Lahore: According to a press release published in national dailies on May 3, the Bank of Punjab (BOP) and Akhuwat Islamic Microfinance (AIM) have signed a memorandum of understanding (MoU) to promote low-cost housing under the Government Markup Subsidy Scheme (G-MSS).
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The contract was signed by BOP President Zafar Masud and AIM Executive Director Dr. Muhammad Amjad Saqib at the BOP head office in Gulberg during the MoU signing ceremony. Asif Raza, the BOP Group’s Retail and Priority Sectors-Lending Representative, AIM Director Dr. Kamran Shams, and AIM Chief Credit Officer Shahzad Akram were also in attendance.
The G-MSS (also known as Mera Pakistan, Mera Ghar Housing Finance Scheme) was a pioneering move in the housing industry, according to BOP President Masud, and it would help the bank expand financial support at the grassroots level.
Dr. Ali, the Executive Director of AIM, also used the occasion to express his hope that, like all other government-sponsored programs, BOP would take the lead in this noble cause. He also praised Prime Minister Imran Khan for launching a low-cost housing project in Pakistan for the middle and lower middle income groups.