An agreement was signed Sunday between the Bahrain Stock Exchange and The Liquidity Management Center to list LMC Emmar Sukuk Company US$ 65 million Ijara sukuk on BSE.
Fouad Rashid BSE’s Director and Khalid Bucheeri Head of Risk Management of LMC both signed the listing agreement.
The 5- years sukuk that will be matured in July 2009, have an interest rate of 0.70% over LIBOR per annum payable semi-annually.
Director of BSE Fouad Rashid praised the initiative taken by LMC Emmar Sukuk Company to list its sukuk on BSE, and expressed his gratitude to the efforts made by LMC to list these sukuk on BSE. Mr. Rashid hoped that more companies and institutions would consider issuing sukuk as one of the financing vehicles that can utilize in developing the Islamic capital market.
With the listing of LMC Emmar Sukuk Company issue, the number of Islamic sukuk and conventional bonds listed on BSE is 20 with an approximate total value of US $ 3 billion.
© 2004 Mena Report (www.menareport.com )