LAHORE: The Islamic banking arm of HBL and Akhuwat have signed a Memorandum of Understanding (MoU) to implement a program that will provide Shariah-compliant home financing services to applicants identified by Akhuwat.
The Memorandum of Understanding was signed in Lahore by the founder of Akhuwat, Dr. Amjad Saqib, and the head of HBL‘s Islamic banks, Muhammad Afaq Khan.
Through this memorandum of understanding, Akhuwat will not only recommend people, but will also oversee the construction of homes for the selected candidates.
Through this MOU, HBL, Pakistan’s largest bank, will join forces with Akhuwat to implement a program that will provide Shariah-compliant housing financing facilities for applicants identified by Akhuwat.
Akhuwat will not only recommend people, but will also oversee the construction of homes for the selected candidates.
Akhuwat has a solid track record of working to alleviate poverty and empower socially and economically marginalized families through interest-free microfinance and leveraging business potential, capacity building and social orientation.
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HBL is the first bank in Pakistan to enter into this relationship with Akhuwat, which has a substantially large customer base and network to reach people across the country. This project will lift the lives of millions of people in Pakistan and is in line with the Government of Pakistan (GOP) vision to provide affordable housing units to less privileged segments of society through the Naya Pakistan Housing and Development Authority (NAPHDA).
NAPHDA is a special agency formed by the GOP and is the largest government-supported housing program ever attempted.
Commenting on this strategic partnership, Muhammad Aurangzeb, President and CEO of HBL said:
“This agreement will help further the Bank’s financial inclusion agenda by helping finance cost-effective, sustainable housing units for previously underserved segments of the country. We look forward to working with the professional team at Akhuwat and to play our part in furthering the next phase of Pakistan’s economic development.”
Dr. Amjad Saqib stated, “Akhuwat Islamic Microfinance is happy to work with HBL, the largest bank in Pakistan, for the provision of low-cost houses for poor and needy. Through this collaboration, we intend to support the poor to build their own houses, In Shaa Allah”
Commenting on the company, Muhammad Afaq Khan, Head of Islamic Banking – HBL, said: “Pakistan is facing a housing crisis. This agreement will help provide affordable housing solutions to Pakistani citizens, regardless of their income level. HBL’s national presence, largest distribution network, effective Islamic Banking arm and investment in technology and talent, enables the Bank to undertake this task of strategic national importance.”
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