Brunei develops its Islamic capital market
With a little help from HSBC Brunei bypasses conventional capital markets in developing an Islamic capital market instrument.
Brunei has become the first sovereign in the world to bypass conventional capital markets in developing an Islamic capital market instrument. It appointed HSBC and HSBC Amanah as consultants.
The programme, denominated in Brunei dollars, involves the issue of short-term ôSukuk al-Ijaraö which are effectively asset-backed lease securities that are compliant with Islamic law, or Shariah. It is also the first Ijara-based Islamic money market programme ever implemented anywhere in the world.
Launched on April 6,...
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