Rs 100mn Sukuk bond to be launched for Islamic banking

Islamic banking

ISLAMABAD: The government will soon launch Rs 100 million Sukuk bonds for Islamic banking industry to strengthen its liquidity position in pursuance of its mission of fast growth of Islamic financing in the country.

Advisor to the Prime Minister on Finance and Economic Affairs Dr Miftah Ismail cited on Monday while speaking at a two-day World Islamic Finance Forum (WIFF-2018).

The ministry of finance will soon set up a separate division for increased support to the fast growing Islamic banking, Miftah added.

The international forum has been organized by Institute of Business Administration’s Centre for Excellence in Islamic Finance (CIEF) in collaboration with key partners with the theme “Expanding the Footprint of Islamic Finance: Innovation, Fintech and Regulations.”

While highlighting the problems of businessmen The advisor said, “I am trying to resolve the problems of business community” adding the next budget would aim at maximizing the economic growth instead of maximizing revenue.

He further said the government had removed the basic bottlenecks in getting higher economic growth, including energy shortage, law and order, and red tape for the businessmen and industrialists.

Miftah said the government was going to announce an amnesty scheme during the current month. However, there would be certain checks to stop its misuse, he added.

He said in coming budget, the rate of tax on individuals income would be reduced to support the common man.

Monitoring Desk