Sukuk Bond Grants USD 1 Billion to Pakistan
Islamabad: The Ministry of Finance declared it has received USD 1 billion in revenues. The worldwide market for Sukuk Islamic bonds was dominated by the ministry. The bonds were issued in accordance with the recently established Trust Certificate Issuance Program.
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The international firms from the Middle East, Europe, and the United States reportedly gave Asia USD 2.7 billion instead of the USD 1 billion target. The vast number of international papers participating demonstrates their faith in Pakistan’s economic strategies.
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On the international market, Dubai Islamic Bank, Standard Chartered Bank, Credit Suisse, and Deutsche Bank AG managed Pakistan’s first Islamic Sukuk. The government-issued bonds have a seven-year duration and an interest rate of 7.95%. The bond revenues would be used for domestic projects such as road-building projects by the National Highway Administration (NHA).
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