KARACHI: The State Bank of Pakistan (SBP) organized the 24th Zahid Husain Memorial Lecture (ZHML) series to recognise the efforts and contribution of the first governor to the country.
Addressing the event titled “ZHML on Democratizing Lending: Challenges and Opportunities for Financial Inclusion in Emerging Economies” Governor SBP Jameel Ahmad said that it was one of the flagship events of the SBP organized to pay tribute to late Zahid Husain.
He said that the memorial lectures offered the opportunity to discuss some of the most important economic issues. The “ZHML series started in 1975 on the occasion of the Silver Jubilee of the SBP, he added. Zahid Husain was a legendary personality of a very high caliber and repute which is evident from his record of serving at the highest levels.
He told the audience that late Zahid started with teaching at Aligarh University, before passing the competitive examination for civil services and joining Pakistan’s Finance Department. After partition, he was posted as the first High Commissioner of Pakistan to India, he added.
Late Zahid had also served as the Chairman of Taxation Inquiry Committee as well as first Chairman of the Planning Board, thereby authoring the Five-Year Development Plan of the country.
He spearheaded the Central Bank of Pakistan through its infancy, which was not an easy task by any means.
The SBP governor said on the one hand, late Zahid he was to deal with the challenge of establishing a safe-and-sound financial system for the country while, on the other, he was to cope with the daunting task of meeting the huge requirements of economy that was already in the midst of passing through precarious conditions after independence.
However, it was the commendable talent, unbeaten determination, and the relentless efforts of Zahid Husain made it possible to achieve this uphill task.
Director, Center for international Development at Harvard Professor Asim Ijaz Khwaja, in his virtual lecture, focused on adoption of the productive lending and innovation calling it crucial to the continuing success of any organization.
He said that in Pakistan real estate was considered good investment but it was never a productive lending. Peer-to-peer (P2P) lending enables individuals to obtain loans directly from other individuals, he added.
Replying to question, he said that the banks should use innovation collaboration for it being less expensive compared to the innovation.
The event was attended by the representatives from South Asian Association for Regional Cooperation (SAARC), officials of SBP and other commercial banks.
