Karachi: Representatives of major financial institutions, including Bank Alfalah, recently signed several agreements with Pakistan Mortgage Refinance Company (PMRC) to promote low-cost housing finance across the country, a news source reported on March 3.
The event took place at PMRC’s Head Office in Karachi. The signatories were National Bank of Pakistan (NBP), United Bank Limited (UBL), Bank Alfalah Limited (BAFL), Dubai Islamic Bank Pakistan Limited (DIBPL), and Soneri Bank limited (SBL). These banks were represented by Arif Usmani (CEO NBP), Shahzad Dada (CEO UBL), Atif Bajwa (CEO BAFL), Junaid Ahmed (CEO DIBPL), and Muhtashim Ahmad Ashai (CEO SBL).
‘These initiatives will allow the banks to partially alleviate the credit risk entailed and provide affordable mortgage facilities to the low-income, particularly those in the informal sector,’ according to the news source.
PMRC Managing Director (MD) and Chief Executive Officer (CEO) Mudassir H Khan expressed his appreciation for the attendees, stating the initiative was geared towards fostering collaboration between PMRC’s Partner Financial Institutions (PFIs) to promote affordable housing in the country.
