Sharif is currently serving a seven-year sentence in Kot Lakhpat Jail in Lahore, after he failed to disclose the source of income that allowed him to acquire the Al-Azizia Steel Mills in Saudi Arabia.

An IHC bench comprising Justice Aamer Farooq and Justice Mohsin Akhtar Kayani announced the short order in the open court, saying the petition for bail on medical grounds lacked merit, The Dawn reported.

The Court said that Nawaz sought his release on bail solely on medical grounds and added that his medical reports do not suggest his continued incarceration would be harmful to his life.

The court also said that the former Prime minister is already receiving "best possible medical treatment available" to any Pakistani and his condition cannot be regarded as an extraordinary situation or case of extreme hardship.

The former prime minister has challenged his conviction in the IHC, claiming that the accountability court’s verdict in the case is marred with flaws and legal lacunas.