Islamic Bonds to be issued to control budget deficit

The government is due to issue Islamic Bonds worth 460 million dollars by the end of the current month in order to control the budget deficit, Dunya News reported on Tuesday. According to an international news agency these bonds would be issued for a period of three months and would be worth 460.60 million dollars. A local Islamic bank is supporting the government in this regard. Sale of the Islamic Sukook Bonds remained only 12 billion dollars during the current year whereas it was 12 percent higher during the last year. Apart from Pakistan, Saudi Arabia, Thailand, UAE and Malaysia are also expected to issue Islamic bonds.