Some sources present in the banking industry have said that the government is going to issue a Sukuk of six hundred to seven hundred billion against the Jinnah International Airport Karachi in the coming weeks.
Previously, 300 billion has been issued against Karachi airport which got matureD few weeks back. Government is now utilizing this opportunity to increase the money through domestic Ijara Sukuk in order to support the budgetary obligation while purchasing the potential of the Islamic banking industry.
The finance ministry said that an approval is needed from the IMF (International Monetary Fund) regarding this matter and then it will further be forwarded to the cabinet for a final approval which will be done till the next month.
Three leading banks has been appointed by the ministry to be the Sharia advisors in the arrangements which are; Dubai Islamic bank, Bank Alfalah and Meezan Bank. Also, there are some other banks that will make their investments in the Islamic banks and among the Islamic banking windows of the conventional banks.
The last GIS (Government Ijara Sukuk) have been issued by the government almost 2 years ago. The new Sukuk will be issued as GIS as an addition to another Energy Sukuk of Rs.200 billion.
This Sukuk will provide benefit to the Islamic banks for their excessive unused liquidity which will have a positive impact on their balance sheets.