An Extra-ordinary General Meeting of the Sukuk holders has substituted/replaced M-2 Highway Land - an asset of Ijara Sukuk - with Jinnah International Airport, Karachi. In accordance with the applicable rules of GoP Ijara Sukuk (GIS-9, GIS-10, GIS-11, GIS-12 & GIS-13), an EOGM of Sukuk holders was held on November 10, 2014 at the State Bank of Pakistan.
In terms of resolutions passed in the EOGM, some changes have been made with reference to the GIS-9, GIS-10, GIS-11, GIS-12 and GIS-13. As per passed resolutions the underlying asset, ie, M-2 Highway Land has been substituted/replaced with Jinnah International Airport, Karachi. Secondly, in order to comply with Shariah requirement, the scheduled redemption dates have been extended up to one year from the date of asset substitution, ie, 21st November 2014. Now, the new maturity date of GIS-9, GIS-10, GIS-11, GIS-12 and GIS-13 will be 21st November, 2015.
In addition, as per resolutions, the rental profit will continue to be paid on half-yearly basis, except for last rental period that will be of less than six months. The profit of last rental period will be paid on redemption date, ie, 21st November, 2015. The resolutions were passed in accordance with Section 3 of Schedule 2 of the GoP Ijara Sukuk rules. All other terms and conditions were kept unchanged.
Industry sources said extension in redemption dates has provided some relief to the Islamic banking industry as they have limited investment opportunities. They said against the M-2 Motorway the federal government has issued international Sukuk amounting to $1 billion to build its depleting foreign exchange reserves.
Comments
Comments are closed.