State Bank introduces Islamic financing for low-cost housing

The State Bank of Pakistan (SBP) in a circular given to all banks and Development Finance Institutions (DFIs) on Tuesday declared Islamic financing for low-cost housing in the nation.

All banks and DFIs would be participants in the Islamic financing scheme.

The SBP stated the target amount for Islamic financing has been fixed at Rs2 .7 billion while widows, children of martyrs, special persons, transgender and persons in places severely suffering from terrorism is able to take advantage with this scheme.

“Under this facility, Mudarabah investment of SBP will be available for up to 100 per cent of the amount financed to eligible customers. SBP will make Mudarabah investment in general pool of the PIFI,” explained the SBP.

Sanction limit applications for each fiscal year will be sent by the interested PIFIs to the Infrastructure, Housing and SME Finance Department at the SBP latest by fifteen May every year.

The Mudarabah investment under the scheme will be available for financing sanctioned from the date of issuance of this circular and up to Dec 31, 2023.

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