Govt Rejects Proposal of Pledging F-9 Park for Sukuk
The Federal Cabinet has rejected the summary submitted by the Ministry of Finance for mortgaging F-9 Park in Islamabad as an asset to back guarantee for issuance of Islamic denominated Sukuk bond, a national daily reported.
The ministry had forwarded a summary to pledge the landmark for a loan of Rs. 500 billion. Cabinet has also directed the Finance Ministry to place another asset, such as Islamabad Club or Islamabad Expressway, as a guarantee for launching the Sukuk bond.
The Ministry of Finance had said in its summary that the F-9 Park spanning over 750 acres had an estimated worth of Rs. 900 billion, and in the case of launching a bond, its rent was provided to buying investors.