Govt decides to establish asset registry company for Sukuk bond issuance
“The government has decided to establish an asset registry company to streamline Sukuk bond issuance by maintaining records and verifying ownership of public and…”
IISLAMABAD —The government has decided to establish an asset registry company to make the issuance of Sukuk bonds easier, more transparent and faster. of Finance, the new company will maintain, verify and monitor records of public and private assets required for Sukuk issuance.
Speaking to Dunya News, State Bank of Pakistan Governor Jameel Ahmad said records would be maintained of all assets used for Sukuk bonds. He explained that, unlike conventional bonds, Sukuk are based on ownership of tangible assets rather than interest.
Jameel Ahmad further said that identifying all assets and establishing their ownership would be essential for the process. Complete records of motorways, buildings, power plants and land will be maintained in a central registry. The ownership, valuation and any outstanding loans or claims against each asset will also be examined.
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The Ministry of Finance, State Bank of Pakistan, Securities and Exchange Commission of Pakistan (SECP) and Law Division will jointly develop the legal and Shariah framework for the company. The framework for establishing the company will also be shared with the International Monetary Fund (IMF), followed by further discussions to finalise the arrangement.
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