Pakistan Mortgage Refinance Company (PMRC) has notified raising of another Sukuk, from HBL Islamic Banking. The raised sukuk will serve to develop Shariah Compliant Housing Finance while making cheap housing finance accessible to the public in a shariah compliant way.

In this regard, a ceremony was held where officials from PMR and HBL Islamic Banking were present. Mr. M Mudassir CEO/MD of the PMRC said on the occasion:

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 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.

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