Karachi: BankIslami Pakistan Limited has announced the closure of transfer books for its Ehad Sukuk I (BIPLSC) to determine entitlement to the upcoming profit payment, according to a recent notice. The closure will be in effect from September 28, 2024, through September 30, 2024, with the record date set for September 27, 2024.
The closure period is designated to facilitate the processing of transfers and ensure shareholders are accurately recorded for the profit distribution scheduled on September 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company has directed that all transfer requests should be submitted to CDC Share Registrar Services Limited in Karachi by the close of business on the record date to qualify for this entitlement.
The specific details of the profit amount and the subsequent payment schedule are expected to be disclosed closer to the book closure date. This event is part of the routine financial operations typical of corporate entities managing recurring profit payments to sukuk holders.
BankIslami's decision to close the books temporarily is a standard practice in the financial industry, aimed at ensuring that all entitled shareholders are recognized and appropriately rewarded for their investments. The Sukuk, or Islamic bond, issued by BankIslami, focuses on compliance with Islamic finance principles, distinguishing it from conventional financial instruments.