Karachi: The State Bank of Pakistan (SBP) has announced its Islamic financing for low-cost housing in Pakistan. The circular has been issued to all banks.
As per circular, SBP is introducing a Mudarabah-based “Islamic Financing Facility for Low Cost Housing for Special Segments.” The targeted participation shall pertain to all banks, Islamic Banking Institutions (IBIs) and Islamic DFIs; collectively referred to as Participating Islamic Financial Institutions (PIFIs).
A target amount of 2.7 million has been set for the scheme which can lend benefit to widows, children of martyrs, transgender, special persons and person in areas that are severely affected by terrorism.
The Mudarabah investment will make itself accessible for up to 100 percent of the amount financed to eligible customers. The PIFIs may avail the facility by submitting their requests for allocation and SBP will evaluate the assignment of this facility as per their internal criteria.
The request of sanction of limits for the current fiscal year may be submitted within the 30 days of issuance of this circular.
For news and updates keep on visiting Graana blog
Thul is a town in the Jacobabad District of Sindh province in Pakistan. It is…
The home of four famous minarets, Islamabad features a notable number of markets and bazaars.…
Jalalpur Bhattian is a town in the Hafizabad District of the Punjab province in Pakistan.…
Bhawana is a tehsil located in the province of Punjab, Pakistan. It is included in…
Amidst the historic city of Bahawalpur lies Yazman Mandi, a lively marketplace that has been…
In Pakistan's hot and humid climate, a reliable double door fridge is an essential home…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
