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, but only just announced to the media, the transaction was a fully-allocated offering of Bru$150 million. Pricing was Singapore Interbank Offered Rate SIBOR-3.75 basis points, with a yield of 3.4% for a three-month paper....
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222