Pakistan has drafted rules to develop the Islamic capital market as the central bank seeks to increase assets that comply with religious tenets to 15 percent of the total in five years.
The “Issuance of Sukuk Regulations 2012” allows companies to sell Shariah-compliant notes so long as they have no overdue loans, the Securities Exchange Commission of Pakistan, said in an e-mailed statement Oct. 4. The issuer and the underlying assets should also not be rated lower than BBB-, it said………………………………………..Full Article: Source