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INTRODUCTION
Bank Alfalah Limited was incorporated in June 21st, 1997 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1st, 1997. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance 1962. The Bank is listed on all the three stock exchanges of Pakistan. The Bank is engaged in banking services as described in the Banking Companies Ordinance, 1962 and is operating through 191 conventional banking branches, 32 Islamic banking branches and 7 overseas branches and 1 Offshore Banking Unit, with the registered office at B.A. Building, I.I. Chandigarh, Karachi. Since, its inception as the new identity of H.C.E.B after the privatization in 1997, the management of the bank has implemented strategies and policies to carve a distinct position for the bank in the market place. Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have an extensive range of products and services. This facilitates their commitment to a culture of innovation and seeks out synergies with clients and service providers to ensure uninterrupted services to its customers. The bank perceived the requirements of customers and matches them with quality products and service solutions. During the past five years, bank has emerged as one of the foremost financial institution in the region endeavoring to meet the needs of tomorrow as well as today. To continually upgrade the quality of service to the customers, training of team members in all the integral aspects of banking, customer service and IT was specially focused. The portfolio concentrates on all aspects of conventional banking as well as the financial needs of corporate sector. Dynamic and high value product includes Car Financing, Home Financing, Rupees Traveler’s Cheques, Credits Cards, Debit Cards, Online Banking, ATM and consumer Durables. In addition to this, Islamic Banking Division is a recent initiative,

which operates as separate branch. It offers Shariah Compliant products through a network of five branches, which will increase to 50 by the coming years. The bank is committed to combine all it s energies and resources to bring high value, security and satisfaction to its customers, employees and shareholder. The Bank has invested in revolutionary technology to have an extensive range of products and services. This facilitates commitment to a culture of innovation and seeks out synergies with client and service providers to ensure uninterrupted services to its customers.

NATURE OF BUSINESS
Bank Alfalah is a banking company incorporated in Pakistan on 21 June 1997.the bank registered office is at B.A building I.I Chandigarh road, Karachi. It is listed on Lahore, Karachi and Islamabad stock exchanges as well in the same year. The bank is engaged in banking services as describe in the banking companies ordinance, 1962. Now it’s operating in many major cities of Pakistan through 166 branches all over the nation.

ORGANIZATIONAL STRUCTURE

President (CEO)

Head of Department Or Senior Executive Vice President

Executive Vice President

Senior Vice President

Vice President

Assistant Vice President

Officers Grade I II III

Clerical Staff

Non-clerical Staff

Cashier staff

Typist

Clerks & Assistants

Guards

Other

BAL’s VISION STATEMENT

“To be the premier organizations operating locally and internationally that
provided the complete range of financial services to all segments under one roof”

BAL’s MISSION STATEMENT

“To develop and deliver the most innovative products, manage customers
experience, deliver quality service that contributes to brand strength, establishes a competitive advantage and enhances profitability, thus providing value to the stakeholders of the bank”

COMPETITIVE PROFILE MATRIX (CPM) FOR BAL
BAL Critical Success Factors 1. Market Share 2. Customer Service 3. Branch Network 4. Organization Structure 5. Management Experience 6. IT infrastructure 7. Price Competitiveness 8. Product variety 9. PACRA Rating 10. Global Expansion Total
*Key to Bank’s Acronyms: BAL: Bank Alfalah Limited HBL: Habib Bank Limited NBP: national Bank of Pakistan UBL: United Bank Limited SCB: Standard Chartered Bank

HBL
W. Ratin g W. Score

NBP
Ratin g W. Score

UBL
Ratin g W. Scor e

SCB
Ratin g W. Score

Weigh ts

Ratin g

Score

0.13 0.09 0.12 0.11 0.10 0.12 0.09 0.11 0.06 0.07 1.00

2 3 3 2 3 4 2 3 3 2

0.26 0.18 0.36 0.22 0.30 0.48 0.18 0.33 0.18 0.14 2.45

4 3 4 3 4 3 3 3 3 4

0.52 0.27 0.48 0.33 0.40 0.36 0.27 0.33 0.18 0.28 3.42

4 4 4 3 3 4 4 4 4 3

0.52 0.36 0.52 0.33 0.30 0.48 0.36 0.44 0.24 0.21 3.76

3 3 4 3 4 4 2 3 3 2

0.39 0.27 0.48 0.33 0.40 0.48 0.18 0.33 0.18 0.14 3.1 0

3 4 3 4 3 4 4 4 4 4

0.39 0.36 0.36 0.44 0.30 0.48 0.36 0.44 0.24 0.28 3.65

Interpretation of Ratings: 1: Major Weakness;2: Minor Weakness 3: Minor Strength; 4: Major Strength

