Meezan Bank will issue another Sukuk of Rs. 6 billion to the general public through a public offering to eligible institutional and other investors.
According to the stock filing, the board of directors of the bank has approved the decision of the management to raise funds through floating a privately placed Tier 2 Sukuk. The issue of Sukkuk bonds will provide additional liquidity to the bank to meet its desired business and operational targets.
The value of the Sukuk is relatively down compared with previous issues.
Earlier, the bank issued a couple of Sukuks with a value of Rs. 8 billion and Rs. 7 billion respectively.
Due to improved profit rates, Sukuks issued by Meezan Banks attracted a handsome response from the investors and the general public.
Meezan Bank continued to show strong growth in its balance sheet, as it made another profitable quarter with 32 percent growth, showed on a year-on-year basis in the period of January to March 2019.
According to the consolidated financial results, the profit of the bank increased to Rs. 3.05 billion in the period of January to March, compared to Rs. 2.34 billion reported by the bank last year in the same period.