Sunday, October 25, 2020 | ePaper

Sukuk requires legal framework before Bangladesh launching

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Business Desk :
Sukuk, a sharia-compliant bond-like instrument used in Islamic finance, can play a vital role in financing infrastructure projects in Bangladesh, speakers told a webinar on Saturday.
Islamic banks have excess liquidity for lesser options to invest for sharia compliance. Sukuk can open a new horizon of investment under sharia finance, they added.
Although Bangladesh is preparing to launch its first Sukuk this year, they said, it needs to formulate a comprehensive legal and regulatory framework for getting optimum benefit from the instrument.
The speakers said there must be a market ready and trust-building among people for Sukuk before launching the product and regulator should work on that.
They made the observations during the inaugural session of a four-day international workshop styled 'The Issuance and Management of Sukuk in Bangladesh'.
Central Sharia Board for Islamic Banks of Bangladesh (CSBIB) and International Shari'ah Research Academy for Islamic Finance (ISRA), Malaysia, co-hosted the event.
Speaking as the chief guest, finance secretary Abdur Rouf Talukder said Bangladesh needs huge investment in infrastructure and Sukuk may be a very good infrastructural finance alternative.
The market share of Islamic banks in the country is 35 per cent and it is expanding, he added.
Talukder said neither the government can borrow much from Islamic banks nor the banks can participate in the government's development agenda due to sharia constraints.

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