BankIslami has successfully completed a private placement of Sukuk bonds worth Rs750 million for New Allied Electronics (Pvt) Ltd, the largest producer of television sets in Pakistan.
New Allied Electronics is the sole distributor of LG products in Pakistan; structured under the Diminishing Musharakah mode. BankIslami and PakBrunei are lead advisors and lead arrangers to the issue.
A press statement of BankIslami said that with an instrument rating “A” assigned by JCR-VIS Credit Rating Agency, the issue has been well received in the market.
BankIslami had a lead managed Sukuk transaction worth Rs5 billion in the last quarter of 2007.
BankIslami’s statement said that the bank was providing a full range of Shariah compliant products and services catering to all market segments.
The Shariah Board of the Bank is headed by Justice Taqi Usmani and consists of Dr Fazal-ur-Rehman and Mufti Irshad Ahmed Aijaz.
