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”

https://pmrc.com.pk/wp-content/uploads/2021/08/Captial-page-1-new.pdf
https://pmrc.com.pk/wp-content/uploads/2021/08/Captial-page-2-new.pdf

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.

https://propakistani.pk/2021/08/04/ubl-subscribes-to-rs-2-5-billion-worth-term-finance-certificate-issued-by-pmrcl

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.

https://www.dawn.com/news/1633815

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.

https://www.thenews.com.pk/print/861228-js-bank-pmrc-join-hands-to-make-house-financing-accessible-to-all-income-groups

Is Pakistan ready for securities backed by mortgage?

Daily DAWN, interviewed Mr. Mudassir H. Khan, CEO PMRC and sought his views on introducing mortgage-backed bond in Pakistan’s capital market.

Mr. Mudassir stated that to bring pace and innovation in capital market, PMRC aims to issue its first mortgaged-backed bond which will be tradeable in the secondary market.

He further stressed that this can be achieved via stringent legal framework with standardized loan application and approval processes will accompany the securitization of mortgages. “We won’t securitise low-income housing loans. We’ll securitise other loans but use the proceeds to promote low-income mortgages. We’ll ensure that people trust the paper issued by PMRC. We won’t sell anything that’s prone to default,” he said.

https://www.dawn.com/news/1632238/is-pakistan-ready-for-securities-backed-by-mortgage

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.

https://epaper.brecorder.com/2021/06/17/12-page/890069-news.html

PMRC & its Partner Financial Institutions (PFIs) signed Credit Risk Guarantee to promote low-cost housing finance

In the ceremony held at PMRC’s office at FTC in Karachi Credit Guarantee Agreements were signed with National Bank of Pakistan (NBP), United Bank Limited (UBL), Bank Alfalah Limited (BAFL) and Dubai Islamic Bank Pakistan Limited (DIBPL), which will allow them to avail risk cover for low-income housing finance. Soneri Bank limited (SBL) also participated in the event to partner with PMRC to obtain Refinancing Facility to help them grow their housing portfolio. These initiatives will allow the banks to partially alleviate the credit risk entailed and provide affordable mortgage facilities to the low-income, particularly those in the informal sector.
PFIs were represented by their Presidents Mr. Arif Usmani – CEO NBP, Mr. Shahzad Dada – CEO UBL, Mr. Atif Bajwa – CEO BAFL, Mr. Junaid Ahmed – CEO DIBPL and Mr. Muhtashim Ahmad Ashai – CEO SBL.
Mudassir H. Khan, MD & CEO, PMRC expressed his views saying, “It is indeed a proud moment for PMRC and all PFIs, 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, Ms. Sima Kamil, Deputy Governor SBP praised the efforts of PMRC and PFIs for this groundbreaking event and said that this endeavor is not only a step forward in making the dreams of many lowincome earners of owning a house come true but also an example of turning visions into reality.

Media Coverage: The News | Business Recorder | INC Pak

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.

Master Guarantee Agreement signed between Credit Guarantee Trust for Low Income Housing and Partner Financial Institutions

A Credit Guarantee Trust, with Pakistan Mortgage Refinance Corporation (PMRC) as Trustee, has been set up by the Government of Pakistan with the support of State Bank of Pakistan (SBP) and funded by the World Bank. In line with Government’s vision to promote affordable housing specially for the low- and informal-income segments, the Credit Guarantee Trust will provide risk coverage of up to 40% to primary mortgage financiers on first loss basis. The guarantee will partially alleviate the credit risk of primary mortgage financiers and provide a conducive environment for banks to finance housing for the low-income. Keeping in view the dynamics of mortgage market and to facilitate market growth, the scheme has been designed for both conventional and Islamic banks.

PMRC as trustee today signed a Master Guarantee Agreement with six leading Islamic and conventional banks including Meezan Bank, Habib Bank, BankIslami, Faysal Bank, JS Bank and Soneri Bank. This is a major step for the Government’s Naya Pakistan Housing Program and making affordable housing possible for all.

Speaking at the occasion, Deputy Governor SBP Mr. Jameel Ahmed said that the risk coverage of mortgage portfolio under Government Markup Subsidy facility provides due comfort to banks in extending housing finance to the low income segment for buying or construction of new houses. He urged the banking industry to benefit from this unprecedented facilitative environment and extend loans to their maximum potential. He also urged the PMRC to focus on developing secondary mortgage market through issuance of mortgage-backed securities in the capital market. The Deputy Governor SBP emphasized that all stakeholders needed to make concerted efforts to achieve the goal of providing housing to the common people. He lauded the efforts by financial institutions over the last few months under the umbrella of Steering Committee on housing and construction finance established by State Bank of Pakistan.

Mudassir H. Khan, MD and CEO of PMRC, expressing his views said that this Credit Guarantee Scheme will pave the way for the banking industry to extend housing finance to the low-income group, a market segment which has remained negligible for long. He said that PMRC has a role of a catalyst in mortgage market development in the country and for growth of affordable housing in the country. He thanked the Deputy Governor SBP for his leadership and support for this sector, the Ministry of Finance, the World Bank and NAPHDA towards making the Government and PM’s vision of affordable housing a reality.

Media Coverage: DAWN | SAMAA | The News | Business Recorder

  • Fax
  • +92(21)35633365
  • Registerd Address
  • Finance & Trade Center, 4th Floor, Block-A, Shahrah-e-Faisal, Karachi -74400, Pakistan.

Follow Us