THE Ministry of Finance has announced the successful pricing of $30 million worth of sukuk or Islamic bonds.
The latest issuance brings to over $1.6 billion the total sukuk issued by the Brunei Government since the Sukuk Al-Ijarah programme began in April 2006.
The Sultanate through the ministry issues Islamic securities under a lease arrangement with the government.
In a statement dated April 23, the ministry announced the successful pricing of the 29th issuance of the Sukuk Al-Ijarah Securities, which will carry a maturity of 91 days ending on July 23. The statement released to the media on Tuesday.
The latest issuance of the securities have a rental rate of 0.30 per cent.
On April 21, the government issued $25 million (US$16.6 million) of 91-day Islamic bonds at a rental rate of 0.30 per cent.
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.
The Brunei Times
Thursday, May 7, 2009
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