And finally State Bank of Pakistan (SBP) has announced
auction of Government of Pakistan Ijara Sukuk (GIS-16) having Jinnah
International Airport, Karachi as the underlying Asset.
Though, the size of auction was not announced the Government
of Pakistan (GoP) is likely to mop up abut Rs 300 billion (around US$3 billion)
through GIS-16.
There are twin objectives, top of the agenda being meeting
the fiscal deficit and also facilitating Islamic financial institutions, particularly
Islamic banks suffering from excessive liquidity problem.
GIS-16 will have a tenor of three years from the date of
issue and Sukuk will be issued in multiple of one hundred thousand rupees. Profit
on will be paid bi-annually on the basis of rental rate announced by the SBP prior
to start of each half year.
Although SBP has not announced any auction date, the
industry experts strongly believe that the auction will he held during last week
of December 2015. Experts say the issue is already late by almost a month.
According to provisions of the notification of the GoP Ijara
Sukuk Rules 2008 Islamic Banking Department of SBP will be responsible for
monitoring of proper execution and the legal documentation.
