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Final evaluation of bids on US$ 1 billion Sukuk likely by coming week: Dar

June 26, 2014

Federal finance Minister Senator Mohammad Ishaq Dar on Thursday informed that the final evaluation on bids received regarding US$ 1 billion Sukuk will kick start within a week.

The Finance Minister made these remarks during a sitting with Chief Executive Officer, Islamic Corporation for the development of the private sector (ICD), Khaled Mohammed Al-Abondi on the sidelines of the Annual Meeting of Islamic Development Bank Group, here in Jeddah.

Dar lauded ICDs 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, Islamabad wishes to strengthen its relationship with ICD and will support its operations inside Pakistan.

Senator Mohammad Ishaq Dar appreciated ICD's submission, along with Burj Bank, of bid for appointment as Financial Adviser for launch of planned US$ 1 billion Sukuk.

Elaborating further he maintained, that the bids received will be evaluated after presentations which are being arranged within a week.

The Minister assured the visiting delegate that ICD's bid will be evaluated on merit in accordance with Pakistan's rules / procedures and statutory requirements and that due consideration will be given to ICD's Articles of Agreement.

At this occasion the CEO Islamic Corporation for the 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 ICDs 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 Khokhar were also there to assist the Federal Finance Minister during the meeting.

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Source: Daily Messenger (Pakistan)

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