ISLAMABAD – PTI government is mulling yet another option to recover thecountry out of the financial crisis.
To finance the burgeoning power sector’s circular debt, the government ismulling to float 10-year privately placed sukuk bonds for raising Rs200 toRs300 billion.
Sources privy of the developments said the issuance of the sukuk will bedone via a privately placed process and be promoted privately to qualifiedinvestors like mutual funds and Islamic institutions, reports *The News.*
Six Islamic banks would be enlisted to manage the transaction, with MeezanBank likely to act as lead arranger, the source said.
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According to the source, the finance ministry officials and representativesof Islamic bank held a meeting on Tuesday in Islamabad to broker the termsand conditions for the probable issuance of the sukuk.
