Pakistan’s Ministry of Finance Receives Proceeds of USD 1 Billion, Raised Through International Sukuk Issuance

The Ministry of Finance in Pakistan announced that it had received proceeds of USD 1 billion, raised through its international Sukuk issuance of 7-year tenor asset-backed Islamic Notes (Sukuk Ijarah) on the 1st of February 2022, marking the first proceeds under the newly established Trust Certificate Issuance Programme.

Why it Matters?

The issuance had marked Pakistan’s return to the Sukuk market in four years and was suggested to be its highest offered yield on Islamic Notes. In a statement, the Finance Ministry said that the transaction generated great interest as high-quality and leading global investors from Asia, the Middle East, Europe, and the United States participated in the order book. A total of USD 2.7 billion was offered by participan...