BankIslami launches 'Ehad Sukuk'

BankIslami Pakistan Limited has announced launching of Pakistan's 'First' Initial Public Offering (IPO) of Additional Tier 1 Modaraba Sukuk under the brand name of "BankIslami Ehad Sukuk," which will be listed and traded on Pakistan Stock Exchange (PSX).

According to BankIslami, the word "Ehad" means an era of new vision, new leadership and also means a 'Promise" to reaffirm the fact that BankIslami is committed to offering authentic Islamic Banking products and provide Halal returns to the Sukuk investors.

BankIslami Ehad Sukuk offers monthly profit payment at an attractive expected profit rate of 2.75 percent over 3 Months KIBOR. Total size of Sukuk issue is Rs 2 billion out of which Rs 1.7 billion has already been subscribed by Pre-IPO Investors including 27 prestigious institutions of the country and 45 high net worth individuals.

Public subscription dates for Rs 300 Million IPO are Monday, April 20thand Tuesday April 21st 2020. Minimum investment amount is Rs5,000. Next Capital Limited is acting as Consultant to the Issue whereas JS Global Capital Limited is the Joint Advisor & Arranger and designated Market Maker. The IPO is fully underwritten by Next Capital Limited and Arif Habib Limited.

In addition to BankIslami, 10 more banks have been appointed as Bankers to the Issue to receive the Sukuk subscription. Further, to facilitate and promote online subscription, the eIPO services of CDC and UBL have been obtained.

Ehad Sukuk Prospectus and Subscription Form can be easily accessed and downloaded from BankIslami website as well as the websites of Pakistan Stock Exchange (PSX), Central Depository Company of Pakistan Limited (CDC), Next Capital and JS Global.