THE Ministry of Finance has announced the successful pricing of its 33rd and 34th issuances of short-term Sukuk Al-Ijarah securities worth $45 million and $50 million respectively, amounting to $95 million in total.
In a statement dated July 30 but released yesterday, the ministry said series 33 carries a maturity of 91 days with a rental rate of 0.30 per cent, maturing on October 8, 2009. Series 34 carries a maturity of 364 days with a rental rate of 0.45 per cent. It will end on July 29, 2010.
With the two issuances the government has so far issued over $1.7 billion worth of short-term Sukuk Al-Ijarah securities since the maiden offering on April 6, 2006.
Islamic bonds do not pay interest, which is banned as usury under Islamic law, and are structured as profit-sharing or rental agreements underpinned by physical assets.
The Sukuk Holding Properties Inc and Sukuk (Brunei) Inc were set up by the ministry and registered under the International Business Companies Order 2000 to act as conduits to issue sukuk. Hadi DP MahmudThe Brunei Times
Accounting: With the latest sukuk floats, the government has so far issued over $1.7 billion worth of short-term Sukuk Al-Ijarah securities since the maiden offering on April 6, 2006. Picture: BT file
Sunday, September 13, 2009
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