|Karachi (Sept 26, 2007) BankIslami in a seminar organized by the Institute to Chartered Accountants of Pakistan on Islamic Sukuk covered the concepts and application of Islamic Sukuk in the globalized world. It pointed out the global popularity of Islamic Sukuk especially in the Middle East and the fast growing economies of Asia. Speaking on the occasion Mr. Faisal Shaikh-Head Corporate Banking BankIslami said that “Today, the global Sukuk market, denominated in international currencies, is estimated to be $18 billion. If domestic sukuk are included, it has now exceeded to $50 billion”.
He further added that “High levels of surplus savings and reserves in Asia and Gulf region has further boosted demand for Sukuks which is expected to remain between 30 and 40 per cent of GDP for many years to come. In Pakistan Sukuks worth atleast Rs. 30 billion are either issued or in process of issuance”
He further explained different structure of Sukuks and their application.
Session chairman, Mr. Hasan Bilgrami-CEO BankIslami said that “BankIslami is playing a vital role in domestic Sukuk market and has already issued Sukuk worth Rs. 3 Billion and further Rs. 5 Billion are in the pipeline”.
The seminar was widely attended by the Chartered Accountants, Cost & Management Accountants and the people from the financial community. by the Chartered Accountants, Cost & Management Accountants and the people from the financial community.