The five-year financing arrangement, divided into conventional and Islamic portions, was partially guaranteed by the Asian Development Bank, according to Dawn, an English-language daily in Pakistan.
Dubai Islamic Bank acted as the sole global coordinator for the Islamic tranche, while Standard Chartered Bank was appointed as the mandated lead arranger and bookrunner.
The report also mentioned that Abu Dhabi Islamic Bank, Sharjah Islamic Bank, and Ajman Bank were among the other participating lenders.
According to Pakistan’s finance ministry, the Islamic facility was structured in line with the standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
