Kuwait: First Ijara Sukuk for Commercial Real Estate Company
A fully underwritten $100 million issue of Islamic Ijara Sukuk (leasing bonds) for the Commercial Real Estate Company (CRC) opened for subscription Wednesday.
According to GDN, the announcement came from the arrangers and structuring advisers, Kuwait Finance House (KFH), Bahrain-based Liquidity Management Centre (LMC) and Kuwait Financial Centre (Markaz).
The Ijara Sukuk represents the first Islamic Shari'a compliant Sukuk offering in Kuwait, arranged for the CRC in support of its growing real estate development projects in Kuwait and the region.
CRC is the largest publicly listed real estate company in Kuwait, with its business operations being conducted in accordance with the principles of the Islamic Shari'a.