The Need for Efficient Record Management System in Pakistan

Abstract

The United Nations Millennium Declaration, marked in September 2000, calls for world pioneers to battle poverty, hunger, lack of education, environmental degradation, and discrimination against women. Poverty is one of the many dire issues developing countries encounter. Poverty reduction is usually attributed to economic development because it offers economic freedom. Economic freedom can only be realized through financial inclusion. Financial inclusion implies that people and organizations have access to valuable and moderate monetary facilities such as access to bank mortgages insurance and other financial issues that address exchanges, installments, reserve funds, credit and protection – delivered in a responsible and sustainable manner. Accurate record management is the foundation for financial inclusion. Pakistan is a developing country graveling with poverty. A Major cause for the lack of successful poverty elevation initiatives is the improper and incomplete record management. The goal of records management is to help an organization keep the necessary documentation accessible for both business operations and compliance audits. In addition, Records Management provides institutional accountability and timely access to information because in developing country context improper record management of its citizen is a major hindrance in achieving the concept of welfare economy in letter and spirit. An Expository Theoretical Research is used to postulate the problem of record management. The purpose of this study is to highlight the problem of record management in Pakistan. Proper record management systems allow for accurate, and transparent zakat management systems and taxation systems.