The signing ceremony of the appointment of DIBPL as the lead arranger by Orient Petroleum International, Inc. (OPII) for its $35 million syndicated Musharaka facility was held on Friday, May 25, 2007 in Islamabad.
Speaking at the ceremony, Sadruddin Hashwani, Chairman Hashoo Group of Companies said, “This is the first ever
Salam based facility for any oil and gas exploration company in the world, thus creating a benchmark for future transactions internationally particularly in the commodities sector.”
Hashwani also appreciated the role of DIBPL in structuring, arranging and executing this Sharia compliant foreign currency off-shore facility for OPII adding, “Despite being a relatively new entrant in the Pakistani market, DIBPL has been successful in syndicating this facility through other prominent local banks.”
By introducing an innovative Musharaka cum Salam structure for oil exploration and preparation of Shari’a compliant documentation for such a composite structure, DIBPL has not only proven its world class Shari’a expertise but has also demonstrated its commitment to innovation and promotion of new modes of investment and development of Pakistan’s economy.
Saad Zaman, CEO DIBPL at the time, thanked OPII for their trust and support. The Bank has been associated with various notable transactions including the Rs.4.2 billion Sukuk issue for Karachi Shipyard and Engineering Works and the Rs.8 billion Sukuk issue for WAPDA and is honored to be a part of this land-mark, first-of-its-kind transaction.
Other Musharaka partners in this facility include United Bank Limited (Co-arranger), Habib Bank Limited and Muslim Commercial Bank Limited. The Bank of Punjab also played a vital role in this transaction.