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KARACHI: BankIslami has announced the successful completion of the Initial Public Offering (IPO) and the listing of BankIslami Ehad Sukuk II.

This perpetual instrument, with an issue size of Rs1.0 billion structured on the basis of Islamic principles of Mudaraba, qualifies as Additional Tier 1 Capital for the bank.

The Sukuk issue size of Rs1.0 billion, which included a pre-IPO portion of Rs850 million, was subscribed by 550 investors. It is worth noting that the IPO portion of Rs150 million was oversubscribed by an impressive 1.56 times, with a majority of applications received through eIPO channels of CDC and PSX.

The Sukuk is now officially listed at the Pakistan Stock Exchange (PSX) under symbol BIPLSC2, with JS Global Capital Limited appointed as the Market Maker to enhance liquidity for this instrument.

BankIslami Ehad Sukuk II offers a compelling monthly profit payment at an expected profit rate of 2.50% over 1 Month KIBOR. PACRA has assigned a ‘A’ rating to the Sukuk, while the Bank holds a ‘AA-’ long-term and ‘A1’ short-term rating, underscoring its strong standing in the market.

Copyright Business Recorder, 2024

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