Punjab food Department: DIBPL becomes first Islamic bank to offer Musharakah financing

Dubai Islamic Bank Pakistan Limited (DIBPL) became the first Islamic Bank in Pakistan to structure and offer Musharakah Financing to the Food Department, Government of Punjab, based on Shirkat-ul-Aqd arrangement. The milestone was achieved while facilitating Punjab Food Department in its seasonal procurement requirements of wheat.
The Bank extended Rs 6 billion financing facility to Punjab Food Department under the most preferred Shariah-compliant financing structure. This initiative by DIBPL has also paved the way for commodity operations financing by other Islamic banks under similar financing structure in line with the requirements of provincial and federal departments of the Government of Pakistan.-PR