KARACHI: Bank Islami Pakistan aims to raise Rs3.5 billion ($34.8 million) via subordinated sukuk, a bank official said.
With Basel III global banking standards being introduced around the globe, several Islamic banks have issued such capital-boosting instruments, including those in Turkey, Malaysia, Saudi Arabia and the United Arab Emirates.
Last week, Bank Islami’s board of directors approved a plan to raise Tier 2 capital in tranches of Rs500m to help fund its expansion, the Karachi-based lender said in a bourse filing.
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