Best Practices for Mortgage Finance & Regulatory Requirements

As part of PMRC’s initiative for development of mortgage market, PMRC Business & Product team has successfully conducted virtual training session for capacity building of National Rural Support Program (NRSP) team on best mortgage lending practices, regulatory requirements and development of mortgage products. Moreover, role of PMRC, mode of operations and availability of PMRC funding for mortgage finance was also explained. Over 100 participants across Pakistan attended the training program.

PMRC participated in Asia Pacific Housing Forum (APHF) Innovation Awards 2021

PMRC participated in Asia Pacific Housing Forum (APHF) Innovation Awards 2021 under the category “Public Policies” with the initiative titled “Development of affordable low-income mortgage market”. More than 50 companies from Asia competed for the awards contest. PMRC got selected as the top four finalist of this contest.

Disclaimer: Matter is subject to change as required.

MoU Signed between PMRC and U Microfinance to Promote Housing Finance in Pakistan

PMRC and U Microfinance Bank entered into a Strategic Alliance as they signed a Memorandum of Understanding to promote affordable and accessible housing finance in the country.

The signing ceremony was attended by several prominent personalities from both sides, with Mudassir H. Khan – CEO PMRC, and Kabeer Naqvi – CEO U Microfinance Bank as the key signatories.

Mr. Mudassir H. Khan, MD/CEO has participated in the Bank of Punjab Seminar

Mr. Mudassir H. Khan, MD/CEO has participated in the Bank of Punjab Seminar on Housing & construction on Thursday, November 18, 2021.

HABIBMETRO subscribes to PMRCL’s term finance certificates

HABIBMETRO Bank has successfully subscribed to a secured, unlisted and redeemable Privately Placed Term Finance Certificate (PPTFC) of Rs. 1.5 billion issued by Pakistan Mortgage Refinance Company Limited (PMRCL) for a tenure of five years, with Mohsin Tayebaly & Co. serving as the transaction legal counsel.

The TFC will contribute to the Government of Pakistan and State Bank of Pakistan’s vision and efforts for promoting the housing and construction sector in Pakistan aimed at stimulating economic growth.

A signing ceremony was held at HABIBMETRO Head Office, Karachi. PMRCL CEO/MD Muddasir H. Khan, HABIBMETRO President & CEO, Mohsin Ali Nathani,  Head of Treasury & FI’s Farrukh Zaheer, Group Executive – Corporate and Transaction Banking, Khurram Shahzad Khan,  Head of Business, Muhammad Shahzad Khan, Head Investment Banking, Hafiz Faraz Ali, Head Financial Institutions, Sehba Mansoor and other senior team members also attended the ceremony.

Commenting on this new partnership, PMRCL, Head of Treasury & FI’s, Farrukh Zaheer said “We are pleased to partner with Habib Metropolitan Bank for a secured privately placed Term Finance Certificate. We are delighted as this facility will further contribute towards housing finance market and is aimed at improving accessibility and affordability for the end borrowers”.

PMRC partners with Autosoft Dynamics (Pvt) Limited for the deployment of Loan & Credit Application

Pakistan Mortgage Refinance Company (PMRC) has entered into an agreement for deployment of loan and credit system with AutoSoft Dynamics (Pvt.) Limited. A contract signing ceremony was held on Thursday 16th September 2021 between the two companies at PMRC Head Office, in Karachi.

The project is aimed for faster and efficient credit appraisal & processing, transactions recording & monitoring, risk management, portfolio & collateral management of all credit exposures at PMRC.

Pakistan Mortgage Refinance Company was set up as a Mortgage Liquidity Facility by the State Bank of Pakistan to address the long-term funding constraint in the banking sector, which was hindering the growth of the primary mortgage market. PMRC is Pakistan first Mortgage Refinance facility serving as a secure source of long-term funding at attractive rates and at the same time ensuring sound lending habits amongst the primary mortgage lenders (PMLs). Its thrust is three-fold: help reduce maturity mismatch risk for PMLs, increase the availability of fixed rate mortgages and increase the maturity structure of the mortgage loans with the aim of improving affordability for end consumers particularly the low and middle income.

AutoSoft Dynamics is a one of the leading software solution providers specifically for the banking and financial services industry. AutoSoft offers a range of products, solutions and consulting services that cuts costs, respond rapidly to market needs, enhance customer service levels and mitigate implementation risks. AutoSoft has already provided financial solutions to many banks both within Pakistan and internationally.

PMRC registers success in a short span of time

The DAWN news, interviewed Mr. Mudassir H. Khan, CEO PMRC and sought his views on PMRC’s achievements, conventional & shariah compliant product and its active role in the capital market”

UBL Subscribes to Rs. 2.5 Billion Worth Term Finance Certificate Issued by PMRCL

United Bank Limited (UBL) has successfully subscribed to a secured and unlisted Privately Placed Term Finance Certificate (PPTFC) of Rs. 2.5 billion issued by Pakistan Mortgage Refinance Company Limited (PMRCL) for a tenure of three years, and included Mohsin Tayebaly & Co. as the transaction legal counsel.

The subscription will contribute to building the housing and construction loan portfolios as part of the strategy by the Government of Pakistan and the State Bank of Pakistan for the extension of mortgage loans and financing to developers and builders.

The facility is aimed at improving the quality of the living conditions of the people of Pakistan through the construction of affordable housing. Its linkage to dozens of allied industries offers a substantial potential for the boosting of economic activities in the country.

A signing ceremony was recently held in this regard at the UBL Head Office, Karachi. UBL was represented by Shazad G. Dada, President & CEO, Farooq A.
Khan, Group Head – Corporate, Investment Banking & Financial Institutions, Muhammad Tayyab Khurshid, Unit Head Financial Institutions, and other senior UBL executives.

From PMRCL, MD/CEO Muddasir H. Khan, Head of Treasury & FIs, Mr. Farrukh Zaheer, Head of Business Muhammad Shahzad Khan, and other senior team members attended the ceremony.

Licenses issued to 3 Housing Finance Companies in FY21

SECP with the aim of revitalizing the housing sector via NBFC stream, has introduced number of initiatives which has resulted in procedural ease and better marketability of NBFC’s housing finance product.

The amendments have started attracting investors to the sector, which resultantly has brought forward three new entrants, who have been awarded license by SECP for rendering Housing Finance services.

SECP along with PMRC and World Bank has been running awareness campaign to highlight the opportunities for potential new entrants. With these steps, SECP aims to support the housing sector and play its part in materializing Government’s vision of Housing for All.

PMRC collaborates with JS Bank Limited

Pakistan Mortgage Refinance Company (PMRC) and JS Bank Limited (JSBL) join hands together to support Government’s vision for providing low-cost housing and promoting affordable housing finance in the country. PMRC via this agreement will provide 10 years fixed rate concessional funds to JSBL which will not only provide the boost to the flow of funds towards the middle and low income group particularly those in informal segment but will also add to the thrust required to support the growth of housing sector.

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