Emirates Global Islamic Bank Limited (EGIBL) will act as financial advisors to arrange the first ever rupees two billion Sukuk, issued for the infrastructure development of industrial parks in Pakistan.
EGIBL has been mandated by Pakistan's National Industrial Parks Development and Management Company (NIP), to arrange financing under the Shariah compliant mode of Islamic Sukuk, a private TV news channel reported.
The proposed financing will be arranged by EGIBL through two-tier financing, consisting of a bridge "Murabaha" facility with subsequent issue of Sukuk certificates guaranteed by the government of Pakistan and will be eligible for Statutory Liquidity Reserve (SLR) for Islamic Financial Institutions.
NIP, a wholly-owned subsidiary of Pakistan Industrial Development Corporation (PIDC), has been established as a special initiative of the Ministry of Industries, Production and Special Initiatives to develop world class industrial parks all over Pakistan and to support the rapid industrialisation in the country.
The company's first project, Korangi Creek Industrial Park in Karachi, was being developed on 240 acres of land to cater specifically to the Small and Medium Enterprises (SMEs) and their clusters.
The project site was located next to the southern coastal belt of Karachi near Gizri and Korangi Creek, bounded by the Pakistan Refinery Limited in the east. The park was designed to meet international environmental standards and will have the necessary infrastructure, including utilities and all essential amenities.