KARACHI: BankIslami Pakistan sukuk certificates will now be traded on the Pakistan Stock Exchange (PSX), according to a statement issued by the exchange on Friday. BankIslami ‘Ehad’ sukuk certificates are fully paid up and rated convertible Modaraba sukuk certificates, which will qualify as Additional Tier 1 (ADT-1) capital. The sukuk issue is Rs2 billion, which is inclusive of a greenshoe option of Rs500 million. The issue amount will contribute towards ADT-1 capital of BankIslami for its capital adequacy ratio, as per guidelines set by State Bank of Pakistan. The sukuk certificates have a floating expected profit rate of three-months Kibor rate, plus 275 basis points.

Source: Pakistan Today May 15, 2020 18:00 UTC