BankIslami announces PKR 2 Billion Ehad Sukuk

On the 13th of April 2020, BankIslami Pakistan announced the country’s first initial public offering (IPO) of Additional Tier-1 Mudaraba Sukuk which will be listed and traded on the Pakistan Stock Exchange (PSX).

Titled “BankIslami Ehad Sukuk” (Ehad Sukuk), the Ehad Sukuk offers a monthly profit payment at a rate of 2.75% over the three-month Karachi Interbank Offered Rate (KIBOR). The Ehad Sukuk has been rated ‘A-’ by Pakistan Credit Rating Agency (PACRA). 

JS Global Capital has been appointed as joint advisor, arranger, and designated market maker for the issue, with Next Capital serving as a consultant to the issue. The IPO is fully underwritten by N...