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Business

Pakistan launches £726 million bonds under Sukuk initiative

A general view of the newly-built Islamabad International Airport ahead of its official opening on the outskirts of the Pakistani capital Islamabad on April 18, 2018. (Photo credit should read AAMIR QURESHI/AFP/Getty Images)

By: Shilpa Sharma

PAKISTAN introduced $1 billion (£726 million) in international bonds under the Sukuk initiative on Tuesday (6), The News reported.

Sukuk is the Arabic name for financial certificates, which is also known as “sharia compliant” bonds.

The subscription price of these Sukuk bonds amounts to $3bn (£2bn) for five, 10, and 30 years.

The government recently approved the launch of both the Eurobond and Sukuk bonds to generate $3.5bn (£2.5bn) during the current financial year.

Eurobond refers to a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued.

These bonds will mature in 2027.

Last month, the government approved to mortgage major airports and road network to issue Sukuk bonds.

The proposal of floating Sukuk bond was approved with the objective of promoting Islamic banking industry.

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