The Pakistan Stock Exchange (PSX) on Tuesday hosted a gong ceremony to mark the listing of K-Electric’s Retail Listed Short-Term Sukuk, an Islamic finance instrument that has attracted overwhelming investor response.
The ceremony was attended by PSX MD & CEO Farrukh H. Sabzwari, NCCPL CEO Naveed Qazi, CDC CEO Badiuddin Akber, along with K-Electric (KE) leadership including CEO Moonis Alvi, CFO Aamir Ghaziani, Company Secretary Rizwan Pesnani, board member Saad Amanullah Khan, and Shariah advisors.
KE CEO Moonis Alvi expressed gratitude over the successful listing: “Alhamdulillah, KE’s Retail Listed Short-Term Sukuk received an overwhelming response, oversubscribed by 2.2x. We thank the PSX, SECP, CDC, HBL, MTC, and our Shariah Advisors for their support throughout this journey.”
CFO Aamir Ghaziani termed the Sukuk a landmark step toward financial inclusion, designed to attract individual investors and strengthen Pakistan’s capital markets while promoting Islamic finance.
PSX MD Farrukh H. Sabzwari praised the innovation behind the Sukuk, noting it as a model for diversifying financing options: “Unlocking the potential of capital markets relies on innovation. KE’s Sukuk is a prime example, paving the way for other corporations to follow.”
The Sukuk’s Initial Public Offering (IPO) opened on August 4 for individuals only, before expanding to all investors on August 18. It concluded on September 3, raising Rs2 billion for KE’s operational and working capital needs, with bids oversubscribed by more than double. Over 600 retail and institutional investors participated.
The instrument features unique options, including bill adjustments against monthly profits for KE’s residential and commercial consumers. Structured under Shirkat-ul-Aqd, it allows investors to directly share in KE’s electricity business operations.
This success underscores growing investor confidence in both KE’s future plans and Islamic finance as a reliable and inclusive investment avenue, channeling domestic savings into productive assets and boosting Pakistan’s capital markets.
