KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday held a gong ceremony to mark the listing of BankIslami Pakistan Ltd’s Islamic financial instrument of Ehad Sukuk II.

It is a fully paid-up, rated, perpetual, unsecured, subordinated, non-cumulative and contingent convertible mudaraba sukuk. The issue size was Rs1 billion, out of which Rs850 million (85pc) was issued to the pre-IPO investors and Rs150m to be offered to the general public via initial public offering.

The issue price or par value of each sukuk is Rs5,000, with an expected profit rate of 1 month Kibor plus 2.5pc per annum.

Published in Dawn, March 21st, 2024