ISLAMABAD: Mobilink Microfinance Bank Limited (MMBL) and U Microfinance Bank Limited (UMBL) have entered into a strategic partnership for providing housing finance facility for their employees.

An MoU was signed between Ghazanfar Azzam, President and CEO MMBL and Kabeer Naqvi, President and CEO UMBL at a ceremony held in Islamabad, according to a statement issued on Friday. Under this partnership, UMBL and MMBL employees can seek housing finance from each other.

Eligible employees would have the opportunity to access affordable housing finance of up to Rs3 million to purchase a new house, flat, apartment, or plot for construction, as well as to construct a house on a pre-owned plot or add an extension to an existing housing unit. The loan application process has been simplified to facilitate fast-track processing and efficient disbursement of the loaned amount.

“Financial inclusion is not merely a customer-facing ambition but rather encompasses any and all people who wish to upgrade their quality of living through economic empowerment,” said Ghazanfar Azzam. “As an employer of choice, we are vigilant of opportunities to holistically support our greatest asset- people, as much as possible. This partnership with U Bank will help enable our valued human resources with financial security during the uncertain economic conditions of the modern era,” remarked Azzam.

Also sharing his thoughts, Kabeer Naqvi said, “Our people are our most valuable asset. We aim to continue to provide services which improve their wellness and living standards. They are at the heart of who we are. We are pleased to collaborate with MMBL to facilitate employees on both sides. This also reaffirms U Bank’s belief that the microfinance industry as a whole can synergize and work in harmony to attain mutual goals.”