Hasmat Habib said that it was the second thing that interest was being received under the banner of Islam, however HBFC
has joined in the loss also.
Managing Director, HBFC
told that the Corporation has recovered Rs 4.
Finance Minister while addressing the management of the both ZTBL and HBFC
emphasized that they have to start a new beginning with new management and boards to aggressively market their products and a task force should be formed for recovery of non-performing loans.
Restructuring/revamping/modernization of ZTBL, Pakistan Mint and HBFC
will also be initiated.
Restructuring of HBFC
is the most important thing which the Government should do.
In his statement, he alleged that the Chief Justice Iftikhar Muhammad Chaudhry has got loan from House Building Finance Corporation (HBFC
) for "Walima" of his son, while according to rules of HBFC
, one cannot get loan having age more than 60 years.
will have to compete in the market for business and resources at par with private sector institutions.
He said that it is the strange phenomena in this country that loans of big industrialists, feudal lords, bureaucrats and multi billionaire are write off whereas on the other hand the property of those poor is being sold out by HBFC
that took very small amount to construct their houses He said that last year pay scales were not revised and adhoc relief was not merged in the basic pay.
The payment of utility bills includes gas, electricity, telephone, insurance premium, HBFC
installments, property tax, water tax, TV and VCR licenses etc.
Speaking at a ceremony at President House here for distribution of ownership documents to 15 borrowers of HBFC
, the Minister said HBFC
should also provide relief to the people affected in the recent floods in Sindh province.
Sources told that in wake of intense ongoing financial crunch, HBFC
has sacked the 400 employees under volunteer scheme.