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Daily DAWN, interviewed Mr. Mudassir H. Khan, CEO PMRC and sought his views on introducing mortgage-backed bond in Pakistan’s capital market.
Mr. Mudassir stated that to bring pace and innovation in capital market, PMRC aims to issue its first mortgaged-backed bond which will be tradeable in the secondary market.
He further stressed that this can be achieved via stringent legal framework with standardized loan application and approval processes will accompany the securitization of mortgages. “We won’t securitise low-income housing loans. We’ll securitise other loans but use the proceeds to promote low-income mortgages. We’ll ensure that people trust the paper issued by PMRC. We won’t sell anything that’s prone to default,” he said.