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Pakistan raised USD 1 billion loan through Sukuk bond, at a record 7.95% interest rate.
Issuance of Sukuk bond in Pakistan
Difference between Sukuk bond and Eurobond
The key difference between Islamic Sukuk and traditional Eurobond is that, Sukuk bond is backed by an asset which attracts less interest rate. However, government paid the interest rate on the asset-backed bond, which is higher than traditional tenor bond.
What is Sukuk bond?
Sukuk is the Arabic name for financial certificates. It is also referred to as “sharia compliant” bonds. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) define Sukuk as “securities of equal denomination, which represents individual ownership interests in portfolio of eligible existing or future assets.” The Fiqh academy of OIC had legitimized the use of sukuk in 1988. Sukuk were developed as an alternative to conventional bonds, because conventional bonds are not considered permissible by many Muslims due to interest on it. Sukuk securities are structured in accordance with Sharia by paying profit, not interest.
By: Brijesh Kumar ProfileResourcesReport error
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