KARACHI: Faysal Bank Limited and Akhuwat have come together in a strategic partnership to promote Shariah compliant affordable housing, under the Government of Pakistan’s low-cost housing finance facility for low-income individuals. The Memorandum of Understanding (MoU) was signed by Faysal Bank’s Head of Corporate & Investment Banking, Ali Waqar, and Dr Amjad Saqib, CEO of Akhuwat.

Akhuwat is the world’s largest interest-free microfinance organization that constantly works to alleviate poverty and empower socially and economically marginalized communities. As part of the partnership, Akhuwat will assist Faysal Bank in the identification of eligible individuals who desire to obtain the affordable housing facility.

In turn, Faysal Bank the fastest growing Islamic and Best Emerging Bank of the country will proceed with the disbursement of affordable housing finance facility to the applicants as recommended by Akhuwat. Expressing his views on this partnership, Yousaf Hussain, President and CEO of Faysal Bank said, “We are delighted to move forward in our mission to promote financial inclusivity. Through this partnership with Akhuwat, we look forward to uplifting the living standards of underprivileged communities, ensuring the provision of sustainable low-cost housing units to deserving people with low income, while also promoting the overall social and economic growth of the country.”

Dr Amjad Saqib, CEO Akhuwat, also added, “This partnership with Faysal Bank has strengthened our efforts to assist deserving families in the country. With Akhuwat and Faysal Bank’s collective efforts, we will make affordable housing a reality for everyone”.—PR

Copyright Business Recorder, 2021