‘ME tensions placing additional pressure on developing economies’

HYDERABAD: Stressing the growing responsibility of socially responsible financial institutions in an increasingly uncertain global environment, SAFCO Founder and President Dr Suleman G Abro said persistent economic crises and escalating tensions in the Middle East were placing additional pressure on developing economies, including Pakistan, with ordinary people bearing the greatest burden.

Speaking at a ceremony held to celebrate the birthday of Syed Sajjad Ali Shah, Managing Director of SAFCO Microfinance Company (SMCL), Dr Abro said rising inflation, unemployment and poverty were making life increasingly difficult for vulnerable communities, underscoring the need for institutions like SAFCO to expand their social and developmental role.

“Financial institutions must not limit themselves to providing financial services alone,” he said.

“They must contribute to economic resilience, financial inclusion, livelihood creation and the empowerment of disadvantaged communities so that people can build secure and dignified lives.”

Reflecting on SAFCO’s journey, Dr Abro said the organisation had remained committed to poverty reduction and community development since its establishment in 1986. Although SAFCO has evolved into a diversified development group with an expanded outreach, he said its core mission remains unchanged: improving the lives of underserved communities through sustainable and inclusive development.

He observed that the true strength of any institution lies not in its infrastructure or financial resources, but in the dedication, integrity and professionalism of the people who serve it.

Paying tribute to SMCL Managing Director Syed Sajjad Ali Shah, Dr Abro described him as a committed and capable leader whose professionalism and sincerity had significantly contributed to advancing SAFCO’s vision and institutional growth.

Speaking on the occasion, Prof Dr Ismail Kumbhar, Chairperson of the SAFCO Board, said he had closely observed the performance of development organisations in several countries and believed SAFCO compared favourably with many of them in terms of innovation, institutional culture and commitment to public service.

He said SMCL had benefited from the leadership of Syed Sajjad Ali Shah, whose dedication and professionalism, under the guidance of Dr. Suleman G Abro, had strengthened the institution’s mission and earned growing recognition at national and international levels.

In his remarks, Syed Sajjad Ali Shah, Managing Director of SMCL, thanked colleagues for their warm wishes and generous appreciation. He said he regarded every encouraging comment as a source of motivation while viewing constructive criticism as an opportunity for continuous learning and self-improvement.

Copyright Business Recorder, 2026