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This profile was last updated on 2/4/16  and contains information from public web pages.

Mr. Malik Muhammad Bostan

Wrong Malik Muhammad Bostan?

Chairman

Exchange Companies Association of Pakistan
 
Background

Employment History

  • President
    Forex Association
  • Chief
    Forex Association
  • President
    Forex Association of Pakistan
  • Chairman
    Forex Association of Pakistan

Board Memberships and Affiliations

  • Member
    Forex Association
53 Total References
Web References
INTERVIEW WITH MALIK BOSTAN, ...
www.pakistaneconomist.com, 4 Feb 2016 [cached]
INTERVIEW WITH MALIK BOSTAN, CHAIRMAN EXCHANGE COMPANIES ASSOCIATION OF PAKISTAN
SBP SHOULD ISSUE LICENSES TO HAWALA OPERATORS.
...
Malik Bostan is one of the pioneers to start currency exchange business in Pakistan. He was born on April 08, 1954 in Chakwal. He completed his intermediate from Chakwal College in 1973. His family moved to Karachi in 1977 for better prospects. In December 1994, he incorporated his own money changing company called Bostan International, which was merged with Pakistan Currency Company in June 2003. Since then, he has been serving as its Chairman.
PAGE: WHAT ARE YOUR COMMENTS ON RECENT DEPRECIATION OF RUPEE?
MALIK BOSTAN: We have to look at things from a positive perspective.
...
Malik Bostan said if the country fails to mend its relation with US and the IMF, it will have to face negative response from other lending agencies. Pakistan would have to rely on remittances and export proceeds for foreign exchange reserves.
PAGE: WHAT ARE THE MAJOR ISSUES FACING EXCHANGE COMPANIES IN PAKISTAN?
MALIK BOSTAN: The foremost issue is that the State Bank of Pakistan should provide a level playing field to exchange companies.
...
MALIK BOSTAN: The main reason why people prefer Hawala to the legal banking system for transferring remittances is to avoid paying high taxes and banking fees and not go through complicated banking procedures. This system has been legalized in Dubai, so why not in Pakistan? I am all for it. SBP should issue licence to Hawala operators in the country so that the business operates within a legal framework.
PAGE: WHAT IS YOUR TAKE ON BILATERAL CURRENCY SWAP AGREEMENTS?
MALIK BOSTAN: The signing of a currency swap agreement (CSA) between Pakistan and China recently has slightly improved sentiment.
The currency slid 0.9 per cent ...
www.expressindia.com, 1 June 2012 [cached]
The currency slid 0.9 per cent to 93.8350 per dollar, which is a record low, according to Malik Bostan, president of Forex Dealers Association.
Development News
www.isb.sdnpk.org, 15 Mar 2002 [cached]
Malik Bostan who was on the SBP experts committee that has drawn rules for exchange companies claimed that the majority of money changers share his view."Hardly half a dozen money changers from Karachi - and up to 10 from all over Pakistan are capable of setting up a company with Rs100 million paid up capital.The remaining 460 cannot think of it - not even through mergers," he remarked.
Bostan said he would convene a meeting of money changers from across Pakistan next week to draw a strategy with regard to the paid up capital requirement and other issues relating to foreign exchange companies.He said money changers also wanted to co-exist with exchange companies but the central bank has given them two years time to merge with these companies or pack up and quit."That is not fair."
Ovais Kalia of Khanani & Kalia International said that being a member of Forex Association of Pakistan he too had favoured Rs50 million paid up capital for exchange companies "But since SBP has now finalized the regulations we have to follow them."
He said KKI that runs 8 outlets of currency brokering was quite keen on setting up a foreign exchange company adding that it had enough resources to meet the paid up capital requirement."But if some shortfall occurs we may ask others to join us."
Another leading money changer Haji Haroon said his currency brokerage Dubai Exchange was also keen on setting up an exchange company."We have not obtained the application form as yet but we will fetch it tomorrow.We are definitely interested in setting up an exchange company."
Forex Association chief ...
www.brecorder.com, 15 Sept 2011 [cached]
Forex Association chief Malik Bostan was of the view that increase in dollar buying caused dearth of dollars in the market, and it was likely that the rupee may not be able to retain its current level versus dollar in near future.
Another reason behind the dollar's rise ...
www.forcesestate.com, 22 May 2015 [cached]
Another reason behind the dollar's rise was Hajj and Umrah season, said Forex Association of Pakistan President Malik Bostan.
He said at least 350,000 people would perform Hajj this year and they have already started buying dollars on fears that the currency would be costlier in the remaining three months.
People have been buying dollars as well as Saudi riyals, he said.
Currency dealers said that the recent waves of terrorism also had an impact on the dollar's rising demand. "People start buying dollars or stop selling their holdings when there is panic," said Bostan.
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