Federal Finance Minister Ishaq Dar on Thursday informed that the final evaluation on bids received regarding US$ 1 billion Sukuk will start within a week.
The minister made these remarks during a sitting with Islamic Corporation for the Development of Private Sector (ICD) Chief Executive Officer Khaled Mohammed Al-Abondi on the sidelines of the annual meeting of Islamic Development Bank Group in Jeddah.
Dar lauded ICD’s support to country’s private sector as well as its financial services for the privatization process. Expressing desire for the close binding with ICD, the minister observed that Islamabad wished to strengthen its relationship with ICD and will support its operations inside Pakistan.
Senator Ishaq Dar appreciated ICD’s submission, along with Burj Bank, for bid for appointment as financial adviser for launch of planned US$ 1 billion Sukuk. Elaborating further, he said that the bids received would be evaluated after presentations which were being arranged within a week. The minister assured the visiting delegate that ICD’s bid would be evaluated on merit in accordance with Pakistan’s rules/procedures and statutory requirements and that due consideration would be given to ICD’s articles of agreement.
On this occasion, the Islamic Corporation CEO for development of the private sector Khaled Mohammed Al-Abondi congratulated the host on visible improvement in micro-economic indicators as a result of transparent and credible economic policies of government of Premier Nawaz Sharif.
Khaled Mohammed Al-Abondi assured ICD’s enhanced role in Pakistan to support the economic development through provision of finance to private sector projects in accordance with the principles of the Sharia law.
Both the dignitaries also discussed various areas of cooperation and agreed to move forward with some practical measures in near future. Saleem Sethi, the Secretary Economic Affairs Division, and Consul General Aftab A Khokher, were also there to assist the federal finance minister during the meeting.
