As the budget deficit soared to a record high at Rs1.77 trillion in the last fiscal year, the government raised Rs182 billion through an Islamic bond, called Sukuk, against the security of Jinnah International Airport Karachi – another asset mortgaged after Pakistan Motorways (M2).
However, analysts question the use of Islamic bonds for budget financing and linking the return with treasury bills, saying it is forbidden and against Shariah laws. The government borrowed the money during fiscal year 2011-12 ended June 30 last year, according to documents of the finance ministry………………………………………..Full Article: Source