Karachi: BankIslami has announced a book closure for its Ehad Sukuk I (BIPLSC) to determine the entitlements for the upcoming monthly profit payment. The closure will be effective from September 28, 2024, until September 30, 2024, including both days. Transfer requests for the Sukuk must be submitted by the close of business on September 27, 2024, in Karachi to ensure eligibility for the profit payment.

The notice of this book closure was published in both "The Nation" in English and "Daily Nawa-i-Waqt" in Urdu on September 19, 2024. This publication serves as a formal communication to all certificate holders and is part of the standard procedure to ensure transparency and timely distribution of profits to investors. According to information available from the Pakistan Stock Exchange (PSX), this structured financial instrument falls under the designated market category for debt securities, specifically aimed at facilitating Islamic finance compliance.

The closure of the transfer books is a routine part of managing Sukuk, which are Islamic bonds structured to generate returns to investors without infringing Islamic law that prohibits interest. BankIslami’s approach ensures that all transfers and entitlements are processed in accordance with Shariah principles, maintaining the integrity and attractiveness of Islamic financial products in the competitive market.