Karachi, 5 May 2008: Al Baraka Islamic Bank has awarded a mandate to BMA Capital to act as financial advisor for the local incorporation of the Pakistani branch operations of the Bahrain based institution. BMA Capital has also been mandated to be the lead manager for the sale of a significant minority percentage in the bank, through a private placement to institutional investors and an Initial Public Offer (“IPO”) to the general public. At the time of incorporation, the sponsors will inject sufficient equity to comfortably meet the minimum capital requirement as defined by the State Bank of Pakistan (“SBP”). Part of this enhanced share capital will then be sold as described above.
BMA acted as the transaction advisor to SAPICO for the sale of Saudi Pak Commercial Bank to an international consortium. BMA is also currently mandated as the sell side advisor to the Privatization Commission for the sale of a 93% stake in SME Bank.
AlBaraka Islamic Bank (AIB) being the pioneer of Islamic banking in Pakistan has been operating since 1991. Over the years, the AIB has successfully developed and maintained its identity as one of the leading provider of banking products and services in strict compliance with Shari’ah principles.