IslamicFinance.de

BankIslami Pakistan has launched the country's First Shariah Compliant Commercial Paper (CP) Issue worth Rs1.5 billion for Hascol Petroleum. Hascol is Pakistan’s second largest Oil Marketing Company (OMC) in terms of volume managed through its more than 140,000 MT of oil storages and 498 retail outlets. BankIslami Pakistan acted as Mandated Lead Arranger & Advisor, Issuing & Paying Agent and Investment Agent for this CP Issue which was structured based on the Bai Salam cum Wakala model. The CP issue was oversubscribed by more than 80% of the issue size. The introduction of Shariah Compliant Commercial Paper is aimed to broaden avenues for Mutual Funds and other Institutional investors to invest in short-term/fixed income instruments in a Shariah-compliant manner.