ISLAMABAD, Nov 23: The President has promulgated House Building Finance Corporation (Amendment) Ordinance, 2001 to further amend the House Building Finance Corporation Act, 1952.

The ordinance may call the House Building Finance Corporation (Amendment) Ordinance, 2001. It shall come into force at once.

“Under the ordinance the Federal Government and other shareholders shall be entitled to payment of dividend out of profit as the Corporation may, from time to time, declare.

The Corporation may, for the purpose of its working capital, raise funds under any Shariah compliant mode but the total amount due by the Corporation on such financing and on its other liabilities, contingent or otherwise, shall not, at any time, be allowed to exceed such limits as the Federal Government may, by notification in the official Gazette, fix.

The repayment of the principal amount after adjustment of profits and losses of the Corporation under the terms of fund-raising agreement with its financier shall be guaranteed by the Federal Government and the Corporation shall not enter into any contract for interest based funding.”—APP