NHA Approves NOC for Raising Funds Through Shariah-Compliant Instrument Using Motorway Land

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

According to official documents, the Executive Board meeting was presided over by NHA Chairman Capt. (Retd.) Muhammad Khurram Agha and deliberated upon the issuance of the Shariah Complaint Retail Instrument in Wakala Mode.

The Board approved the issuance of a NOC to the Finance Division for raising funds by issuing Shariah-compliant retail instrument in Wakala Mode using the unencumbered land of LSM.

The Board constituted a committee to check the status of NHA’s assets where Sukuk bonds have matured along with the current issues of NHA with the Federal Board of Revenue (FBR). The committee comprised Additional Secretary (Budget) as Chairman, Member (Finance) as Member, and GM (Finance) as Secretary of the committee.

The government has budgeted Rs. 372 billion from Eurobonds/international Sukuk for 2022–23 as against Rs. 560 billion budgeted for the previous fiscal year, which was revised to Rs. 342 billion.

The Board also considered the National Highway Development Sector Investment Program (NHDSIP) approval of the 2nd revised PC-I. After deliberation, the Board recommended the revised Global PC-I (2nd revision) for the NHDSIP at a revised cost of Rs. 60.200 billion to the Central Development Working Party (CDWP) for approval. The Board directed NHA to submit the details of the projects requiring revised PC-Is’ approvals.

The NHA Executive Board allowed depositing a decretal amount of Rs. 79.301 million in the court, in compliance with 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 direction of the court. The Board directed to present complete details of all such land cases, which are sub-judice in the courts of law or attained finality, at the next Board meeting.

The Board directed all concerned NHA Members/GMs to immediately prepare revised PC-Is where land component requires enhancement for payment of actual compensation.