Meezan Financial institution and PMRC Be part of Palms to Promote Islamic Housing Finance

Meezan Financial institution, Pakistan’s main Islamic financial institution and Pakistan Mortgage Refinance Firm (PMRC), a Mortgage Liquidity Facility arrange by the State Financial institution of Pakistan,  have not too long ago inked a Grasp Musharakah settlement to assist and promote inexpensive housing finance within the nation. Underneath this settlement, PMRC will present 5 years fixed-rate concessional funds to Meezan Financial institution,  which can present much-needed assist throughout the housing worth chain. With the acquisition of funds price PKR 5 billion, Meezan Financial institution goals to in the end enhance entry to inexpensive, Shariah-compliant housing finance in Pakistan by way of higher and extra inexpensive charges.

The signing ceremony occurred at Meezan Home, Karachi and was attended by Meezan Financial institution’s Founding President & CEO – Mr. Irfan Siddiqui, Deputy CEO – Mr. Ariful Islam, Group Head Shopper Finance – Syed Iftikhar ul Haq & Head of Housing Finance – Mr. Masroor Mohsin. PMRC was represented by their Managing Director & CEO – Mr. Mudassir H. Khan, Resident Shariah Board Member – Dr. Mufti Muhammad Yunas Ali, Head of Enterprise – Mr. Muhammad Shahzad Khan & Head Islamic Enterprise – Mr. Hasan Junaid Nasir.

Mr. Irfan Siddiqui – Founding President & CEO, Meezan Financial institution appreciated the initiative taken by PMRC for bringing innovation in Islamic Finance market by floating funds for facilitation of finish clients. “This initiative will assist Islamic housing finance within the nation regardless of rising KIBOR by making Shariah-compliant housing finance extra inexpensive for the purchasers. We’re happy to be becoming a member of arms with PMRC as they proceed to change into an necessary participant within the improvement of long-term housing finance within the nation together with the consolation of fastened revenue charges.”

Mudassir H. Khan – Managing Director & CEO , PMRC whereas talking on the event stated, “It’s certainly a milestone for each the establishments as we acknowledge the significance of mutual coordination between monetary establishments for the expansion and assist of housing sector within the nation. We’re proud to assist the biggest Islamic financial institution within the nation and imagine that such collaborations will play a key position for promotion and progress of inexpensive housing in the nation.”

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