Pakistan: Khushhali Bank Ordinance, 2000
This document outlines the provisions of the ordinance passed by the President of Pakistan on the constitution of Khushhali Bank (KB), a concept that intends to mobilize funds for providing sustainable microfinance services to the poor, particularly to the women clients.
The document mentions that the main objective of the ordinance was to enable institutions to mitigate poverty and promote social welfare in Pakistan. It further mentions that in doing so, the KB would attempt to ensure economic justice through community building and social mobilization. The document, in the form of chapters, details out:
- General provisions of the ordinance;
- Organizational details about establishment, objectives, functions and powers of the KB;
- Total authorized capital, subscription, sale and transfer of shares which was about five billion rupees;
- Management and administration details outlining the role, functions and power of board of the directors;
- Reserves and exemptions the bank was to maintain along with the kind of auditing processes it had to undergo.
The document also outlines the process for making internal regulations for the bank and the cognizance procedures in case of offence committed against it.
