Karachi, 28th December 2020: JS Bank has signed a Credit Guarantee Agreement with the Pakistan Mortgage Refinance Company (PMRC) for providing and promoting affordable housing finance in the country.
The agreement was inked by the State Bank of Pakistan, 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” will provide up to 40% risk coverage to primary mortgage lenders to alleviate their credit risk.
The event was chaired by senior executives at the Pakistan Mortgage Refinance Company and the State Bank of Pakistan. Basir Shamsie, President & CEO of JS Bank, represented the Bank at the event.
Speaking at the occasion, Deputy Governor SBP Mr. Jameel Ahmed said that the risk coverage of mortgage portfolio under Government Markup Subsidy facility provides due comfort to banks in extending housing finance to the low income segment for buying or construction of new houses. He urged the banking industry to benefit from this unprecedented facilitative environment and extend loans to their maximum potential. He also urged the PMRC to focus on developing secondary mortgage market through issuance of mortgage-backed securities in the capital market. The Deputy Governor SBP emphasized that all stakeholders needed to make concerted efforts to achieve the goal of providing housing to the common people. He lauded the efforts by financial institutions over the last few months under the umbrella of Steering Committee on housing and construction finance established by the State Bank of Pakistan.
Basir Shamsie, President & CEO of JS Bank, expressed his appreciation of the initiative. “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.”
Expressing his views, Mudassir H. Khan, MD & CEO of PMRC 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 negligent for long. PMRC has a role of a catalyst in mortgage market development in the country and for growth of affordable housing in the country.”
Participants thanked the Governor and Deputy Governor SBP 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 towards its role as a catalyst towards the progress and prosperity of Pakistan, JS Bank continues to bring innovative banking products and services to the people of its country.
About JS Bank:
JS Bank is one of the fastest-growing Banks in Pakistan, with both a domestic and international presence. The Bank is a leader in the digital banking, SME & consumer loans space. JS Bank has been recognized on multiple international and national forums including the prestigious AsiaMoney, Asian Banking and Finance, DIGI and Pakistan Banking Awards. The Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services groups. For more information, please visit http://www.jsbl.com