Islamic first for SingaporeÆs bond market

For the first time, bonds structured under Islamic concepts have been sold in Singapore.
In a further sign of the growing diversity of Singapores bond market, UOB Asia has brought the first Islamic bonds to market. An S$25 million issue for the Islamic Religious Council of Singapore Muis is the first time that bonds structured under Islamic concepts have been sold or structured in the city-state.

While the issue size is small, it certainly brings a new dimension to the market and is an interesting departure for the Singaporean financial world.

The five-year issue is structured under the Musharaka or joint venture concept. Under this system, the bond investors and the issuer, Muis, enter into a joint venture to conduct property leasing in Singapore. The bond...

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