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Tag Archives: Sukuk

SECP approves Sukuk Regulations 2015

ISLAMABAD: As part of its mandate to develop the Islamic capital market and to facilitate fund raising through Sharia Compliant financial products, the Securities and Exchange Commission of Pakistan (SECP) has approved the Regulations for issuance of Sukuk here on Thursday. The Sukuk Regulations, 2015 has been made under Section 506A of the Companies Ordinance, 1984, according to statement issued ... Read More »

Rs3.5b ($34.8m) capital: Bank Islami plans sukuk

KARACHI: With Basel-III global banking standards being phased in around the globe, the Bank Islami Pakistan was planning to raise Rs3.5 billion ($34.8 million) through subordinated sukuk. Several Islamic banks in the Muslim countries including Turkey, Malaysia, Saudi Arabia and the United Arab Emirates have issued such capital-boosting instruments. Last week, Bank Islami’s board of directors approved a plan to ... Read More »

KSE 100-index down by 35pts, 0.10pc as Nov 30 ‘showdown’ getting nearer

KARACHI: Stocks failed to cash in on the euphoria incited by Pakistan’s successful return to the international sukuk market after a gap of nine years and the benchmark KSE 100-index fell 35 points or 0.10 percent to come down to 31237.83 points in early trading on Friday. The KSE-100 index started trading at overnight losing of 31,270 and failed to ... Read More »

$15b reserves target to be met as Sukuk to ‘defeat’ Euro Bonds, claims Dar

LONDON: Federal Finance Minister Ishaq Dar has expressed the confidence that the government would achieve $15 billion foreign reserves target by December 31 this year as response to Sukuk would far exceed the interest evinced in Euro Bonds. He was addressing meetings in London attended by leading investors, banks and financial institutions highlighting the Sukuk. The Minister informed the participants ... Read More »

$500m Sukuk bonds sale, $1.1b IMF loan to take foreign reserves to $15b: Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that foreign currency reserves will be increased up to $15 billion till December 31 this year through selling Sukuk bonds worth $500 million as IMF has also nodded to give $1.1 billion installment. Ishaq Dar, while talking to media, said that the government would first hold roadshows and then float sukuk in the ... Read More »

Dar pledges to take foreign reserves to $15b by Dec 31

ISLAMABAD: Finance Minister Ishaq Dar has said that foreign currency reserves will be increased up to $15 billion till December 31 this year through selling Sukuk bond worth $500 million as IMF has also nodded to give $1.1 billion instalment. Ishaq Dar, while talking to media, said that the government would first hold roadshows and then float sukuk in the ... Read More »

OGDCL’s just 7.5pc shares worth $750m being disinvested

ISLAMABAD: State Minister for Privatisation Muhammad Zubair has clarified that the government is not privatising the Oil and Gas Development Company Limited (OGDCL). He said the government would disinvest the OGDCL’s 7.5 per cent shares to generate money that is needed for the country. He further said that neither the company would be privatised nor a single employ would be ... Read More »

Govt not privatising OGDCL, just disinvesting its 7.5pc shares worth $750m: Zubair clarifies

ISLAMABAD: State Minister for Privatisation Muhammad Zubair has clarified that the government is not privatising the Oil and Gas Development Company Limited (OGDCL). He said the government would disinvest the OGDCL’s 7.5 per cent shares to generate money that is needed for the country. He further said that neither the company would be privatised nor a single employ would be ... Read More »

Dar determined to cut public debt ratio to 55pc, deplores $4.5b loss

LAHORE: Federal Minister for Finance Ishaq Dar has said the government was committed to bring the fiscal deficit from 8.8 per cent to 4 per cent in the next three to four years. Addressing the participants of the 101st session of National Management College Lahore here, Ishaq Dar said the foremost challenge facing the government today was reducing the fiscal ... Read More »

UK asks world to financially support CASA 1000 Project

ISLAMABAD: British High Commissioner Philip Barton and Department for International Development (DFID) Head Richard Montgomery, encouraging Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000), have said that the world should back the projects of regional co-operation and hoped that this project will receive financial support internationally. Both the British officials called on Federal Minister Ishaq Dar at the ... Read More »

IMF tranche, Sukuk auction, OGDCL deal to boost forex reserves: Dar

ISLAMABAD: Minister for Finance and Economic Affairs Senator Ishaq Dar on Monday said that IMF tranche, Sukuk selling and OGDCL transaction will boost country’s foreign exchange reserves. “We are expecting two tranche from IMF in December and hoping to complete the Oil and Gas Development Company Limited (OGDCL) transaction and sale of Sukuk bond very soon which would improve our ... Read More »

Al Baraka earns Rs2b via sukuk

ABU DHABI: Al Baraka bank has collected capital of Rs2 billion ($19.5 million) by issuing of subordinated sukuk (Islamic bonds). An official of the Al Baraka bank’s Pakistani branch has said that with Basel III global banking standards, several Islamic banks have issued subordinated instruments to increase capital, including in Turkey, Malaysia, Saudi Arabia and the United Arab Emirates. Head of ... Read More »

Political deadlock delays major economic transactions: Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that the prolonged protests against the government are causing delay in three major economic deals. He said this while talking to the Asian Development Bank’s newly-appointed president Takehiko Nakao. However, Ishaq Dar assured Nakao that the government would resolve the issue amicably as it had already constituted a committee on electoral reforms, said ... Read More »

Dar promises level playing field for Islamic banking

ISLAMABAD: Federal Minister for Finance Ishaq Dar reviewed the pace of work of the steering Committee constitution to ensure Promotion of Islamic Banking and was informed about the pressing issues faced by Islamic banks. While co-chairing the 6th meeting of the Steering Committee for Promotion of Islamic Banking here at the Finance Ministry, Dar promised to provide Islamic banks a ... Read More »

Govt slaps CGT on debt instruments

KARACHI: The government has imposed Capital Gains Tax (CGT) on debt instruments like Pakistan Investment Bonds, Treasury Bills, Foreign Currency Bonds and Sukuk in the proposed Finance Bill 2014-15. Experts and researchers said while the CGT on securities (stocks) was clear and widely discussed, the imposition of CGT on the other component of the capital market — the debt instruments ... Read More »