IIFM endorses BMA's $250 million Ijarah Sukuk

Published February 25th, 2004 - 03:00 GMT

The International Islamic Financial Market (IIFM) endorsed the Bahrain Monetary Agency (BMA)'s International Sukuk Company $250 million ijarah sukuk.

The endorsement comes in line with the IIFM's aim to develop the Islamic capital market and to ensure the harmonization and standardization of Islamic financial products so as to achieve global appeal and acceptance.

Bahrain was the first sovereign to issue ijarah sukuk in the world for the domestic market. Bahrain is also the only sovereign having a sukuk issuance schedule. Bahrain Sukuk is also the largest in term of outstanding amount exceeding one billion dollars.

Bahrain Sukuk Al-Ijarah program was gradually planned starting with local issuances followed by a regional issuance and culminating to this present international issue. Citi Islamic Investment Bank has been mandated to act as the arranger and structuring adviser for the Sukuk. Citi group Global Market is acting as the sole bookrunner and lead manager. — (menareport.com)