M&Z has the distinction of being the law firm that has not only worked extensively with the Islamic Banking Department of the State Bank of Pakistan for the drafting of the model documentation for Islamic Banks but has also drafted the standard documents for various Islamic Banks in Pakistan.
M&Z has also acted as counsels for the first Islamic transaction of the International Finance Corporation in Pakistan. Our partner Ms. Sheeza Ahmed works extensively with Islamic banks on all Islamic Finance transactions and is considered to have a special expertise for drafting Islamic Finance transactional documents, in addition to her expertise in structured finance.
We are listing hereinbelow only the most recent of our Islamic Finance transactions.
Pakistan International Airlines Corporation availed a US$ 100,000,000 sharia compliant facility arranged by Citibank and structured as a seat usufruct transaction. We have acted as the sole counsel for PIAC on this transaction.
M&Z regularly acts for Islamic banks with regard to Sukuks issued by corporates in Pakistan. The documentation drafted by the firm for Sukuk issues sets M&Z apart from all other firms in Pakistan as we are particular about drafting transaction specific documents reflecting the Shariah standards of the Islamic financiers, as opposed to altering conventional bond documentation for Sukuk issues.
M&Z prides itself on being the only firm with such a vast experience in Sukuk transactions in Pakistan.
Engro Fertilizer Limited issued Short Term Diminishing Musharaka Sukuk for an amount of PKR 1,000,000. Meezan Bank Limited acted as the Investment Agent and Trustee and JS Bank Limited was appointed as the Security Trustee. The transaction was structured as sale of goods and Istisna in respect of certain services. We have acted for the financial institutions, and have advised on the structuring aspects of this transaction as well and worked in close cooperation with the shariah department of the Islamic bank.