Karachi: According to a news source, 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.
The case took place at PMRC’s Karachi headquarters. National Bank of Pakistan (NBP), United Bank Limited (UBL), Bank Alfalah Limited (BAFL), Dubai Islamic Bank Pakistan Limited (DIBPL), and Soneri Bank Limited were the signatories to the agreement (SBL). Arif Usmani (CEO NBP), Shahzad Dada (CEO UBL), Atif Bajwa (CEO BAFL), Junaid Ahmed (CEO DIBPL), and Muhtashim Ahmad Ashai represented these banks (CEO SBL).
According to the news source, ‘These interventions would enable banks to partially mitigate the credit risk entailed and provide affordable mortgage facilities to the low-income, especially those in the informal sector.’
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Mudassir H Khan, PMRC’s Managing Director (MD) and Chief Executive Officer (CEO) expressed his gratitude to the attendees, explaining that the event was aimed at encouraging cooperation between PMRC’s Partner Financial Institutions (PFIs) to encourage affordable housing in the region.
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