Banking and finance in Pakistan

Akhund Forbes

Renowned for its expertise in high–value and complex transactions and praised for having 'rich experience in international finance transactions', Akhund Forbes boasts a full-service offering spanning sovereign debt refinancing, loans, and micro-credit transactions for a growing roster of domestic and international clients. The team is also active in advising clients on sovereign debt refinancing matters, as well as liaising with international and multilateral lenders on high-value loans to stabilise the country’s balance of payments. The group’s expertise also extends to assistance with structured sukuk and bond transactions for corporate clients. Rabel Akhund leads the practice with extensive experience acting on behalf of international financial institutions and multinational companies, and he has overseen the firm’s recent expansion to Bangladesh. Akhund is supported by Sahar Iqbal, who has been the go-to counsel for ADB and JS Bank Limited. Senior associate Bilal Awais is another notable name who has worked extensively with the China Development Bank.

Practice head(s):

Rabel Akhund


Other key lawyers:

Sahar Iqbal; Bilal Awais


Testimonials

‘Akhund Forbes responded to us with quality feedback timely and effectively.’

‘Rabel Akhund always provided professional services for us.’

‘Very professional in banking and finance, reasonable and flexible in pricing, and can render responses very quickly.’

‘Has rich experience in international finance transactions.’

‘Rabel Akhund is very responsive and he could provide prompt, high-quality advice for urgent matters.’

‘They have good knowledge and are always available for open discussions. They always guide their clients on the expected outcome, instead of giving a rosy picture. Technologically they are very strong.’

‘Very professional people.’

Key clients

Act Polyols (Pvt) Limited


Pinsent Masons LLP


JS Bank Limited


Arif Habib Group


edotco Group Sdn Berhad


Edotco Pakistan (Private Limited)


Aisha Steel Mills Limited


Facebook


Mastercard


Deutsche Bank


Credit Suisse


China Development Bank


Act Polyols


China Power Hub Generation Company Limited


FenXun Partners


Asian Development Bank


Paine Sevens LLC


Kleiner Perkins


Sequoia Capital


Privatisation Commission, Govt of Pakistan


Faysal Funds


ZoodPay


Work highlights


  • Represented China Development Bank in a USD1bn and USD700m loan to the Government of Pakistan to support it with its balance of payments.
  • Advised Asian Development Bank on the provision of loan facility allowing the use of village banking methodology in micro credit to alleviate poverty.
     
     
  • Advised China Power Hub Generation Company Limited on the issuance of commercial and Sukuk papers amounting in excess of PKR70bn in order to manage the increasing price of imported coal in international market.

Haidermota & Co Advocates

At the centre of Pakistan’s banking and financial markets, Haidermota & Co Advocates 'excels in innovative problem-solving' and offers an all-encompassing financial products service, from leveraged and acquisition finance, to Islamic finance and financial restructuring and rescheduling. The team advises the Central Bank of Pakistan on regulatory matters, as well as other multilateral agencies and financial institutions. Co-leading the team is Khozem Haidermota, a sought-after practitioner for complex, high-value deals, Mohammad Anwer, an expert in corporate finance, and Zahra Abid, who uses her knowledge of the financial sector to advise on legislative reform. Other key individuals include M&A lawyers Shabbir Harianawala and Ali Vasi, in addition to Owais Aziz, who heads the firm’s Islamabad’s practice.

Practice head(s):

Khozem Haidermota; Mohammad Anwer; Zahra Abid


Other key lawyers:

Shabbir Harianawala; Ali Akber Vasi; Owais Aziz


Testimonials

‘They have successfully been able to build a great team in order to provide a phenomenal suite of services. From a personal viewpoint, I like that the firm has mentored professionals from within the firm to take up the partner role, which allows for great continuity of transactions and relationships.’

‘Their grasp and understanding of regulatory matters is very impressive with good drafting in terms of chamber work. Zahra Abid is a prime example of growth from within the firm to reach partner level.’

‘Zahra Abid is focused on the task at hand and thinks outside the box, providing practical advice which is solution oriented. Her ability to understand the clients’ objectives, and step into negotiations with the intent to negotiate a solution, is exceptional. I have also found the firm enthusiastic to take on new tasks and industries, which makes them the first point of call for any legal services.’

