Caretaker PM Kakar launched Sukuk bond auction at PSX

Pakistan Caretaker Prime Minister (PM) Anwar ul Haq Kakar launched the Sukuk bond auction at the Pakistan Stock Exchange (PSX) in Karachi. Sukuk is a Shariah-based bond that is used in Islamic finance.

Sukuk bonds are Islamic financial bonds that represent ownership in an asset rather than traditional interest-based debt following the principles of Shariah. Investors earn returns from the asset’s profits rather than interest payments.

Caretaker Finance Minster Dr. Shamshad Akhtar welcomed PM Kakar to launch the Government Sukuk Auction at PSX. PM Kakar struck the Gong and initiated the first auction of the Sukuk bond.

Karachi: Caretaker Prime Minister Anwaar-ul-Haq Kakar struck the Gong to mark the launch of Government Sukook Auction at Pakistan Stock Exchange. pic.twitter.com/6KF2bELDDe
— Government of Pakistan (@GovtofPakistan) December 8, 2023

Caretaker PM Kakar launched the Sukuk bond auction at PSX

Sukuk bond auction ceremony

Dr. Shamshad emphasized the importance of Ijarah Sukuk as a ground-breaking and innovative instrument during the ceremony. She said it goes beyond the traditional control of the State Bank over government securities.

PM Kakar stated that Sukuk is a symbol of progress and prosperity. He congratulated all stakeholders on the bond auction via PSX. He praised the recent performance of PSX emphasizing its significant role in the national economy.

Kakar said the stock exchange market played a significant role in supporting business expansion, and employment creation, and contributing to the progress of society overall.

The capital market played a crucial role in fueling business expansion, job creation, and contributing to the overall development of society.

~ Caretaker Prime Minister Anwaar-ul-Haq Kakar addressed a ceremony marking the first auction of Ijarah Sukuk Bond by the Pakistan Stock… pic.twitter.com/Q8LZswbFQf
— Government of Pakistan (@GovtofPakistan) December 8, 2023

PM Kakar praised the combined efforts of all stakeholders in reviving the economy. He said we appreciate the cooperation of all concerned parties to get the economy back on track. It has helped to bring down the value of the dollar from Rs 307 to Rs 284 at the interbank today.

نگران وزیر اعظم انوار الحق کاکڑ کا پاکستان سٹاک ایکسچینج میں ملکی معاشی ترقی اور اقتصادی لچک سے متعلق منعقدہ تقریب سے خطاب

"معیشت کو دوبارہ اپنے راستے پر گامزن کرنے کے لئے تمام متعلقہ فریقین کے تعاون کو سراہتے ہیں جس سے ڈالر کی قدر کو نیچے لانے میں مدد ملی ہے جو کہ 5 ستمبر 2023… pic.twitter.com/UAQPlJGPTK
— Government of Pakistan (@GovtofPakistan) December 8, 2023

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Mr. Kakar stated that the government addressed structural and macroeconomic issues despite initial difficulties in 2023-2024. It resulted in a positive impact on the stock exchange.

He emphasized that the positive index of the stock market is the result of an improved economy, international investor participation, high production, and a stable currency rate.

PM Kakar expressed the commitment of the government to promote capital market resilience. And recognizing its stabilizing role and ability to absorb shocks.