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.
Govt to launch Islamic Sukuk bond
Top Story
January 24, 2021
ISLAMABAD: The government has decided to place 750 acres of the F-9 Park Islamabad as a guarantee for launching the Islamic-denominated Ijara Sukuk bond at domestic and international markets to fetch $500 million to $1 billion for building up reserves and providing budgetary support.
A summary to this effect will be placed before the federal cabinet scheduled to be held under the chairmanship of Prime Minister Imran Khan on January 26. It will be the first time under the PTI rule when the government is going to launch an international Sukuk bond. The PTI government used to oppose issuance of international bonds when it was on opposition benches.
Top Story
January 24, 2021
ISLAMABAD: The government has decided to place 750 acres of the F-9 Park Islamabad as a guarantee for launching the Islamic-denominated Ijara Sukuk bond at domestic and international markets to fetch $500 million to $1 billion for building up reserves and providing budgetary support.
A summary to this effect will be placed before the federal cabinet scheduled to be held under the chairmanship of Prime Minister Imran Khan on January 26. It will be the first time under the PTI rule when the government is going to launch an international Sukuk bond. The PTI government used to oppose issuance of international bonds when it was on opposition benches.