KARACHI: The Board of Directors BoD of Apna Micro Finance Bank has elected Mian M. A. Shahid as Chairman of the bank.
Mian M. A. Shahid is a noted investor who is already serving as Chairman of the United International Group UIG that include Saudi Pak Insurance Company, United Insurance Company, Tawasal Insurance Services, Abu Dhabi,
UIG Global, UK, and United Track Systems, etc.
The board of directors appreciated his services and skills as he swung to profit Saudi Pak Insurance Company which was in loss at the time of acquisition and transformed United Insurance Company in one the of the reputed organisations in country’s insurance sector.
The BoD hoped that the new chairman will work hard for making organisations profitable while stressing corporate social responsibility, loans for homeless and supporting the cottage industry.
Speaking at the occasion, Mian Shahid expressed full confidence in the economy which he said is doing well despite hurdles.
He lauded the policies of the government terming them highly enabling and supportive for investors. “I will try best to attract foreign investment in Pakistan to boost economy and reduce unemployment,” he said.
Shahid said that 56 per cent of the adult population has no access to formal financial services while only 10 per cent of SMEs are served by banks resulting in socioeconomic disparities.
Low-income groups remain deprived of proper financial services which is impeding their development, he said
Stressing the importance of ethics, he said that insurance is a good social welfare tool that can have a positive impact on businesses and lives of millions in which principles should not be compromised under any circumstances.