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      Hamas attack kills 100 Israelis, Tel Aviv’s air strikes martyr more than 200 Palestinians

      Israel killed 95 Palestinians after bombing on aid sites, cafe, school in Gaza

      Pakistan downs 5 fighter jets, destroy brigade HQ in retaliation strikes

      India envoy blames political leadership for fighter jet crash in clash with Pakistan

      Pakistan congratulates Donald Trump for winning as US president

      Trump hopeful for Gaza ceasefire ‘next week’

      Children in Gaza surviving on bitter loaves made from animal feed

      Israel kills 549 aid seekers in this month

      Iran announces ceasefire against Israel, Trump declares its victory

      Iran arrests 26 more Israeli agents

      “ELECTION INTERFERENCE, KANGAROO COURT!” Trump says on indictment charges

      US to hold nuclear talks with Iran next week, Trump

      Pakistan urges SCO members for tackling multiple regional challenges

      India refuses to sign joint statement after SCO rejected false-flags on Pahalgam attack

      Indian origin Zohran Mamdani likely to become first Muslim mayor of New York

      Indian origin Zohran Mamdani likely to become first Muslim mayor of New York

      Hamas attack kills 100 Israelis, Tel Aviv’s air strikes martyr more than 200 Palestinians

      Israel resumes bloodshed in Gaza soon after ceasefire with Iran, 40 killed

    • BUSINESS
      Govt plans separate tax policy cell

      Rs3.5 trln tax collected from Karachi in FY24-25

      Petrol prices likely to increase up to Rs13 per litre

      Petrol prices likely to increase in Pakistan

      PM Shehbaz denounces Israeli aggression in Gaza, Lebanon and Iran

      PM welcomes Bloomberg report on Pakistan’s economic stability

      PPP breaks National Assembly quorum after controversy over resolution against canal project

      NA passes Rs 17.57tr budget 2025-26

      Bilawal hopes to get justice in presidential reference against ZA Bhutto’s death sentence

      Bilawal directs PPP lawmakers to vote in favour of budget 2025-26

      World Bank approves $213 million in financing for Balochistan

      World Bank approves $194m for education, water projects in Pakistan 

      Dollar gets meager dip against rupee

      Govt to get $3.3bn loans from Chinese banks

      Nepra uncovers serious irregularities in billing, meter readings

      KE consumers likely to get relief of Rs.4.69 on per unit

      Govt denies reports of fixing tax on solar power

      Govt reduces tax on solar panels from 18% to 10%

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      US revokes Bob Vylan’s visas after Glastonbury chants

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      Police found skin glow, anti-ageing drugs from Shefali Jariwala’s residence after her mysterious death

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      Diljit Dosanjh apologises to fans for ticket scam

      Diljit Dosanjh breaks silence on ‘Sardaar Ji 3’ overseas release

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      Brother of actors Yasir, Danish Nawaz passes away

      Teenage star Aina Asif reveals her biggest dream

      Teenage star Aina Asif reveals her biggest dream

      Lahore hosts grand Miss and Mr. Pakistan 2025 coronation ceremony

      Lahore hosts grand Miss and Mr. Pakistan 2025 coronation ceremony

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      Shanto steps down as Bangladesh captain after whitewash defeat against Sri Lanka

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      Jofra Archer comes back to England squad for second test against India

      Pakistan to face India in Asian Doubles Squash final

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      Vaughan calls Ben Duckett current ‘best all-format’ batter

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      Karachi Police to investigate threats to boxer Aliya Soomro

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      Voice of Sindh
      Home PAKISTAN

      Federal cabinet approves mortgaging of airports, highways for Sukuk bonds

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      Federal cabinet has approved the proposal to mortgage country’s airports and highways in order to issue Sukuk bonds.

      Federal Minister for Information and Broadcasting – Fawad Chaudhry has apprised that the federal cabinet has approved the decision to mortgage country’s airports and highways.

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      The move is aimed to generate loan revenue for the issuance of Sukuk bonds aimed at promoting Islamic banking in the country.

      As per details, the federal government will mortgage Islamabad, Lahore and Multan airports along with M3 motorway.

      Sukuk bonds will be issued and loans will be taken out, keeping Islamabad Expressway, Islamabad-Peshawar Motorway, Pinid Bhattia-Lahore motorway section, and airports of Lahore, Islamabad and Multan as collateral.

      Government sources argue that it will be possible to get a loan at a lower interest rate than other sources by mortgaging government assets.

      What Are Sukuk Bonds?

      A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law commonly known as Sharia. Since the traditional Western interest-paying bond structure is not permissible, the issuer of a sukuk essentially sells an investor group a certificate, and then uses the proceeds to purchase an asset that the investor group has direct partial ownership interest in. The issuer must also make a contractual promise to buy back the bond at a future date at par value.

      Sukuk were developed as an alternative to conventional bonds which are not considered permissible by many Muslims as they pay interest and may finance businesses involved in non-Sharia-compliant activities (gambling, alcohol, pork, etc.). Sukuk securities are structured to comply with Sharia by paying profit, not interest—generally by involving a tangible asset in the investment.

      Islamic law prohibits what’s known as “riba,” or what we understand as “interest” in the West. Therefore, traditional, Western debt instruments cannot be used as viable investment vehicles or ways to raise capital for a business. To circumvent this, sukuk were created in order to link the returns and cash flows of debt financing to a specific asset being purchased, effectively distributing the benefits of that asset.

      This allows investors to work around the prohibition outlined under Sharia and still receive the benefits of debt financing. However, because of the way that sukuk are structured, financing can only be raised for identifiable assets.

      Thus, sukuk represent aggregate and undivided shares of ownership in a tangible asset as it relates to a specific project or a specific investment activity. An investor in a sukuk, therefore, does not own a debt obligation owed by the bond issuer, but instead owns a piece of the asset that’s linked to the investment. This means that sukuk holders, unlike bond holders, receive a portion of the earnings generated by the associated asset.

      Differences With Traditional Bonds

      • Sukuk involves asset ownership while bonds are debt obligations
      • If the asset backing a sukuk appreciates then the sukuk can appreciate whereas bond yield is strictly due to its interest rate.
      • Assets that back sukuk are halal whereas bonds are often riba and may finance non sharia compliant businesses or fuel speculation.
      • Sukuk valuation is based on the value of the assets backing them while a bond’s price is largely determined by its credit rating.
      Tags: Sukuk bonds

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      Voice of Sindh is an initiative designed to uncover the untold stories of Sindh. It aims to preserve and promote the diverse culture, heritage, history, and traditions that make Sindh the bastion of pluralism and progress.

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