SWOT ANALYSIS
BAL’s STRENGTHS
Since, inception of Bank Alfalah, it has moved rapidly in expanding branch network and deposit base, along with making profitable advances and increasing the range of products and services bank have made a breakthrough in providing premier services at an affordable cost to our customers. Bank Alfalah has been awarded an AA- (double A minus) and an A1+ (A one plus) in the long and short term respectively by the PACRA. These rating denote very high credit quality and very low expectation of credit risk. The main source of a financial institution is public savings in this regard public confidence plays a vital role. So, the confidence of customers is the main strength of Bank Alfalah. In order to maintain an effective communication of information regarding the need of valued clients, bank has designed its website to be as userfriendly as possible. This facilitates to pursue the path of excellence and customer satisfaction through delivering higher quality of services, thereby adding synergy to our existing management expertise, financial strength and profitability. Hence, it’s a channel of communication for the delivery of quality products and services that enhance value to our stakeholders. BAL’s WEAKNESSES As per Bank policy, advertising and publicity is not extensively

emphasized. Through advertisement customers could be kept abreast with the products and services. The main focus of Bank is major cities of Pakistan. It is direly needed to extend its network and people should be educated about the functioning of bank. Since, Bank Alfalah has strong set up in UAE and Middle East, therefore, specifically those areas of Pakistan should be targeted where

large numbers of people are working abroad. Hence, bank could avail an excellent deposit rate by using its annual budget specified for network extension.

BAL’s EXISTING OPPORTUNITIES
The life cycle of an organization is comprised of threats as well as opportunities. If we say, today the rates of challenges are too high but simultaneously the rate of opportunities is also high. It is mandatory to try to make progress with consistency as well as to adapt changes with the needs of time, in order to cope up with both conditions. In the prevailing scenario, Bank Alfalah could penetrate further and could capture various corporate customers in addition to the retail customers by expanding their network. Similarly 5% annual growth in the agriculture sector brings new opportunities for Bank Alfalah. It can offer new products under the umbrella of micro-financing to farmers and harvesters. In addition to the excellent routine banking, it has earned a good name by offering special products like car financing, home financing and credit card. With the passage of time Bank Alfalah has gained trust and fair reputation among customers therefore, BAL should avail this opportunity and try to penetrate into smaller towns and rural areas where there is an increased demand for commercial banking. Bank Alfalah has also seen increase in banking operations in its overseas branch, which is due to the fact that increased number of Pakistani residents working abroad send their money home and use various other services. BAL should take pro-active steps to introduce more focused services and better pricing to develop a loyal customer base abroad. This can later help in global expansion of the bank. Bank Alfalah has also established its Islamic Banking division. This has attracted a large number of customers, who don’t want to deal with interest bearing banking. Therefore, aggressive approach baked by highly favorable policies by State Bank of Pakistan can offer promising results for BAL.

BAL’S POTENTIAL THREATS
While doing business, threats are part of the game. Especially, in this era, most of the financial institutions are working as Private Limited Company and facing or have a fear of threat from their competitor as well as new entrants. In order to maintain as well as to enhance the market share, banks always try to introduce new products and services. Hence, the environment requires innovative and adaptation to the needs of customers. Though, Bank Alfalah has a strong footing and maintains a good number of loyal customers, still bank has threats in various sectors:
• • •

In Car Financing MCB & UBL are the main threats. In Home Financing Union Bank or to some extent NBP are threats. In Credit cards, Bank Alfalah captured the market share of Citi Bank and Standard Chartered Bank. Till yet the bank has no prominent threat. But, the launch of Askari Bank Master Card and Union Bank Card might be threat after some time.

