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Microfinance Transparency awards ”The Seal of Transparency“ to Khushhalibank

February 11, 2014

The Khushhalibank, the country’s largest microfinance Institution has received the ”Seal of Transparency“ from Microfinance Transparency (MFT) in recognition of its policy and commitment to responsible pricing practice within the market.

The MFT is an international, non-governmental organization that promotes transparency by facilitating pricing disclosure, says a statement issued here on Monday.

It was established to promote the welfare of poor micro entrepreneurs and to promote the integrity of microfinance as a poverty alleviation practice.

The vision is a microfinance industry operating with healthy, free market conditions where consumers and other stakeholders can make informed decisions.

The MFT is funded by leading global financial Institutions and represents an industry movement towards responsible pricing practices.

Over 500 institutions in 30 countries around the world including Pakistan have given MFT permission to publish their prices.

The Pakistan Transparency Pricing Initiative was carried out by Pakistan Microfinance Network and MFT, and supported by the State Bank of Pakistan under the Financial Inclusion Program, UK-Aid and the Pakistan Poverty Alleviation Fund, the purpose being to strengthen the industry in Pakistan from within by supporting institutions in making the necessary steps towards pricing transparency.

Pakistan is regarded as having one of the finest regulatory and business environment for microfinance globally which continues to attract both domestic and foreign investment into the sector.

This initiative will help further strengthen the positive perception for Pakistan.

The Khushhalibank was founded in the year 2000, Khushhalibank Limited was a part of the Government of Islamic Republic of Pakistan’s Poverty Reduction Strategy and its Microfinance Sector Development Program (MSDP).

MSDP was developed with the facilitation of Asian Development Bank (ADB). With its headquarters based in Islamabad, Khushhalibank operates under the supervision of the State Bank of Pakistan (SBP) with a consortium of local and International Investors as its shareholders.

The mandate remains to retail microfinance services and to act as a catalyst in stabilizing the country’s microfinance sector.

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Source: Balochistan Times (Pakistan)

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