HDFC opens Sukuk sale window to raise MVR200mn

Housing Development Finance Corporation (HDFC) is opening the sale of Sukuks once again.

Moreover, this marks the fourth time the HDFC had opened Sukuk sale window while the corporation had reported that the Sukuk sale is aimed in raising funds to concentrate towards individuals with housing requirements such as construction or repairing.

As per the corporation, their Sukuk sale window will be effective until 30 September while it initiated on 12 September, Sunday.

Reports also confirm that HDFC will be selling Sukuks at MVR1,000 per Sukuk and a total of 200,000 Sukuks will be sold during the current transactional window.

Furthermore, HDFC had also confirmed that 65% of the Sukuk investment profit will be credited into the purchaser’s account while the corporation will acquire the remaining 35%.

In addition to this, the profits from Sukuks since the date of “allotment” to a duration of six months will be factored in and credited to the purchaser’s account for a period of 10 years.

While HDFC plans to raise MVR200 million through their Sukuk sale, the profits of purchasers will be credited via “Maldives Securities Depository.”