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March 5, 2021

HBL, Akhuwat to provide affordable housing loans

Business

March 5, 2021

LAHORE: HBL’s Islamic Banking arm and Akhuwat have signed a memorandum of understanding (MOU) to roll out a programme to provide Shariah-compliant, housing finance facilities to applicants identified by Akhuwat

The MOU was signed in Lahore by Dr Amjad Saqib, Founder – Akhuwat and Muhammad Afaq Khan, Head – Islamic Banking, HBL. Akhuwat would not only recommend the individuals, but also oversee the construction of houses for the selected applicants.

Akhuwat, has a solid track record of work on alleviating poverty and empowering socially and economically marginalised families through interest-free micro-finance and by harnessing entrepreneurial potential, capacity building and social guidance.

HBL is the first bank in Pakistan to have entered into this relationship with Akhuwat, which has a substantially large client base and network to reach out to people across the country.

This project would uplift the lives of millions of people in the Pakistan and was in line with the government of Pakistan’s vision of providing affordable housing units to underserved segments of society through Naya Pakistan Housing and Development Authority (NAPHDA).

NAPHDA is a special body formed by the government and is the biggest government-backed housing programme ever attempted.

HBL President and CEO Muhammad Aurangzeb said this agreement would further help 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,” he added.

Dr Amjad Saqib said, “Akhuwat Islamic Microfinance is happy to work with HBL, the largest bank in Pakistan, for provision of low-cost houses for poor and needy. Through this collaboration, we intend to support the poor to build their own houses, InshaAllah.”