A $600 million Malaysian sovereign Islamic bond (sukuk) issue has been listed on the Bahrain Stock Exchange (BSE). The agreement was signed on the sidelines of Malaysia’s Maybank opening in the Kingdom.
The Malaysia Global Sukuk is the first Malaysian bond issue to be listed on a stock exchange in the Middle East region. The sukuk, a floating rate note, was issued in July 2002 and matures in 2007.
The listing brings to a total of 13 the number of bond issues listed on the BSE. The face value of the listed bonds is nearly two billion dollars. The listing adds to the number and diversity of securities listed on the BSE, which is the most open stock market in the Gulf Cooperation Counci (GCC). Foreign investors are allowed to acquire up to 49 percent of listed companies, while nationals of other GCC countries can acquire 100 percent ownership.
The listing of the Malaysia Global Sukuk is also yet another demonstration of the close cooperation between Bahrain and Malaysia, especially in developing and supporting the global Islamic banking industry.
BMA and Bank Negara Malaysia have worked together to establish a number of multilateral institutions related to Islamic finance, including the International Islamic Financial Market (IIFM), Islamic Financial Services Board (IFSB) and International Islamic Rating Agency (IIRR). — (menareport.com)
© 2003 Mena Report (www.menareport.com)
