Pakistan Stock Exchange Limited Lists BankIslami Ehad Sukuk Certificates - Press Release issued by Pakistan Stock Exchange Limited.

Karachi -- May 15, 2020 (PPI-OT)

Following is the text of press release issued by Pakistan Stock Exchange Limited (PSX)

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Pakistan Stock Exchange announced the listing of BankIslami Pakistan Limited (BankIslami) Ehad Sukuk Certificates with effect from May 14, 2020 whereas trading in the same has commenced from today, May 15, 2020. The President and CEO of BankIslami, Syed Amir Ali, commenced the listing of the Sukuk issue by striking the PSX gong to open the market, in keeping with the tradition at PSX. Also present at the occasion were MD PSX, Mr. Farrukh H Khan, CFO BankIslami, Mr. Sohail Sikandar, Head of Investment Banking BankIslami, Mr. Haris Munawar, representative of Next Capital, JS Global and select team members.

In the wake of the Coronavirus pandemic, the listing announcement and striking of the gong has been held with minimal presence of personnel and was broadcast live on digital platforms. BankIslami Ehad Sukuk Certificates are fully paid up, rated, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Mudaraba Sukuk certificates which will qualify as Additional Tier 1 (ADT-1) Capital. The Sukuk issue is of Rs 2 Bn inclusive of a Green Shoe option of Rs 500 Mn. The Pre-IPO amount was Rs 1.7 Bn whereas the IPO amount Rs 300 Mn. The Pre-IPO portion was subscribed by 27 institutional investors and 45 individual investors.

The Consultant to the issue is Next Capital Limited whereas the Market Maker, Joint Advisor and Arranger is JS Global Capital Limited. The publicly placed issue was oversubscribed as stated by the CEO of BankIslami, Syed Amir Ali, "BankIslami Ehad Sukuk is Pakistan's first ever listed ADT-1 Modaraba Sukuk and the popularity of this Sukuk issue among the potential investors can be gauged by the fact that its IPO was oversubscribed by 1.07 times despite the lockdown situation amidst the Covid19 pandemic". He further added, "The Ehad Sukuk IPO witnessed a remarkable response from online subscription channels with more than 80% applications received via e-IPO platforms.

We are grateful to SBP, SECP, PSX, CDC and our Consultants and Advisors who helped us to achieve this milestone" Welcoming the listing of the Ehad Sukuk on PSX, the MD PSX, Mr. Farrukh Khan said, "We are very happy to welcome BankIslami, one of our existing listed banks, to the PSX for the listing of their Ehad Sukuk certificates. Given that there is a dearth of Shariah compliant debt instruments for investors, the...