The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Euromoney innovations in Islamic finance 2016: Islamic Republic of Pakistan

$100 million Islamic structured club facility

Innovations Islamic 2016 196w
View award winners
Lead arrangers: Noor Bank, Standard Chartered

This deal was structurally clever, ground-breaking and enormously encouraging for Pakistan. But the real reason it wins this award is what it says about Islamic liquidity and how quickly it can be mobilized if needed.

Pakistan has a more positive outlook than it once did. It has conducted a successful programme with the IMF, it has completed both conventional and Islamic Eurobonds and sukuks at a sovereign level, it has revived the privatization process that faltered after former president Pervez Musharraf was ousted, and it has successfully auctioned 3G and 4G telecom licences. After two years of stability there is a feeling that reform can be successfull and there is hope for the economy. The letter C no longer appears in Pakistan’s international ratings; after years in the wilderness the country is now B3/B-.

Time pressure

Nevertheless, not everything runs smoothly; in June Pakistan found itself with a pressing budgetary requirement. The 3G and 4G licences looked like an answer: what if the government could monetize the receivables from the international telcos that bought them? That money could then be used to import the commodities that Pakistan urgently needed.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree