Sukuk issue: Karachi airport offered as security
The government of Pakistan raised Rs182 billion through a Sukuk against the security of Jinnah International Airport Karachi for budget financing. The Sukuk operations were launched through the Pakistan Domestic Sukuk Company Limited. However, analysts question the use of Islamic bonds for budget financing and linking the return with treasury bills, saying it is forbidden and against Shariah laws. In the last fiscal year, the government borrowed a total Rs412 billion through Sukuk, enabling it to meet 23.2% of financing needs.