Mr Maqbool started his banking career with Citibank Pakistan where he held various positions in Corporate Banking Group. In 1997, he was transferred to Saudi American Bank(Samba), Saudi Arabia where he was Division Head,

Corporate Banking till 2004. Mr Mubashar joined HBL in 2004 where he also held various senior position in Corporate Banking,

Commercial Banking and Retail Lending. He is also Director of Meezan Bank since October, 2019.

There is widespread consensus that increased access to finance can boost economic development, reducing poverty and income inequality. Access to external finance allows individuals to invest in human capital and new businesses to emerge, creating jobs and fostering productivity growth.

Financial Development is closely related to economic growth and economic growth within a country is the indicator of development in the country. Economic growth is determined by number of factors which also determine financial development where financial intermediaries perform an important function in the development process, particularly through their role in allocating resources to productive uses.

DFIs are important to many countries, regardless of their stage of economic development, at periods of stability or during economic crisis. Their importance comes from the 19th century, a time when many public banks were essential to finance the industry in their countries. Their influence is associated to several sectors and segments related to social and economic development. Historically, at times of stability, the provision of long-term financing for investment is the main task of the DFIs.

Empirical evidence illustrates the relevance of DFIs in their countries, showing that they are large-sized and much diversified. Many developed nations have three or more DFIs acting in numerous segments and/or sectors using different financial instruments. Furthermore, the DFIs' financial data seen from a macro-economic perspective show the importance of these institutions in the financing of the productive sector of economy. The credit portfolio growth rates during the 2008 crisis evidenced the importance of DFIs for the stabilization of credit market in their countries. Therefore, countries at any level of development have a strong system of DFIs, diversified, with great economic representativeness and as the protagonist of a resilient financial system, boosting development.

The role scope of the PKIC as a DFIs generally encompasses innovation, infrastructure, exports, green economy and internationalization.

PKIC believes that economic growth of every nation is dependent upon the role of financial institutions and the ultimate financial development. Policymakers and economists generally agree that financial development contributes towards financial institutions and markets, such as commercial and investment banks which in turn lead to economic growth.

Copyright Business Recorder, 2019