KARACHI, Nov 19: The Sitara Chemical Industries Limited (SCIL) has raised Rs1.1 billion through Shariah compliant Sukuk bonds. A signing ceremony was held on Monday between SCIL and the Sukuk Investors at AMZ offices to mark the transaction close.

The list of investors comprises diversified institutions, from different segments of the financial sector, including Islamic commercial banks, Islamic Mutual Funds, etc. which subscribed to the issue.

The SCIL had mandated the consortium of AMZ Securities (Private) Limited and JS Bank Limited to act as advisors and arrangers for arranging Rs1.1 billion through Shariah compliant Sukuk certificates.

The issue is based on the principle of Islamic financing of diminishing Musharaka.

SCIL’s Sukuk issue offers attractive returns to investors with a one per cent spread over the base rate of three months KIBOR.