15th Annual General Meeting
The 15th Annual General Meeting of the Association held on September 29, 2025 at the Conference Hall of the Association as well as through Zoom video link.
The Chairman of the Association Mr. Basheer A. Chowdry welcomed the participants and brief about the initiatives taken by the Association during the period. The Chair thanked all the participants and briefly updated the participants about the efforts of the Association on the following critical issues of the Sector:
He said that the Association has remained engaged with the following Challenges of the Sector and informed that the issues were communicated to SECP during the Yearbook 2024 launching ceremony held on May 27, 2025 and in follow up correspondence.
- Lack of Financial Inclusion
- Stamp Duty Issue
- Misapplication of Sales Tax
- BVPN Facility Issue for CNIC Verification
- Practical implications of Consent Management system of NADRA
- Stamp Duty Issue on Financing Agreements of the lending entities of the Sector
- Stamp Duty on Purchase order under Article 15(b) of Stamp Act, 1899
- Imposition of sales tax on gross Ijarah rentals makes it unviable financing option
- Withholding tax on income is non-adjustable for many corporate lenders. Minimum tax regime adversely affects low-margin NBFCs
- Multiple regulatory regimes for different types of NBFCs (Modaraba, leasing, investment finance, housing finance, etc.).
- For early approval of revised Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 from National Assembly.
- To review and to revise Credit Rating from AAA to AA for Money Market Funds to invest in NBFI.
- SECP initiative for transformation of Association to Self Regulatory Organization (SRO).
He stressed on the strong need to strategically prioritize capacity building through continuous training to effectively face the challenges emerging in the fast evolving financial landscape. The recent decision to pool resources for training initiatives is a vital step toward maintaining our competitive edge. With the mandated conversion from conventional to Islamic banking by January 1, 2028, in compliance with the FSC order and constitutional ordain, our members will face significant competition from established Islamic Banks. He also stressed for adaptability to the changing environment which is essential for our sustained survival and growth.
Thereafter the AGM considered and adopted the Audited Financial Statements of the Association for the year ended June 30, 2025 together with Chairman’s Report and Auditor’s Report and approved the appointment of M/s. Jawed Abdul Ghaffar & Co., Chartered Accountants as Auditor for the year ended June 2026.
The AGM also considered and unanimously Resolved and approved the amendments in the Memorandum & Articles of Association as per general instructions vide letter No. F. No. 17(31)/2008-Admn dated May 02, 2025 of The Directorate General of Trade Organizations (DGTO) regarding amendments in Memorandum and Articles of Association (M&AOA) of Trade Organizations
