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SECP Shares Statistics on Licenses Issued to HFCs

According to news reports, the Securities and Exchange Commission of Pakistan (SECP) has licenced three new Housing & Building Finance Companies (HBFCs) during fiscal year 2021 (FY21) in an effort to revitalise the sector in Karachi.

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Pakistan Housing Finance Company Limited, Asaan Ghar Finance Limited, and Trellis Housing Finance Limited are among the newly licenced HFCs. According to reports, these companies will launch operations during the current year.

An unnamed regulator indicated that the rebirth of the HFC sector will satisfy the country’s enormous need for affordable housing financing. In the past decade, not a single licence for HFCs been given.

Together with the World Bank Group and Pakistan Mortgage Refinance Company, SECP has raised market knowledge and highlighted opportunities for new entrants. In addition, SECP will educate potential investors on the several funding channels available to housing finance enterprises. The HFCs will also promote the creation of HFC business models that are functional.

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SECP also suggested that HFCs be included in the Markup Subsidy Scheme for house finance. Hassan Bakhshi, the former chairman of the Association of Builders and Developers, praised SECP’s efforts to enable more enterprises in the HFC sector.

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