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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.

BankIslami Pakistan and fintech startup CompareOn Pakistan have signed a strategic alliance that will further enhance BankIslami’s reach. CompareOn Pakistan provides the online comparison platform Karlocompare.com.pk, which delivers product information and enables customers to apply without the need of visiting or calling BankIslami branches. The agreement was signed by Sumair Farooqui, CEO of CompareOn Pakistan and Yasser Abbas, Head of Islami Auto Finance. Speaking on the occasion, Sumair Farooqui said CompareOn Pakistan intends to serve the growing customer base of Auto Financing Industry and contribute to enhancing awareness around BankIslami’s products.

Neelum Jhelum Hydropower Company (Pvt) Limited has entered into a financing agreement amounting to Rs 100 bn with a consortium of 16 banks led by National Bank of Pakistan for raising funds through one of the largest Shariah-compliant facility. The financing is based on Diminishing Musharika structured by NBP Aitemaad. The Sukuk is structured with a tenor of 10 years and is backed by the sovereign guarantee from Government of Pakistan.

NJHPC mandated National Bank of Pakistan to act as Mandated Lead Arranger for arrangement of up to Rs 100 billion through issuance of rated, secured and privately placed Sukuks to partially finance the construction of strategically important 969 MW hydel power project located in District Muzaffarabad, Azad Jammu & Kashmir. For this financing, a signing ceremony was held on Wednesday here and attended by President & CEO NBP Syed Iqbal Ashraf, Chairman Wapda Zafar Mahmood, member finance Wapda Anwaar ul Haq, CEO NJHPCL Lieutenant General Muhammad Zubair and other presidents and senior officials of all the 16 participating financial institutions.

The German car manufacturer Audi has partnered with BankIslami Pakistan to introduce its brand in the Pakistani market. A Memorandum of Understanding (MoU) has been signed with Premier Systems, Audi’s general importer in Pakistan. BankIslami will provide tailor-made financing packages to Audi customers across the country through its flagship product of Islami Auto Ijarah. The MoU was signed by Muhammad Yasin Khan, CFO of Premier Systems and Yasser Abbas, Section Head Auto Ijarah, BankIslami.

Honda Atlas Cars (Pakistan) Limited and BankIslami Pakistan Limited have joined hands to offer their customers with valuable Honda products coupled with Shariah compliant Auto financing solutions. Yasser Abbas, Section Auto Ijarah BankIslami and Nadeem Azam, General Manager Sales & Marketing Honda signed the agreement. Maqsood Rehmani Vice President, M. Afzal Senior Manager Sales & Marketing and Shahzad Wahla Deputy Manager Sales & Marketing from HACPL and Syed Jibran Ali Unit Head Auto Ijarah, Hafiz Shabir HSM Central Region and Rizwan Haider TL Retail Central from BankIslami were also present on the occasion.

A local consortium led by Al-Karam Group has offered to buy the 144.20 million shares of BankIslami Pakistan Limited (BIPL), which the bank's majority shareholder, Dubai Bank PJSC, tends to sell. The potential acquirer of BIPL's shares came in the limelight after Wednesday's stock filing of Jahangir Siddiqui and Company Limited (JSCL) in which the company disclosed that Dubai Bank PJSC had offered it, along with another shareholder of BankIslami, the saleable 14.3 percent stakes of BIPL. The Dubai Bank was bound, under the Founding Shareholders' Agreement it had signed with JICL and other stakeholders, to first ask, through issuing first refusal, the existing stakeholders if they wanted to increase their shareholdings in the bank.

BankIslami Pakistan Limited formally started an Internal Hiring program for former KASB employees to help them assimilate better in the amalgamated entity. While interacting with former KASB employees at the launching ceremony of the Internal Hiring initiative, Mr. Hasan A Bilgrami, CEO BankIslami, reiterated that the Bank shall ensure maximum job security and adjust the staff in internal placements by training them in Islamic Banking as well as other job related skill set.

BankIslami Pakistan Limited on Tuesday joined the Global Trade Finance Programme, which promotes trade in emerging markets by supporting the flow of goods and services. The programme was established by the International Finance Corporation (IFC), who will support BankIslami’s trade finance business by providing partial or full guarantees for individual trade transactions. Since the trade finance programme’s inception in Pakistan in 2006, IFC has provided more than 3,500 guarantees worth $1.74 billion to financial institutions.