The Lahore-Sialkot Motorway’s unencumbered land may be used by the Finance Division to raise money by issuing Shariah-compliant retail instruments in Wakala Mode with the approval of the National Highway Authority’s (NHA) Executive Board (LSM).
NHA Chairman Capt. (Retd.) Muhammad Khurram Agha presided over the Executive Board meeting, which according to official records discussed the issuing of the Shariah Complaint Retail Instrument in Wakala Mode.
The Board gave its approval for the Finance Division to receive a NOC so that it can raise money by selling Shariah-compliant retail instruments in Wakala Mode utilizing the unencumbered land of LSM.
The Board established a committee to inquire of the Federal Board of Revenue about the status of NHA’s assets where Sukuk bonds had matured as well as its ongoing issuance (FBR). Members of the committee included Member (Finance) as Chairman, Additional Secretary (Budget) as Member, and GM (Finance) as Secretary.
In contrast to the Rs. 560 billion projected for the previous fiscal year, which was lowered to Rs. 342 billion, the government has allocated Rs. 372 billion from Eurobonds/international Sukuk for 2022–2023 instead.
The Board also took into account the second amended PC-clearance I’s by the National Highway Development Sector Investment Program (NHDSIP). Following discussion, the Board recommended that the Central Development Working Party (CDWP) approve the revised Global PC-I (2nd revision) for the NHDSIP at a revised cost of Rs. 60.200 billion. The Board instructed NHA to provide information on the projects that needed approvals under updated PC-Is.
To read our blog on “4 more AAOIFI Shariah Standards are adopted by SBP for the Islamic banking sector,” click here.