ISLAMABAD: Pakistan government has floated $1 billion Islamic Sukuk in the international market for seven years tenure with 7.95 percent rate of return.
According to the Ministry of Finance, the sale of sukuk bonds would boost the dwindling foreign exchange reserves of Pakistan and give support to rupee which is losing value and worth against dollar and other major currencies.
Dubai Islamic Bank, Standard Chartered Bank, Credit Suisse, and Deutsche Bank have started the marketing and book-building of the bonds.
In this financial year, the government plans to mop up more or less $3 billion from the international market through issuance of Eurobond/international sukuk.
Additionally, after fulling the upfront conditions of the IMF, the government is also anticipating release of $1 billion tranche from the fund at the end of this month as the board of IMF is scheduled to conduct 6th review of Pakistan on Jan 28, 2022.
