Karachi: The Habib Bank Limited’s (HBL) Islamic Banking initiative has joined forces with the Naya Pakistan Housing and Development Authority (NPHDA) to facilitate the provision of affordable housing in the country, according to news sources.
NAPHDA Chairman Lieutenant General Anwar Ali Hyder (r) and President and Chief Executive Officer (CEO) HBL Muhammad Aurangzeb have signed a memorandum of understanding (MoU) in this regard.
Under the newly signed MoU, the HBL Islamic Banking will provide consultancy services to NAPHDA regarding models and prevailing international best practises – whenever required. The MoU dictates that the HBL will also provide expertise to vet low-income housing schemes that will best suit the existing project.
Furthermore, the bank will also offer high-level assistance and recommendations that will translate in maximum return for the project. Presently, Pakistan is facing a housing crisis with an estimated 10-12 million backlog of housing units.