ISLAMABAD, August 10: The Securities and Exchange Commission of
Pakistan (SECP) has issued “A Practical Guide and Toolkit for
Corporate Issuers” to standardize Sukuk structures and documentation,
making corporate Sukuk issuance simpler, faster and more cost
effective.
The initiative, in line with the Ministry of Finance’s direction to
deepen Pakistan’s corporate debt market, aims to enable more companies
to raise Shariah compliant financing through the capital market.
During the last fiscal year, 72 Sukuk issuances raised around Rs. 307
billion, reflecting the growing significance of Islamic financing in
Pakistan’s capital market.
The guidebook provides a step by step explanation of the Sukuk
issuance process, covering regulatory requirements, standardized
structures, model transaction flows, sample applications and
illustrative legal documents. It is expected to reduce legal and
structuring complexities, transaction costs and issuance timelines,
particularly for first time issuers.
Developed through SECP’s regulatory experience and consultations with
its Shariah Advisory Committee, industry experts, legal practitioners
and market participants, the guidebook also addresses a key
recommendation of the Corporate Debt Market Survey regarding the need
for standardized Sukuk structures and documentation.
SECP expects the initiative to broaden financing options for companies
and support the development of Pakistan’s corporate debt and Islamic
capital markets.
