Pakistan International Airlines Corporation (PIA) has executed facility documentation for a $90 million Shari’a compliant financing facility. The facility was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank N.A., and United Bank Limited as Mandated Lead Arrangers and Joint Bookrunners. Citi’s is performing the Account Bank and Security Trustee roles as well. Clifford Chance and Haidermota & Co. acted as legal counsel to the arrangers. PIA was represented by Mandviwalla & Zafar. This innovative Islamic transaction is secured by PIA’s ticket sales generated in the UAE and aggregated through IATA’s Billing and Settlement Plan, and through sales by
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