KARACHI: Pakistan Mortgage Refinance Company (PMRC) has announced 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.

PMRC Managing Directors and CEO Mudassir H Khan said that 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,” he said. “HBL Islamic Banking is pleased to be collaborating with PMRC in the placement of the Rs 1 billion Sukuk,” Muhammad Afaq Head HBL Islamic Banking said.

The funds will be used to promote financing in the housing sector of Pakistan with a special focus on low-cost housing initiatives, he said. “This will enable us to play our part in the economic development of the country,” he added.