The Habib Bank Limited (HBL) tower in Karachi, Pakistan, is LEED-certified. LEED (Leadership in Energy and Environmental Design) is a green building certification programme used worldwide.
HBL
The Habib Bank Limited (HBL) tower in Karachi, Pakistan, is LEED-certified. LEED (Leadership in Energy and …
HBL
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The Aga Khan Fund for Economic Development (AKFED) seeks to invest, primarily in the emerging economies, in initiatives that contribute towards creating sustainable enterprises and employment. Economic empowerment and access to finance is a key driver.
To encourage the creation of strong and efficient capital markets and provide essential financial services, AKFED provides an institutional umbrella for banks and insurance companies in eastern Africa, Central Asia and South Asia. AKFED often works in collaboration with local and international development partners to create and operate companies that provide goods and services essential to economic development. These range from banking to electric power, agricultural processing, hotels, airlines and telecommunications.
As parts of AKFED, these project companies work on a commercial basis, but all profits are reinvested in further development. And because of their AKDN ethos, AKFED financial institutions are involved in programmes that are part of the broader development agenda, such as the provision of health micro-insurance, savings, workplace wellness and tree-planting.
AKFED’s portfolio of banks and insurance companies trace their antecedents to the cooperative societies and insurance companies that were set up in the 1930s by Aga Khan III to financially empower the communities who had limited access to financial services in the colonial and post-colonial era. Jubilee Insurance was established in East Africa in 1930, whilst the antecedents of DCB Bank were laid in India in 1930 and the foundation of the DTB Group was laid in 1946 in East Africa.
Our banks enhance financial inclusion with increased outreach and maintain a focus on SME customers. The future of financial services and financial inclusion lies in our portfolio banks and insurance companies embracing technology. They invest in technology infrastructure to achieve their objectives through alternative delivery channels.
Habib Bank Limited
AKFED’s commercial and retail banking investments include an interest in Habib Bank Limited (HBL), Pakistan’s largest and oldest private sector bank. HBL has over 1,680 branches, over 30 million customers and over 2,150 ATMs globally. It has acquired more than 50,000 Konnect by HBL agents (branchless banking platforms) in Pakistan.
HBL is shaping the future through a paradigm shift as a technology company with a banking licence. The Bank’s multiple digital channels are helping it get closer to its customers. The investment in Finja reflects HBL’s commitment to strengthening digital financial inclusion and development finance companies, especially ones making an impact in agriculture and SMEs, as these are the backbone of the economy.
HBL Microfinance Bank Pakistan
AKDN has been a strong proponent of microfinance over the past 20 years. The First Microfinance Bank in Pakistan (FMFB-P), now HBL Microfinance Bank, was established in 2002 with AKFED as the founding shareholder. FMFB-P was created through a structured transformation of the credit and savings section of the Aga Khan Rural Support Programme (AKRSP). Through targeted financial and multi-sectoral products and services based on the evolving needs of the poor, FMFB-P enables its clients to strengthen their entrepreneurial base and build financial, physical, and human capital to secure their future. The indigenously-developed loan origination system has onboarded more than 100,000 borrowers digitally. In 2016 HBL acquired management control of the bank, reaffirming HBL’s commitment to financial inclusion.
Diamond Trust Bank, Lamu branch, Kenya
AKDN / Christopher Wilton-Steer
Diamond Trust Bank
Diamond Trust Bank (DTB), which was founded in the 1940s, offers retail and commercial banking services in Kenya, Tanzania, Uganda and Burundi via a network of over 135 branches. It primarily serves customers in the SME and corporate parts of the economy. DTB offers an array of banking services, including the provision of financial services to over 900,000 customers via alternative delivery channels.
DCB Bank
DCB Bank, which was founded in India in the 1930s, offers retail, commercial and consumer banking services in the SME and corporate segments of the economy. It has a network of more than 340 branches across the states of Andhra Pradesh, Bihar, Chhattisgarh, Delhi/ NCR, Goa, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, West Bengal and Union Territories of Chandigarh, Daman & Diu and Dadra & Nagar Haveli.
The Kyrgyz Investment and Credit Bank (KICB).
AKDN / Sultanbekov Janybek
Kyrgyz Investment and Credit Bank
Kyrgyz Investment and Credit Bank (KICB) was founded as a result of an agreement between the Government of Kyrgyzstan and major international institutions, including EBRD, KfW, IFC and AKFED. The second largest bank in the country, it provides banking products and solutions across the entire country via a network of 41 branches. Despite increasing competition, KICB continues to be the market leader in providing medium to long-term financing in the private sector. Since its establishment, around 120 loans worth about USD 30 million have been approved and about 64 percent of the credit portfolio is medium and long-term loans.
The First Microfinance Bank Tajikistan (FMFB-T), Murghab branch
AKDN / Christopher Wilton-Steer
First MicroFinance Bank Tajikistan
Established in 2003, First MicroFinance Bank Tajikistan (FMFB-T) was the first commercial bank in Tajikistan focusing mainly on the provision of microcredit lending. Building upon its strong foundation in the microfinance sector, the bank has expanded its suite of services to better address the diverse financial needs of individuals and legal entities. The bank was originally established to consolidate the operations of all the previous microfinance institutions run by other AKDN development agencies in the country like the Enterprise Support Facility and credit programme of the Mountain Societies Development Support Programme. Since 2010, FMFB has disbursed 115,000 loans amounting to TJS 2.7B to customers throughout the country.
Jubilee Insurance
The Jubilee Insurance Group in Africa was founded in the 1930s to provide life and general insurance across the region. It has grown into the market leader in Kenya, Tanzania, Uganda, Burundi and Mauritius. In 2020, Jubilee Holdings Limited, East Africa’s largest insurance group, and Allianz, one of the world's leading insurers and asset managers, signed an agreement to establish a strategic partnership. The partnership covers the general insurance business (also known as the property & casualty insurance segment) in Kenya, Tanzania, and Uganda as well as the short-term insurance segment in Burundi and Mauritius. Jubilee General Insurance Limited in Kenya, Mauritius and Tanzania are now companies of the Allianz Group and operate as “Jubilee Allianz General Insurance Limited”. Jubilee Holding’s key focus is life and pensions operations and its medical insurance business in Kenya, Uganda, and Tanzania.
In Pakistan, Jubilee General Insurance and Jubilee Life Insurance are amongst the top three insurers in the market. Since its establishment in 1953, Jubilee General has maintained its presence as the most prominent company launching innovative products and new initiatives in the insurance industry. It is also the first insurer in Pakistan to launch an online portal providing end-to-end solutions complete with payment options.
Jubilee’s life micro-insurance accounts help over 5.3 million people in Pakistan get the healthcare they need through relationships with more than 2,500 organisations across Pakistan. Jubilee Life Insurance, which also provides micro-insurance, has been a pioneer in bancassurance.
In 2013, KICB expanded its product line with insurance services through the subsidiary Jubilee Kyrgyz Republic Insurance Company (JKIC). JKIC is now one of the three leaders in the insurance market in the Kyrgyz Republic in terms of collection of insurance premiums and payments.