Aga Khan Agency for Microfinance

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Microfinance in Pakistan: Governance

Board of Directors
The Bank is govern by and independent Board which consists of ten members including the Chief Executive Officer. Board members reflect a wide range of skills including commercial banking, economic and social development, financial control/accounting, and legal expertise.

Bank Management
The management team and branch personnel are blend of professionals with backgrounds in both formal financial and informal social sector. This mix is essential as FMFB-P not only needs the expertise of managing a bank, but also an understanding of its highly specialized and socially-oriented business.

Specialized human resources is an essential part of a microfinance operation; therefore training of individuals is given utmost importance at the bank. Furthermore, in order to a specialized human resources emphasis is placed on selecting individuals who are motivated towards the cause that FMFB-P is pursuing.

Audit
The Bank is fully committed to the maintenance of fiscal transparency. The Bank's financial statements are in accordance with International Financial Reporting Standards (IFRS) and are audited annually in accordance with International Standards of Auditing (ISA). For the last two years the external audit has been carried out by Ford Rhodes-Sidat Hyder & Co. (an affiliate of Ernst & Young). In addition to IFRS compliance, the Bank also seeks to meet the supplementary requirements laid out in the Disclosure Guidelines published by the Consultative Group to Assist the Poor (CGAP), which is affiliated with the World Bank. The Bank is a member of the CGAP MIX Market.