BAJK Achieves Major Milestone with Board’s Approval for Share Issuance

Muzaffarabad: Bank of Azad Jammu and Kashmir (BAJK) reached a significant milestone after its Board of Directors approved the issuance of shares to the Government of Azad Jammu and Kashmir. This decision follows the completion of the Rs. 10 billion equity requirement necessary for obtaining Scheduled Bank status from the State Bank of Pakistan.

The 95th meeting of the Board of Directors took place at the BAJK Head Office in Muzaffarabad. It was chaired by Mr. Ch. Qasim Majeed, the Minister for Finance and Inland Revenue and Chairman of BAJK. The meeting was attended by key figures including the President and CEO, Mr. Shahid Shahzad Mir, and several government secretaries.

The Board was informed that the Government of Azad Jammu and Kashmir provided the remaining Rs. 2.9 billion, meeting the minimum paid-up capital requirement set by the State Bank of Pakistan. The Board’s approval of share issuance marks the removal of the last major hurdle in achieving Scheduled Bank status.

The Board expressed gratitude to the Government of Azad Jammu and Kashmir, particularly the Prime Minister, for prioritizing BAJK’s goal of Scheduled Bank status. The Prime Minister’s timely approval of the equity injection was acknowledged as a sign of commitment to financial stability.

Chairman Ch. Qasim Majeed described the achievement as a defining moment for BAJK, signaling the start of a new era for the institution. He emphasized the bank’s readiness to expedite the remaining regulatory processes with the State Bank of Pakistan.

The Chairman instructed the management to proceed with the necessary formalities to ensure BAJK’s full compliance with Scheduled Bank status requirements. The focus remains on operational excellence, governance, and service expansion.

The meeting concluded with a commitment to strengthen BAJK as a modern and competitive banking institution for the people of Azad Jammu and Kashmir.