Banks Waived Off Rs.4,653 Mln Loans Since March 2010: Senate Told

Muhammad Rameez Published February 14, 2017 | 05:10 PM

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Feb, 2017 ) : Minister for Law and Justice Zahid Hamid Tuesday informed the Senate that under the laid down guidelines of State Bank of Pakistan (SBP), 19 banks have written off principle amount of Rs.

4,653 million since March 2010. Responding to various supplementary questions during Question Hour the Minister clarified that the loans were waived off by the banks rather and the government had nothing to do it.

Giving the breaks up, he said Al Baraka Islamic Bank waived off Rs. 3.250 million, Allied Bank Rs. 271.583 million, Askari Bank Limited Rs.1.027 million, Bank Al Habib Limited Rs.0.255 million, Bank Al-Falah Rs.

230 million, Bank Islami (Ex-KASAB Bank) Rs.540 million, Faysal Bank Rs 110.570 million, First Women Bank Rs.0.065 million, Habib metropolitan Bank Rs.3.086 million, JS Bank Rs.10.833 million, NIB Bank Rs.440.177 million, SAMBA Bank Rs.0.165 million, Silk Bank Rs.50.212 million, Summit Bank Rs.12.480 million, Standard Charterd Bank (Pakistan) Rs.

819.947 million, Soneri Bank Rs.0.248 million, The Bank of Punjab Rs.0.460 million, United Bank Limited Rs.971.080 million and Zarai Taraqiyati Bank Rs.1.187.365 million.

To another question, Zahid Hamid said efforts are underway to gradually adopt Islamic mode of financing in the country. He said SBP has allowed three types of Islamic Banking whereas every bank operating in the country has its own Shariah board to seek guidance for Islamic banking.

The minister said over 2000 branches of 21 banks were operating in across the country to provide Islamic Banking to customers in addition to other services. To a question, he said general sales tax (GST) on gas and industrial sector has not been increased.

He said 17 per cent standard rate of GST on supply of gas to industrial sector was being charged. Zahid Hamid said Federal Board of Revenue (FBR) a sum of Rs.208.153 million from marriage halls and marquees in Islamabad under Income tax and GST heads during fiscal year 2016-17.