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Karachi, Bank Islami Pakistan Limited has issued a Sukuk (BIPLSC) as part of its debt market strategy, according to disclosures to the Pakistan Stock Exchange. This Tier-I perpetual security has a market lot of 1 and a face value of Rs. 5,000. The Sukuk carries an interest rate of 3M KIBOR + 2.75%. It boasts a total and outstanding issue size of Rs. 2 billion, with the next coupon date scheduled for January 1, 2024. This issuance demonstrates Bank Islami’s active role in the Islamic finance sector.
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