HBFCL signs MOU with MDA to promote affordable housing project
Karachi, February 04, 2011: House Building Finance Company Limited (HBFCL), the country's leading housing finance institution has signed a Memorandum of Understanding (MoU) with the Malir Development Authority (MDA) for providing housing finance to MDA customers of the Affordable Housing Project. The MoU signing ceremony took place at the Governor House and was witnessed by the Governor of Sindh, Dr. Ishrat Ul Ebad Khan and the Minister for Local Government Department, Government of Sindh, Mr. Agha Siraj Khan Durrani, amongst other dignitaries.
The Affordable Housing Project comprises of housing units on fully serviced residential plots of 80, 100 and 120 square yards, to be located in various sectors of New Malir Housing Project, MDA Scheme No. 1 and Taiser Town, Scheme 45. The Project aims at providing houses to low and middle income people, free from all encumbrances and litigation.
Speaking at the occasion, the managing director and CEO of HBFCL, Azhar A. Jaffri stated, "This MoU brings together 2 organizations in a partnership that has tremendous potential in addressing a dire social need. The need of our citizens for a home they can truly call their own. The MoU is a categorical indication of our resolve and our commitment to live our Vision, which is "To be the prime housing finance institution of the country, providing affordable housing solutions, to low and middle income groups of population by encouraging new constructions in Small & Medium Housing sector."
HBFCL is currently undergoing a major transformation that aims to make it an efficient, customer-focused housing finance institution. This transformation, which is now well underway, is holistic in its approach, and aggressively seeks to bring new reforms in almost every section of the organization - Human Resources, Financial Administration, Credit & Recoveries, Legal, Audit , Business Development & Customer Services, Strategy, Marketing & PR, Corporate Affairs and Risk Management.
The House Building Finance Company Limited ('HBFCL") is now an unlisted Public Limited Company. Its Vision is "to be the prime housing finance institution of the country, providing affordable housing solutions to low and middle income groups of population by encouraging new constructions in small & medium housing (SMH) sector." Since its inception it has provided a range of housing finance products and services for nearly half a million housing units.