IslamicFinance.de

Pakistan raised $1 billion from the international Islamic bond market on Wednesday by selling its Sukuk papers at 6.75 per cent profit rate. The government received a subscription of $2.3bn, which was nearly five times the targeted amount. With the proceeds, the country’s foreign exchange reserves are estimated to touch $14.1bn on Dec 1. And after the disbursement of $1.1bn by the International Monetary Fund (IMF) expected in the second week next month, the country is set to cross the $15bn reserves barrier and will be eligible to benefit from the concessionary development lending window of the World Bank — International Bank for Reconstruction and Development.