The Pakistan Mortgage Refinance Company (PMRC) has issued yet another privately-placed Sukuk of Rs1 billion for the promotion of housing finance in the country, Business Recorder has learnt.

The Sukuk has been closed in collaboration with HBL Islamic Banking, and will look to make Shariah-compliant housing finance more accessible and affordable to the public.

“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 H Khan, managing director and CEO PMRC, as he addressed the signing ceremony.

Muhammad Afaq, head of HBL Islamic Banking, said there would be special focus on low-cost housing initiatives.

While speaking to Business Recorder, Farrukh Zaheer, head of Treasury & FI at PMRC, said that PMRC has ambitious plans to raise Sukuks and TFCs in the future for the sole purpose of low-cost housing.

Earlier, PMRC issued a first-of-its-kind Sukuk of Rs3.1 billion at 8.25 percent for the promotion of housing finance in the country.