MICROCAPITAL BRIEF: Tameer Microfinance, Pakistan Mercantile Exchange to Offer Gold-based Investment Product

Tameer Microfinance Bank Limited (TMFB), a Pakistani organization majority-held by Norwegian telecom Telenor, and Pakistan Mercantile Exchange Limited (PMEX), a Pakistani commodity exchange company owned by six stock exchanges and banks affiliated with the Pakistani government, recently signed a memorandum of understanding (MoU) to offer a gold-based investment product.

TMFB reportedly will provide the gold products, which will be bought and sold through both TMFB branches and agents and the trading platform of PMEX using mobile accounts. The lot size the gold investments will be approximately 0.001 tola (0.0117 grams). Investors are to have the option of storing their gold in the official custody of PMEX.

As of December 2011, TMFB reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 92.1 million, return on assets (ROA) of 1.76 percent and return on equity (ROE) of 8.56 percent. As of December 2012 data reported to MIX, TMFB had a gross loan portfolio of USD 70.3 million, approximately 153,000 active borrowers, deposits totaling USD 68.8 million and approximately 924,000 depositors. In September 2012, PMEX reported a monthly trade volume of PKR 150 billion (USD 1.6 billion), 67 active brokers and approximately 8,000 investor accounts.

By Nicole Boyd, Research Associate

About Tameer Microfinance Bank Limited (TMFB)

Tameer Microfinance Bank Limited (TMFB) is a licensed commercial bank in Pakistan that provides services such as small business, group and emergency loans; micromortgages; microinsurance; savings; and money transfers. It was founded in 2005 and is based in Shahrah-e-Faisal, Pakistan. Telenor Pakistan, a subsidiary of the Norwegian mobile communications company Telenor, owns 51 percent of TMFB. As of December 2011, TMFB reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 92.1 million, return on assets (ROA) of 1.76 percent and return on equity (ROE) of 8.56 percent. As of December 2012 data reported to MIX, TMFB had a gross loan portfolio of USD 70.3 million, approximately 153,000 active borrowers, deposits totaling USD 68.8 million and approximately 924,000 depositors.

Sources and Additional Resources:

The Nation. “PMEX and Tameer Microfinance ink MoU,” http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/29-Mar-2013/pmex-and-tameer-microfinance-ink-mou

PMEX. “September Marks Record Month and Quarter for Pmex Trading Volumes: Volumes grow over 40% compared to previous quarter,” http://www.pmex.com.pk/media/documents/Record_Volume_1st_quart_2012-13-PR.pdf

MicroCapital. January 24, 2013, “MICROCAPITAL BRIEF: Pakistan’s Tameer Microfinance Bank Lists Term Finance Certificates Worth $10m on Karachi Stock Exchange,” https://www.microcapital.org/microcapital-brief-pakistans-tameer-microfinance-bank-lists-term-finance-certificates-worth-10m-on-karachi-stock-exchange/

MicroCapital. March 15, 2012, “MICROCAPITAL BRIEF: Telenor Pakistan, Tameer Microfinance to Focus on Mobile Banking, Rural Microbanking,” https://www.microcapital.org/microcapital-brief-telenor-pakistan-tameer-microfinance-to-focus-on-mobile-banking-rural-microbanking/

MicroCapital Universe Profile: Tameer Microfinance Bank Limited (TMFB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tameer+Microfinance+Bank

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

Similar Posts: