Karachi 23rd April 2008: BankIslami Pakistan Limited, lead managed a 7 year Privately Placed Shariah Compliant Sukuk of Pak Elektron Limited (PEL) based on Diminishing Musharakah. This was announced here today.
With an instrument rating of ?A+? assigned by PACRA, the issue has been well received in the market and has been oversubscribed. Funds from the Sukuk will be utilized towards adjustment of existing credit lines available from conventional banks with Islamic mode of financing.
BankIslami is a full fledge Islamic Bank operating with 36 online branches in 23 cities nationwide and is represented by a renowned Shariah Board.
BankIslami is pursuing an aggressive growth strategy which includes penetration in the rural and urban areas and is committed to introducing value added innovative products for both corporate and consumer banking sector.