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Gatwala Commercial Hub , Faisalabad is Punjab’s biggest and Pakistan’s second largest mixed use, real estate project. It has a covered area of over 3.1 million sq. ft.

This mega project, designed and developed by Shah Nawaz Associates, is located, at the junction of Canal Expressway and Lahore Sheikhupura Road. The road in front of the GCH project, has an average traffic count of 30 vehicles per minute. become, the city’s next mega center for trade, commerce, industries as well as residential projects.

 

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SECP asks Modarabas to surge the housing finance limit to Rs50mn

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) released an order for Modaraba companies to increase the maximum per party limit of housing finance from Rs20mn to Rs50mn.

In this regard, S.R.O 529(I)/2022 had been issued by the SECP to introduce amendments to the Modaraba Regulations, 2021.

The SECP’s new regulations specified that Modarabas who had received prior approval from the Registrar may increase the per party limit to Rs50mn and extend other housing finance facilities to their customers. However, Modaraba’s total housing finance portfolio should not exceed the 10% limit of its total portfolio.

The revised regulations have also permitted the Modaraba companies to trade/deal for construction or development purposes in the real estate sector, given such a purpose is dictated in the Modaraba’s approved prospectus.

Modarabas may also open a reserve fund where profit after tax cuts or any part thereof can be credited.

Modarabas not in compliance with the minimum equity requirements will open a reserve fund which will only be accredited with an amount equal to 100% of its annual profit post-tax cuts, until or unless the Modaraba complies with the minimum equity requirements.

Furthermore, the regulations dictate that Modarabas who have raised funds through Certificates of Musharakah (COM) before the notification date of revised regulations should ensure investments completion by June 30, 2022.

COM indicates that a Modaraba has authenticated permission to collect funds through COM issuance or any other instrument that the Religious Board has approved or its books have outstanding COM.

The post SECP asks Modarabas to surge the housing finance limit to Rs50mn appeared first on Graana.com Blog.

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