LAHORE: HBL’s Islamic Banking arm and Akhuwat have signed a Memorandum of Understanding (MoU). The MoU was signed in Lahore by Dr Amjad Saqib, Founder – Akhuwat and Muhammad Afaq Khan, Head – Islamic Banking, HBL.
Through this MoU, HBL will come together with Akhuwat to roll out a program that will provide Shariah compliant, housing finance facilities to applicants identified by Akhuwat.
Akhuwat will not only recommend the individuals but also oversee the construction of houses for the selected applicants.
Akhuwat has a solid track record of work on alleviating poverty and empowering socially and economically marginalized families through interest-free micro-finance and by harnessing entrepreneurial potential, capacity building and social guidance.
HBL is the first bank in Pakistan to have entered into this relationship with Akhuwat, which has a substantially large client base and network to reach out to people across the country. This project will uplift the lives of millions of people in the Pakistan and is in line with the Government of Pakistan’s (GoP) vision of providing affordable housing units to underserved segments of society through Naya Pakistan Housing and Development Authority (NAPHDA). NAPHDA is a special body formed by the GoP and is the biggest government-backed housing program ever attempted.—PR
Copyright Business Recorder, 2021