The House Building Finance Corporation (HBFC) struck an agreement with the consortium of banks to issue Sukuks worth Rs 3 billion. HBFC Managing Director Zaigham Rizwi, Emirates Global Bank President Tariq Hussain, Standard Chartered Managing Director Saqib Ahmed and AMZ Securities signed the agreement, a private TV channel reported.
Under the agreement, all financial institutions will provide the HBFC with consultations to market Sukuks worth Rs 3 billion in line with Shariah. Zaigham Rizwi said that Sukuks would be made available by the year-end. These Sukuks will be issued for a term of seven years.