Islamabad, April 16, 2020: NAPHDA (Naya Pakistan Housing and Development Authority) and HBL’s Islamic Banking arm have signed a Memorandum of Understanding (MOU). The MOU was signed in Islamabad by Lt. Gen. Anwar Ali Hyder, (Retd) Chairman NAPHDA and in Karachi by Mr. Muhammad Aurangzeb, President & CEO – HBL.
HBL is the first bank in the country to have entered into this relationship with NAPHDA. This project uplifts the lives of millions of people and provides them affordable housing- an objective that NAPHDA and HBL Islamic Banking are working towards tirelessly.
Under the MOU, HBL’s Islamic Banking team will act as a facilitator for providing consultancy services to NAPHDA. These services will include, but no limited to providing recommendations as and when required to the NAPHDA on models and prevalent best international practices with respect to low income housing schemes that may be suitable for the Project. HBL may also provide high level support and recommendations to make the Project bankable.
NAPHDA is a special body formed by the Government of Pakistan to construct over 5 million affordable housing units. HBL is Pakistan’s largest bank. The Bank’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.
The need for low cost housing in Pakistan is a result of rapid urbanization, which has resulted in a growing number of people without access to affordable housing. The government has pledged to make over 5 million homes in the next five years and is the biggest government-backed housing program ever attempted.
Lt. Gen. Anwar Ali Hyder, (Rtd.) Chairman NAPHDA stated, “Pakistan faces a housing crisis. There is overall housing backlog of more than 10 – 12 million housing units. NAPHDA aims to provide affordable, dignified housing solutions to the citizens of Pakistan regardless of income level. Our agreement with HBL will enable us to avail their technical and financial expertise as we embark on this project of national importance with a direct impact on the economic rejuvenation of the country.”
Commenting on this strategic partnership, Muhammad Aurangzeb, President & CEO – HBL said, “This agreement will enable HBL’s Islamic banking arm to assist NAPHDA to build cost effective, sustainable housing units that will bring about financial and societal inclusion of the country. This initiative taken by the Government is commendable and will help uplift the lives of millions of people. We look forward to working with the dynamic NAPHDA team to play our part in the economic development of Pakistan.”
