Karachi (Oct 10, 2007) BankIslami today successfully completed private placement of SUKUK worth PKR 650 million for Amtex Textiles Limited. It has been structured under the Diminishing Musharakah mode fully guaranteed by Bank of Punjab. BankIslami was the lead advisor and the lead arranger to the issue.
With an instrument rating “A+” assigned by JCR -VIS Credit Rating Agency, the issue has been well received in the market and was over subscribed. Funds from the SUKUK issue will be utilized towards swaping of existing credit lines available to from conventional banks with Islamic mode of financing.
Amtex is the leading player in textiles having engaged in supplying products to international retail outlets including JC Penny Corporation, IKEA, Marks and Spencer etc.
With this transaction BankIslami has lead managed SUKUK transactions worth Rs. 4 billion in the last month or so. It has emerged as a leading player in Islamic Banking industry of Pakistan with 16 branches nationwide and a plan to open 36 branches nationwide by the end of this year. BankIslami provides a full range of Shariah compliant products and services catering to all the market segments. PR