November 8, 2022 (MLN): The government of Pakistan successfully issued new series of Ijarah Sukuk in Oct’22 worth Rs46.44 billion around $210 million against assets of the National Highway Authority (NHA) for the tenure of 5 years.
In the coming months, the government will start new series of Ijarah Sukuk with a target of over Rs600bn.
Moreover, the Finance Ministry with the help of Sukuk has successfully raised funds from the Islamic banking market at 100 bps lower than the conventional alternatives thus saving millions of rupees in terms of financial cost.
In addition, the government is looking to raise over Rs1 trillion from the domestic market in the current year.
Accordingly, this will help the government to convert from interest-based borrowing and also will support the growth of Islamic banking and halal investment opportunities for the general public as the country move towards conversion to shariah compliant financial and banking system.
Furthermore, Meezan Bank along with Dubai Islamic Bank and Al Falah Islamic led the transaction as a joint financial advisor to the Ministry of Finance.