Due to the aggressive policies pursued by State Bank of Pakistan, many new threats have emerged for bank Alfalah. These include the increase in discount rates; minimum cash reserve requirements and the instructions to improve the Capital Adequacy Ratios. The threat of foreign banks which are entering the market through mergers and acquisition is also critical in nature. Recently Barclays Bank started its operations in Pakistan and now followed by Bank Muscat which is consortium of many leading banks in Oman, now entering the Pakistani market through acquisition of Saudi Pak Bank. Such activities should be closely observed and proactive measures should be taken to avoid them.

GOALS & OBJECTIVES
Goals and objectives are factors through which the company’s devotion and commitment to the job can be seen. If the goals are realistic and achievable, than surely that organization is doing its job. Bank Alfalah also has certain goals and objectives which it is trying to achieve, through its various strategies and operations. The goals and objectives are mentioned below: 1. To create a sound base, and through efficient systems achieve modern banking throughout Pakistan.
2.

By the end of every accounting year there is an increase in deposits. Deposit at 2009 year end were approx. 293 Billion a targeted increase of 12.5% is expected.

3.

To create unit banking network in all the branches of Bank Alfalah, the end of the year. This means that all the operations of the bank, i.e. deposits to advances, imports, exports, L/C opening, foreign currency and many more aspects under one roof, so that the customer can be facilitate in one visit.

4.

Islamic Banking is one of the goals of Bank Alfalah though it has been initiated in the last fiscal year and it is very acceptable for general public. However, there is lot of work to do for successful implementation of the Islamic Banking Plan. In this regard the Bank is opening specific Islamic Banking Branch under the supervision of its Islamic Banking Division.

MARKET ANALYSIS

Bank Alfalah captures the market by its unique features as shown in the above diagram according to a survey conducted by THE NEWS a local news paper. Any environment which interacts with the functions and operations of a company should be properly studied and evaluated so that the environment only benefits the company rather than affecting it negatively. Like other institutions, Bank Alfalah also has a marketing effect on its functions. There are three simple segments for banks in the market
 Deposits  Advances  Competitors

1. Deposits
Depositors are the main source of profit generation for the bank. Alfalah offers depositors numbers of incentive by virtue of which they too care make same money. Alfalah relies on depositors & workers to increase their volume every year. This is evident from the fact that the growth rate increased 48.40% during 2002-03, as this growth rate is satisfactory it is a must that this environment of deposit growth should not decline.

2. Advances
Advances are basically what Alfalah give to people asking for money. If there shall be more people depositing money. There will be more asking for advances as well. Banks tend to make profit by giving advances at a rate higher than what they owe to the depositors. The difference is the banks profit. If the environment is healthy then more & more people will be asking for advances for business and other options. It is also evident from the fact that during the year 2002-03 the advances growth rate is 71.12%.

3. Competitors

Competitors

should

always

be

studied

with

great

care,

because

competitors can greatly influence an organization position. Bank Alfalah has a lot of competitors because in a short span of 5 year it has achieved what not many banks had achieved. This leads to competitions. Similarly Bank Alfalah should keep a tag on the competitors move or any other new technology it is introducing, because to sustain in the micro environment, a competitor has to be viewed with a lot of care.

4 P’s
PRODUCT

Comprehensive and Diversified Product Portfolio: With the mission to provide all-encompassing banking services to the customers, Bank Alfalah has a uniquely defined menu of financial products. Currently it is one of the most comprehensive portfolios of personalized financial solutions that are custom-tailored to serve the requirements not only of conventional customers but also fulfill the needs of the corporate sector:  Car Financing  Rupee Travellers Cheques  Online Banking  Credit Cards  ATMs  Home Financing  Islamic Banking  Corporate and Structured Financing

Car Financing Car Financing is one of the major renowned products of Bank Alfalah and can be utilized in terms of Financing of Used Vehicles, Loan against Car, Balance Transfer Facility, Refinancing Facility (only for Alfalah Customers) and it is characterized in terms of:  Lowest Mark up  Lower Insurance
 Quick Processing

 Lower Down Payment

Home Financing Major features of Bank Alfalah Home Financing are Lowest Mark-up, Quick Processing, Multiple Repayment Options and Free Valuation. It has been

bifurcated in terms of “Home Buyer, Home Construct, Home Improver, Home Balance Transfer Facility”.  Financing Limit
 Tenure

