IslamicFinance.de

The State Bank of Pakistan (SBP) has issued a circular to all Islamic banking institutions about the Islamic Export Refinance Scheme (IERS) and eligibility of Ijara Sukuk, Islamic bonds to be included in the Musharaka pool. Every Islamic bank is obligated to create a Musharaka pool consisting of financing blue chip companies on Islamic modes. The Musharaka pool is supposed to have a minimum of ten companies with diversified lines of businesses to avoid concentration in sectors. The circular listed the conditions that will make the Government of Pakistan Ijara Sukuk eligible to be included in the pool, created under the IERS. The Islamic banking institutions are also required to maintain records of Sukuk issues and the amount it allocated to its respective Musharaka pool.