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Islamic bonds

Pakistan to raise Rs.49.5bn via 1st sukuk in 15 months

ISLAMABAD: State Bank of Pakistan (SBP) will sell Rs.49.5 billion of Islamic bonds, the country's first such issuance in 15 months, with pricing to be set on Wednesday. The sukuk will inject a much-needed liquidity management tool for the domestic Islamic banking industry. The appetite for local currency sukuk has grown with Islamic banks posting double-digit asset growth, but the government has been unable to match demand, constraining the sector's financing and investment capability. Since 2008, the central bank has…