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Applicability of Prudential Regulations on NGO
06-23-2006, 06:56 PM,
#1
Applicability of Prudential Regulations on NGO
Asalamu alaikum

My question is whether the prudential regulations issued by State Bank of Pakistan for Micro Finance Institutions and Banks are applicable on NGOs involving in Micro financing or not.
The other question is, whether provisions of companies ordinance applies to these NGOs or not?

Please guide me in this respect,

Allah hafiz
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06-24-2006, 08:14 AM,
#2
 
Well i can answer ur first query on my practical experience. As i have done the audit of biggest microfinance NGO of Pakistan and prudential regulations doesnt apply on them.
and regarding the companies ordinance, an NGO registered under section 42 of the companies ordiance can provide microfinance services(again on practical experience). If u want a specific reference from law, tell me. I will try to arrange for u.
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06-26-2006, 11:01 PM,
#3
 
Thanks for your guidance

yes, i need specific reference from law, as i want to know whether an ngo is required to be registered under companies ordinance or it is not mandatory

as ngo's are registered under socities act, 1860

once again thanks for your guidance
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07-01-2006, 05:10 AM,
#4
 
It is not mendatory on NGOs to get registered under the companies ordinance.
But the companies ordinance offer special previleges to NGOs registered under the companies ordinance. But it also prohibits the distribution of profits of NGOs to any of its members.
So, it is not mendatory but an NGO can be registered under the companies ordinance as a guarantee limited company having or not having share capital, and after getting a certificate under section 42 it can get some special previleges.
Plus registering with SECP increases the credibility of the company in the eyes of donor agencies.
which is one of the main source of funding 4 NGOs.
Plus u can get the tax exemption under section 153 very easily after registering under the companies ordinance.
so quite some uses. but one drawback is the hell of filing and other requirements under the companies ordinance.
But once again i wud say it is not mendatory to be registered under the companies ordinance.
u r welcome to ask any questions.
I was quite busy so a late reply.
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07-15-2006, 12:30 AM,
#5
 
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Ahmadraza</i>
<br />Asalamu alaikum

My question is whether the prudential regualtions issued by State Bank of Pakistan for Micro Finance Institutions and Banks are applicable on NGOs involving in Micro financing or not,
the other question is, whether provisions of companies ordinance applies to these NGOs or not.

Please guide me in this respect,

Allah hafiz
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

If NGO is registered as a microfinance bank then prudential regulations shall apply otherwise not.
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09-13-2009, 07:24 PM,
#6
 
Asalaam O Aleekum,
Hope u r fine, Can u Plz tell me the Steps and procedure required to register an NGO?
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