Karachi, Jan 15, 2024: Bank Alfalah, a leading commercial Bank in Pakistan, reported the highlights of 2023 during Phase 2 of its comprehensive rehabilitation and rebuilding initiative, which started with immediate rescue and relief in Phase 1 in 2022.
With a steadfast commitment to empowering communities and promoting sustainable development, the bank has joined forces with 24 esteemed partners. It has disbursed around PKR 1.24 billion to address critical sectors such as healthcare, emergency care, housing, education, and livelihoods.
Under the visionary leadership of His Excellency Sheikh Nahayan bin Mubarak Al Nahayan, Chairman of Bank Alfalah, who graciously donated $10 million to devastating floods that hit Pakistan last year, and with the steadfast support of the Board of Directors, the Bank has embarked on a two-pronged strategy to redevelop communities in a sustainable, equitable, and financially inclusive manner. This initiative addresses immediate needs and provides a comprehensive framework for long-term rehabilitation.
Phase 1 focused on immediate relief with PKR 338 million partnering with reliable and trusted non-governmental organisations (NGOs) across Pakistan. These partnerships facilitated the rescue and assistance of flood-impacted individuals in hard-hit locations.
In 2023, the Bank embarked on phase 2 of its flood relief efforts with a disbursement of PKR 902 million, focusing on rehabilitation and rebuilding lives. This phase encompassed several key areas: sustainable housing, healthcare, education, and livelihood support.
Phase-2:
- A) Healthcare Provision worth PKR 468 million
Other than initiatives for sustainable housing, there is also a strong dedication to healthcare and education. A partnership with the Aga Khan Foundation has been strengthened by a generous donation of PKR 200 million. Aga Khan Foundation is working to accelerate agricultural livelihood and increase household’s food security and resilience. Apart from nutrition, it is also improving the community’s access to health services through health service delivery platforms and mobile outreach services.
A donation was made to the Patient Aid Foundation, focusing on aiding the underserved in Jinnah Postgraduate Medical Centre (JPMC) Karachi, which has inundated flood-impacted communities travelling to Karachi from interiors. To date, over 720 patients have been treated. Child Life Foundation is also at the forefront of treating patients and has catered to 118,000 patients in flood-impacted areas through telemedicine. Other partners include Alamgir Welfare Trust, Hands and Al-Mustafa Trust.
Indus Hospital
- B) Sustainable Housing Provision and reviving livelihood worth PKR 375 million
Bank Alfalah has partnered with reputable organisations such as Karachi Relief Trust, Bait-us-salam, Sahil Welfare Trust and Shahid Afridi Foundation to address the housing needs of flood-affected communities and promote climate resilience. The partner NGOs inaugurated housing communities in Balochistan and Sindh during the year. These partner NGOs include Baitussalam Welfare Trust, which completed 42 houses with utilities in Larkana and Shahid Afridi Foundation, which handed over 75 houses in Sukhab, Balochistan. Moreover, Karachi Relief Trust continues constructing 394 houses in Nawab Shah, Nowshero Feroz, Sohbat Pur, and Rajanpur. The bank also made disbursements to support reviving agricultural land impacted by flood.
- C) Subsidised Loans Provision of PKR 250 million
Bank Alfalah offers interest-free rehabilitation loans to support the households affected by the floods through its partnership with Akhuwat. PKR 211 million has been disbursed to over 900 beneficiaries in all four provinces to reconstruct damaged houses. The loan size goes up to PKR 300,000, and the tenure is up to 4 years.
- D) Education Support Provision worth PKR 49 million
In alignment with its dedication to education, Bank Alfalah has partnered with The Citizen Foundation to rebuild and restore the education infrastructure in flood-impacted areas. TCF is constructing a Primary School for 180 students in Nawabshah. The project is currently at the sub-structure stage and will be completed by June 2024, well before the commencement of the 2024-2025 academic year.
To accelerate the rebuilding process, the Bank is onboarding new partner NGOs, Injaz Pakistan, Green Crescent Trust and Vital Pakistan. These NGOs will focus on women’s empowerment and financial inclusion. This will develop socio-economically aware communities, motivated and equipped towards a financially enabled community working towards a safe and sustainable future.
About Bank Alfalah:
Bank Alfalah is a leading commercial bank in Pakistan, boasting over 1000 branches across 200 cities and an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan. The bank offers various products and services to private-sector institutions and governments, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprises, agricultural, Islamic, and asset financing.
In 2018, Bank Alfalah launched its digital banking group, setting a high standard for the industry to follow with its Alfa app. This revolutionary new application combines an unprecedented range of services and features in one convenient platform. In 2022, the bank was awarded the best ‘Digital Bank’ and ‘Housing Finance’ across Pakistan, highlighting its commitment to simplifying and improving the financial capabilities of its customers.
