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Govt to issue Sukuk bonds against Islamabad’s Fatima Jinnah Park

Sukuk is the Arabic name for financial certificates, also known as "sharia-compliant" bonds

10:52 PM | 23 Jan, 2021
Govt to issue Sukuk bonds against Islamabad’s Fatima Jinnah Park

ISLAMABAD – The federal 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.

Finance Ministry on Sunday clarified that Sukuk were Shariah-compliant borrowing instruments backed by physical assets, and was structured so as to pay returns on investment as rent instead of interest by utilizing an underlying asset.

According to a statement of the Finance Ministry, Sukuk is not only issued to support the budgetary position of the government but to promote Islamic banking finance in the country as well.

A meeting of the federal cabinet scheduled to held on January 26 includes the issuance of domestic and International Ijara Sukuk in the agenda. 

The Ministry of Finance has sent the summary to the cabinet for approval while Capital Development Authority has issued No Objection Certificate (NOC).

The government of Pakistan had issued Sukuk a number of times, which were backed by assets such Motorways and Jinnah International Airport.

Earlier in 2019, the PTI government issued Islamic Sukuk bond amounting to Rs200 billion ($1.44 billion) for payment of circular debt by against state-owned power companies.

Malaysia has been the global leader in Sukuk market other than Saudi Arabia, UAE, Qatar, Oman, Jordan, Turkey, Morrocco and Indonesia.

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US Dollar, Euro, Pound, Dirham, Riyal Rate in Pakistan Today Open Market Rates - 15 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 15, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)       
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25 303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65



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