Karachi: JS Bank has signed a credit guarantee agreement with the Pakistan Mortgage Refinance Company (PMRC) for providing and promoting affordable housing finance to low-income lenders in the country.
The agreement was inked by the State Bank of Pakistan (SBP), JS Bank and five other banks for the recently launched mark-up subsidy, Mera Pakistan Mera Ghar initiative.
Launched by the Credit Guarantee Trust, the “Credit Guarantee Scheme for Low Income Housing” would provide up to 40 percent risk coverage to primary mortgage lenders to alleviate the credit risk of mortgage lenders.
SBP Governor Reza Baqir chaired the event, with Deputy Governor Sima Kamil and other senior executives from SBP and PMRAC in attendance. JS Bank President and CEO Basir Shamsie represented the Bank at the event.
Expressing his appreciation of the initiative, Shamsie said, “At JS Bank, we are committed to serving the people of Pakistan. We are pleased to play our role in driving affordable housing finance across the country and aim to help people own the home of their dreams.”
PMRC MD and CEO Mudassir H Khan said, “This Credit Guarantee Scheme will pave way for the banking industry to extend housing finance to the low income group, a market segment which has remained (neglected) for long.” PMRC has an important role in developing the mortgage market for the growth of affordable housing in the country.
Participants thanked the SBP’s governor and deputy governor for their leadership and support, the Ministry of Finance, the World Bank and NAPHDA towards making the government and PM’s vision of affordable housing a reality. Committed to its role as a catalyst in the progress and prosperity of Pakistan, the JS Bank continues to bring innovative banking products and services to the people of this country.