Pakistan Mortgage Refinance Company Issues PKR 1 Billion Sukuk to Promote Housing Finance in Pakistan 

The Pakistan Mortgage Refinance Company (PMRC) has announced the closing of PKR 1 billion worth of privately-placed Sukuk in collaboration with HBL Islamic Banking to promote Pakistan’s Islamic housing finance, according to local media reports.

Why it Matters?

The latest Sukuk issuance will look to make Shariah-compliant housing finance more affordable and accessible to the public in Pakistan. According to Mudassir H Khan, Managing Director and Chief Executive Officer of PMRC, the funds raised from the Sukuk are vital for the promotion of the Islamic housing finance market, and will assist in the growth of fixed-rate, low-cost housing for end consumers. Meanwhile, Muhammad Afaq, Head of HBL Islamic Banking stated that the funds would have a spe...