Meezan Bank has taken the lead in Islamic Investment and Sukuk initiatives by playing the leading role in Rs 53 billion investment banking transactions for corporate entities during the year 2007 alone.
This includes, Rs 10.6 billion for Liberty Power Tech Limited in Privately Placed Sukuk, Rs 8.58 billion to Attock General Limited in Syndicated Finance Facility, Rs 8 billion to Pakistan Water and Power development Authority (WAPDA) in SLR Eligible Sukuk, Rs 7.7 billion to Dawood Hercules Chemicals Limited in Syndicated Finance, Rs 3 billion to Engro Chemical Pakistan Limited in Privately Placed Sukuk, Rs 2 billion to Sui Southern Gas Company Limited in Privately Placed Sukuk, Rs 2 billion to PIA (Pakistan International Airline Corporation) in SLR Eligible Sukuk, Rs 2 billion to D G Khan Cement Company Limited in Syndicated Finance Facility, Rs 500 million to Quetta Textile Mills Limited in Privately Placed Sukuk, Rs 800 million to Arzoo Textile Mills Limited in Privately Placed Sukuk and Rs 625 million to Sitara Chemical Pakistan Limited in Privately Placed Sukuk.
President and CEO Meezan Bank, Irfan Siddiqui said that Meezan Bank is aggressively striving to ensure the rapid expansion of Islamic Banking in all financial spheres. He said that Pakistani industrial sector is showing a significant paradigm shift away from conventional banking to Islamic mode of Finance.-PR