KARACHI, Sept 8: At least four banks plan to pitch for Pakistan's first foreign exchange Islamic bond, banking sources said on Wednesday. The government plans to sell the bond before the end of the year, mostly in the Middle East.
The banks include Al-Meezan Bank and three foreign others - Citi group Inc, Standard Chartered Bank and ABN AMRO Bank, the sources said. "The ministry has sought proposals for the bond," a banker told Dow Jones Newswires.
In June, Shaukat Aziz, then the Finance Minister, said the government planned an Islamic bond to tap huge demand from the Middle East. The move comes after the successful sale of a $500 million Eurobond in February which was Pakistan's first international offering in four years, at a competitive coupon of 6.75 per cent.
