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Karachi, Bank Islami Pakistan Limited has announced the issuance of a Sukuk (Tier-I) worth PKR 1 billion. The perpetual Sukuk, identified as BIPLSC2, carries an interest rate of the 1-month Karachi Interbank Offered Rate (KIBOR) plus 2.5%. This strategic financial instrument is designed to bolster the bank’s capital adequacy and support its growth initiatives. The Sukuk issuance, effective from April 22, 2024, represents a pivotal move by Bank Islami to strengthen its financial base and ensure long-term sustainability in the competitive banking sector.
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