Govt raises Rs68bln via fixed-rate Ijara Sukuk auction

KARACHI: The government on Thursday raised Rs68 billion through the auction of five-year fixed rate government of Pakistan Ijara Sukuk in a bid to finance budget deficit.

The auction target for the Ijara Sukuk was Rs25 billion.

The cut off rental rate came jumped to 11 percent compared with 9.7 percent cut off rate in the auction held on September 30.

The government also raised Rs47 billion through the auction of five-year variable rental rate Ijara Sukuk. Sukuk issuance helped the government to diversify its outstanding debt.