Housing Development Financing Corporation (HDFC) has opted to issue MVR 200 million in sukuk to finance housing.
The sukuk will be sold at a rate of MVR 1,000, with a total of MVR 200 million raised through the selling of 200,000 units under a Murabaha agreement.
According to HDFC, the sukuk will be open tomorrow and will run through the end of September, with each sukuk holder entitled to a 65 percent profit every six months.
HDFC further revealed that the sukuk is being issued to expand its AMNA facility and to open up prospects for investment through Islamic financing.
HDFC has issued sukuk four times, the most recent being in 2019.
