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PM adviser Salman euphoric about launching ‘Sukuk Bond’ soon

8 December, 2020
Source: The Financial Express

Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman on Tuesday expressed enthusiasm for the introduction of ‘Sukuk Bond’ in Bangladesh market as a new investment equipment.

“The treasury bonds will be listed very soon and a huge number of bonds are coming and being listed into the market. Lots of corporate houses are also looking at the difference,” he said while addressing a virtual roundtable on “Sukuk Bond: A new frontier for financing instruments in Bangladesh”, reports BSS citing a press release.

Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) and City Bank Capital organised the dialogue.

Salman mentioned that there is a huge demand, requirement and acceptance of Islamic Financing in Bangladesh as this is a country with a majority population who are Muslim.

He added that the government is also bringing amendments to the Bankruptcy Law and the Company Act.

“The laws are being amended, being reviewed and new laws are being framed. Hence, this is the right time to take initiatives on how to bring Islamic Financing and Sukuk in the market,” he said.

High Commissioner of Malaysia to Bangladesh Haznah Md Hashim also spoke on the occasion.

In her speech, she said that Malaysia has been rising as a global leader in Islamic banking and finance for several decades and maintained its position as the world’s top issuer of sukuk loans.

Sukuk issuance can create opportunities for investors from Malaysia to look into Bangladesh as another potential investment destination, she added. She mentioned that the world is facing an unprecedented crisis in the wake of the current Covid-19 pandemic.

BMCCI President Raquib Mohammad Fakhrul, chairing the session, mentioned that Sukuk is becoming an important asset class for investors from both conventional and Islamic backgrounds.

By the same token, it is also attracting the attention of sovereign, multilateral and corporate issuers worldwide, he added.