Paper
Pakistan: Application for Establishing Microfinance Bank/Institution under MFIs Ordinance 2001
Outlining formalities for establishing a MFI in Pakistan
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This is an application to the State Bank of Pakistan for the establishment of microfinance banks/institutions (MFB/MFI) under the MFI Ordinance Act 2001.
Some of the information to be furnished as part of the application process includes:
- Subscription details in thousand rupees, subscription as percentage of total paid up capital and personal net worth;
- Details about the proposed President of the MFI, commitment letters by the sponsor directors.
Along with this, some of the other information that are required to be furnished include the:
- Feasibility report of setting up the MFB/MFI in the specified area;
- Information on area(s) of operation, whether it would be in a particular district, province or the whole country;
- Organization structure along with the curriculum vitae of the senior management team;
- Microfinance model(s), the proposed MFB/MFI would be using for extending microfinance services;
- Short term and long term business plans.
The document further outlines that as processing fee, pay order or bank draft for Rs.500, 000/favoring the State Bank of Pakistan is to be attached with the application form.
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