KARACHI: With Basel-III global banking standards being phased in around the globe, the Bank Islami Pakistan was planning to raise Rs3.5 billion ($34.8 million) through subordinated sukuk.
Several Islamic banks in the Muslim countries including Turkey, Malaysia, Saudi Arabia and the United Arab Emirates have issued such capital-boosting instruments.
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.
