NHA to raise funds through shariah-compliant Wakala using motorway land

motorway land

The Executive Board of the National Highway Authority (NHA) agreed to the issuance of a No Objection Certificate (NOC) to the Finance Division for raising funds by distributing Shariah-compliant retail instruments in Wakala Mode using the unencumbered land of the Lahore-Sialkot Motorway (LSM). 

Chaired by NHA Chairman Capt. (Retd.) Muhammad Khurram Agha, during the Executive Board meeting had an extensive discussion on the issuance of the Shariah Complaint Retail Instrument in Wakala Mode. 

As per the news, the committee included Additional Secretary (Budget) as Chairman, Member (Finance) as Member, and GM (Finance) as Secretary of the committee. 

The Board established a committee to examine the status of NHA’s assets where Sukuk bonds have matured along with the present disputes of NHA with the Federal Board of Revenue (FBR). 

The Board gave approval to the issuance of a NOC to the Finance Division for raising funds by issuing Shariah-compliant retail instruments in Wakala Mode via unencumbered land of Lahore-Sialkot Motorway

Read more: NHA to dualise Zhob Road from Yarik to Sagu Highway

Moreover, the government has accounted for Rs 372 billion from Eurobonds/international Sukuk for 2022–23 compared to Rs 560 billion budgeted for the last fiscal year, which was revised to Rs 342 billion. 

The Board also deliberated upon the National Highway Development Sector Investment Program (NHDSIP) approval of the 2nd revised PC-I. After discussion, the panel suggested the revised Global PC-I (2nd revision) for the NHDSIP at a new cost of Rs 60.200 billion to the Central Development Working Party (CDWP) for approval. The Board issued orders to NHA to submit all the information on the projects requiring revised PC-Is’ approvals. 

The NHA Executive Board also permitted depositing a decretal sum of Rs 79.301 million in the court, confirming the judgment in Execution Petition titled “Muhammad Fazeel, etc Vs LAC NHA M-1, etc” pending before the Court of AD&SJ-XI, Peshawar from the revenue of M-1 (RMA Account) as a special case on the court’s direction. 

Furthermore, the Board directed all related NHA Members/GMs to prepare revised PC-Is immediately where the land component needs enhancement for payment of actual compensation. 

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