Askari Bank and Pakistan Mortgage Refinance Company (PMRC) signed 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 Mr. Rashid Nawaz Tipu, Group Head, Branch Banking – Askari Bank and Mr. N.K. Rupan, Managing Director/ Chief Executive Officer of PMRC. Also present at the occasion were Mr. Abid Sattar (President & CE Askari Bank), Mr. Rehmat Ali Hasnie (Chairman PMRC) and representatives from World Bank, Askari Bank and PMRC.
Mr. N.K Rupan, the CEO of PMRC, said that the creation of PMRC marks an important milestone in the government’s objective to improve access to housing finance, particularly to 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.