Wall Street Journal:Singapore moved a step closer to becoming an Islamic financial center as its central bank established a program to issue the first-ever Singapore-dollar-denominated sovereign sukuk.
The 200 million Singapore dollar (US$134.3 million) facility makes the Monetary Authority of Singapore the first central bank from a non-Muslim majority jurisdiction to create a local-currency sukuk issuance program.
The sukuk -- a Shariah-compliant equivalent of Singapore government securities -- is based on the concept of Ijarah, or the sale and leaseback of real-estate assets. This is the most widely used and accepted structure for sukuk issuance ...CONTINUNE READING
Tuesday, January 20, 2009
Singapore Sets Up Islamic Investment
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