Dubai Islamic Bank to support, promote housing finance market

F.P. Report

KARACHI: Dubai Islamic Bank and Pakistan Mortgage Refinance Company (PMRC) join hands to support Government’s vision of providing low-cost housing and promoting affordable housing finance in the country. PMRC via this agreement has provided fixed rate concessional funds of Rs. 3 Billion to Dubai Islamic Bank which will not only provide to boost the flow of funds towards the middle- and low income segment especially those with informal income for their house finance needs but will also support overall growth of housing sector in the country.
Junaid Ahmed, President & CEO of Dubai Islamic Bank, said that “Dubai Islamic Bank is aggressively working towards supporting the housing and construction industry which in turn will provide affordable housing finance to low and middle-income borrowers under Mera Pakistan Mera Ghar scheme. The Bank holds a significant share in mortgage finance market and this collaboration, will further strengthen our role in this sector”.
Mudassir H. Khan, Managing Director & CEO, PMRC expressed his views, saying “it is indeed a proud moment for both the institutions, as we recognize the importance of mutual cooperation for the growth and support of housing sector in the country. Such collaborations will play a key role in the promotion of low-income housing and realizing the Government’s vision of making affordable housing a reality”. He was of the view that PMRC is committed to providing all the required support for growth of housing and construction sector for increasing accessibility and affordability of mortgage and construction finance to spur economic and social development.
Dubai Islamic Bank is operating with 235 branches in over 68 cities nationwide. The Bank is closely working with State Bank of Pakistan (SBP) in its initiatives towards financial inclusion and sustainable growth.