Friday, April 27, 2018

BSEC to introduce Islamic 'Sukuk'

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Bangladesh Securities and Exchange Comm-ission (BSEC) is working to introduce 'Sukuk', an Islamic financial certificate similar to bond, in the capital market for financing the large projects."The work is going on to form rules of Sukuk. Recently, we had a meeting with the finance ministry to discuss about Sukuk," said BSEC Executive Director M Saifur Rahman, reports BSS yesterday.

A technical assistant project has already been approved and the consultants of the project will prepare the rules, he said. With the support of the Asian Development Bank, the executive director said, the rules will be prepared soon. "After preparing the rules, we can introduce the Islamic financial certificate," he added.

Bangladesh Bank (BB) had earlier suggested BSEC to issue Islamic Shariah compliant investment certificate popularly known as 'Sukuk' in to expedite the country's bond market, according to the BB quarterly report, titled "Capital Market Development in Bangladesh" for October to December 2017.

Talking to BSS, BB Research Department General Manager M Abdul Awwal Sarker said they have suggested BSEC to issue the certificate for financing the large infrastructure projects like in other Muslim majority counties such as Malaysia, Indonesia, KSA, UAE as well as non-Muslim majority countries such as the UK and Singapore.

-AA Business Desk

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