‘What sets Haidermota & Co Advocates apart is their unmatched expertise in the legal field. Their team possesses an in-depth knowledge of the law that extends beyond conventional solutions. They approach each case with a creative and personalised mindset, tailoring their strategies to meet the unique needs of their clients.’

‘They go beyond the traditional client-attorney relationship. They actively engage in collaboration, working closely with their clients to achieve optimal outcomes. This open and cooperative approach makes clients feel like valued partners in the legal process, fostering trust and mutual respect.’

‘The team at Haidermota & Co Advocates is defined by their unwavering dedication to their clients. Specifically, I must commend Zahra Abid for her tireless commitment to our legal matters. She consistently goes above and beyond to ensure that we receive the best possible legal advice and representation.’

‘Zahra Abid is a true advocate for our interests, and her dedication to achieving successful outcomes is unparalleled. The team at Haidermota & Co Advocates excels in innovative problem-solving.’

‘The team’s experience, especially in power sector transactions, is quite remarkable.’

Key clients

Habib Bank Limited


Vision Group


United Bank Limited


Mashreq Bank


Kuda technologies Limited


City School (Pvt.) Ltd


Fatima Fertilizer Company Limited


Alif Capital Holdings Limited


Habib Bank Limited and other Financial Institutions


Mobilink Microfinance Bank Limited


JS Bank Limited


Pakistan Mobile Communication Limited


Bank Alfalah Limited


Karandaaz Pakistan


U Microfinance Bank Limited


Askari Bank Limited


Allied Bank Limited


Infra Zamin Pakistan Limited


Orient power company (private) limited,


saif power limited


halmore power generation company limited


Waves Singer Pakistan Limited


Pakistan Microfinance Investment Company Limited


National Bank of Pakistan


Engro Powergen Thar (Private) Limited


Sindh Engro Coal Mining Company


Telenor Microfinance Bank Limited


Summit Bank Limited


JS Bank Limited


Work highlights


  • Acting for Habib Bank Limited in relation to its standby letter of credit facility to K-Electric Limited in relation to its payment obligation under a power purchase agreement.
  • Acted for Vision Group in the proposed acquisition of a majority stake of Silk Bank Limited.
  • Assisted Mashreq Bank with preparing its application for establishing a digital retail bank in Pakistan licensed under Section 27 of the Banking Companies Ordinance, 1962 read with the Licensing and Regulatory Framework for Digital Banks issued by the State Bank of Pakistan.

Liaquat Merchant Associates

A leading firm with a long-established banking practice, Liaquat Merchant Associates advises clients on the full breadth of banking and finance legal services with expertise in Islamic and Sharia compliant modes of financing. The team is well-versed in structuring corporate and consumer financing, leveraged and acquisition financing, and electronic banking. The department is chaired by experienced banking practitioner Faresa Jafarey Ahsan. She is supported by Hira Ahmad, who advises leading banks on finance agreements and regulatory matters, and senior associates Surrina Nasir and Asad Karim.

Practice head(s):

Faresa Jafarey Ahsan


Other key lawyers:

Hira Ahmad; Surrina Nasir; Asad Karim


Testimonials

‘The team provide exceptional client service, have positive word-of-mouth, embrace technology, have great marketing, and have a team with expertise that is consistent with the firm’s mission.’

‘Excellent logical, analytical, research and writing skills, prepare effective, clear and well-reasoned legal documents and arguments that require research, plus a strong analytical and logical approach.’

‘The blend of knowledge of laws, statutes, regulations, customs, and experience in a variety of situations and legal expertise make their practices unique.’

‘Continued learning of existing resources and the addition of new talent diversify and allow them to have a fresh look in their repertoire of educated human resources.’

‘They allow dedicated resources on a case-to-case basis, which appear as subject specialists. They are good and patient listeners and allow us ample time to deliberate our matter. It establishes a good understanding of the case at both ends before we go into written communication with them.’

‘We are allowed meetings with them as and when required with the development and emerging changed situations, if any.’

‘Faresa Jafarey Ahsan needs to be specially mentioned since it appears to be a trickle down effect as the whole team, including but not limited to Hira Ahmad and further associates, demonstrate professional attributes of good conduct, technical knowledge, and practical experience. It all allows us to learn from their wisdom, procure legal advice, and seek opinions in the interest of our bank.’

