Initial Public Offering of Additional Tier 1 Sukuk of BankIslami has been launched

KARACHI: BankIslami Pakistan Limited, while fulfilling its vision of providing innovative Shariah complaint products and services to the customers, proudly announces Pakistan’s ‘First’ Initial Public Offering (IPO) of Additional Tier 1 Modarba Sukukunder the brand name of “BankIslamiEhadSukuk”, 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 areMonday, April 20thand Tuesday April 21st 2020. Minimum investment amount is Rs.5, 000/-. Next Capital Limited, acting as Consultant to the Issue whereas JS Global Capital Limited is the Joint Advisor & Arranger and designated Market Maker. The IPO is fully underwritten by Next Capital Limited and Arif Habib Limited. In addition to BankIslami, 10 more banks have been appointed as Bankers to the Issue to receive the Sukuk subscription. Further, to facilitate and promote online subscription, the eIPO services of CDC and UBL have been obtained. Ehad Sukuk Prospectus and Subscription Form can be easily accessed and downloaded from BankIslami website as well as the websites of PSX, CDC, Next Capital and JS Global.

Badar Zubair

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