STAFF REPORTER
KARACHI BankIslami Pakistan Limited, while fulfilling its vision of providing innovative Shariah complaint products and services to the customers, announces Pakistan’s ‘First’ Initial Public Offering (IPO) of Additional Tier 1 Modarba Sukuk under the brand name of “BankIslami Ehad Sukuk”, which will be listed and traded on Pakistan Stock Exchange (PSX). The word “Ehad” means an era of new vision, new leadership and also means a ‘Promise” to reaffirm the fact that BankIslami is committed to offer authentic Islamic Banking products and provide Halal returns to the Sukuk investors. BankIslami Ehad Sukuk offers monthly profit payment at an attractive expected profit rate of 2.75% over 3 Months KIBOR. The rating of Sukuk is ‘A- ’ assigned by PACRA, while long term and short term rating of the Bank is ‘A+’ and ‘A1’. Total size of Sukuk Issue is PKR 2 billion out of which PKR 1.7 billion has already been subscribed by Pre-IPO Investors including 27 prestigious institutions of the country and 45 high net worth individuals. Public subscription dates for PKR 300 Million IPO are Monday, April 20th and Tuesday April 21st 2020