Key clients

Pak Brunei Investment Company Limited


PAIR Investment Company Limited


JS Bank Limited


Habib Metropolitan Bank Limited


Bank AL Habib Limited


Habib Bank Limited


Faysal Bank Limited


OLP Financial Services Pakistan Limited


Pak Oman Investment Company Limited


Soneri Bank Limited


Standard Chartered Bank Pakistan Limited


EXIM Bank of Pakistan


Bank Alfalah Limited


Work highlights


  • Advised a consortium of banks comprising MCB Bank Limited, National Bank of Pakistan, Habib Bank Limited, United Bank Limited, and Allied Bank Limited in respect of finances extended to Trading Corporation of Pakistan for the aggregate amount of PKR175 Billion for the period commencing from 01.01.2023 up to 31.12.2023.
  • Assisted Pak Brunei Investment Company Limited with drafting facility and security documents in relation to financing disbursed to various customers, and the aggregate portfolio of such financing adds up to a total in access of PKR5bn.
  • Advised a consortium of banks comprising of United Bank Limited, National Bank of Pakistan, and Allied Bank Limited Bank Alfalah on short term capital finance extended by the banks individually to the Hub Power Company Limited for an aggregate amount of PKR10bn.

RIAA BARKER GILLETTE

RIAA BARKER GILLETTE is distinguished for representing leading multinational banks, corporations, and developers across a swathe of sectors. The firm boasts full-service capabilities in the banking and finance arena and handles a wide range of financing and security arrangements, including enforcement actions, debt to equity conversions, and syndicated and substantial loan transactions, as well as Islamic modes of financing; one client praises it for its 'in-depth understanding of project financing transactions'. Taking an innovative approach to new financial instruments, the firm has represented high-profile banks and financial institutions, for example the Export-Import Bank of China, Citibank, IFC, ADB, and the World Bank. The team is led by Bilal Shaukat, who has particular expertise in power projects financing and is supported by Ahsan Zahir Rizvi, an expert in statutory enactments and regulatory frameworks. Hasnain Naqvee leverages his corporate knowledge and operates from the Lahore office. Adil Tirmizey is another key practitioner who advises some of Pakistan’s largest banks on multiple local and cross-border deals.

Practice head(s):

Bilal Shaukat


Other key lawyers:

Ahsan Zahir Rizvi; Hasnain Naqvee; Adil Tirmizey


Testimonials

‘The ability of the partners to draft agreements in accordance with the innovative structures of deals and also provide legal guidance on transaction structures is exceptional.’

‘Availability and knowledge of partners as well as team members are impressive. This is a major reason why this firm is our first choice for recent transactions.’

‘The experience of the firm in certain sectoral transactions are major strengths of the firm.’

‘The team has excellent negotiations skills and in-depth understanding of project financing transactions.’

‘Thorough knowledge of security packages agreements, professional understanding, good negotiation skills, and a problem solving approach.’

Key clients

National Bank of Pakistan


Lucky Electric Power Company Limited


Allied Bank Limited


Faysal Bank Limited


United Bank Limited


Askari Bank Limited


Bank Alfalah Limited


The Bank of Punjab


Habib Bank Limited


Meezan Bank Limited


Dubai Islamic Bank Pakistan Limited


Work highlights


  • Acted for National Bank of Pakistan in the provision of a finance facility of up to PKR65bn for Government Holdings Private Limited in connection with the settlement of the disputes to enable the reconstitution of the Reko Diq Project.
  • Representing a syndicate of banks including the Bank of Punjab in relation to the provision of additional working capital facilities for the 1200mw RLNG based power plant at Jhang.
     
  • Advised a syndicate of banks including Habib Bank Limited on the privatisation of two power plants.

Kabraji & Talibuddin

Headquartered in Karachi, Kabraji & Talibuddin is a leading firm offering full-service banking and finance capabilities, including letters of credit, Islamic financing agreements, and financing from foreign entities, with particular sector focus on aviation financing transactions. With noted expertise in complex onshore and cross-border financial transactions, the team is co-led by Syed Ali Bin Maaz, who leverages his experience in the energy and natural resources sector, and Maheen Faruqui, who boasts a diverse client portfolio of banks and financial institutions, as well as start-ups. Other heads of team include Mubashir Hussain Shah and Kairas Nader Kabraji. Zahra Tariq joined Vellani & Vellani in October 2022.

