IslamicFinance.de

The Steering Committee of Sitara Chemicals received laudation for the promotion of Islamic Banking in #Pakistan. The Committee was headed by Mr Saeed Ahmed, Deputy Governor State Bank of Pakistan. Sitara Chemicals has shared with Islamic debt investors its profits without comprising on true Musharakah principles. This fact is evident from the level of rate of return offered by the Company on its earlier Islamic debt issues. In 2012 Sitara Chemicals signed an agreement for design and procurement of Coal Based Power Plant having Capacity of 38.5 MW. Total Project cost was estimated at Rs 3.1 billion and Diminishing Musharika Facility Rs 2 billion from syndication of renowned Islamic Banks of Pakistan. In July 2016, this project has been commissioned and trial production has started. First instalment of this facility has been repaid as per its planned schedule.