A&Q has been engaged by the Joint Financial Advisors as the legal counsel for the issuance of domestic ijarah sukuk certificates by the Ministry of Finance, Government of Pakistan for an amount of up to PKR 30 billion.
The sukuk is set to be the first/debut issue by the GoP to be listed on the Pakistan Stock Exchange Limited and will be issued through public auction, the mock auction of which has already been held.
Based on an ijarah sukuk Islamic structure, the issue will utilize the Islamabad Metro (Islamabad Portion) as the underlying asset.
A&Q will be responsible for structuring the deal and drafting all the required sukuk documentation and their finalisation in coordination with, inter alia, the Ministry of Finance, Government of Pakistan, State Bank of Pakistan (SBP), Pakistan Stock Exchange – PSX, Central Depository Company of Pakistan Limited, National Clearing Company of Pak Ltd. (NCCPL) and the Joint Financial Advisors.
A&Q team will be led by Nazif Ahmed (Head — Corporate).