PMRC and HBL collaborated for another sukuk

PMRC is glad to announce the closing of yet another Sukuk, with HBL Islamic Banking. This sukuk will serve to make Shariah Compliant Housing Finance more accessible to the public.
Here’s what Mudassir CEO/MD PMRC and Muhammad Afaq Head HBL Islamic Banking had to say about the ceremony:
“PMRC is delighted to partner with HBL Islamic Banking for this Sukuk. The funds raised under this Sukuk are important for the promotion of the Islamic housing finance market. I am confident this will be beneficial in the growth of fixed-rate, low-cost housing for the end consumers” said Mudassir
“HBL Islamic Banking is pleased to be collaborating with PMRC in the placement of the PKR 1 Billion Sukuk. The funds will be used to promote financing in the housing sector of Pakistan with a special focus on low-cost housing initiatives. This will enable us to play our part in the economic development of the country” remarked Afaq Khan.

Notice of the 6th Annual General Meeting.

Agreement signed between BOP & Credit Guarantee Trust (PMRC) for affordable housing finance

Press Release – 13th December 2020
The Bank of Punjab (BOP) and Pakistan Mortgage Refinance Company (PMRC) join hands together for providing and promoting affordable housing finance in the country by signing a Credit Guarantee Agreement with Credit Guarantee Trust for Low Cost Housing, set up by the Government of Pakistan with PMRC as Trustee. The BOP has become the first bank in Pakistan
which has signed a Master Credit Guarantee Agreement to avail risk cover for low-income housing finance. BOP has also partnered with PMRC and obtained a Refinancing Facility. These initiatives will help the bank to partially alleviate the credit risk entailed and provide affordable mortgage facilities to the low-income, 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 project will further help the government to achieve its goals aimed towards housing and poverty alleviation.
Mr. Zafar Masud, President of BOP said “Housing sector is a niche for us as a growing bank. We believe in housing finance as a team and are wholeheartedly committed to this cause by providing low-cost housing facility to Pakistanis. This will in turn help the country in achieving its low-cost housing targets and shall also contribute to economic growth. We aim to be the leader in the market in this sector and our latest handshake with PMRC is a testament of our commitment to
being ahead of the game in the market”.
Mudassir H. Khan, MD & CEO, PMRC expressed that “it is indeed a proud moment for both the institutions, as we recognize the importance of mutual coordination between the financial institutions for the growth of affordable housing in the country. In particular, the Credit Guarantee will play a key role in the promotion of low-income housing and realizing the Government of Pakistan’s vision of making affordable housing a reality”.
Presiding the ceremony, Chairman (NAPHDA) Lt. General (R) Anwar Ali Hyder praised the efforts of PMRC and BOP for this groundbreaking event and said that this endeavor is not only a step forward in making reality the dream of many low-income earner in owning the house but also example of turning visions into practicality. Ms. Sima Kamil, Deputy Governor SBP and Namoos Zaheer, Sr. Specialist, The World Bank also witnessed the ceremony online and congratulated both institutions.

PMRC & BOP enter into Mortgage Refinance Agreement.

Pakistan Mortgage Refinance Company (PMRC) and The Bank of Punjab (BOP) joins hands together for providing and promoting affordable mortgage finance in the country.
This landmark transaction makes The Bank of Punjab the first Government Bank in Pakistan to enter in mortgage refinance arrangement.
With this venture, PMRC has created a far-reaching footprint and has now become the first financial institution in Pakistan to register security / collateral of a body corporate using Secured Transaction Registry.
This transaction is an effort by both the institutions to materialize and contribute to Prime Minister’s mission of providing affordable housing to citizens. The transaction will allow The Bank of Punjab to provide affordable housing finance to low and middle income citizens and government employees.
Mudassir H. Khan, MD & CEO of PMRC expressed that “it is indeed a proud moment for both the institutions, as we recognize the importance of mutual coordination between the financial institutions and achieving a milestone transaction which would help to achieve government
vision of providing accessible housing finance”.
Mr. Zafar Masud, President of BOP while emphasizing on the role of PMRC said, “we are witnessing a momentum shift, as this is the first mortgage refinance transaction where a Government bank is now a Partner Financial Institution with PMRC and will be engaged in promoting affordable housing finance business”. He further appreciated PMRC Business and Product team’s efforts for making this transaction happen.

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