Staff Reporter Lahore
Pakistan Mortgage Refinance Company (PMRC) has issued a first of its kind Sukuk of PKR 3.1 billion for the promotion of housing finance in Pakistan.
PMRC and its Partner Financial Institutions (PFIs) have joined hands to strengthen and promote the housing finance market by participating in a Privately Placed Sukuk of PKR 3.1 Billion. The Sukuk was jointly led by Pak Kuwait Investment Company (PKIC) and the Bank of Punjab (BOP).
The investors included HBL (Islamic Banking), Askari Commercial Bank (Islamic Banking), Bank Islami, PKIC, BOP and Karandaaz Pakistan.
PMRC’s Shariah Advisor Mufti Ehsan Waqar and PMRC team and Meezan Bank jointly structured this unique Sukuk. The Sukuk is the first of its kind and is based on Shirkah-tul-‘Aqd.
Issued at a profit rate of 8.25% for 3 Years, this Sukuk will enable Pakistan to ensure affordable housing for low- and middle-income groups.
PMRC will utilize the proceeds of this Sukuk for further development of Shariah Compliant housing/residential mortgage financing as well as Housing Finance Portfolio (HFP) of eligible Islamic Financial Institutions.
Mudassir H. Khan, Managing Director/ CEO PMRC remarked, “I am delighted to say that we have brought innovation in Islamic financing and for the capital markets with this Sukuk.