Distinguished guests, Ladies and gentlemen

AOA

On behalf of the Association I warmly welcome all the worthy guests who have taken the time out from their busy schedules to grace this occasion with their presence. The presence of Mr. Mujtaba Ahmad Lodhi, Commissioner (SCD), SECP as chief guest, Ms. Khalida Habib, Executive Director, SECP and Ms. Musarat Jabeen, Executive Director, SECP is indeed very heartening and a matter of honour and pride for us. Today is an important day for us as on this day by presentation of a copy of the Year Book 2022 to the worthy Chief Guest we would be launching the much awaited Year Book 2022 which is a noteworthy reflection of our Sector's financial performance, showcasing both individual and collective achievements of our members.

We are also thankful to Mr. Aamir Khan, Commissioner (ID), SECP, Ms. Khalida Habib, Executive Director, SECP, Ms. Musarat Jabeen, Executive Director, SECP, Mr. Tariq Nasim, Addl. Director & Registrar Modaraba, SECP and other Executives of NBFCs and Modaraba Wing, who have always been supportive and helpful to us for resolving the issues of the sector from time to time.

I am extremely thankful to our members for having faith and confidence in the Association and for sharing all their genuine concerns on every issue with us. Association at its end has spared no effort to ensure that their genuine concerns are brought in the knowledge of concerned authorities for redressal and has also succeeded in resolution of some of them. For this Association is extremely grateful to the SECP as without the help of SECP it would not have been possible for it to help get the issues of its members resolved.

I am also very grateful to the Chief Guest as his presence here signifies the importance SECP attaches to the sustainability and growth of our sector and its contribution to the national economy. We are highly indebted to you sir for your unwavering support for and invaluable guidance to the Sector and hope that under the visionary leadership of the SECP the sector would be able to overcome all its problems and attain greater heights.

The commitment of SECP to facilitate and foster growth within our sector is evident in the proactive measures taken by two distinguished Commissioners SECP, Mr. Abdul Rehman Warraich and Mr. Mujtaba Ahmad Lodhi, both of whom held virtual and physical meetings with the association to gain a first-hand knowledge of our members problems with a view to help our members in the areas in which they needed help. We extend our sincere thanks to both of them for taking this bold initiative and hope that they will continue such engagements with us in the times to come till the time all our genuine concerns are addressed by the concerned authorities.

Respected sir today we have gathered here to celebrate the launch of the Yearbook 2022. I on behalf of the association extend my heartfelt gratitude to each and every member of our association for his dedication, hard work and unwavering commitment for the remarkable financial performance achieved during the financial year 2021-2022. The Yearbook 2022 serves as a testament to our sector's resilience, adaptability, dedication and commitment.

While going through the contents of the Yearbook 2022, I would urge all of you to reflect on the accomplishments of the sector and to feel inspired by the success stories of its members in the face of challenging economic conditions. Let this yearbook serve as a reminder of what we are capable of achieving when we join hands, pool our resources, and work towards a common goal.

We would also take this opportunity to once again draw your kind attention towards certain initiatives taken by the association on which certain progress has been made by the association with your help but closure is still to be achieved:

1. Financial Inclusion of the Sector in Government sponsored SBP lending Schemes for SMEs.
2. Approval of Draft Modaraba Ordinance 2020.
3. No limit of depreciation on the leasing company for lease finance.
4. Insurance coverage to the Deposits of the Investors.
5. Increase of Per Party / Per Group Exposure.
6. Removal of unjust chargeability of Sales Tax on Gross Ijarah Rentals.
7. SECP to act as lender of Last Resort for lending entities of the Sector.
8. Formulate modalities for creation of Sink Fund.
9. Issue of IFRS-9. Under NBFCs Regulations, 2008, the IFRS-9 compliant entities are subjected to additional burden of time based provisioning.
10. To take effective measures for acquisition of membership of the Association by newly SECP licensed entities under Rule 7(1)(j) of NBFC (Establishment and Regulation) Rules, 2003.

Before ending my speech I would like to once again express my gratitude to all of you for gracing this occasion with your presence. Together, let us celebrate the achievements of our sector, applaud the efforts of each and every individual, and commit ourselves to perform to the best of our abilities in the future.

Thank you, and I wish you all a memorable evening.

Mahfuz-ur Rehman Pasha