Pakistan launches $500 million in Islamic bonds

• Eastern Eye Staff
• 28 September, 2016

By: Eastern Eye Staff

Pakistan is set to launch $500 million (£384m) in Islamic bonds to raise money for its foreign exchange reserves, a senior official said on Wednesday (September 28), as a three-year IMF bailout package nears a close. The government has started looking at key markets for the ‘Sukuk’ bonds – a sharia-compliant instrument that offers profits instead of interest to its subscribers, a top official said. “We have begun the roadshow in Dubai today and will go to London, Boston, and New York in the same leg,” Pakistan’s finance secretary Waqar Masood Khan told reporters. The announcement comes as a three-year,…

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