Finance Ministry clarifies position on Issuance of Sukuk.
ISLAMABAD -- Finance Ministry on Sunday clarified that Sukuk were Shariah compliant borrowing instruments backed by physical assets, and were structured so as to pay returns on investment as rent instead of interest by utilizing an underlying asset.
"Sukuk are not only issued to support the Government's budgetary position, but also to promote Islamic banking finance in the country, which is a constitional obligation," said Finance Ministry in a statement.
It said that the government of Pakistan had issued Sukuk several times, which were backed by assets such Motorways (M1, M2, M3) and Jinnah International Airport.
Other Federal government assets such as the Islamabad Expressway, Allama Iqbal International Airport and F-9 Park have been identified, in consultation with experts in Islamic finance, as good potential candidates for Sukuk structures.
The statement emphasized...
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