NAPHDA signs agreement with HBL

Naya Pakistan Housing and Development Authority (NAPHDA) 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 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. Chairman NAPHDA Lt-Gen Anwar Ali Hyder (retd) said, "Pakistan faces a housing crisis. There is overall housing backlog of more than 10 - 12 million housing units.-PR