National Bank of Pakistan and Provincial Housing Authority (PHA) of Khyber Pakhtunkhwa have signed a Memorandum of Understanding (MoU) to provide home loans for provincial employees housing scheme. The home loans can be obtained via Islamic or conventional banking.
MOU signing ceremony was held at KPK House Islamabad. President NBP Saeed Ahmad, Special Advisor to Chief Minister for Housing (KPK) Dr. Amjad Ali, D.G. Provincial Housing Authority, Saifur Rehman Usmani, Executive Vice President NBP, Khawar Saeed, Head of Consumer Banking, NBP, Ahmar Qadeer and other officials of the bank and PHA participated in the ceremony.
According to the MoU, NBP will provide financing for the construction of about 200,000 houses by the PHA in KPK for low-income provincial government employees at an affordable cost and offer easy installment plans.
The President of NBP, while speaking on the occasion, said that “there is an estimated shortage of about 10 million housing units in the country. It is heartening to see that the Housing Ministry of KPK has come up with the scheme of social housing for the provincial government employees and others”.
“This MOU is just the beginning of NBP’s pledge to promote and make social housing-related projects a success in KPK and across the country. This will fulfill dreams of many low-income employees who might not have ever thought to have a roof over their heads,” NBP President added.
Mr. Usmani asked President of National Bank of Pakistan to include Islamic Modes of Financing for those who do not wish to avail the Housing Finance facility from conventional banks.
Mr. Saeed Ahmad expressed his pleasure and said, “I am pleased to learn from DG Usmani that PHA would like Diminishing Musharka facility as Islamic Mode of financing to be made available to employees considering their faith-based preference. As a matter of fact, the purpose of my coming to work in Pakistan was to promote Islamic Banking”.