K-Electric to raise Rs12 billion through Sukuk

Feb 9

Corporate, Energy

K-Electric to raise Rs12 billion through Sukuk

KARACHI: K-Electric Limited – the power generation and a supply company on Wednesday announced raising funds up to Rs12 billion through issuing Sukuks. In a communication sent to Pakistan Stock Exchange (PSX), the company said that its Board of Directors in its meeting held on February 09, 2022 considered and business updated and among other […]

by Faisal Shahnawaz

SBP approves PIA Sukuk for SLR maintenance

Aug 2

Corporate, Money & Banking

SBP approves PIA Sukuk for SLR maintenance

KARACHI: The State Bank of Pakistan (SBP) on Monday approved Sukuk to be issued by Pakistan International Airlines Company Limited (PIACL) for the requirement of Statutory Liquidity Requirement (SLR). The SBP said that in terms of Government of Pakistan, Ministry of Finance notification S.R.O. 746(I)/2021 dated May 31, 2021, the privately placed Sukuk to be […]

by Mrs. Anjum Shahnawaz

Meezan Bank Sharia Board approves issuance of Ijara Sukuk

Jul 5

Money & Banking

Meezan Bank Sharia Board approves issuance of Ijara Sukuk

KARACHI: Meezan Bank’s Shariah Board, In its 51st Shariah Board meeting, approved Shariah structure for issuance of new Government of Pakistan (GoP) Ijarah Sukuks. The 51st Shariah Board meeting of Meezan Bank at Dar ul Uloom, Korangi, Karachi. The meeting was chaired by Justice (Retd.) Mufti Muhammad Taqi Usmani – Chairman Shariah Supervisory Board, Meezan […]

by Mrs. Anjum Shahnawaz

HUBCO issues Sukuk wroth Rs6bn for capital requirements

Nov 13

Corporate, Energy

HUBCO issues Sukuk wroth Rs6bn for capital requirements

KARACHI: The Hubco Power Company Limited (HUBCO) has issued Sukuk worth Rs6 billion for financing the ongoing capital requirement of the company. In a communication sent to Pakistan Stock Exchange (PSX) on Friday, it said that HUBCO through its wholly owned subsidiary, Hub Power Holding Limited, had executed and issued an Islamic Shariah compliant discounted […]

by Mrs. Anjum Shahnawaz

Hubco plans generating Rs6 billion through Sukuk

Oct 19

Energy

Hubco plans generating Rs6 billion through Sukuk

KARACHI: The Hub Power Company Limited (Hubco) through its wholly owned subsidiary, Hub Power Holdings Limited, is in the process of finalizing issuance of Sukuk, a statement said on Monday. This represents Hubco’s keen interest in promoting and supporting the Islamic financing options and the local financial industry. This proposed Sukuk in the sum of […]

by Mrs. Anjum Shahnawaz

Govt. to generate funds by issuing new Sukuk

Aug 19

Money & Banking

Govt. to generate funds by issuing new Sukuk

KARACHI: The government has decided to generate funds through Islamic mode by reopening of Sukuk and in this regard the State Bank of Pakistan (SBP) on Tuesday issued necessary instructions and guidelines. The SBP said that subsequent to the issuance of first Ijarah Sukuk issue if the government is in need of additional funds and […]

by Mrs. Anjum Shahnawaz

Meezan Bank plays leading role in issuance of Rs200bn worth Energy Sukuk

Jun 9

Money & Banking

Meezan Bank plays leading role in issuance of Rs200bn worth Energy Sukuk

KARACHI: Meezan Bank Limited has played a leading role in successfully concluding the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs200 billion by Power Holding Limited (PHL), a public sector entity fully owned by the Ministry of Energy and Government of Pakistan, a statement said on Tuesday.

by Mrs. Anjum Shahnawaz

Govt plans issuance of Eurobond, Sukuk in international capital markets; intends to hire consortia

Sep 13

Finance

Govt plans issuance of Eurobond, Sukuk in international capital markets; intends to hire consortia

ISLAMABAD: The government has planned to set up a Medium Term Note (MTN) Program for issuance of US Dollar denominated Eurobonds and Sukuk in the international capital markets. The program shall initially cover a period of one year, said ministry of finance on Friday. For the purpose, finance division plans to engaged two consortia, each […]

by Mrs. Anjum Shahnawaz

Withholding tax card for dividend income, return on Sukuk: updated for Tax Year 2019

Apr 29

Exclusive, Taxation

Withholding tax card for dividend income, return on Sukuk: updated for Tax Year 2019

KARACHI: Federal Board of Revenue (FBR) has updated withholding tax card for Tax Year 2019 incorporating amendment made to Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Act, 2001. Following are the withholding tax rates for dividend income and return on investment in Sukuk under Section 150 and Section 150 A updated up to […]

by Faisal Shahnawaz