Pakistan will soon issue an Islamic bond denominated in dollars, after the success of its recent dollar-denominated international bond, Finance Minister Ishaq Dar said on Wednesday.
Pakistan, a favourite with frontier market investors following peaceful elections last year, launched a Eurobond earlier this month in two $1 billion tranches.
“We will be coming up in dollar sukuk paper very soon,” Dar told a Pakistan investment forum in London. Pakistan has previously issued sukuk denominated in Pakistan rupee.
Dar said Pakistan’s recent dollar bond received bids totalling $7 billion, reflecting strong demand for the deal.
“There is the confidence the international community has shown in the revival of the economy,” he said.