Deputy UK HC praises successful launch of sukuk bond

British Deputy High Commissioner Belinda Lewis has said that Pakistan has successfully launched sukuk worth $1 billion in the international market that shows the level of confidence is increasing on Pakistan's economy. She was talking to media during her first visit to Pakistan Stock Exchange on Friday. She said Islamic financial sector was growing at 11 percent yearly and the government of Pakistan was encouraging Islamic products. "This is another area where the UK and Pakistan can work closely together," she said.
The UK Deputy High Commissioner also indicated further cooperation to increase investment and trade volumes. "We have increasing interest in investing Pakistan and increase in bilateral trade between the two countries," she said, adding the financial services were the key priority sector for the UK. Managing Director of Pakistan Stock Exchange Nadeem Naqvi said that collaboration between Pakistan Stock Exchange and London Stock Exchange would further increase.
The UK based investors have also shown interest in the divestment process of PSX. UK based non-resident Pakistanis' interest is also increasing and it is good opportunity for non-resident Pakistanis living in the UK to invest here to get good returns from the growing Pak economy, he said, adding that historic relationship of PSX with UK businesses would also further increase.
Regarding the process of sale of 40 percent shares of PSX to strategic investors, he said the due diligence process would complete on October 31, 2016 then bids would be received. The PSX committee would evaluate all the bids. The committee would send its report to the SECP that would give final approval of the bids. He said the process of divestment of PSX was expected to be completed by the end of November 2016. Earlier, British Deputy High Commissioner Belinda Lewis participated in the gong ceremony. She rang the traditional opening bell. Chairman PSX Muneer Kamal, Managing Director Nadeem Naqvi, member board of directors and others were also present on this occasion.