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Aug 31 2011

Meezan arranges short-term Sukuk deal

By John Foster Pakistan's Meezan Bank has completed the country's first short-term Sukuk deal.

The PKR1.5bn ($17.3m) Sukuk, issued by Pakistan's largest power company KAPCO (Kot Addu Power Company Ltd) is a six month Musharakah and a Shari'ah compliant alternative to conventional short-term paper.

The issue will create much-needed liquidity for the Islamic finance industry and was well received by the local mutual funds sector with the issue oversubscribed by 50%.

© The Islamic Globe 2011

© Copyright Zawya. All Rights Reserved.


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