFTL) said
“We are delighted
to sign MOU with
WAADA as this will benefit customers
from choosing Shariah-compliant
Takaful products with ease and
upon competitive rates. The world is
moving towards digital medium and
partnership with WAADA will further
enhance our reach and help us spread
awareness about Takaful products.”
May - Jun - 2022
After account opening, farmers can
store their products in the relevant
warehouse, where after confirming the
quality and quantity, the warehouse
receipt will be issued. Farmers can
use this receipt to obtain the loan
from the bank where required support
will be extended to complete the
documentation process to avail loan
facility as per needs.
EWRF also facilitate the applicant to
pay back the dues when the farmers
have a fair price for crops, thus giving
them the advantage to have a return on
their harvest after paying warehouse
rent and Naymat collateral fee.
existing and to-be PITB graduates
as well as sponsor different events
organized by PITB related to digital
technology, youth empowerment,
and freelancing ecosystem. Besides
many other benefits, FBL would also
give laptops to the top performer and
mobile phones to the second and third
top performers of each batch as an
appreciation of emerging freelancers.
Furthermore, FBL would market and
give partner privilege to PITB owing
to the organization’s large freelancers’
base across Pakistan (alumni and
trainees).
Ishaq Kothawala (CEO, WAADA) said,
“Waada aims to make insurance and
Takaful a simple product, affordable
and accessible for the major part of the
population currently not being served.”
He further said that he is quite hopeful
that this new strategic partnership will
bring fruitful results in near future.
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