Pakistan sets 10 bln rupee target for Islamic bond

KARACHI, March 3 (Reuters) - Pakistan's central bank has set a target of 10 billion rupees ($125 million) for a three-year Islamic bond, the State Bank of Pakistan said in a statement on Tuesday.

Bids for the bond, called the Government of Pakistan Ijara Sukuk can be tendered from 11:15 a.m (0615 GMT) on Tuesday and the tender will be opened at 11:30 a.m. (0630 GMT) on Wednesday.

Settlement will be on March 11.

The former cental bank governor Shamshad Akhtar said last year when the bond was first launched in September, that it would help mobilise funds available with Islamic banks and help the government to diversify its debt. (Reporting by Sahar Ahmed) ((sahar.ahmed@thomsonreuters.com; +92-21 5685192; sahar.ahmed.reuters.com@reuters.net))