SECP with the aim of revitalizing the housing sector via NBFC stream, has introduced number of initiatives which has resulted in procedural ease and better marketability of NBFC’s housing finance product.
Pakistan Mortgage Refinance Company (PMRC) and JS Bank Limited (JSBL) join hands together to support Government’s vision for providing low-cost housing and promoting affordable housing finance in the country.
PMRC is glad to announce the closing of yet another Sukuk, with HBL Islamic Banking. This sukuk will serve to make Shariah Compliant Housing Finance more accessible to the public. Here's what Mudassir CEO/MD PMRC and Muhammad Afaq Head HBL Islamic Banking had to say about the ceremony: “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” said Mudassir “HBL Islamic Banking is pleased to be collaborating with PMRC in the placement of the PKR 1 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" remarked Afaq Khan.
In the ceremony held at PMRC’s office at FTC in Karachi Credit Guarantee Agreements were signed with National Bank of Pakistan (NBP), United Bank Limited (UBL), Bank Alfalah Limited (BAFL) and Dubai Islamic Bank Pakistan Limited (DIBPL), which will allow them to avail risk cover for low-income housing finance. Soneri Bank limited (SBL) also participated in the event to partner with PMRC to obtain Refinancing Facility to help them grow their housing portfolio.
The Bank of Punjab (BOP) and Pakistan Mortgage Refinance Company (PMRC) join hands together for providing and promoting affordable housing finance in the country by signing a Credit Guarantee Agreement with Credit Guarantee Trust for Low Cost Housing, set up by the Government of Pakistan with PMRC as Trustee.
A Credit Guarantee Trust, with Pakistan Mortgage Refinance Corporation (PMRC) as Trustee, has been set up by the Government of Pakistan with the support of State Bank of Pakistan (SBP) and funded by the World Bank.