Name of borrower: Pakistan Mobile Communications
Amount: PRe15 billion
Tenor: Unspecified
Underwriter: Askari Bank
Date: 2023
The PRe15 billion ($53 million) short-term sukuk issued by Pakistan Mobile Communications is the best sukuk deal in Pakistan this year.
This was the first sukuk in the modular cellular operator segment in Pakistan. It involves a shariah-compliant structure that has digital airtime as the underlying Islamic asset. This addresses the challenge of issuing compliant financial instruments for mobile operators, which typically lack inventory on their balance sheets.
Askari Bank acted as a mandated lead adviser and arranger on the deal.