Tuesday, May 28, 2024

Successful Completion of Initial Public Offering & Listing of BankIslami Ehad Sukuk II.

BankIslami is pleased to announce the successful completion of the Initial Public Offering (IPO) and the listing of BankIslami Ehad Sukuk II. This perpetual instrument, with an issue size of PKR 1.0 billion structured on the basis of Islamic principles of Mudaraba, qualifies as Additional Tier 1 Capital for the bank.

The Sukuk issue size of PKR 1 Billion, which included a pre-IPO portion of PKR 850 Million, was subscribed by 550 investors. It is worth noting that the IPO portion of PKR 150 Million was oversubscribed by an impressive 1.56 times, with a majority of applications received through elPO channels of CDC and PSX. The Sukuk is now officially listed at the Pakistan Stock Exchange (PSX) under symbol BIPLSC2, with JS Global Capital Limited appointed as the Market Maker to enhance liquidity for this instrument.

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BankIslami Ehad Sukuk II offers a compelling monthly profit payment at an expected profit rate of 2.50% over 1 Month KIBOR. PACRA has assigned a 'A' rating to the Sukuk, while the Bank holds a 'AA-' long-term and 'A1' short-term rating, underscoring its strong standing in the market.

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Mazhar Ali Raza
Mazhar Ali Raza
Mazhar Ali Raza is a senior journalist from Karachi. He has served more than twenty years in journalism. He was recently associated with the dunya media group as a senior business reporter from the last eleven years . Prior to that he has worked for CNBC for the period of four years. His major beats were the energy auto banking and agriculture sector . He has covered many seminars and exhibitions in Pakistan and abroad as well .

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