Islamabad: The Ministry of Finance on Tuesday (February 1) announced that it has received the proceeds of USD 1 billion of the international Sukuk Islamic bonds floated by the ministry in the international market, news sources reported. The bonds were released under the newly established Trust Certificate Issuance Programme.
According to reports, multinational companies from Asia, the Middle East, Europe, and the United States offered USD 2.7 billion in lieu of the USD 1 billion aim. According to the government, the large number of international entities participating demonstrates their confidence in Pakistan’s economic plans. The bonds were issued by the government for a term of seven years at an interest rate of 7.95%. The bond profits would be utilised to support domestic developments such as National Highway Authority (NHA)’s road-building projects.
Pakistan released its first Islamic Sukuk in the international market, which was managed by major firms such as Dubai Islamic Bank, Standard Chartered Bank, Credit Suisse, and Deutsche Bank AG. Pakistan’s rating has recently been raised upward by New York-based Moody’s Investors Service and Fitch, making it an appealing investment for international organisations.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
