Government to issue Rs 200 billion Pakistan Energy Sukkuk

MG News | June 20, 2019 at 10:49 AM GMT+05:00

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June 20, 2019 (MLN): In order to pay off the arrears in the power sector, the federal government has decided to issue Pakistan Energy Sukuk worth Rs 200 billion.

According to the sources, the bonds would be sold to the Islamic Banks, Mutual funds and Takaful companies. In addition, Meezan Bank is the lead manager to issue of Pakistan Energy Sukuk.

The maturity period of these bonds would be tenor of 10 years and the rate of return on these bonds will be 6 months KIBOR plus 80 basis points.

Earlier, in March, government issued the first tranche of bonds worth Rs 200 billion and Meezan Bank was the largest investor in the Sukuk with the participation of Rs. 88 billion.

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