Rs200 billion Sukuk 'landmark financial innovation': PM Imran

ISLAMABAD: Prime Minister Imran Khan on Wednesday termed Rs200 billion Sukuk raised through competitive bidding at the Pakistan Stock Exchange (PSX) “landmark financial innovation”.

“Landmark financial innovation with Rs 200 bn Sukuk issued through competitive book building at PSX,” he tweeted.

“Oversubscribed by 170%, reflecting a strong market confidence in our Govt’s policies. As a result govt saved Rs18 billion – savings that can now be used for welfare of the people.”

Landmark financial innovation with Rs 200 bn Sukuk issued through competitive book building at PSX. Oversubscribed by 170%, reflecting a strong market confidence in our Govt’s policies. As a result govt saved Rs18 billion – savings that can now be used for welfare of the people.

— Imran Khan (@ImranKhanPTI) May 20, 2020

Earlier today, Adviser to PM on Finance and Revenue Dr. Abdul Hafeez Shaikh said that the government raised 200 billion rupees through Sukuk at a comparatively lower rate of return of six-month Kibor minus 10 basis points through competitive book building at Pakistan Stock Exchange.

In a tweeter statement, he said the move saved 18 billion rupees over 10 years on debt servicing, adding that the transactions were oversubscribed by 70 per cent. The adviser lauded “excellent team effort” of the Ministry of Finance Debt Office, the Securities and Exchange Commission of Pakistan, the State Bank of Pakistan and the Pakistan Stock Exchange.