Karachi 3rd Feb, 2014: According to a K-Electric press release, KE is proud to announce that it has been given an Islamic Instrument IPO Award in an annual IPO Summit organized by the South Asian Federation of Exchanges.
K-Electric, formerly KESC will offer Pakistan’s first listed Shariah compliant instrument, or Sukuk, that will be launched for all interested investors.
AZM Sukuk will provide investors lucrative value for their investment and will be listed at the Karachi Stock Exchange, the Lahore Stock Exchange & the Islamabad Stock Exchange. It is a truly unique investment opportunity for all investors having a minimum investment of PKR 10,000.
The First listed Sukuk is of PKR 6 Billion (inclusive of a green shoe option of PKR 500 Million).The Sukuk will be offered for 3 tenors, namely 13 months, 3 years & 5 years. Each Sukuk is rated A+ by the JCR-VIS and the Islamic International Rating Agency.
The structure of this Sukuk has been approved by the Transaction Shariah Advisory Board which consists of the following Islamic Scholars: Mufti Muneeb Ur Rehman, Dr. Zubair Usmani, Mufti Muhammad Yahya Asim & Mufti Irshad Ahmad Aijaz.
KE believes that this issue of Sukuk will pave way for the development of Capital markets for Islamic Instruments.