Abhi is hailing the success of its Islamic bonds launch. Bonds worth PKR2bn ($7.1bn) have been issued. Abhi says that the success reflects its profitability and strong credit rating.
The bond issue is a significant milestone for both ABHI, and the region. Specifically, no other fintech in the region has successfully achieved this before. In 2022, ABHI was assigned a long-term instrument rating of ‘AA’ and a short-term rating of ‘A1+’ by PACRA. Abhi says that this is a first for a non-banking financial company (NBFC) in Pakistan.
A new era of financial innovation in Pakistan
These ratings enabled Abhi to issue the Islamic bonds. Sukuk, or Islamic bond, is a financial instrument complying with Islamic law. They are structured in a way to ensure Shariah compliance. In other words, they are based on Islamic principles. This makes them attractive to investors who want to support businesses align with their Islamic values. According to Abhi, the successful issuance of Sukuk is a significant achievement for the broader financial industry in Pakistan. It represents a new era of financial innovation in the country. Moreover, it forecasts a positive impact on the economy.
Omair Ansari, CEO and co-founder of ABHI, said: “We are honoured to have the support of PACRA and all the investors to launch this first-of-a-kind Sukuk. This is a testament to our team’s hard work and dedication. And our commitment to supporting businesses and their employees in Pakistan. With this new funding, we can help ease the financial burden on struggling companies. It provides much-needed relief through working capital financing during these challenging times.”
