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The Board of Directors of Small Medium Industrial Leasing Estates Pvt Ltd (SMILE) has felicitated the Securities & Exchange Commission of Pakistan (SECP) on establishment of 'Real Estate Investment Trusts' (REITs) and intent to give permission of real estate leasing to the trusts.
The chief executive of SMILE said: "We had advised and persuaded the Leasing Association of Pakistan (LAP) to seek permission of leasing immovable property for residential and commercial purposes, but this step by SECP is an improved version and will prove to be an organised and disciplined system of financing the small and medium sector to own immovable property."
He urged the Ministry of Finance to also allow the establishment of mortgaging companies to facilitate the mortgage of immovable properties for residential and commercial purposes by the small & medium sector on long-term basis, up to 15 years, and to enable them to redeem their property after the determined period.
The SMEs rejoiced on learning the government's decision on real estate leasing and expressed their requirements of finance at affordable mark-up and urged the government to privatise the SME Bank and SME Leasing and support the SMEs to set up their own bank managed by professionals. They said: "We have the support of foreign donors and are in a position to establish a bank for SMEs, if permission is granted by the State Bank of Pakistan.-PR

Copyright Business Recorder, 2006

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