The BankIslami has successfully completed private placement of Sukkuk worth Rs 650 million for Amtex Textiles Limited. It has been structured under the Diminishing Musharakah mode fully guaranteed by Bank of Punjab. The BankIslami was the lead advisor and the lead arranger 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 was oversubscribed. Funds from the Sukkuk issue will be utilised towards swapping of existing credit lines available to from conventional bank with Islamic mode of financing. Amtex is the leading player in textile having engaged in supplying products to international retail outlets, including JC Penny Corporation, IKEA, Marks and Spencer, etc.
With this transaction, the BankIslami has lead managed Sukkuk transactions worth Rs 4 billion last month or so. It has emerged as a leading player in Islamic banking industry of Pakistan with 16 branches nation-wide and a plan to open 36 branches nation-wide by the end of this year.-PR
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