Dubai Islamic Bank Pakistan Ltd (DIBPL) outshined at the 4th Annual Islamic Finance News Awards, bagged two prestigious awards, 'Sovereign Deal of the Year' and 'Pakistan deal of the Year' for its consortium-led deal of Pakistan Domestic Sukuk Company (PDSC).
The award category highlights the Government of Pakistan's three-year Rs 6.525 billion (US $85 million) deal in September 2008 by PDSC. This Ijarah Sukuk programme was organised by DIBPL in collaboration with the Standard Chartered Bank (Saadiq) to raise money for general purposes of the Government of Pakistan.
It allows ongoing fund raising and establishes a Sukuk auction system akin to that for T-bills. This deal plays a pivotal role in opening of Pakistani market and building the infrastructure for future transactions as well as alleviating some of the financial burden on the government.-PR