: :

upto Rs. 10,000,000/upto 20Years : 30% Borrower / 70% Bank

 Equity Participation

Rupee Travelers Cheques Rupees Travelers Cheques are as good as cash and are accepted at the major shops, travel agents, hotels business establishments and all over the country and abroad. This service is being offered to facilitate instant fund availability to travelers and business people who used to carry a large sum of money with them. Credits Cards Bank Alfalah Visa Card is everywhere and globally accepted and welcomed at locations displaying the VISA logo. It is accepted at nearly 30 million merchants and 870,000 ATMs in more than 150 countries around the globe and over 10,000 establishments in Pakistan. Alfalah VISA pays for shopping, travel, entertainment, meals and much more. Debit Cards Bank Alfalah Limited presents Alfalah Hilal Card, the first Visa Electron International Debit Card which gives an unlimited access to current / savings account with a simple swipe, at millions of retail shops and ATMs, worldwide. The Alfalah Hilal Card comes with a host of conveniences and benefits combined with the wide reach of Visa Network enabling it to be accepted at more than 840,000 ATMs and 13 million retail outlets around the world, making it the most acceptable Debit Card available in Pakistan. On Line Banking To provide enhanced and value added products to customer bank is constantly striving for additional facilities. Bank provide fully automated on-line telephone banking facilities to its customers enabling them to

carry out banking transactions like balance inquiries, statement requests, product information and exchange rate.
Automated Teller Machine (ATM)

The bank offers 24 hours self service banking facilities to it customers on country wide basis through deployment of Automated Teller Machine. This system allows the banking facilities such as cash withdrawals, cash deposits, funds transfer, balance inquiries and account statements. Electronic cash dispensing facilities are available in major cities of Pakistan. All ATMs are linked through a state-of-the-art Satellite Based Communication System which offers 24 hours real time service. Islamic Banking A separate division was initiated, which operates as separate branch. It offers Shariah Compliant products through a network of five branches, which was increase to 50 by the year 2007. Islamic Banking has launched following products with the perception that these are in accordance with the Sharia Principles.  Alfalah Masharaka Homes  Murabaha Finance  Aflalah Car Ijarah Corporate and Structured Financing The portfolio concentrates on all aspects of conventional banking as well as the financial needs of corporate sector including dynamic and high value product.  Loaning against securities  Letter of Credit  Letter of Guarantee  Demand Finance

PLACE

The bank has about 230 branches currently operating in Pakistan out of which the details of some branches are as under:
Sr. No. Branch KARACHI 1. Main Branch B.A. Building, I.I Chandigarh Road, Karachi 2. 3. Clifton Branch, Karachi Korangi Karachi 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. Muhammad Ali Jinnah Branch, Karachi Sharah-e-Faisal Branch, Karachi Defence Branch, Karachi Gulshan-e-Iqbal, Karach Cloth Market Brach, Karachi Jodiah Bazar Branch, Karachi North Karachi Branch, Karachi KESC Branch, Karachi Paper Market Branch, Karachi North Napier Road, Branch, Karachi S.I.T.E Branch, Karachi PECHS Branch, Karachi Timber Market Branch, Karachi Bahadurabad Branch, Karachi LAHORE 18. 19. 20. LDA Plaza Branch, Lahore Defence Branch, Lahore Township Branch, Lahore 042-6306201-10 042-5729772-6 042-5114722-23 021-7750627-30 021-4313536-8 021-5374330-5 021-4984937 021-2401621-26 021-7532482-84 021-698760 021-2417515-9 021-2211353-8 021-7540067-68 021-2582114-16 021-4535861-2 021-7750635-9 021-4128578-81 Industrial Area Branch, 111-777-786 021-2414030-9 021-583778-2 021-5065701-2 Phone Number

Sr. No. 21.

Branch Gulberg Branch, Lahore

Phone Number 042-5877800-8 042-5757791-2

22. 23. 24. 25. 26. 27.

Circular Road Branch, Lahore Badami Bagh Branch, Lahore Allama Iqbal Brach, Lahore Shah Alam Branch, Lahore Shadman Branch, Lahore Mall Road, Branch, Lahore RAWALPINDI

042-7638256-8 042-7708291-5 042-5432961-3 042-7673401-6 042-7538116-8 042-7350033-35

28.

Main Branch, The Mall, Rwp.

051-5582288 051-566084-6

29.

