KARACHI, Nov 21 (APP): Meezan Bank Limited and Pakistan Mortgage Refinance Company, a mortgage liquidity facility set up by the State Bank of Pakistan, sign Master Musharakah agreement to support and promote affordable housing finance in the country.
Under this agreement, PMRC will provide five years fixed-rate concessional funds to MBL which will provide much-needed support across the housing value chain, said a press release on Monday.
The signing ceremony held here at Meezan House was attended by Meezan Bank’s Founding President and CEO, Irfan Siddiqui, Deputy CEO Ariful Islam, Group Head Consumer Finance, Syed Iftikhar-ul-Haq and Head of Housing Finance, Masroor Mohsin, PMRC’s Managing Director and CEO, Mudassir H. Khan, Resident Shariah Board Member, Dr. Mufti Muhammad Yunas Ali, Head of Business, Muhammad Shahzad Khan and Head of Islamic Business, Hasan Junaid Nasir.
With the acquisition of funds worth Rs 5 billion, Meezan Bank aims to ultimately improve access to affordable Shariah-compliant housing finance in Pakistan through better and more affordable rates.
MBL President appreciated the initiative taken by PMRC for bringing innovation in Islamic Finance market by floating funds for facilitation of end customers.
“This initiative will support Islamic housing finance in the country despite rising KIBOR by making Shariah-compliant housing finance more affordable for the customers,” he added.
PMRC Managing Director Mudassir H. Khan said that it was indeed a milestone for both the institutions. It would help promote coordination between the two financial institutions for the growth and support of housing sector in the country.