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Awqaf South Africa and AlHuda-CIBE sign an MOU at Johannesburg
AWQAF SA and Pakistan based Al Huda Centre of Islamic Banking and Economics (Al Huda CIBE) formally entered into a Memorandum Of Understanding (MOU) at Gallagher Estate, Sandton , Johannesburg, at the closure of the International Conference on Islamic Banking and Finance in Africa organized by AlHuda CIBE.....
 
Mr. Zuair Mughal, CEO Alhuda CIBE & Mr. Zeniel Kajee CEO Awqaf South Africa at MOU signing Ceremony
 
 
 
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Pakistan Govt. to float Rs 100 billion Sukuk bonds in May
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The Ministry of Finance is planning to float Rs 100 billion Islamic Sukuk Bond in May 2010 to meet its growing financial needs as well as to retire the mounted circular debts before June 30, 2010, official sources informed on last week.

Pakistan Investment Bonds (PIBs) and Sukuk Bonds are in permanent debt and this time the government wants to raise money from Islamic banking system to finance power sector circular debts once and for all, the sources added.

In the initial proposal the Ministry of Finance suggested floating Islamic paper with one-year maturity period. However, now they are considering other options because the central bank is already floating treasury bills with one-year maturity. The non-interest bearing bond launch on the pattern of PIBs and Islamic banks acts as a primary dealer. The cut-off yield of upcoming Sukuk Bond will be equal or slightly above the average 12.7 percent yield of PIBs.

The investment made in the Islamic Bonds (Sukuk) would enable the investors to get a good return on their investment upon completion of the term to be fixed under the scheme.

 
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