Pakistan to Raise PKR 100 Billion in September 2021 Via Sukuk to Fund Road Development

According to the State Bank of Pakistan (SBP), the Government of Pakistan is to raise PKR 100 billion in September 2021 via a five-year Ijara Sukuk auction against three specified assets, meeting a long-standing request from the Islamic banking industry.

Why it Matters?

The issuance of this Sukuk was the key demand from the Islamic banking industry, and industry sources view this as a positive development for the country’s Islamic banking industry, as this fresh Sukuk auction has been announced after a hiatus of seven months. It is believed the move will give the necessary push for investment to Islamic banks for the suitable application of surplus deposits.

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