Pakistan government to launch Sukuk Islamic bonds worth Rs 200 billion
*KARACHI. **Pakistan government is all set to launch Sukuk Islamic bonds worth Rs 200 billion, media has reported.*
The government of Pakistan is all set to raise debt worth Rs200 billion from Islamic banks next week to partially pay off dues of energy firms on account of circular debt as further delay in payments is feared to trigger nationwide power outages.
“If the government fails to (partially) clear dues of independent power producers (IPPs) by June 28, it is feared they will face shortage of working capital and it will not be possible for them to produce and provide electricity to the national grid,” a source said.
“The Ministry of Energy is scheduled to issue the second Pakistan Energy Sukuk (Islamic bond) of Rs200 billion next week to help the IPPs come out of the financial crisis,” he added.
“A consortium of around 15-20 full-fledged Islamic banks, Islamic asset management companies like mutual funds and Islamic banking windows at conventional banks are set to invest in the Sukuk,” Meezan Bank Product Development and Shariah Compliance Senior Executive Vice President Ahmed Ali Siddiqui confirmed to *The Express Tribune*.
“The Sukuk is scheduled to be launched next week (between June 24-30),” he added. Meezan Bank is the lead manager of the Sukuk issue.