From Bloomberg: Pakistan, the world’s second-largest Muslim nation, plans to expand its Shariah-compliant banking industry and attract more investors from the Persian Gulf by boosting sales of sukuk bills.
State Bank of Pakistan is seeking to sell sukuk maturing in a year or less in the domestic market in the quarter ending September, spokesman Syed Wasimuddin said in an e-mail yesterday. The plan is part of an effort to double Islamic banking services in the next three years to 12 percent of the total. The securities pay profit rates rather than interest……………………………………….Full Article: Source