In a Democratic Pakistan, Can I ask if NIB Bank is Guilty?
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According to some media reports, NIB Bank gave an unprecedented relief to Galaxy Textile Mills, owned by Mr Feroz, husband of Pakistan’s Foreign Minister Hina Rabbani Khar. 
If reports are to be believed, NIB Bank rescheduled Galaxy’s short and long terms loans, taken six years back, of Rs 19 Crore for next 10 years and to put cherry on top of this deal, all of the markup has been waived.
“After deal, totally against bank rules and regulations, between Galaxy Textiles Mills and NIB Bank, all loan default cases in banking courts and Lahore High Court have been withdrawn,” it added.
The loan of Rs. 13 Crore was taken from PICIC Commercial Bank and Pakistan Industrial Credit Investment Corporation Limited on short term and long term basis. The borrowers include Hina Rabbani Khar’s father in law Arif Gulzar, spouse Feroz Gulzar and brother in law Asad Gulzar.
Later both the financial institutions were merged as NIB Bank with approval of State Bank of Pakistan.
According to reports, about Rs. 10 Crore of debt were taken from PCBL in different dates and for different time period. The debt had to be paid back till July 31st, 2007, but it was not paid by Gulzar family.
Similarly a long term debt of Rs. 9.8 Crore was borrowed from PICIC Bank which was to be paid till January 2007. Afterwards, on request of Arif Gulzar and Feroz Gulzar, debt was rescheduled in 18 installments, but it was still not paid.
If I ask someone whether this rescheduled loan of Rs 19 Crore will ever be paid? It would be a stupid question to ask. After all, ‘Who really cares and who will really remember after ten years?’.
But what we can ask: Is NIB Bank guilty of rescheduling loans like this given their swelling losses?
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Was that according to Central Bank rules?
For ensuring the terms and condition laid down in Islamic banking (an alternative to conventional bank) the prescribed policy should be followed strictly however academic, Institution, active professional and Scholars are there to guide if the situation does not cover or it needs to explore further having market insights under discussion to formulate a concrete policy destined in Holy Quran to genuinely implement Islamic Sharia in principal without compromising the destined rule.
Hello! Ali ,
In light of your entitled discussion involving Democracy , Pakistan , Banking and of course , Her Majesty Mrs. Hinal Rabbani Khar , the Foreign Minister , your are overreacting .
Information on Frauds for sharing in the name of the principal account ,area of operation, nature of fraud with modus operandi , date of occurrence , date of detection and non-observance of banking compliance will be alert tones ringing in the ears of the Reserve Bank of Pakistan , the Central Banking Authority for Pakistan .
Cheating , Forgery , Miaappropriation , Criminal Breach of Trust , Irregularities in Foreign Exchange Transactions , Fraudulent Encashment , Manipulation of Books of Accounts with Conversion of Property , Creations of Company Directors’ non-existent parties , Initialing Motives , Ulterior Motives and usurping over delegated limited powers
have led to expansion of Banking Intelligence Services and Secrets Surveillance {BISSS} .
You know that the recently appointed World Bank’s President , His Excellency Jim Yong Kim has said that evidence-based solutions over ideologies would be his approach to different Countries in the World !!
Current Account transformations manifest as a regular feature in customer-oriented Banking Business . Newly-formed Company like the NIB might provide the threshold for advanced banking practices .That alone is worth an extra thought !
sd/- Dr.Rojukurthi Sudhakar Rao ,
[...] By Ali Ahmad · Monday, May 14, 2012 0 Comments The trend of changing political parties by big guns in country politics scenario is popular nowadays but the phenomenon is always in fashion in the banking when a financial tycoon quits a leadership one bank from another one most often on merit basis as if in the case of if Adil Rashid, a senior and finest bank, current quit Bank Alflah to join NIB Bank. [...]