March 20, 2024

PSX holds gong ceremony to mark listing of BankIslami Pakistan's Ehad Sukuk II

Pakistan Stock Exchange held a gong ceremony to mark listing of BankIslami Pakistan’s Ehad Sukuk II. The Sukuk is a fully paid up, rated, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Mudaraba Sukuk. The issue size was of PKR 1,000 million, out of which Sukuks of PKR 850 million (85% of issue size) were issued to the pre-IPO investors and Sukuks of PKR 150 million (15% of issue size) were offered to the general public by way of Initial Public Offering. The issue price or par value of each Sukuk is PKR 5,000, with an expected profit rate of 1 month KIBOR + 2.5% per annum to be paid out monthly. The instrument has a perpetual tenor. The purpose of the Issue was to raise capital towards the issuer’s Additional Tier I for Capital Adequacy Ratio as per guidelines set by the State Bank of Pakistan. The public subscription for the instrument took place on February 20 – 21, 2024. The public subscription for the Sukuk was highly successful with the Sukuk being oversubscribed by 56.23%.

BankIslami Pakistan Limited President and CEO Mr. Rizwan Ata along with the Deputy CEO BankIslami Mr. Imran Haleem Sheikh performed the opening bell ceremony amidst the presence of MD & CEO PSX Mr. Farrukh H. Khan and senior management of BankIslami, PSX, JS Global Capital (Market Maker) and Pak Brunei Investment Company (Issue Agent), to mark the listing of BankIslami Ehad Sukuk II of PKR 1.0 billon on the bourse. The event included speeches by Mr. Farrukh Khan, MD & CEO PSX; Mr Rizwan Ata, President & CEO BankIslami Pakistan Ltd and Mr. Imran Haleem Sheikh, Deputy CEO BankIslami Pakistan Ltd. Tombstones were also distributed to the key participants of the Sukuk issue.