Karachi: State Bank of Pakistan (SBP) has issued a circular to all banks and Development Finance Institutions (DFIs) announcing a Mudarabah-based “Islamic Financing Facility for Low Cost Housing for Special Segments”. Widows, children of martyrs, special persons, transgenders and persons in terrorism affected areas can also benefit from this facility.
The State Bank has set the target amount for Islamic financing at Rs.2.7 billion and tenure of financing has been set at twelve and a half years. Further Mudarabah investment of SBP will be available for up to 100 percent of the amount financed to eligible customers.
This facility caters to Islamic Banking Institutions (IBIs) and Islamic DFIs; collectively referred as Participating Islamic Financial Institutions (PIFIs).
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