Islamabad: Government has decided to launch hybrid Sukuk bonds for the first time during the current fiscal year to meet its financial needs besides further expanding Islamic financing sources.
Under new model government will be able to raise funds not only by mortgaging assets but also by selling commodities in the local market. IMF will too be informed about this project.
According to ministry of finance sources Islamic financial structure based on commodity will be used besides relying on pledged assets. Government will seek financing from market by selling commodity.
The services of third party will be hired for selling commodity. During the process of financing commodity will be sold in market.
Finance ministry has sought details of its usable assets from National Highway Authority (NHA) in connection with preparations for releasing hybrid Sukuk bonds.
As per sources the cost of existing assets of NHA are estimated to be more than Rs 7000 billions. In the previous year value of assets of NHA was about 5.5 billion rupees.
Sources said the government will be in a position to increase the volume of release of hybrid Sukuk bonds on the basis of high and new value of assets.