IFC Training Helps Build Housing Finance Market in Pakistan
Islamabad, Pakistan, May 2008—In cooperation with IFC, a member of the World Bank Group, the State Bank of Pakistan has successfully completed a mortgage training program for local bankers to help build their capacity and improve housing finance services to low- and middle-income people.
The training was a follow-up to a cooperation agreement between IFC and the State Bank of Pakistan. There were modules on global trends, the local market, marketing and customer relations, loan application and file building, sales interviews, Islamic products, registration, closing and funding, loan servicing, underwriting, and risk management. The event took place at the National Institute of Banking and Finance in Islamabad.
“Housing finance is important for the wellbeing of individuals and the economy. A mortgage banker should serve as a consultant who assesses the client’s needs and advises on available options, rather than act solely as a loan officer,” said Kazi Abdul Muktadir, Managing Director of the National Institute of Banking and Finance.
IFC developed a comprehensive training package on housing finance for the State Bank of Pakistan and delivered the initial session for master trainers in December 2007. Some of the senior bankers who attended the training were selected as instructors for this month’s event.
“The training program is part of IFC’s efforts to develop Pakistan’s housing finance market for underserved people. We have already completed advising the House Building Finance Corporation, the country’s largest and oldest mortgage lender, on developing a sustainable business plan for its operations,” said Akbar Khan, IFC Project Officer and trainer.
Currently, IFC is working with the State Bank of Pakistan’s Housing Advisory Group to help expand the housing market by recommending ways to simplify the business environment. This includes creating a mortgage refinance company that will provide long-term funding at fixed interest rates.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.