surplus funds with the State Bank of Pakistan, they added.
Last time, the government issued three-year Ijara Sukuk through an auction held on June 20, 2014. It raised Rs49.537 billion for the construction of Pindi-Bhattian project. The maximum value of the asset under that issue was Rs49.572 billion.
Total outstanding Ijara Sukuk stood at Rs300 billion at the end of May, which is about 26.54 percent of the total Islamic banking deposits, while total outstanding SLR eligible securities available with conventional banks amounted to Rs4.8 trillion as of May 31, which is 59 percent of the total conventional banking deposits.
After introducing Sukuk-backed open market operations to facilitate Islamic banking through outright purchase and sale of Islamic bonds in October last year, the policy makers are also considering to establish modarba-based discount window under the SBP’s five-year strategic plan for Islamic banking.
“The formulation of modarba-based discount window to park banks’ funds with the SBP is pending, but hoped to be initiated soon,” said a banker.
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