Housing Bank Tapping Bond Market

Bank Maskan, the main housing lender intends to raise funds from the bond market to be able to help a bigger number of first-time homebuyers.
According to IBENA, the news agency of the Monetary and Banking Research Institute, the lender has received permission from the Securities and Exchange Organization to issue Islamic bonds worth 10 trillion rials ($60 million). 
Bonds will help boost the bank’s mandate. Bonds will mature in two years at 16%. Interest will be paid every three months.