Govt to raise Rs225bln through Ijara #Sukuk auction in three months
The State Bank of Pakistan (SBP) has issued the auction calendar for issuance of Rs225 billion sovereign Sukuk based on Ijarah. Pre-auction target is set at Rs75 billion for April, while similar amounts are set for May and June 2020. The latest issuance is the part of Rs700 billion worth Ijara Sukuk. The federal cabinet approved the launching of this bond early this month. The bond would help mobilise excessive funds available with Islamic banks and help the government to diversify its debt. Last week, the World Bank said the economic output was expected to contract sharply in Q4FY20, bringing overall FY20 growth to negative 1.3%.
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