Cabinet requested to allow issuance of Ijara Sukuk against Rs930bn land of F-9 Park

ISLAMABAD: The Ministry of Finance has requested the federal cabinet to allow the issuance of Ijara Sukuk in the domestic and international markets against Rs930 billion unencumbered land of F-9 Park, Islamabad, in order to support the government’s budgetary position.    

The cabinet meeting would be held on Tuesday under the chair of Prime Minister Imran Khan to deliberate up on 17 agenda items. 

The government till date has executed 31 ljara Sukuk transactions amounting to Rs1,498 billion against the assets of MI, M2, M3 Motorway and Jinnah International Airport (Karachi). In addition, it also issued an ‘Energy Sukuk’ of Rs200 billion in May 2020 to settle power sector arrears. 

According to MoF, the Capital Development Authority (CDA) has no objection to the utilisation of the unencumbered land at F-9 Park for ljara Sukuk issuance. All transactions in this regard will be undertaken in coordination with the State Bank of Pakistan and after clearance of documents by the Law & Justice Division and the Office of the Attorney General for Pakistan. 

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