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Tuesday, July 23, 2024
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Abhi becomes Menap’s first fintech to issue sukuk

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Abhi, the growing embedded financial platform in the Menap region, has announced that it has made history with the issuance of a US$7.1 million Sukuk. The bond issuance is an important milestone for both Abhi and the region, as no other fintech company in the region has managed to achieve this before.

The bond issue follows Abhi’s qualification from Endeavor’s International Selection Panel (ISP) and selection from Hub71 in Abu Dhabi, UAE, to facilitate expansion into the Middle East, which is working with companies to provide them and their employees with Financial support.

Sukuk, or Sukuk, is a Shariah-compliant financial instrument, meaning they are based on Islamic principles, which makes them attractive to investors who want to support businesses in line with their Islamic values.

PACRA Rating

In 2022, Abhi has been assigned an ‘AA’ long-term instrument rating and ‘A1+’ short-term rating by PACRA, a first for a non-banking financial company (NBFC) in Pakistan. These ratings enable Abhi to issue sukuk. Due to Abhi’s strong credit rating, credibility and profitability, demand for the Sukuk exceeded expectations with twice as many subscriptions as expected.

Abhi’s successful Sukuk offering is a major achievement for the company and for Pakistan’s wider financial sector. It represents a new era of financial innovation in the country and is expected to have a positive impact on the economy.

Abhi CEO and Co-Founder Omair Ansari said, “We are honored to have the support of PACRA and all investors to launch this first-of-its-kind Sukuk. It is a testament to the hard work and dedication of our team and our commitment to supporting Pakistani Commitment to businesses and their employees. With this new funding, we can help ease the financial burden on struggling companies and provide much-needed relief through working capital financing during these challenging times.” — trade arab news agency

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