Alumni Profiles

Ulfat Hussain Shah

Organization Information

The State Bank of Pakistan (SBP) is incorporated under the State Bank of Pakistan Act, 1956, which gives the Bank the authority to function as the central bank of the country. The SBP Act mandates the Bank to regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilization of the country’s productive resources.

As an operational arm of the Central Bank, SBP Banking Services Corporation is engaged in managing currency, foreign exchange operations and foreign exchange adjudication; providing banking services to the federal and provincial governments and financial institutions regulated by State Bank of Pakistan, conducting development finance activities in support of the development finance group of the SBP, implementing export refinance schemes, and performing agency functions like sale/purchase of national prize bonds including managing prize money draws, sale and purchase of national saving schemes or any other functions assigned by State Bank of Pakistan.

Describe the work that you do in your role

I am working in Foreign Exchange Operations Division of State Bank of Pakistan Lahore. My job description is to grant Export Approvals regarding Time Barred Advance Payment, Refund of Advance Payment, Adjustment of Advance Payment against Overdue Bills and Call Back of Goods from all banks in Lahore region which includes following districts Lahore, Sheikhupura, Okara, Kasur and Nankana Sahib and conducting on site examination and paying surprise visits to banks dealing with foreign exchange and exchange companies to check the provisions of foreign exchange related services provided to general public.

Indicate previous experience and/or areas of career proficiency/achievenments

Before joining State bank, i did my 6 weeks internship from National Fertilizer Corporation Head Office Mall Road Lahore. Later on I joined State Bank of Pakistan in February 2017 and was posted at Sialkot office. After serving for more than 1.5 years in Sialkot, I was transferred to Lahore office.

Describe your success in your professional life and achievements

Working for one's Country Central bank is a dream of every commerce student because your team work effect is on your country's economy and its operations.
Following are my performance's highlight
1. There was a lot of paper work e.g. return, shipping documents and export approval cases in our unit, this matter was taken up with State Bank Head Office Karachi which got appreciation to dispense with the requirement of submission of hard copies for reducing work burden and moving towards paperless environment. Same was accepted by FEOD HOK and implemented in all field offices. Now all cases are being submitted online in SBP Regulatory Approval System.
2. Conducted awareness sessions for all 26 Banks regarding Foreign Exchange related Approvals.
3. Conducted on-site examination of Banks in Kasur, Nankana Sahib, Okara, Muridke and Sheikhupura moreover Mystery shopping of exchange companies was performed as and when required.
4. Prepared detailed feedback on future outlook of State Bank of Pakistan on the behalf of Whole Division
5. Represented all central region offices and Rawalpindi office before Foreign Exchange Appellate Board Lahore without engaging part time legal advisor and saved bank’s cost (around 2.5 million).

Write your activities and achievement if you were member of any club or society in UMT?

I worked as Incharge newsletter in Accountant Club of School of Commerce and Accountancy UMT in year 2016.I and my team organized SCA Fun Dinner to celebrate SCA's success regarding CA and ACCA's Papers

What do you remember about your time in ILM / IMT /UMT?

I used to miss those golden days of my life. Specially the time that i have spent with my friends during different assignments and presentation's preparation.