Symbiotics Launches $5M Gender Sukuk With Kashf Foundation, Pakistan

Symbiotics, the leading market access platform for impact investing, has arranged a $5 million gender sukuk for Kashf Foundation, one of the largest non-deposit-taking microfinance institutions serving low income communities in Pakistan. This transaction marks Symbiotics first sukuk issuance and the first gender-based sukuk to be deployed in Pakistan’s microfinance sector. The anchor investor to the transaction is I-AM Vision Microfinance. 

The proceeds of the issuance will allow Kashf Foundation to provide Shari’ah-compliant microfinancing to its female customer base by expanding its Murabaha product in the Khyber Pakhtunkhwa region. This will equip women and women-led businesses with financial resources to launch and expand their ventures, with the aim of generating employment at the grassroots level, particularly in underserved areas of the region where access to financial services is most critically needed.