Background  

Financial institutions have an immense impact on society. Hence, finance cannot be neutral and must take a wider role for societal good. In this context, Fair Finance Pakistan (FFP) conducted its first ever policy assessment of five leading commercial banks in Pakistan with the support of Lahore University of Management Sciences (LUMS) and Profundo to stimulate these FIs to promote social and institutional change. 

The five top commercial banks assessed were Habib Bank Limited, Allied Bank, National Bank of Pakistan, Meezan Bank and Muslim Commercial bank. They were assessed across ten thematic areas in the Fair Finance Guide International (FFGI) Methodology, including climate change, corruption, gender equality, human rights, labor rights, nature, arms, tax, transparency and accountability and financial consumer protection.  FFGI is a rigorous, internationally developed instrument to stimulate a race to the top among financial institutions as well as inform citizens. 

Session Overview 

On December 4, 2023, Fair Finance Pakistan (FFP) will launch its first ever policy assessment, “Benchmarking the Sustainability Policies of Banks in Pakistan” in Islamabad, Pakistan. The launch will feature two distinguished panel discussions: “Hype or Hope: Can ESG transform the World for Nature, Human Rights, Gender Right, Arms, and Corruption,” and “Now and Next: Repurposing Finance for Climate Change, Tax, Labour Rights, Transparency & Accountability, and Financial Consumer Protection.” 

The panel discussions will aim to discuss findings, insights, and recommendations from the policy assessment, which will serve as a valuable resource on the Pakistan’s progress in sustainable finance, with a special focus on the banking industry. The panel discussions will also facilitate discussions on Environmental, Social, and Governance (ESG), and human rights standards of Pakistani banks.  

The launch aims to serve as a platform for civil society organizations (CSOs), academic institutions, and policy leaders to present innovative solutions and practical strategies aimed at fostering collaboration and driving change. It will also provide an opportunity for interactive problem-solving discussions among industry colleagues. 

Objectives  

• Highlight Fair Finance’s work involves policy rankings and a thorough, stringent methodology to evaluate the approach of FIs towards sustainability. 
• Share key findings, insights, and recommendations from an assessment on several banks, including Habib Bank, Allied Bank, Muslim Commercial Bank, Meezan Bank, and the National Bank of Pakistan. Discuss the financial system to aid the transition towards a more sustainable and inclusive economy in Pakistan. 

Speakers  

The policy launched will be moderated by Ume Laila Azhar, Executive Director, HomeNet; Mehmood Akhtar Cheema, Country Representative, IUCN Pakistan; Nadeem Iqbal, CEO, TheNetwork for Consumer Protection; and Asim Jaffry, Country Program Lead, Fair Finance Pakistan. Speakers will include Dr. Abid Aman Burki, Professor Emeritus, Lahore University of Management Sciences; Senator Farhatullah Babar; Bushra Shafique, Senior Joint Director, SME Housing and Sustainable Finance Department, State Bank of Pakistan; Mehmood Akhtar Cheema, Country Representative, IUCN Pakistan; Zafarullah Khan, Convener, Parliamentary Research Group; and Yong Ye, Country Director, Asian Development Bank on International Banks’ Day. Panellists will include Bram Joanknecht, Economic Justice Advocacy Lead, Oxfam Novib; D’Juan Sampson, Economic Officer, US Embassy Islamabad; Musarat Jabeen, Executive Director, Securities and Exchange Commission of Pakistan; Hufrish R. Shroff, SVP– Divisional Head, Organization Effectiveness Division, National Bank of Pakistan; Farhan Ahmad, Head Corporate Affairs, Habib Bank Limited; Samar Ehsaan, Additional Secretary, Ministry of Economic Affairs, Economic Affairs Division; Zahid Latif, Chairman, Islamabad and Lahore Stock Exchange; Asif Khan, former program manager, Ozone Cell, Ministry of Environment, Government of Pakistan; Mukhtar Ahmed Ali, Executive Director, Center for Peace and Development Initiatives; Ume Laila Azhar, Executive Director, HomeNet; Dr. Imran Saqib Khalid, Director of Governance & Policy, WWF-Pakistan; Rizwan Chugtai, Division Head, EVP, Muslim Commercial Bank; Shah Nasir Khan, Head of UN Resident Coordinators Office; Umar Cheema, Investigative Journalist; Siraj Qadir, Group Head Technical Appraisal – Risk Management Group, Allied Bank Limited; Ashar Hasan Khan, Executive Vice President, Head Enterprise Risk Management & BCP, Meezan Bank Limited; Mir Shai Mazar Baloch, Director General Coordination, Senate of Pakistan; Saqib Rafiq, President, Rawalpindi Chamber of Commerce and Industry; Hussain Jarwar, CEO, Indus Consortium; Juliette Laplane, Senior Sustainability Researcher, Profundo; as well as Nadeem Iqbal, CEO, TheNetwork for Consumer Protection. Chief guest remarks will be from Ashfaq Yousuf Tola, Former Minister of State, Ex Chairman, Reforms and Resource Mobilization Commission, Federal Board of Revenue. 

More Information 

To learn more about FFP’s work, click here.