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Thursday, August 20, 2009

Muslim Commercial Bank - First Year of Privatisation.

This commemorative stamp is being issued on the successful completion of the first year of operations of the Muslim Commercial Bank, under the private sector management which took charge after its denationalization on April 8,1991.
Since it is the first Institution, which was denationalized by the present Government, to usher in its privatization policy, Muslim Commercial Bank will remain the focus of attention for many years to come. The philosophy behind the government\'s privatization policy is that it will increase efficiency and stimulate economic growth. The Muslim Commercial Bank has proved itself to be a concrete realisation of these objectives.
By the end of 1991, net assets had increased by over 25%, deposits rose by more than 26%, investments climbed by 22% and pre-tax profits shot up by 34%. Five new branches were added to the network of Muslim Commercial Bank, with a corresponding increase in personnel. Moreover, the Muslim Commercial Bank became the first Pakistani bank which had undertaken the country-wide computerisation of its branches. Today, the bank is continuing the modernisation of its network through the latest electronic communication facilities.
The stamps, in fact, does not only commemorates the denationalization of Muslim Commercial Bank but, with it also, the historic launching of the privatization programme of the Government of Pakistan.
(Contributed by: Muslim Commercial Bank)
On the occasion of Muslim Commercial Bank\'s completion of one year service since it was privatized, Pakistan Post Office is issuing two commemorative postage stamps of Re. 1/- and Rs. 7/- denomination on April 8,1992.