Pakistan to float Islamic Bond from Today
Pakistan Times Business & Commerce Desk

ISLAMABAD: Pakistan will float Islamic Bond ‘Sukuk’ from today, Monday.

It is for the first time that Government of Pakistan is releasing Islamic Bonds in the International Capital Markets of Asia, Middle East and Europe.

The Federal Cabinet has given approval to launch Islamic Bond ‘Sukuk’ at its meeting in Islamabad on Wednesday last.

Director Pakistan Institute of Development Economics, Dr AR Kemal Sunday expressed the optimism that the launching of first Islamic Bonds from Pakistan will fetch money beyond expectations.

In an interview he said, Pakistan was interested in seeking more and more investment from all over the world. From the Islamic Bonds investment from $500 million to one billion dollars was expected, he added.

He said funds are being raised to expedite the development process. From these bonds, Pakistan will try to create assets, he added.

The obtained from assets will facilitate the return of borrowed money, he said.

The time for launch of the Islamic Bonds was very appropriate as credit ratings of Pakistan have already registered improvements, he said.

The good subscription of Islamic Bonds will prove that the people are interested in investing in the Islamic instruments, he said.●