SECP allows Money Market CISs to invest in short term Sukuk

ISLAMABAD, Oct 24 (NNI): In order to broaden the scope of investment avenues for Open-End Money Market Collective Investment Schemes (CISs), the Securities and Exchange Commission of Pakistan (SECP) has allowed the Money Market CISs to take exposure in short term corporate Sukuk along with commercial papers. However, the cumulative exposure of Money Market CISs in commercial papers and/or short term Sukuk is capped at 20% of net assets of the CIS to mitigate the risk of Money Market CISs. Furthermore, the existing money market CISs have been allowed a period of three months.