Islamic Financing in Pakistan

Ahmed & Qazi

Ahmed & Qazi  advises four of the most major Islamic banks of Pakistan. With Nazif Ahmed at the helm the team is also skilled at advising conventional banks on Islamic financing. The group is well-versed in all aspects of complex shariah compliant products such as murabaha, sukuk, wakala and musharaka products.  Another area of expertise is advising on Pakistani sovereign sukuk transactions.

Practice head(s):

Nazif Ahmed

Key clients

The OPEC Fund for International Development

Islamic Corporation for the Development of the Private Sector

Standard Chartered Bank (Pakistan) Limited

Askari Bank Limited

The Bank of Punjab

Allied Bank Limited

Al Baraka Bank (Pakistan) Limited

Faysal Bank Limited

Bank Alfalah Limited

Dubai Islamic Bank (Pakistan) Limited

MCB Bank Limited

Meezan Bank Limited

National Bank of Pakistan

Work highlights

  • Representing the Ministry of Finance, Government of Pakistan in its $1bn Project Naya Pakistan sukuk programme.
  • Acting as the financiers’ legal counsel in “Hilton Lahore”- an Islamic finance project.
  • Acted as financiers’ legal counsel in “Proton” automobile -an  Islamic finance project.

Cornelius, Lane & Mufti

Cornelius, Lane & Mufti fields a well-established team that is skilled at advising on innovative financing transactions. It is particularly experienced at advising on the issuance of sukuk bonds. Senior partner Salman Butt heads the excellent team that works with a number of the most important banks in Pakistan as well as some leading corporate entities.

Practice head(s):

Salman Butt

Key clients

MCB Bank Limited

United Bank Limited

Fazal Cloth Mills Limited

Almoiz Industries Limited

Packages Real Estate (Private) Limited

Veda Transit Solutions (Private) Limited

Descon Engineering Limited

Pak China Investment Company Limited

Sharjah Islamic Bank PJSC, Dubai Islamic Bank PJSC and

Emirates Islamic Bank PJSC (MLAs)

Work highlights

  • Advising a consortium of UAE-based banks, including Sharjah Islamic Bank PJSC, Dubai Islamic Bank PJSC and Emirates Islamic Bank PJSC on various matters.
  • Advising Veda Transit in relation to syndicated term financing for its metro bus project including Islamic financing.
  • Advising Punjab Thermal Power (Pvt.) Limited (PTPL) on project financing for an amount of over $800m.

Liaquat Merchant Associates

Liaquat Merchant Associates fields a strong team that is adept at drafting Shariah compliant standard documentation. Faresa Jafarey Ahsan heads the department that advises on both conventional and Islamic banking and finance matters. It is well-regarded for its expertise in all areas of Islamic and Sharia compliant modes of financing and routinely advises major national and international banks on their Islamic banking products and documentation.

Practice head(s):

Faresa Jafarey Ahsan

Key clients

Pak Brunei Investment Company Limited

Faysal Bank Limited

Habib Bank Limited

Bank AL Habib Limited

Soneri Bank Limited

JS Bank Limited

Awwal Modarba Management Limited

Work highlights

  • Advised Pak Brunei Investment Company Limited on a PRK1.5m syndicate facility extended under both conventional and Shariah compliant modes of financing, included drafting a Musharkah Agreement and a rental payment agreement.
  • Advised PBIC and Awwal Modaraba on a complex restructuring / settlement of finance facility in the amount of PKR300m extended to Orbit Developers.  The team drafted the settlement agreement, the addendum to the Diminishing Musharaka Agreement, the addendum to the Rental Payment Agreement and the addendum to the Unit Purchase Agreement.
  • Advised Faysal Bank Limited as lead bank for the consortium of financial institutions, and drafted all documents in relation to a project finance transaction, in the amount of PKR 1.5bn, pursuant to a special scheme introduced by the State Bank of Pakistan, for a customer in establishing a storage/handling project

Mohsin Tayebaly & Co

Mohsin Tayebaly & Co fields an experienced team that advises on all aspects of Islamic financing transactions including ijara, diminishing musharaka, murabaha and sukuk structures. Its expertise extends to advising on Sharia compliant acquisition and real estate financing transactions. Head of department, Irfan Tayebaly is recommended along with the other key practitioners Mehreen Manto  and Vaseeq Khalid.

Practice head(s):

Irfan Tayebaly

Other key lawyers:

Mehreen Manto ; Vaseeq Khalid

Key clients

MCB Bank Limited

Meezan Bank Limited

Habib Bank Limited

National Bank of Pakistan

Dubai Islamic Bank Limited

BankIslami Pakistan Limited

United Bank Limited

Standard Chartered Bank (Pakistan) Limited

Askari Bank Limited

Bank Al Habib Limited