BankIslami Pakistan Limited has successfully completed its 6th rights issue of Rs. 1 billion to increase its total paid-up capital to Rs. 11 billion, according to a statement released by the bank. The statement reads that the addition in the bank’s capital will provide the necessary impetus to its growth.
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 Rs. 2 billion out of which Rs. 300 million will be offered to the general public.
The expected profit (pricing) of the Sukuk is a 3-month Karachi interbank offered rate (Kibor) + 2.75 percent with profit payments on a monthly basis.
The bank has already posted a profit after tax of Rs. 973 million for the first nine months of 2019, which is 880% higher than the Rs. 99 million recorded during the same period last year.
BankIslami is one of the leading Islamic banks in Pakistan with over 330 branches in 114 cities of Pakistan, offering services in corporate, commercial, consumer, retail and investment banking activities.