PMRC, HBL Islamic Banking raise Rs1bn Sukuk

PMRC, HBL Islamic Banking raise Rs1bn Sukuk

KARACHI: Pakistan Mortgage Refinance Company (PMRC) announced the closing of another Sukuk with HBL Islamic Banking.

A statement issued on Wednesday said that the sukuk will serve to make Shariah Compliant Housing Finance more accessible to the public.

On the occasion Mudassir CEO/MD PMRC said: “PMRC is delighted to partner with HBL Islamic Banking for this Sukuk.

“The funds raised under this Sukuk are important for the promotion of the Islamic housing finance market.

“I am confident this will be beneficial in the growth of fixed-rate, low-cost housing for the end consumers.”

Muhammad Afaq Head HBL Islamic Banking said: “HBL Islamic Banking is pleased to be collaborating with PMRC in the placement of the Rs1 billion Sukuk.

“The funds will be used to promote financing in the housing sector of Pakistan with a special focus on low-cost housing initiatives.

“This will enable us to play our part in the economic development of the country.”