Pak Elektron Limited (PE) has raised funding of Rs 1.2 billion through a five year privately placed Shariah compliant sukuk based on diminishing Musharakah.
With an instrument rating of “A+” assigned by PACRA, the issue has been well received in the market and has been over-subscribed by two times of its total size. Funds from the sukuk will be utilized towards adjustment of existing credit lines available from conventional banks with Islamic mode of financing.
