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EGIBL to arrange Dh1.22b sukuk in Pakistan
ABU DHABI — Emirates Global Islamic Bank Limited (EGIBL) has been mandated by Pakistan's National Industrial Parks Development and Management Company (NIP) to act as financial advisers to arrange financing under the Shariah compliant mode of Islamic Sukuk for Dh1.22 billion (Rs20 billion) for the development of world-class industrial parks in the country.
A Memorandum of Understanding (MoU) was signed between EGIBL and NIP officials the other day.
The proposed financing will be arranged by EGIBL through two-tier financing consisting of a bridge 'Murabaha' facility with subsequent issue of Sukuk Certificates guaranteed by the government of Pakistan and will be eligible for Statutory Liquidity Reserve (SLR) for Islamic Financial Institutions.
NIP, a wholly-owned subsidiary of Pakistan Industrial Development Corporation (PIDC), has been established as a especial initiative of the Ministry of Industries, Production and Special Initiatives, Government of Pakistan, to develop world-class industrial parks all over Pakistan to support the rapid industrialisation in the country.
Emirates Global Islamic Bank Limited, a dedicated Islamic Commercial Bank, commenced operations on February 16, 2007 with six branches.
Incorporated in Pakistan and sponsored by leading investors from the United Arab Emirates and Saudi Arabia, Emirates Global Islamic Bank Limited offers Riba-free highly competitive banking products, based on the teachings of the Holy Quran and Sunnah.
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