Karachi: BankIslami Pakistan Limited has issued a notification regarding the book closure for its Ehads Sukuk (BIPLSC) to determine entitlements for profit payments. The transfer books will remain closed from October 30, 2024, to October 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), this closure facilitates the upcoming profit disbursements for Sukuk holders.

The company detailed that the transfer books' closure will take place at the Central Depository Company's (CDC) premises, located in Karachi. The exact timing for the closure is at the close of business on October 29, 2024, ensuring all transactions up to and including this date are processed for the entitlement.

The notification, signed by Hasan Shahid, the Company Secretary of BankIslami, outlines the purpose of this closure to effectively manage the profit payment process for the Sukuk holders. This strategic financial maneuver is aimed at maintaining orderly payment procedures and ensuring compliance with financial regulations.

BankIslami has listed multiple stakeholders in this notice, including the Securities and Exchange Commission of Pakistan, the CDC, and BankIslami Ehads Sukuk Trustee, among others, indicating a coordinated effort across various financial and regulatory bodies to facilitate this process efficiently.

This upcoming book closure is a routine part of managing Sukuk operations, which are Islamic financial certificates similar to bonds but compliant with Islamic law, which prohibits interest.