ISLAMABAD – In order to resolve the country’s circular debt, the federalgovernment has issued the first Pakistan Energy Sukuk of Rs200 billion.
The Sukuk was issued through Power Holding Private Limited, a govt ownedcompany, while Meezan Bank was appointed as the Shariah advisor of theSukuk.
The Ministry of Energy, on the behalf of the government, is also planningto get the Sukuk listed in the Pakistan Stock Exchange and a large categoryof investors shall be eligible for investing in the instrument which willhelp in the growth of Islamic capital market.
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The Sukuk has been declared SLR eligible by the State Bank of Pakistan forall banks in the country. The Sukuk is asset-based and comprises the assetsof power generation and distribution companies. The instrument is based onthe Islamic mode of Ijarah and has a 10-year maturity with semi-annualrental payments.
