IslamicFinance.de

Meezan Bank aims to raise up to 7 billion rupees ($63.34 million) through a Tier 1 sukuk issuance. It could be sold either as a public offering or private placement. The bank did not give a time frame for the sale. Meezan had sold Tier 2 sukuk in 2016, raising 7 billion rupees through a 10-year private placement that used a mudaraba contract. There are five full-fledged Islamic banks and 16 Islamic windows in Pakistan, Meezan Bank being the country's largest sharia-compliant lender. The Islamic banking sector held 11.9% of the country’s total banking assets as of September.