KARACHI: BankIslami Pakistan has increased its paid up capital by Rs1 billion to push up the total to Rs11bn, said a press release issued by the bank on Monday.

The statement said the capital will provide the bank with necessary impetus to grow.

Further, it said that “in view of its strategy to further strengthen its capital, BankIslami will soon announce the public offering of ‘Ehad Sukuk’ - first-ever listed islamic additional tier-1 capital instrument in Pakistan.”

The total size of Ehad Sukuk is Rs2bn, of which Rs300 million will be offered to general public. The expected profit (pricing) of the Sukuk is three-month Karachi inter bank offer rate plus 2.75 per cent with profit payments on monthly basis.

Published in Dawn, December 10th, 2019