Practice head(s):

Kairas Kabraji; Syed Ali Bin Maaz; Maheen Faruqui; Mubashir Hussain Shah


Testimonials

‘The team has a strong grasp of commercial and financial regulations and matters.’

‘Syed Ali Bin Maaz has exceptional command on the subject matter pertaining to project finance, corporate finance, commercial and port operations.’

Key clients

International Finance Corporation


National Bank of Pakistan


Habib Bank Limited


Samba Bank Limited


Dubai Islamic Bank (Pakistan) Limited


Bank Islami (Pakistan) Limited


Meezan Bank Limited


Bank Al Falah Limited


Bank Al Habib Limited


Al Baraka Bank (Pakistan) Limited


Bank of Punjab


Pak Kuwait Investment Company Limited


JS Bank Limited


Pak Brunei Investment Company Limited


Work highlights


  • Advised the local lenders comprising Meezan Bank, Bank Al Falah, and Bank Al Habib on all matters pertaining to Pakistan law concerning the super six projects.
     
  • Advised the International Finance Corporation on its finance facility provided to Coca Cola Beverages Limited in order to meet its working capital requirements.
  • Advised for the senior lenders on the extension of a standby letter of credit facility of Hub Power Generation Company.
     

Orr, Dignam & Co.

The Karachi-based banking and financing team at Orr, Dignam & Co. is highly experienced in major transactions and regularly acts for banks, sponsors, export credit agencies, multilateral institutions, Islamic banks, and government agencies. The team is well-equipped to advise on project financing, working capital, and both conventional and Islamic credit facilities. Recently, the practice has assisted leading pharmaceutical companies and brands such as Uber with their financial restructuring within the territory. Well-regarded for their technical expertise, the team is experienced in high-end structured financing in the aviation and fintech industries, and is  jointly led by Zahir Riaz, Aliya Yusuf, Asim Nasim, Shahid Raza, and Umar Shahid.

Practice head(s):

Zahir Riaz; Aliya Yusuf; Asim Nasim; Shahid Raza; Umar Shahid


Key clients

United Bank Limited


Citibank Pakistan N.A.


Credit Suisse


Faysal Bank Limited


Institute of Bankers Pakistan


Magnus Investment Advisors


PAIR Investment Company Limited


National Bank of Pakistan


Foundation Wind Energy Limited


Fauji Kabirwala Power Company Limited


KfW Bankengruppe


Channel VAS


Optasia


Zarai Taraqiati Bank Limited


Siemens Pakistan Engineering Company Limited


Eni S.p.A


Work highlights


  • Advising Inter State Gas (Private) Limited on the financing of the Turkmenistan Afghanistan Pakistan and India Gas Pipeline Project, including key bankability issues.
  • Advised ENI on the foreign exchange regulations of the State Bank of Pakistan governing the remittance of its divestment proceeds from Pakistan.
  • Advised Channel VAS Pakistan (Private) Limited on the legal regime regulating lending by non-banking micro-finance companies in Pakistan.

Nawaz Hussain Sikander

Nawaz Hussain Sikander has considerable experience in the banking industry, advising major banks and financial institutions on bilateral/syndicate conventional and Islamic financing transactions, structuring transactions, and trade products. The team is also well-versed in developing financing strategies and providing advice on financial documents for both the borrower and the lender. Co-leading the group from Karachi is Imran Nawaz Memon, who leverages his wide-ranging knowledge of corporate and financial transactions, and corporate lawyer, Mir Nasar Ahmad. Mehrunnissa Katpar advises clients on a range of matters including load syndication, Islamic finance, debt restructuring, secured and unsecured lending, and project financing transactions. Umed Ali is another key figure in the team.

Practice head(s):

Imran Nawaz Memon; Mir Nasar Ahmed


Other key lawyers:

Mehrunnissa Katpar; Umed Ali


Key clients

Abhi (Pvt.) Limited


Pak Brunei Investment Company Limited


Habib Metropolitan Bank Limited


Work highlights


  • Advised Habib Metropolitan Bank Limited on creating and perfecting security under financing being availed by CDC Trustee Silk Islamic Development Real Estate Investment Trust.
  • Acting for Pak Brunei Investment Company Limited in a Sukuk transaction worth PKR 1 Billion.