Pakistan, Nov. 13 -- Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday said Pakistan's sovereign Sukuk issuance had registered a significant 113 percent year-on-year increase, reflecting the country's expanding Islamic capital market and efforts to diversify government financing instruments.

Addressing the ceremony marking the achievement of PKR 10 trillion in Sovereign Sukuk, alongside the issuance of Hybrid and short-term Sukuk, the minister said the issuance had grown from approximately Rs2 trillion in the previous year to the current milestone, while the five-year compound annual growth rate stood at around 22 percent compared to nearly Rs761 billion in 2020.

He said the achievement was not merely about...