{"id":74959,"date":"2021-03-19T13:32:06","date_gmt":"2021-03-19T08:32:06","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=74959"},"modified":"2021-03-19T13:32:11","modified_gmt":"2021-03-19T08:32:11","slug":"pmrc-issues-sukuk-to-promote-housing-finance","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pmrc-issues-sukuk-to-promote-housing-finance.html","title":{"rendered":"\u2018Innovative\u2019 sukuk issued to promote housing financing"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Karachi: The Pakistan Mortgage Refinance Company (PMRC) recently issued a PKR 3.1 billion sukuk, for a period of three years and at the rate of 8.25 per cent. This is seen by many as an innovation in Islamic Banking as the shariah compliant instrument will attract many investors, particularly towards the housing sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/multiple-banks-sign-low-cost-housing-finance-agreements-with-pmrc.html\" target=\"_blank\" rel=\"noreferrer noopener\">Multiple banks sign low-cost housing finance agreements with PMRC<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sukuk is a shariah compliant instrument, similar to a bond but adhering to the principles of Islamic finance. The financial product is based on Shirkah-tul-Aqd, a type of Musharakh (Partnership Agreement) which represents a portion of ownership in the assets, in contrast to the traditional bonds which are debt obligations towards the holders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The sukuk was led by the Pakistan Kuwait Investment Company (PKIC) and the Bank of Punjab (BoP) jointly, with Meezan Bank Limited structuring the sukuk with the PMRC officials. The investors included Habib Bank Limited, Askari Commerical Bank, Bank Islami, PKIC, BoP and Karandaaz Pakistan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/sukuk-oversubscription-shows-strong-market-confidence-pm.html\" target=\"_blank\" rel=\"noreferrer noopener\">Sukuk oversubscription shows strong market confidence: PM<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To follow the example led by Malaysia, the PMRC was built to promote the growth of the housing sector in Pakistan. The institution receives finances from the World Bank (WB) and extends the same to banks at lower rate, exclusively for the housing sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meezan Bank President and CEO Irfan Siddiqi expressed optimism that the sukkur will greatly contribute towards increasing accessibility and growth in the housing finance. He further stated that he was pleased to partner with the PMRC in structuring the sukuk for raising Islamic funds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/mou-signed-between-akhuwat-and-hbl.html\" target=\"_blank\" rel=\"noreferrer noopener\">MoU signed between Akhuwat and HBL to promote Islamic home finance<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PMRC Managing Director Mudassir H Khan termed the sukuk an innovation in Islamic finance and expressed delight at the fact that the PMRC was rapidly becoming an important player in the development of affordable housing finance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The Pakistan Mortgage Refinance Company (PMRC) recently issued a PKR 3.1 billion sukuk, for a period of three years and at the rate of 8.25 per cent. This is seen by many as an innovation in Islamic Banking as the shariah compliant instrument will attract many investors, particularly towards the housing sector. Read: Multiple banks sign low-cost housing finance agreements with PMRC Sukuk is a shariah compliant instrument, similar to a bond but adhering to the principles of Islamic finance. The financial product is based on Shirkah-tul-Aqd, a type of Musharakh (Partnership Agreement) which represents a portion of ownership in the assets, in contrast to the traditional bonds which are debt obligations towards the holders. The sukuk was led by the Pakistan Kuwait Investment Company (PKIC) and the Bank of Punjab (BoP) jointly, with Meezan Bank Limited structuring the sukuk with the PMRC officials. The investors included Habib Bank Limited, Askari Commerical Bank, Bank Islami, PKIC, BoP and Karandaaz Pakistan. Read: Sukuk oversubscription shows strong market confidence: PM To follow the example led by Malaysia, the PMRC was built to promote the growth of the housing sector in Pakistan. The institution receives finances from the World Bank (WB) and&hellip;<\/p>\n","protected":false},"author":67,"featured_media":74583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[2630,40614,2534,33655],"persona":[],"class_list":["post-74959","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-developments","tag-housing-finance","tag-housing-finance-industry","tag-low-cost-housing","tag-pakistan-mortgage-refinance-company","cat-15016-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PMRC issues sukuk to promote housing finance - Zameen News<\/title>\n<meta name=\"description\" content=\"The Pakistan Mortgage Refinance Company (PMRC) recently issued a PKR 3.1 billion sukuk, for a period of three years and at the rate of 8.25 per cent.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pmrc-issues-sukuk-to-promote-housing-finance.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PMRC issues sukuk to promote housing finance - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The Pakistan Mortgage Refinance Company (PMRC) recently issued a PKR 3.1 billion sukuk, for a period of three years and at the rate of 8.25 per cent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pmrc-issues-sukuk-to-promote-housing-finance.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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