U Microfinance Bank Signs Memorandum of Understanding with Pakistan Mortgage Refinance Company Limited for Affordable Housing Finance
President & CEO of U Microfinance Bank Limited (U Bank) Mr. Kabeer Naqvi and Managing Director & CEO of Pakistan Mortgage Refinance Company Limited (PMRC), Mr. Mudassir H. Khan, signed Memorandum of Understanding (“MOU”) to support & promote affordable housing finance in the country.
Under this agreement PMRC will provide Ubank with long-term funding at discounted rates to promote housing finance. This new relationship will not only strengthen the bond between both the institutions, but will also open up multiple avenues for collaboration, including Low Cost Housing Finance, Credit Guarantee Scheme and Capacity Building (including training, product design, assistance in market research etc.)
Speaking on the occasion Mr. Kabeer Naqvi, President & CEO of U Bank said that these initiatives will help the bank in providing affordable mortgage facilities to the low-income individuals particularly those in the informal sector. The government of Pakistan is committed to providing affordable housing finance to its citizens for economic and social development. This alliance will also help in social uplift and poverty alleviation.
Speaking at the occasion, Mudassir H. Khan, MD & CEO of PMRC said, this MOU will pave way for the microfinance industry to extend housing finance to the low-income groups, a market segment which has remained neglected since long. PMRC is continuing to play its role of being a catalyst in mortgage market development and for the growth of affordable housing in the country.
The ceremony was held in the office of PMRC and was witnessed by the senior management of both institutions including Mr. Muhammad Shahzad Khan – Head of Business, Mr. Farrukh Zaheer – Head of Treasury & FIs, Mr. Jamil Akhtar – Head of Products and Mr. Shaikh Taha Ahmad – Senior Business Manager from PMRC and Ms. Mariam Pervaiz – Chief Commercial Officer & Chief of Staff, Mr. Muhammad Farooq Kamran – Head of Corporate Banking & Investments and Mr. Mohsin Aslam – Head Budgeting Planning & Corporate Finance from U Bank.