Agong ceremony was held at the Pakistan Stock Exchange (PSX) on Tuesday to mark the successful listing of the Retail Listed Short-Term Sukuk that was issued by K-Electric, the only vertically integrated power utility in Pakistan that supplies electricity to Karachi and its adjoining areas.
The ceremony was attended by Farrukh H Sabzwari, MD & CEO of PSX, NCCPL CEO Naveed Qazi, CDC CEO Badiuddin Akber along with KE’s leadership including CEO Moonis Alvi, CFO Aamir Ghaziani, Company Secretary Rizwan Pesnani, KE’s board member Saad Amanullah Khan and the Shariah Advisors. Moonis Alvi, the KE CEO, expressed his delight at the listing: “Alhamdulillah, KE’s Retail Listed Short-Term Sukuk received an overwhelming response – the IPO was oversubscribed by 2.2x times,” said Alvi. “We are thankful to the PSX, SECP, CDC, HBL, MTC and the Shariah Advisors for supporting us throughout the Retail Sukuk journey. We look forward to further collaborating with PSX and SECP to develop and strengthen the capital markets and pioneer more such capital market instruments.” KE CFO Aamir Ghaziani said: “This innovative Sukuk instrument marks the beginning of a new chapter in broadening investor participation and deepening financial inclusion, as it has been designed to attract individual investors and strengthen Pakistan’s capital markets while promoting Islamic finance.