November 21, 2022 (MLN): Meezan Bank, Pakistan’s leading Islamic bank and Pakistan Mortgage Refinance Company (PMRC), a Mortgage Liquidity Facility set up by the State Bank of Pakistan, have recently inked a Master Musharakah agreement to support and promote affordable housing finance in the country, the statement issued on Monday informed.
Under this agreement, PMRC will provide five years of fixed-rate concessional funds to Meezan Bank, which will provide much-needed support across the housing value chain. With the acquisition of funds worth PKR five billion, Meezan Bank aims to ultimately improve access to affordable, Shariah-compliant housing finance in Pakistan through better and more affordable rates.
Mr. Irfan Siddiqui – Founding President & CEO, Meezan Bank appreciated the initiative taken by PMRC for bringing innovation to the Islamic Finance market by floating funds for the 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. We are pleased to be joining hands with PMRC as they continue to become an important player in the development of long-term housing finance in the country along with the comfort of fixed profit rates.”
Mudassir H. Khan – Managing Director & CEO, PMRC while speaking at the occasion said, "It is indeed a milestone for both the institutions as we recognize the importance of mutual coordination between financial institutions for the growth and support of the housing sector in the country. We are proud to support the largest Islamic bank in the country and believe that such collaborations will play a key role in the promotion and growth of affordable housing in the country.”
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