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14/12/18

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SBP to buy Rs111 billion worth Ijarasukuk

Detail Description
The State Bank of Pakistan (SBP) will purchase Rs111 billion Ijarasukuk, an Islamic sovereign bond with a three-year maturity in an auction on Friday.The purchase of the government of Pakistan Ijarasukuk would be made on BaiMuajjal basis—a Shariah-complaint equivalent of deferred payment from all Islamic banks, the SBP said in a statement. The issue would help Islamic banks manage excessive liquidity and resources. Ijarasukuk worth of Rs314.3 billion would mature in December, February and March, whereas Ijarasukuk of Rs118 billion was due to mature on December 18.
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