Ahmed & Qazi


A&Q has acted as the legal counsel for the issuance of listed domestic ijarah sukuk certificates by the Ministry of Finance, Government of Pakistan for an aggregate amount of PKR 87 billion on the Pakistan Stock Exchange – PSX.

The issue comprises 5 different types of certificates, having tenors of one, three and five years, with fixed and variable rates.

Based on an ijarah sukuk Islamic structure, the issue utilized the Islamabad International Airport as well as the Karachi Port as the underlying sukuk assets.

A&Q was responsible for structuring the deal and drafting all the required sukuk documentation and their finalisation in coordination with Ministry of Finance, Government of PakistanState Bank of Pakistan (SBP)Pakistan Stock Exchange – PSXCentral Depository Company of Pakistan LimitedNational Clearing Company of Pak Ltd. (NCCPL) and the Joint Financial Advisors, namely Meezan Bank LimitedDubai Islamic Bank PakistanBank Alfalah Limited and BankIslami Pakistan Limited.

A&Q team was led by Nazif Ahmed (Head — Corporate) with support from Altan Ahmed (Senior Associate) and Aroma Ali (Senior Associate).