The State Bank of Pakistan has issued a licence to Khushhali Bank Ltd. under
Micro Finance Institutions Ordinance, 2001 which will be effective from April 01, 2008.
The fresh licence is issued after the cancellation of the licence of Khushhali Bank
with effect from the close of business on March 31, 2008. The Khushhali Bank’s licence
has been cancelled in pursuance to the scheme of Transfer of Assets and Liabilities of
Khushhali Bank to Khushhali Bank Limited (KBL) through liquidation of Khushhali
Bank, sanctioned on March 18, 2008 under Section 47 of Khushhali Bank Ordinance
2000.
It may be pointed out that under Improving Access to Financial Services
Programme all Micro Finance Banks including Khushhali Bank (KB) needs to operate
under the same legal/regulatory framework i.e, Micro Finance Institutions Ordinance
2001. Accordingly, SBP granted a licence to the Khushhali Bank Ltd. under Micro