ADB to provide assistance to build 2 wind farms

The Asian Development Bank (ADB) has engaged in its first Shariah-compliant project financing, offering assistance to two projects to build wind farms close to the port city of Karachi, exploiting two partial credit guarantees valued up to $66 million to the Islamic Development Bank (IDB).
The Fauji Foundation, which is the majority stake holder in the two projects had demanded that all financing be acquired in compliance with Shariah principles, so ADB used an innovative structure in which it supplied a partial credit guarantee to half of the IDB financing.

Silkbank awarded IF license

The State Bank of Pakistan has awarded Silkbank with an Islamic banking license.
The bank will be initially aiming Pakistan’s main population centers, Karachi, Lahore, Islamabad and Faisalabad.

Al Baraka to enter mutual fund industry in June

Al Baraka Pakistan Limited (ABPL) will enter the mutual fund industry by June this year and funds will be established in collaboration with a well-established fund manager.
ABPL President Shafqaat Ahmed highlighted that the growth of Islamic income funds has outpaced the growth of the overall mutual fund industry in recent months.

Pakistan raises 37 bln rupees from Islamic bond

The issue, known as the Government of Pakistan Ijara Sukuk, is a three-year bond.
The central bank said in October it planned to raise 80 billion rupees by selling Islamic bonds, with the first auction on Nov. 8, with settlement on Nov. 15, in which it raised 51.84 billion rupees .

Merger of Islamic banks notified

The State Bank of Pakistan Thursday notified the de-scheduling of Al Baraka Islamic Bank Pakistan operations on account of its merger with and into Emirates Global Islamic Bank Limited with effect from the close of business on October 29, 2010. The State Bank has also notified the change of name of Emirates Global Islamic Bank Ltd to AlBaraka Bank (Pakistan) Ltd on 29.10.2010.



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