Islamabad, Pakistan, May 26, 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
“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
“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
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.
IFC, a member of the World Bank Group fosters sustainable economic
growth in developing countries by financing private sector investment,
mobilizing private capital in local and international financial markets,
and providing advisory and risk mitigation services to businesses and governments.
IFC’s vision is that poor people should have the opportunity to escape
poverty and improve their lives. In FY07, IFC committed $8.2 billion and
mobilized an additional $3.9 billion through syndications and structured
finance for 299 investments in 69 developing countries. IFC also provided
advisory services in 97 countries. For more information, visit www.ifc.org.