HBL Islamic Banking Partners with Akhuwat to Provide Shariah-Compliant Housing Finance Facilities

Pakistan’s Habib Bank Limited (HBL)’s Islamic Banking and Akhuwat, a micro-finance institution, have signed a Memorandum of Understanding (MoU) to provide Shariah-compliant housing finance facilities to applicants identified by Akhuwat.

Why it matters?

The agreement will enhance the financial inclusion of HBL by providing financing of cost-effective, sustainable housing units for underserved segments of Pakistan, and help support Pakistan’s economic development, according to Muhammad Aurangzeb, President and Chief Executive Officer of HBL. The bank is the first in the country to have entered into a partnership with Akhuwat. The project is in line with the Government of Pakistan’s vision of providing affordable housing through...