Banga Building Materials Limited raises Tk300 Crore through Sukuk, City Bank served as arranger and issue advisor | The Business Standard
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FRIDAY, MAY 30, 2025
Banga Building Materials Limited raises Tk300 Crore through Sukuk, City Bank served as arranger and issue advisor

Corporates

Press Release
04 September, 2023, 06:50 pm
Last modified: 04 September, 2023, 06:52 pm

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Banga Building Materials Limited raises Tk300 Crore through Sukuk, City Bank served as arranger and issue advisor

Press Release
04 September, 2023, 06:50 pm
Last modified: 04 September, 2023, 06:52 pm

Banga Building Materials Limited, a sister concern of the Pran-RFL Group, has successfully secured Tk300 crore through the issuance of Sukuk. 

The Sukuk was issued to reputed banks of Bangladesh, with City Bank Capital serving as the arranger and issue advisor, said a press release.

Sukuk is a form of Islamic finance instrument adhering to Shariah law, enabling investors to earn returns on their investments in a manner consistent with Islamic finance principles. The ethical and sustainable nature of this bond has been gaining traction in Bangladesh. This achievement follows City Bank Capital's organisation of the inaugural Beximco Green Sukuk, the first corporate Sukuk offering in Bangladesh.

The Sukuk received an enthusiastic response from renowned banks and investors in Bangladesh. The funds generated from this Sukuk will be directed towards refinancing BBML's existing equipment and procuring new machinery.

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The closing ceremony for the Sukuk occurred on August 31, 2023, at the Radisson Blu Water Garden in Dhaka. The Chairman of the Bangladesh Securities and Exchange Commission, Shibli Rubayat Ul Islam, guest of honour of the event, commended BBML for its prosperous fundraising initiative. He underscored the significance of fixed-income securities and Islamic instruments in supporting the country's infrastructure development. The other Guests of Honor of the event were Dr. Duncan Overfield, Deputy Development Director – The Govt. of UK, and Mr. Layth Al-Falaki, CEO of GurantCo.

Attendees at the event included Uzma Chowdhury, Finance Director - PRAN-RFL Group, City Bank Capital's MD & CEO Mr. Ershad Hossain along with senior officials of the institution, the investors - officials from the 11 investing banks and Incepta Pharmaceuticals Ltd., representatives from the Bangladesh Securities & Exchange Commission, Banga Building Materials Limited, as well as media representatives and other stakeholders.

Reflecting on the successful Sukuk issuance, Ahsan Khan Chowdhury, Chairman and CEO - of PRAN-RFL Group, remarked, "We are thrilled to have effectively raised Tk300 crore through the Sukuk offering. This accomplishment reflects the strong demand for our products and services and the trust that investors place in our business model. We extend our gratitude to our investors, City Bank Capital, and all other stakeholders who contributed their support and guidance throughout this endeavour."

Ershad Hossain, CEO & MD of City Bank Capital, added, "We take pride in our role as the coordinator and offering advisor for the second corporate Sukuk. This achievement marks a significant milestone for our company, and we are delighted to have contributed to its success. We firmly believe that Sukuk holds tremendous potential in Bangladesh and eagerly anticipate collaborating with more companies in the future."

City Bank Capital has firmly established itself as a pioneering force in the financial industry, consistently breaking new ground with innovative financial instruments. Their track record is a testament to their commitment to pushing boundaries and fostering economic growth. Notably, City Bank Capital organized the historic first Green Sukuk offering for Beximco in Bangladesh, a groundbreaking achievement that marked a pivotal moment in the country's financial landscape. In addition, they played a pivotal role in structuring the Bank Guaranteed Bond for RMIL and facilitated the issuance of the AT1 Perpetual Bond for City Bank, demonstrating their expertise in a wide range of financial instruments. These accomplishments underscore City Bank Capital's dedication to driving financial innovation and solidifying its reputation as a trailblazer in the industry.

BBML's Sukuk issuance is anticipated to establish a new standard for Islamic finance in Bangladesh, showcasing the growing interest in this financing method and highlighting the country's potential as an Islamic finance hub in the region.

City Bank Capital

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