Strategic alliance to promote Islamic structured financing

A milestone MOU was recently entered into between First Global Investments Holdings Limited and SM Lanka Holdings for the purpose of establishing a strategic alliance that will consider and promote Islamic Structured Financing including listings of Sukuk or Islamic bonds in South and South East Asian countries. 

The Chairman and CEO of SM Lanka Mr.Khalil Masood said that the agreement would help both organizations to assess the potential for Islamic Financing in the region. He noted that there was a good appetite for Islamic finance in Sri Lanka and that they intended conducting an in-depth assessment for launching Sukuk in the region. He also delved on the possibility of creating an instrument which could address the differences existing in individual markets for greater market appeal.

SM Lanka Holdings is Sri Lanka’s first international brokering house and is a subsidiary of Arif Habib securities Limited which is one of the largest financial brokering companies in Pakistan. It is listed in all three stock exchanges in Pakistan and has a market capitalization of USD 770 million.

First Global Investments Holdings is part of the First Global Group, a diversified and multi-disciplined business conglomerate involved in the Islamic finance industry. The company has come in as a lead arranger for the first ever Sri Lankan Sukuk or Islamic bond for PLC.

Seen in the picture are Mr.Ikram Thowfeek, MD of First Global and Mr.Khalil Masood, CEO, SM Lanka Holdings shortly after the signing of the MOU.

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