InfraZamin Pakistan, Sunridge Foods, and BankIslami Launch Pakistan’s First Agri-Infrastructure Sukuk at PSX Gong Striking Ceremony
Karachi, Pakistan – 21st July 2025 – InfraZamin Pakistan, Sunridge Foods (Pvt.) Limited, and BankIslami marked a landmark moment at the Pakistan Stock Exchange (PSX) with a ceremonial gong strike to launch Pakistan’s first fully subscribed PKR 2 billion Agri-Infrastructure Sukuk.
This Shariah-compliant Sukuk, is backed by a 100% principal credit guarantee from InfraZamin Pakistan and carries a long-term AAA rating, and fully subscribed by institutional investors. This represents a pioneering step towards sustainable financing via capital markets in the country’s agricultural sector.
The Sukuk issuance, led by BankIslami Pakistan Limited as the Mandated Lead Arranger and credit-enhanced by InfraZamin, has been assigned a AAA rating by VIS Credit Rating Company. The involvement of AKD Securities as Financial Advisor, Al-Hilal Shariah Advisors as Shariah Compliance Experts, and Pak Brunei Investment Company Limited as Investment Agent and Trustee ensures robust governance and protection of the interests of Sukuk holders under a Shariah-compliant framework.
The funds raised through the Sukuk will be utilized to advance Sunridge Foods’ Balancing, Modernization, and Replacement (BMR) projects, focused on upgrading production facilities with sustainable and energy-efficient technologies. Key components of the BMR include the installation of 1 MW wind turbines and a 0.5 MW solar power plant to bolster Sunridge’s renewable energy efforts, alongside the construction of new silos and warehouses to substantially expand agricultural produce storage capacity. Additionally, the proceeds will provide working capital support for Sunridge’s critical wheat and rice processing plants in Karachi and Lahore, facilitating increased production of essential staple food items.
Gracing the occasion as Chief Guest, Lance Domm, the Deputy British High Commissioner, lauded the initiative as a significant step towards climate-resilient and sustainable economic growth through capital market innovation. He stated “This Sukuk represents a significant step in expanding access to climate-friendly, Shariah-compliant finance in Pakistan’s agri-infrastructure sector. It reflects growing confidence in the country’s capital markets and the role of partnerships in mobilising private investment for development. The UK, through its support to InfraZamin and other financial institutions, remains committed to strengthening Pakistan’s financial ecosystem.”
Maheen Rahman, CEO of InfraZamin Pakistan, highlighted the strategic importance of the transaction, saying, “This ceremony reflects our commitment to facilitating sustainable financing solutions that empower Pakistan’s agriculture sector. By providing a principal credit guarantee, InfraZamin strengthens investor confidence and unlocks capital market access.”
Amir Shahzad, Chairman and Executive Director of Sunridge Foods, emphasized the operational and environmental benefits, stating, “At Sunridge Foods, we are proud to be part of this landmark issuance that channels Islamic finance towards strengthening Pakistan’s agri-infrastructure. This Sukuk enables us to modernize our production capabilities, invest in renewable energy, and significantly expand our storage and processing capacity for essential food staples. It is a testament to how purpose-driven partnerships can unlock sustainable growth in critical sectors like food and agriculture.”
Rizwan Ata, President & Chief Executive Officer of BankIslami, also commented, “We are pleased to play our role in the launch of Pakistan’s first Agri-Infrastructure Sukuk, marking a significant step forward in sustainable financing for the country. This transaction highlights the growing recognition of Shariah-compliant finance as a core tool for driving economic growth while supporting sustainable development. BankIslami remains committed to providing innovative solutions that contribute to Pakistan’s long-term prosperity”.
The Chairperson of PSX, Dr Shamshad Akhtar, emphasized that Pakistan’s intersecting crises of climate vulnerability and food insecurity demand bold, homegrown solutions. She commended the launch of the Sunridge Agri-Infrastructure Sukuk as a defining example of how private sector leadership and financial innovation—especially within Islamic finance—can mobilize capital toward climate resilience and agricultural development. Initiatives like this, she noted, are not only responses to urgent challenges, but powerful catalysts for inclusive growth, food system transformation, and a sustainable future built on values, ingenuity, and collaboration.
The CEO of Pakistan Stock Exchange, Farrukh Subzwari reaffirmed PSX’s commitment to transforming the capital market into a platform for purposeful solutions—especially in addressing climate risk, food insecurity, and the structural gaps facing Pakistan’s economy. He highlighted that while initiatives like the Sunridge Agri-Infrastructure Sukuk mark a promising start, the journey ahead demands far deeper collaboration. Banks, fund managers, corporates, regulators like SECP, and institutional investors must work together to build the ecosystem for sustainable finance. He emphasized that PSX will continue to serve not just as a marketplace, but as a catalyst for innovation, inclusion, and resilience—where ideas translate into impact and capital is mobilized for national priorities.
This landmark event at PSX underscores the collective vision of all stakeholders to foster innovative, Shariah-compliant financing avenues that drive Pakistan’s sustainable infrastructure and agricultural development.
