Bank Alfalah has pledged Rs 1.4 billion ($5 million) to support communities devastated by this year’s monsoon floods. On the surface, this may seem like basic CSR spending. The floods, after all, were the biggest feature in the news cycle this year and it makes sense for an organisation to spend CSR money on rehabilitating communities that suffered losses during the unprecedented rains.Â
But scratch beneath the surface and there is more than meets the eye. The recent contribution of Rs 1.4 billion has now taken Bank Alfalah’s cumulative contributions for flood-related relief to a total of $15 million since 2022 when the last mega floods hit Pakistan. The amount of money announced in social welfare by Alfalah is unprecedented, not just in absolute terms but also as a percentage of its profit.
So why invest so heavily in this one area? Behind the decision are a number of factors. There is, of course, the desire to help a sector that has traditionally been unattended by banks and financial institutions during a time when it is struggling from natural calamities. Agriculture has traditionally been underserved by Pakistan’s banks and at a time when banks are taking more of an interest in it, the sector faces its greatest threat: climate change. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
