HBL, BankIslami re­ceive ma­jor share in GIS

The Pak Banker - - COMPANIES/BOSS -

KARACHI: Habib Bank Lim­ited and BankIslami have suc­ceeded to re­ceive ma­jor shares in Govern­ment Ijara Sukuk (GIS) of amount Rs 116.2 bil­lion is­sued for the first time on the term of Fixed Rental Rate (FRR) for next three years. Ac­cord­ing to in­dus­try sources, HBL got the share of Rs 40 bil­lion whereas BankIslami re­ceived a share of Rs 35 bil­lion out of Rs 116.2 bil­lion amount raised by the govern­ment against 6.1 per­cent re­turn.

The rest of the banks are Meezan Bank and Bank Al Habib with Rs 10 bil­lion each and dif­fer­ent banks with min­i­mum part. The Sukuk is­sue is the part of govern­ment's rais­ing fund which it has been gen­er­at­ing against Jin­nah Ter­mi­nal Air­port of Karachi. The govern­ment re­ceived the bid of­fer of Rs 245.3 bil­lion against the of­fer rang­ing from 5.10 per­cent to 6.95 per­cent. Ac­cord­ing to the in­dus­try sources, the cen­tral bank will raise over­all Rs 315 bil­lion against the se­cu­rity in which one Sukuk of more than Rs 100 bil­lion al­ready is­sues whereas the rest of the amount will be raised through FRR GIS in April 2016. The Is­lamic Bank­ing in­dus­try is rich of de­posits which could help the govern­ment to fi­nance the pro­ject and share its profit with banks and their de­pos­i­tors though there are strict con­di­tions are in­volved in terms of Sharia rules.

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