|Karachi (Dec 10, 2007) BankIslami led consortium successfully achieved the financial close of Rs. 5 Billion Sukuk for Sui Southern Gas Company Limtied based on diminishing musharakah.The financial close will provide a strong impetus to the rapidly developing Sukuk market in Pakistan.
With an instrument rating of “AA” assigned by PACRA 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 more than Rs. 10 billion in the last quarter of 2007.