DIBPL, PMRC sign agreement to provide affordable housing finance

KARACHI: Dubai Islamic Bank & Pakistan Mortgage Refinance Company (PMRC) join hands together for providing and promoting affordable housing finance in the country by signing a Credit Guarantee Agreement with Credit Guarantee Trust for low-cost housing, set up by the Government of Pakistan with PMRC as Trustee.

In a ceremony held recently in Karachi, Credit Guarantee Agreements were signed with Credit Guarantee Trust, which will allow Dubai Islamic Bank to avail risk cover for low-income housing finance.

DIBPL also participated to partner with PMRC to obtain Refinancing Facility (Rs 3.0 billion) to grow our housing portfolio.

Presiding the ceremony, Sima Kamil, Deputy Governor SBP praised the efforts of PMRC and Banks for this groundbreaking event and said that this endeavour is not only a step forward in making the dreams of many low-income earners of owning a house come true but also sets an example of turning visions into reality.

Speaking on the occasion, Junaid Ahmed, CEO and President, Dubai Islamic Bank said that “DIB is a market leader in home finance market and is booking record home finance cases. The bank is focusing on building alliance with leading developers, realtors, and other institutions for promotion of housing finance in Pakistan.”—PR

Copyright Business Recorder, 2021