President & CEO of U Microfinance Bank Limited (U Bank), Kabeer Naqvi, and Managing Director & CEO of Pakistan Mortgage Refinance Company Limited (PMRC), Mudassir H. Khan, signed a Memorandum of Understanding (“MOU”) to support & promote affordable housing finance in the country.

Under this agreement, PMRC will provide U Bank with long-term funding at discounted rates to promote housing finance. This new relationship will not only strengthen the bond between both the institutions, but will also open up multiple avenues for collaboration, including Low-Cost Housing Finance, Credit Guarantee Scheme, and Capacity Building (including training, product design, assistance in market research, etc.)

Speaking on the occasion, Kabeer Naqvi, President & CEO of U Bank, said, These initiatives will help the bank in providing affordable mortgage facilities to low-income individuals 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 alliance will also help in social uplift and poverty alleviation.”

Speaking at the occasion, Mudassir H. Khan, MD & CEO of PMRC, said, “This MOU will pave way for the microfinance industry to extend housing finance to the low-income groups, a market segment that has remained neglected for long. PMRC is continuing to play its role of being a catalyst in mortgage market development and for the growth of affordable housing in the country.”

The ceremony was held in the office of PMRC and was witnessed by the senior management of both institutions including Muhammad Shahzad Khan – Head of Business, Farrukh Zaheer – Head of Treasury & FIs, Jamil Akhtar – Head of Products, and Shaikh Taha Ahmad – Senior Business Manager from PMRC, and Mariam Pervaiz – Chief Commercial Officer & Chief of Staff, Muhammad Farooq Kamran – Head of Corporate Banking & Investments, and Mohsin Aslam – Head Budgeting Planning & Corporate Finance from U Bank.