ISLAMABAD, JAN 24 – The federal government is considering taking out a loan by mortgaging the largest F-9 park in Islamabad.In this regard, according to the agenda of the federal cabinet available with Urdu News, the issue of issuing sukuk bonds in exchange for the land of F-Nine Park will be considered. According to cabinet sources, a summary in this regard has been submitted by the Finance Ministry.
When contacted by Urdu News, Deputy Commissioner Islamabad Hamza Shafqat said that he was not aware of this but even before that the prices of buildings have been fixed for issuing sukuk bonds in exchange for government buildings.
He said that the status of Sukuk bond is different from that of mortgage as it does not affect the status of the property.
Even before this, previous governments have been borrowing dollars from the international market in exchange for guaranteeing national assets, and mortgaged property becomes free when the debt is repaid.
The present government has also decided to take loans for financial difficulties and budget support.
The government of Pakistan has issued sukuk several times in exchange for motorways (M1, M2 and M3) and Jinnah International Airport. “Other government assets, including the Islamabad Expressway, Allama Iqbal International Airport and F-Nine Park, have been identified for issuing sukuk after consultation with Islamic economists.”
On the other hand, the Ministry of Finance, while explaining the news regarding the issuance of sukuk, said that sukuk is a means of obtaining loans in accordance with Shariah principles.
According to the Ministry of Finance, Sukuk is not only a means of generating resources for the government’s budget expenditure but also a means of promoting Islamic banking in the country, which is a constitutional obligation.