Islamabad: The government has decided to float Islamic Sukuk bonds worth PKR 200 billion, in addition to its previously committed bonds of the same denomination, ahead of an agreement with the International Monetary Fund (IMF) with regard to a bailout package, a news source reported.
A consortium of banks comprising Meezan Bank Limited, Faysal Bank Limited, Bank Islami Pakistan Limited, Dubai Islamic Bank Pakistan, MCB Islamic Bank Limited, and Al Baraka Bank Pakistan Limited has already submitted its term sheets to the Power Division for this purpose.
These financial institutions have informed the federal government regarding their additional liquidity reserves which amount to a total of PKR 200 billion. According to officials, should the power sector be interested in negotiating with these banks, it is likely that they will send their counterproposals to the authorities concerned.
As per a tentative term sheet provided by the banks, the Sukuk facility is subject to the availability of suitable assets and arrangement of no objection certificates (NOCs) from applicant distribution (DISCOS) and generation (GENCOS) companies.
