BoP and AIM sign agreement for promotion of low-cost housing

LAHORE: The Bank of Punjab (BoP) and Akhuwat Islamic Microfinance (AIM), have signed an agreement for promoting low-cost housing under Government's Markup Subsidy Scheme (G-MSS).

The ceremony was held at The Bank of Punjab's Head Office in Gulberg, Lahore.

Zafar Masud - President& CEO BOP and Asif Riaz - Group Head Retail and Priority Sectors Lending represented BOP, while Akhuwat Islamic Microfinance (AIM), was represented by Dr Muhammad Amjad Saqib Executive

Director, Dr Kamran Shams - Director and Shahzad Akram - Chief Credit Officer.

Zafar Masud opined, this is a revolutionary step in the Housing Industry and such arrangements shall help us extend support at grass root level.

Dr Amjad Saqib appreciated BOP's initiative to take a lead in this noble cause and expected that like all other government subsidized schemes, BOP will assume a leading role in this segment as well. He also appreciated Prime Minister of Pakistan for introducing such an affordable scheme for Lower and middle income segments.

Speaking on the occasion, Zafar Masud also appreciated the efforts of State Bank of Pakistan (SBP) and NAPHDA, which have taken exemplary measures and much needed policy interventions to promote housing in Pakistan.

Through this collaboration both the organizations are optimistic about providing housing to lower strata of the society where the maximum need resides but the segment is marred by lack of formal access to financing.