KARACHI - Faysal Bank and Meezan Bank jointly have arranged an Islamic finance facility - Sukuk for Amreli Steel in the amount of PKR 1,000 million while other banks participating in the consortium are SAPICO, Pak Kuwait, Bank Al Falah, UBL Ameen, Habib Metro, Soneri Bank, Dawood Islamic, Askari Bank, and Cress Bank. It was announced here on Saturday while signing a deal in the presence of senior officials from the financial institutions. It is pertinent to mention that this is the first Sukuk facility for a company from the steel sector in Pakistan and will provide innovative and diverse funding to support Amreli's significant growth plans. This Sukuk issue is a 7-year facility. Amreli Steels (Private) Limited is one of the largest manufacturers of Steel Reinforcement Bars in Pakistan.  Its plant uses the most modern hot re-rolling technologies in the industry and is capable of producing high quality straight steel bars. The company was operating with an annual production capacity of around 74,000 tons up till 2006 whereas in 2007, ASL embarked upon an expansion program to enhance its capacity to 150,000 tons which has come online this year. All the above types of bars are primarily used for construction purposes. A very small quantity of steel bars is also consumed by engineering industry. Speaking on the occasion President Amreli Steels Abbas Akberali said that Pakistan has a great potential for the Steel Industry and still the industry has a lot of room for further acceleration "Faysal Bank is pleased to support the first Sukuk facility in the steel industry," said Faysal Bank's Country Head of Corporate and Investment Banking Nauman Ansari. "By using innovative financing structures such as Islamic debt instruments we will help in enabling the Steel sector to access greater financing amounts through a diverse investor base in a more efficient manner."