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HDFC to start selling bonds in late September

Shahudha Mohamed
02 September 2019, MVT 20:04
Top officials of Housing Development Corporation (HDFC) speaking at the press conference held to announce selling bonds. PHOTO: MIHAARU
Shahudha Mohamed
02 September 2019, MVT 20:04

Housing Development Finance Corporation (HDFC) announced that the company will start selling bonds on September 22.

Speaking at a news conference held at HDFC Office, the company's Managing Director Raheema Saleem iterated that selling bonds would generate revenue for the housing sector.

Raheema noted that HDFC successfully sold bonds last year as well.

"We are selling bonds for the development of financial market as well. We were the first company to sell bonds. We first sold bonds for a period of one year but now we're selling bonds for a period of 10 years", she said.

HDFC will sell bonds until November 12, 2019.

According to Raheema, the public responded very well to the financial instruments during the past. She expressed hope that the bond selling process will be a success this year as well.

Noting that the company announced selling Sukook, an Islamic financial instrument, last week, HDFC's Assistant General Manager Mohamed Shafeeq added that the public will have the chance to invest through the Islamic scheme or conventional scheme.

He revealed that each Sukook will be an investment of MVR 1,000.

Sukook will also be sold within the same duration of selling bonds. HDFC will sell a total of 200,000 during this period, generating an income of MVR 200 million.