BankIslami Pakistan’s PKR 2 Billion Ehad Sukuk Mudarabah Starts Trading on the PSX

BankIslami Pakistan’s Ehad Sukuk Certificates (Sukuk) worth PKR 2 billion began its trading on the Pakistan Stock Exchange (PSX) on the 15th of May 2020, with the expectation of generating significant interest from investors, traders and the general public, according to a statement issued by the PSX. The BankIslami Sukuk will be fully paid-up, rated, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Mudarabah Sukuk, which will qualify as additional tier-1 (ADT-1) capital, becoming the first ever listed ADT-1 Sukuk in Pakistan.

The Sukuk will have a floating expected profit rate of the three-month Karachi interbank offer rate plus 275 basis points with a face value of PKR 5,000 per Sukuk....