ISLAMABAD – Pakistan on Tuesday issued $1 billion Sukuk bonds to investors.
According to the Ministry of Finance, Sukuk bonds have been issued for a seven-year tenure for the first time under the Trust Certificates Programme.
The ministry says that investors from Asia, Middle East, America and Europe showed interest in the Sukuk bonds. The ministry says that it received $2.7 billion offers for the bonds.
Last month, Pakistan raised $1 billion with asset-backed Sukuk bond, offering the highest ever interest rate of 7.95 percent on this Islamic bond.
The move marked re-entry of the South Asian country into the Islamic-dominated Sukuk bond market at a time when its foreign reserves have dropped by $2 billion to nearly $17 billion in the past two weeks due to debt repayments.
