Karachi (Nov 26, 2007) BankIslami today successfully completed private placement of SUKUK worth Rs. 750 million for New Allied Electronics Pvt. Ltd. It is the largest producer of television sets in Pakistan and is the sole distributor of LG products in Pakistan. It has been structured under the Diminishing Musharakah mode. BankIslami and PakBrunei are the lead advisors and lead arrangers to the issue.
With an instrument rating “A” assigned by JCR -VIS Credit Rating Agency, the issue has been well received in the market and has been over subscribed.
With this transaction BankIslami has lead managed SUKUK transactions worth Rs. 5 billion in the last quarter of 2007. The Bank has emerged as a leading player in Islamic Banking industry of Pakistan with 36 online branches spread all over the country by December 2007. BankIslami provides a full range of Shariah compliant products and services catering to all the market segments. The Shariah Board of the Bank is headed by Justice (R) Taqi Usmani and consists of Dr. Fazal-ur-Rehman and Mufti Irshad Ahmed Aijaz.