"Dubai Islamic" It leads a billion dollar financing deal for the Pakistani government

Dubai, July 8 / WAM / Dubai Islamic Bank announced its success in completing a prominent joint financing deal for a specific term, with a value of one billion US dollars for the benefit of the government of Pakistan, as part of an alliance that includes a group of regional and international financial institutions.

According to a press release issued by the bank, this deal is one of the most prominent innovative financing models, as it extends for five years, and is partially based on a guarantee based on the policies of the Asian Development Bank, which makes it the first deal of its kind supported by a similar guarantee by the Asian Development Bank in favor of the country.
The Islamic segment of the deal, which was structured as a muraeh compatible with the Sharia standards issued by the Accounting and Review Authority for Islamic Financial Institutions “Ayofi”, represents about 89% of the total value of financing facilities, which reflects the growing demand for funds compatible with Islamic law, in addition to supporting the strategic goals of the Pakistan government to enhance and expand Islamic financing.
Dubai Islamic assumed the leadership of this deal as its only international Islamic coordinator, and he worked alongside Standard Charterd as a main authorized organizer and a joint subscription director.
Abu Dhabi Islamic Bank, Ajman Bank, and Sharjah Islamic Bank were among the other leading Islamic banks in the region and participating in this deal.
The Pakistani Finance Minister, Mohamed Orinzib, said: This prominent financing structure affirms the strong confidence that regional and international financial institutions assume the path of economic reforms in Pakistan, and it is also an important step in expanding our reaching an innovative financing solutions in line with Islamic law, appreciating the role of the parties participating in this deal, including Dubai Islamic and the Asian Development Bank, in supporting the efforts of the Pakistani government aimed at ensuring economic stability Kidney and achieving sustainable growth.
Dr. Adnan Shalawan, CEO of Dubai Islamic Group, stressed that this deal embodies a pivotal station that shows the possibility of expanding the scope of financing compatible with Islamic law to meet the sovereign requirements with high efficiency, while preserving the principles of partnership and financial discipline, expressing the pride of “Dubai Islamic” to re -include Pakistani sovereign credit within the Islamic finance market for a specific period, after a break of more than two years, through the Temple Innovative financing.

The CEO of Dubai Islamic Group expressed his confidence that this step will pave the way for the Pakistani government to benefit from wider liquidity sources within the financing system that is compatible with the law in the near future.
He pointed out that the structure of this deal was developed in close coordination with the government of Pakistan, the Asian Development Bank and a group of leading financial institutions, in a way that reflects actually harmony between market capabilities and national policies’ priorities, and provides a vivid example of the role of financing based on values ​​in achieving concrete economic results.

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