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%………………………………………Full Article: Source