KARACHI: BankIslami Pakistan on Monday announced the initial public offering (IPO) of Additional Tier-1 Modaraba Sukuk as “BankIslami Ehad Sukuk”, which will be listed and traded on the Pakistan Stock Exchange (PSX).

The Ehad sukuk offers monthly profit payment at an attractive expected profit rate of 2.75 per cent over three-month Kibor with a rating of ‘A-’, the bank noted in a press release. Total size of the sukuk issue is Rs2 billion, of which Rs1.7 billion has already been subscribed by Pre-IPO investors including 27 institutions and 45 high net worth individuals. Meanwhile, public subscription dates for Rs300 million are April 20 and 21.

Published in Dawn, April 14th, 2020