Funding
Bank of Punjab Leads PKR 17 Billion Islamic Facility for Novacare Hospital Islamabad
By News Desk ·
Key takeaways
- The Bank of Punjab closed a PKR 17 billion syndicated Islamic project finance facility for Novacare Hospitals (Private) Limited in Islamabad.
- The facility supports a 250-bed tertiary care hospital and feeder clinic, with sponsors contributing PKR 11.5 billion in equity against a total project cost of about PKR 28.5 billion.
- BOP committed PKR 5.8 billion and acted as Intercreditor Agent and Joint Mandated Lead Advisor & Arranger alongside United Bank Limited and Habib Bank Limited.
The Bank of Punjab closed a PKR 17 billion syndicated Islamic project finance facility for Novacare Hospitals (Private) Limited, the bank said, supporting a 250-bed tertiary care hospital and feeder clinic in Islamabad. Propakistani reported the financial close, marked at a signing ceremony with the project's sponsors, management and participating financial institutions.
How the Novacare Facility Was Structured
Sponsors contributed PKR 11.5 billion in equity, and the total project cost is approximately PKR 28.5 billion. The transaction is Pakistan's first greenfield hospital financed under a syndicated Islamic project finance facility.
The Bank of Punjab arranged and structured the facility as Intercreditor Agent and acted as Joint Mandated Lead Advisor & Arranger alongside United Bank Limited and Habib Bank Limited. Pak China Investment Company Limited was Co-Arranger, while PAIR Investment Company Limited and Pak Libya Holding Company Limited participated as syndicate financiers. BOP's financing commitment of PKR 5.8 billion reflects its confidence in the project, the bank said.
Hans Kedzierski, CEO of Novacare Hospitals (Private) Limited, thanked the participating institutions and shared Novacare's vision of delivering international standards of healthcare in Pakistan. Zafar Masud, President & CEO of The Bank of Punjab, said: "Healthcare touches every one of us. At some point, we have needed care for ourselves or someone we love, and we understand the difference that a good hospital and a skilled doctor can make."
Bank of Punjab's Funding and Scale Records
According to akta.pro company records, The Bank of Punjab has three funding rounds on record. A post-IPO equity round of $108 million in August 2026 was led by the Government of Punjab. Two October 2024 rounds led by Agence Française de Développement comprised a grant of $741,184 and debt-funded financing of $54.2 million. Total funding stands at $162.9 million.
| Date | Round | Amount | Lead |
|---|---|---|---|
| 2026-08 | Post-IPO equity | $108 million | Government of Punjab |
| 2024-10 | Grant | $741,184 | Agence Française de Développement |
| 2024-10 | Debt-funded | $54.2 million | Agence Française de Développement |
The same records show total deposits surpassed Rs 2 trillion for the first time in 2025, and pre-tax profit of Rs 35.80 billion in 2025.
Islamic Finance Deals Across the Region
Abu Dhabi Islamic Bank is raising AED 1.75 billion ($476 million) via a rights issue to strengthen its capital base, Zawya reported on October 13, 2026. Keir International renewed a Shariah-compliant credit facility of SAR 125.9 million with Banque Saudi Fransi, Argaam reported on October 14, 2026. Alandalus Property secured SAR 71.3 million in short-term Shariah-compliant Tawarruq financing from Saudi Awwal Bank, and Anmat Technology for Trading Co. signed a SAR 40 million Shariah-compliant facility with Arab National Bank, both reported by Argaam on October 14, 2026.