Halal Business

SBP mulls a Mudharaba financing facility for low-cost housing

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The central bank said that all banks and Development Finance Institutions (DFIs) would be participants in the Islamic financing scheme.

Wednesday 13, March 2019 BY KUDAKWASHE MUZORIWA

The State Bank of Pakistan (SBP) has announced Islamic financing for low-cost housing in the country in a circular issued to all lenders and DFIs, reported local daily, Dawn.

In a statement, the regulator stated that it is introducing a Mudharaba-based Islamic financing facility for low-cost housing for special segments for Partici­pating Islamic Financial Institutions (PIFIs).

The SBP’s PKR 2.7 billion has a tenure of 12 and half years and is aimed at assisting widows, children of martyrs as well as special persons, transgender and persons in areas severely affected by terrorism.

TAGS : SBP, PIFIs, Mudharaba, DFIs

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