The Banking Laws In Pakistan

The dedicated team of professional lawyers we have at Josh and Mak International boasts extensive experience in assisting clients with banking law issues in Pakistan. We deal in establishment, incorporation and share capital for banking companies, cooperative banks and financial institutions, transactions of banking business, suspension of business and the winding up of banking businesses, the recovery of loans, mortgage matters, landlord & tenant rules and regulations, debtors and creditors, contracts, bankruptcy, bank secrecy matters and negotiable instruments etc.

We also deal with all matters relating to borrowing, raising or taking up of money, the lending or advancing of money either upon or without security, all kinds of bills relating to exchange, hundis, promissory notes, coupons, drafts, bills of lading, railway receipts, warrants, debentures, certificates including participation term certificates, modaraba certificates and musharika certificates etc and dealing in bullion and species, buying and selling of foreign exchange including foreign bank notes, the acquiring, holding, issuing of commission, underwriting and dealing in stock, funds, shares, debentures, bonds, obligations and securities, all kinds of investments, the receiving of all kinds of bonds, scripts or valuable on deposits.

Scope of Practice

We are specialists in the field of Federal bank regulatory law. The firm places particular emphasis upon and specializes in the defense of federally insured financial institutions and their officers and directors in all matters pertaining to supervisory bank examinations conducted by every federal bank regulatory agencies to assess compliance with all applicable federal banking laws, rules and regulations governing the operations of such institutions.

The caliber of Josh and Mak Internationals defensive assistance services is highly regarded by banking institutions throughout Pakistan, including in-house counsel and regularly retained attorneys for such institutions. The firm also provides assistance in all types of regulatory applications to the federal banking agencies, as well as defensive assistance in personal civil liability actions instituted against officers and directors of financial institutions for alleged breaches of their legal duties and responsibilities as officers or directors of such institutions.

The Josh and Mak team provides services around the world to money-center banks, savings and loans, insurance companies, finance companies, institutional investors, investment banks, private banking and trust operations, credit unions, mortgage banking and brokerage companies, and international and foreign banking institutions.

Our team represents banks, mortgage companies, other institutional lenders, businesses and individuals in connection with all aspects of banking law and financial services. Attorneys in this group handle real estate, commercial lending, and consumer transactions, both secured and unsecured. They assist clients on issues relating to the consumer lending laws, servicing agreements, brokerage agreements, wholesale agreements and funding agreements, and negotiate and prepare loan documentation.

The Group also represents banks, mortgage companies and other lenders on issues involving federal and provincial regulations, new bank charters, holding company formations, conversions, new or acquired branch applications, mergers, acquisitions and licensing / qualification in jurisdictions throughout the country. We also handles all aspects of secondary market transactions, including portfolio purchases, servicing agreements, secure financing acquisitions and all of the many business and real estate issues which arise in such transactions.

There was a boom in Pakistan’s banking and financial sector few years back, which has now taken a U-turn, and the banks which were once determined to increase deposits at any cost are now reluctant to increase their capital costs. Therefore, the banking industry has sunk into a depression. Coupled with high inflation and the ever increasing cost of living in Pakistan, many consumers who were once seen as risk free by banks are now being denied loans. This adverse scenario has resulted in litigation at a high rate in the banking sector of Pakistan. Banks in the country are now operating more stringent policies to improve the recovery of debts, while some aggressive banks have started to use measures that are sometimes so offensive they have violated basic consumer rights on many occasions. This is where we come in as our main objective is to resolve the issue in the most amicable fashion, however, legal suit may be used as a last resort.

Most offenses under banking and finance are administrated under financial Recovery Ordinance, 2001 in special courts named as Banking Courts in Pakistan. There are 29 of these Banking Courts across Pakistan. Offenses may also be tried under civil courts and through other courts if circumstances permit.

One of the biggest drawbacks of engaging an unreliable banking lawyer/ Attorney in Pakistan is that many lawyers have brought discredit to the profession by selling their cases, especially their banking cases to opposing parties. The main aim of such banking lawyers/attorneys is to prolong cases and earn heavy litigation bills from both sides, and by both sides we mean literally both sides.

The edge that the team of lawyers and attorneys that Josh and Mak international have over our competitors is that all of our prospective clients are given full confidence that no attorney or lawyer attached to our law firm will ever engage in such unlawful and immoral conduct which brings not only disrepute to the profession and the law firm but at the same time loses the case of the client without there being any proceedings. Attorneys and lawyers at Josh and Mak strive to keep litigation times to a minimum. Our reputation in the Pakistan market as Banking law specialists is based trust and justice at optimum speed. In many circumstances within the practice of banking law, it is advised to employ preferable arbitration, however, the lawyers and attorneys at Josh and Mak will only provide arbitration services with the express approval of ALL our esteemed Clients; Banks and/or consumer clients alike.

The Banking Law Division, which comprises of specialist banking law consultants and lawyers provides a full range of legal advisory services to banks and consumers alike in Pakistan. Our services include policy and legal advisory, drafting and advocacy services which cover both domestic and international transactions.

Our expert banking lawyers and attorneys are groomed to both value and deliver reliability and quality of work along with a zero negligence policy. Therefore, Josh and Mak International stands out as the premium law firm providing services within the banking laws of Pakistan. At this world class law firm we strive for excellence with in all aspects of our relationships with both banks and customers.

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Other areas of Expertise in Banking

We deal with various legal issues regarding modern banking, the traditional activities of taking deposits from customers, paying out on demand and lending money to all kinds of asset securities. We have extensive experience and expertise in advising, consulting, negotiating, litigating, providing policy advice and acting on behalf of national and international banks, donors and borrowers on secured and other lending transactions.

Our areas of expertise are vast, and include;

• Loan transactions and related security, particularly guarantees; both personal and corporate

• Swaps and derivatives

• Pertinent aspects of the law of insolvency

• Receivership and company law

• Constructive trusts and tracing of assets

• letters of credit

• performance bonds

• letters of comfort

• bills of exchange

Corporate Finance

• Project finance

• Negotiations

• Short and long term financing and bridge financing

• Letters of Credit

• Guarantees

• Restructuring of loans

• Revival of sick units etc.

• Refinancing

• Project finance

• Securities and other structured finance.

Banking attorneys at Josh and Mak International work closely with clients in a wide range of secured and unsecured loan transactions and other credit transactions, including participation arrangements. The specialist banking lawyers at our firm provide corporate clients with comprehensive legal audit and due diligence services.

We boast extensive knowledge with regard to the new and creative financing techniques currently being utilized in Pakistan such as asset securing, term finance certificates and their private placement or public issue.

Banking lawyers at Josh and Mak International also specialize in securities offerings, debt restructuring and loan workouts on a corporate or nationwide scale. We also offer experience with regard to Shariah Law transactions, modes of finance and jurisprudence.

Our corporate law firm provide our clients with expert practical legal advice regarding financial institutions , including recovery of finances, Ordinance 2001, the State Bank of Pakistan Prudential Regulations relating both to banking and non-banking financial Institutions and all regulatory concerns of financial institutions.

Because of the extensive knowledge of the specialist lawyers and attorneys who work at Josh and Mak we have a distinct edge in the financial services industry. Our expert lawyers are often called upon to provide legal opinions concerning proposed and pending legislation. In short, we can handle any aspect of banking laws that you may be having trouble with. Call us today and tell us what help you need and we’re on it.

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