Cabinet decides to mortgage Islamabad Club instead of F-9 Park for launching Sukuk: sources

ISLAMABAD: Prime Minister Imran Khan on Tuesday opposed the mortgaging of Islamabad’s biggest park, F-9 Park for launching the Islamic-denominated Ijara Sukuk bonds at domestic and international markets, ARY News reported.

According to sources, the federal cabinet meeting, held in Islamabad with PM Imran in the chair, has decided to mortgage Islamabad Club instead of the F-9 park named after Fatimah Jinnah.

Sources prior to the development told ARY News that, during the meeting, Prime Minister Imran asked the finance secretary why it was proposed to mortgage the F9 Park built for the people?.

The finance secretary briefed the cabinet that the value of the land has to be seen for Sukuk Bond.

To which, the prime minister said he knows what Sukuk Bond is. “The symbolic mortgage of the park has given the wrong impression. There should be no mortgage,” PM directed cabinet.

The premier directed the finance secretary that the park built for the public should not be mortgaged. “If it was not for a practical mortgage, then the Prime Minister’s House would have mortgaged it,” PM told the cabinet.

In the meeting, the cabinet members proposed the issuance of Sukuk bonds in exchange for the Islamabad Club, according to sources.

Read More: Cabinet okays formation of commission to investigate Broadsheet scandal

Meanwhile, the federal cabinet also approved the formation of an inquiry commission to investigate the Broadsheet scandal.

Sources said the Broadsheet issue came under discussion during the meeting as the cabinet deliberated on the formation of an inquiry commission instead of a committee to investigate the matter.

The commission will re-investigate cases involving bigwigs, which were closed out of expediency, the sources said, adding cases of important personalities such as Rao Sikandar Iqbal and Aftab Ahmed Sherpao will be re-opened.