sold its Sukuk papers at a profit rate of 6.75 percent, raising $1 billion from the international Islamic bond market. According to an official statement, Pakistan successfully returned to the international Islamic bond market with the issuance of U.S. dollar-denominated Sukuk notes. The last international Sukuk was issued nine years ago.
INDIA| New Delhi
The deal reduced Pakistan’s domestic debt by Rs.102 billion and its annual debt-servicing cost by Rs.5 billion for five years. The government received a subscription of $2.3 billion, which was nearly five times the targeted amount. The offers came from diverse regions of the world. About 35 percent subscription came from Europe, 32 percent from the Middle East, 20 percent from North America and 13 percent from Asia. The Sukuk