KARACHI: Askari Bank and Pakistan Mortgage Refinance Company (PMRC) have signed a Master Refinance Agreement. Under this agreement, PMRC will provide Askari Bank with long-term funding at fixed rates to promote housing finance. The agreement was signed by Askari Bank Branch Banking Group Head Rashid Nawaz Tipu and PMRC Managing Director and Chief Executive Officer NK Rupan. Also present on the occasion were Askari Bank President and CEO Abid Sattar, PMRC Chairman Rehmat Ali Hasnie and representatives of the World Bank, Askari Bank and PMRC. Rupan said the creation of PMRC marks an important milestone in the government’s objective to improve access to housing finance, particularly for middle and low-income groups who are in dire need of access to long-term housing finance with stable and fixed rates not subject to the vagaries of interest rate fluctuations.
Published in The Express Tribune, November 7th, 2018.