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December 10, 2019

BankIslami raises Rs1bln on rights issue

Business

December 10, 2019

KARACHI: BankIslami Pakistan Limited has successfully completed its 6th rights issue of Rs1 billion recently to increase its total paid-up capital to Rs11 billion, the bank said on Monday. The bank said the addition in the capital of the bank would provide 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,” it said in a statement. “The total size of Ehad Sukuk is Rs2 billion out of which Rs300 million will be offered to general public.” The expected profit (pricing) of the sukuk is 3-month Karachi interbank offered rate (Kibor) + 2.75 percent with profit payment on monthly basis.

BankIslami is one of the leading Islamic banks in Pakistan with over 330 branches covering more than 114 cities of Pakistan which offers services in corporate, commercial, consumer, retail and investment banking activities.

BankIslami is the first Bank in Pakistan to introduce one touch banking – a solution where your thumb is your bank. It pioneered biometric auto teller machines (ATMs) 13 years back in 2006, followed by the launch of cardless ATMs in the year 2013 and chequeless transactions over the counter in the year 2017. This facility with unique features enables you to perform banking transactions (Pay orders, cash withdrawals, interbank fund transfers, utility bills without cheque and debit card just with thumb impression.

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