Satellite Town, Branch, Rwp ISLAMABAD

051-4424080-5

30.

Blue Area Branch, Islamabad

051-2275286 051-2270193 051-206986-7

Branches in Other Cities 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. Liaqat Road Branch, Sargodha Sarwar Road Branch, Sahiwal College Road Branch, D.I Khan Saidu Sharif Road Branch, Mangora Saddar Branch, Hyderabad Islamia Road Branch, Peshawar Cantt Branch, Peshawar Hospital Road, Nawabshah Liaquat Bazar, DG Khan Circular Road, Gujrat 0451-724138-9 0931-73631-2 0961-711730-3 0936-726745-6 0221-786020-2 091-287051-5 091-287051-5 0214-62127-9 0641-468201-4 0433-530219

Sr. No. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51.

Branch Bank Road Branch, Mardan The Mall Branch, Wah Cantt. Circular Road Branch, Bahulpur Cantt. Branch Jhelum Abdali Road Branch, Multan Paris Road, Branch, Sialkot Liaquat Road Branch, Faisalabad G.T Road Branch, Gujranwala Frefre Road Branch, Sukkur Shahi Road Branch, Rahim Yar Khan M.A Jinnah Road Branch, Quetta

Phone Number 0931-73631-2 0596-539426-8 0621-889922-5 0541-610022 061-546792-6 0342-591741-43-44 041-617436-39 0431-255556-16 071-28173-75 0731-84771-73-79 081-827567

ISLAMIC BANKING BRANCH NETWORK 1. Islamic Banking Main Branch 66, Main Boulevard, Gulberg, Lahore 2. Islamic Banking Y-Block Branch 93-Y, Phase-3-C, DHA, Lahore Cantt 3. Islamic Banking Katchery Branch Kutchyery Bazar, Faisalabad 4. Islamic Banking Jinnah Avenue Branch REDCO Plaza, Islamabad 5. 8-E, Blue Area, 021-2472001 051-2879589 041-603021-25 042-5746191-95 042-5715241-5

Islamic Banking Uni Tower Branch UNI Tower, Karachi I.I Chundriger Road,

6.

Islamic Banking McLeod Road, Branch Plot No. 13, McLeod Road, Lahore

042-7211640

7.

Islamic Banking Faisal Arcade, Branch G.T Road, Gujranwala

0431-557301-5

8.

Islamic Banking Murree Road Branch

Sr. No.

Branch Near Ministry of Defence

Phone Number

PROMOTION
Promotion means how you promote and publicized your product in your target market and segments. So many ways are there for promotions like…. Personal Selling: It is an effective way to manage personal customer relationships. Normally banks hire sales force and team for this task. All were trained and well prepared to handle any situations. In Bank Alfalah, they got sales force which calls or go to the old and new customers and told them the new packages and schemes to them. In this technique, bank employees interact face to face with the customers. Public Relation: Public relation is defined as “the deliberate, planned and sustained effort to establish and maintain mutual understanding between an organization and its customers”. Now a day’s most of the organizations around the world are trying to focus on customer satisfaction rather than profit or any other thing. Bank Alfalah is very keen about their customers and very much concern about customer loyalty. They are continuously trying for better service, more customer loyalty and customer satisfaction. Whenever they introduce any new scheme or package for customers, their main priorities are the customer’s choices and preferences. They have a mind set of making a special bounding with all the customers. Direct Mails Direct mail is the method in which banks send their customers mail for different purpose like annual reports, financial report, monthly charges report, greeting cards, news and information just to inform their customers about their events.

Advertising Advertising is a “paid for “communication. It is used to develop attitude, create awareness and transmit information in order to gain a response from the target market. There are so many media like news paper (local, national) magazines and journals, television, cinema, posters, banners, bill boards, pamphlets etc. all are the medium from which you can use to communicate to your customers and can convey your message to them. Bank Alfalah is using all medium for its different product promotions like television ads, radios programs, news papers, and bill board at prime location, posters and newsletters to its old customers. And still they are using heavy budget on advertisement as it is now a strong medium to capture market share and profit. Sponsorship Bank Alfalah is also sponsor many events and causes as a part of its promotional activities like sponsoring different sports events, charities, TV shows and programs, local and international events and other same kind of events.

