Private sector credit offtake soars 196 2pc to Rs489 4bln thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Not many people know that BankIslami Pakistan, one of the smaller lenders with only a 1.3 per cent share in total assets of the banking sector, is currently the country’s single largest housing bank.
The housing portfolio of the minor-league bank within consumer financing puts to shame the biggest banks and even the good old House Building Finance Company (HBFC), the only specialised housing institution that has existed since 1952.
The housing advances of the Sharia-compliant bank stood at almost Rs15 billion at the end of March, up 11.4pc from a quarter ago.
The government is promoting home ownership by means of subsidised mortgages through commercial banks. The State Bank of Pakistan (SBP) has asked lenders to increase their construction and housing finance to at least 5pc of their total private-sector loans by December. Hardly five of over two dozen banks currently meet that criterion.
Bank loans to the private sector during 11 months of the current fiscal year (July 2020 to May 2021) increased by 69.50 percent to Rs. 489.5 billion from
SBP releases second quarterly report on state of Pakistan s economy dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.