KARACHI: Bank Alfalah, one of the leading Pakistani commercial and digital banks, on Monday announced the launch of the country’s first digital agriculture financing product, aimed at empowering small-scale farmers and entrepreneurs in the agriculture sector.
The innovative product allows customers to avail dairy and equipment financing through a seamless digital process, and marks a significant milestone in Pakistan’s financial landscape, according to the bank.
The initiative aims to provide potential farming citizens with access to subsidized financing at a rate of 2 percent and enable them to establish sustainable income streams and contribute to the nation’s economic development.
The beneficiaries of the initiative included individuals from various distantly scaled areas, especially flood-affected areas of Sindh, representing both genders and diverse segments of the agricultural community, Bank Alfalah said in a statement.
“Pakistan’s First Digital Agriculture Financing product has already made significant strides in empowering rural communities, particularly in the dairy sector, surpassing disbursement of over PKR 100 million, the financing has facilitated the procurement of animals, with a remarkable 333 animals acquired so far,” the statement read.
“Female participation in this endeavour is significant, accounting for 24 percent of the total customers. As all proceeds have been dedicated to ‘Dairy Financing,’ it showcases the focused effort to uplift small-scale farmers in Pakistan and encourage sustainable Agricultural practices.”
Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.
Muhammad Yahya Khan, chief digital officer of Bank Alfalah, said the introduction of the product signified their dedication to empowering the agriculture sector and promoting financial inclusion in Pakistan.
“We are committed to ensuring that small-scale farmers always have access to financial services,” he said. “Through swift, cost-effective, and user-friendly financing solutions, our goal is to empower small-scale farmers and the broader agriculture industry to boost productivity, enhance livelihoods, and contribute to the growth of Pakistan’s economy.”
Pakistani bank launches country’s first digital agriculture financing product
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Pakistani bank launches country’s first digital agriculture financing product
- Agriculture accounts for almost a quarter of Pakistan’s GDP and half of the employed labor force
- The initiative aims to provide potential farming citizens with access to subsidized financing at 2 percent
Pakistan says mosque data collection in Indian-administered Kashmir violates religious freedom
- Indian police distributed forms to collect details of mosques, including finances of institutions and personal details of imams
- The exercise has triggered widespread concern in the territory, with a local leader calling it ‘infringement of the religious freedom’
ISLAMABAD: Pakistan on Saturday condemned reported profiling of mosques and their management committees in Indian-administered Kashmir, calling it “blatant intrusion into religious affairs.”
Police distributed forms to local officials to collect details of mosques, seminaries in Indian-administered Kashmir, including finances of the institutions, personal details of imams and members of management committees, Hindustan Times reported this week, citing residents.
The police referred to the busting of a “white collar terror module” last year, which included an imam, as the reason for the exercise that has triggered widespread concern in the territory, with National Conference leader Aga Ruhullah Mehdi calling it “infringement of the religious freedom.”
Pakistan’s foreign office said the forcible collection of personal details, photographs and sectarian affiliations of religious functionaries amounts to systematic harassment, aimed at “instilling fear among worshippers and obstructing the free exercise of their faith.”
“This blatant intrusion into religious affairs constitutes a grave violation of the fundamental right to freedom of religion and belief, and reflects yet another coercive attempt to intimidate and marginalize the Muslim population of the occupied territory,” the Pakistani foreign office said.
There was no immediate response from New Delhi to the statement.
Kashmir has been divided between Pakistan and India since their independence from Britain in 1947. Both countries have fought two of their four wars over the disputed region, which is ruled in part but claimed in its entirety by both India and Pakistan.
The Pakistani foreign office said the people of Indian-administered Kashmir possess an inalienable right to practice their religion “without fear, coercion or discrimination.”
“Pakistan will continue to stand in solidarity with them and will persist in raising its voice against all forms of religious persecution and intolerance targeting Kashmiris,” it added.