LONG TERM OBJECTIVES
The long term objectives that we have developed for these strategies are as follows; 1. 2014. 2. 3. 4. Increase the deposits of the bank by 16% each year. Increase the advances of the bank by 22% each year. Expansion to other areas by increase the number of branches to 2014. Increase the paid-up capital of the bank to at least Rs. 20 Billion by

800 by year 5. 6. 7. 8.

Add minimum of 20 dedicated Islamic banking branches each year. Improve returns on assets to a minimum of 25% Improve returns on equity by 9% each year. Gradually shift from existing banking software to the upgraded

ones. This transition should be covered in next 2 years in phases. 9. 10. Achieve the PACRA rating of AA+ and AAA in next 2 years. Improve the customer experience at Bank Alfalah by offering banking and Islamic banking solutions under one roof.

conventional 11.

Develop strong foot-hold in UAE by opening overseas branches and increasing operations within the next 2 – 3 years.

FINANCIAL PROJECTIONS The financial projections assumed here are on the basis of successful strategy execution. The strategies that we have developed will considerably improve the future outlook of Bank Alfalah and thus efficient execution will establish stronger financials that will provide basis for further strategy development.

Years Paid-up Capital Deposits

2007 6.5 Billion 273.1 7 Billion 171.1 98 Billion 4.536 Billion 1.04 % 25.72 % 32 Rs.

2008 6.9 307.2 5 193.2 4 5.009 1.3% 28.03 % 39 Rs

2009 7.2 341.2 2 215.5 7 5.809 1.56% 32.05 % 42 Rs.

2010 8.7 402.5 6 248.7 8 7.316 2 1.82% 35.15 % 49 Rs.

2011 8.8 434.7 3 272.4 8 7.969 2.08% 38.90 % 55 Rs.

2012 8.85 477.3 8 293.1 3 8.623 2.34% 41.0 % 63 Rs.

2013 8.9 511.1 2 312.9 0 8.276 2.6% 43.25 % 69 Rs.

2014 9.0

534.52

Advance s EBIT % ROA ROE Market Value of Share

330.22

8.929 2.86% 45.20 % 81 Rs.

*These financial projections are based on assumptions

MONITORING AND CONTROL
Bank’s management can establish a dedicated internal controls team that will ensure that the banking operations are being conducted in compliance to banking standards. PACRA ratings provide an excellent standard that can be used to gauge bank’s performance. Moreover, the financial performance can be compared with the established goals and short- term objectives in order to check the level of performance.

Incase, there is some deviation from the annual goals, an external and internal analysis can again be conducted in order to understand the changes if any that have took place and then adjust short term and long term goals accordingly.

REFERENCES & BIBLIOGRAPHY
PDF Files: • Bank Alfalah Annual Report 2008-09 • Bank Alfalah First Quarter Report 2009 • Economic Survey of Pakistan 2008-09 • Economic Performance FY 2009 • Banking Ordinance of Pakistan • PACRA Ratings June 2009 Strengthening of Capital Requirements for the Articles and Literature:

Banking Industry to Promote Further Growth in Financial Intermediation.

• • • • • • • •



Online Sources: www.bankalfalah.com www.habibbankltd.com www.ubl.com.pk www.mcb.com.pk www.standardchartered.c om/pk www.sbp.org.pk www.pacra.com www.finance.gov.pk

Title: FPCCI rejects banks demand for increase in interest rate Source: The Nation August 8, 2008 By Staff Reporter Title: What prompted SBP to fix minimum return on bank deposit? Source: IN FOCUS June, 2008 By M. Idrees Khawaja Title: Commercial banks directed to enhance paid up capital from Rs 2b to Rs 8b in 2008 Source: SUNDAY TIMES Sunday, July 01, 2007 By Mushfiq Ahmad Title: Competition compels local banks to meet global standards Source: THE NEWS INTERNATIONAL 2/21/2008 Title: The Banks’ New Clothes By Shujauddin Qureshi Title: NPLs emerge as threat to banking sector Source: The DAWN September 07, 2008 By Khwaja Iqbal Title: Inflation made worse by Pakistan People's Party government Source: Pakistan Daily Tuesday, 29 July

Title: BankMuscat about to enter Pakistan through acquisition of 35% stake in Saudi Pak Commercial Bank Source: AME INFO Wednesday, January 23 - 2008

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