Tk3,000cr 5th investment Sukuk auction on 12 March Business Reporter The central bank is set to hold the auction for Tk3,000 crore 5th Bangladesh Government Investment Sukuk (BGIS) on 12 March this year. The Social Impact Sovereign Sukuk, BGIS-5, will be issued for the project titled “Construction of Important Bridges on Rural Roads Phase 2 (CIBRR-2)”, according to a Shariah proclamation signed by the Shariah Advisory Committee of the Bangladesh Bank on Thursday. Investors will enjoy a 9.25 percent profit annually against using the sukuk asset, reads a press statement issued in this regard. The investors will receive the interest twice a year for the seven-year Sukuk. According to the proclamation, the Sukuk will allocate 70 percent of its total value to Shariah-based banks, financial institutions, and insurance companies. Another 10percent will be allocated to the Islamic branches and windows of conventional banks, while the remaining 20percent will be reserved for individual investors, provident funds, deposit insurance schemes, and others. However, if the required subscription is not met within these categories, the remaining sukuk will be redistributed proportionally, said the release. The release also stated that resident individual investors can invest through their local bank accounts. Non-resident individuals or institutional investors can participate using non-resident foreign currency accounts or non-resident taka accounts with any bank operating in Bangladesh.
Business Reporter:
The central bank is set to hold the auction for Tk3,000 crore 5th Bangladesh Government Investment Sukuk (BGIS) on 12 March this year.
The Social Impact Sovereign Sukuk, BGIS-5, will be issued for the project titled “Construction of Important Bridges on Rural Roads Phase 2 (CIBRR-2)”, according to a Shariah proclamation signed by the Shariah Advisory Committee of the Bangladesh Bank on Thursday.
Investors will enjoy a 9.25 percent profit annually against using the sukuk asset, reads a press statement issued in this regard.
The investors will receive the interest twice a year for the seven-year Sukuk.
According to the proclamation, the Sukuk will allocate 70 percent of its total value to Shariah-based banks, financial institutions, and insurance companies.
Another 10percent will be allocated to the Islamic branches and windows of conventional banks, while the remaining 20percent will be reserved for individual investors, provident funds, deposit insurance schemes, and others.
However, if the required subscription is not met within these categories, the remaining sukuk will be redistributed proportionally, said the release.
The release also stated that resident individual investors can invest through their local bank accounts. Non-resident individuals or institutional investors can participate using non-resident foreign currency accounts or non-resident taka accounts with any bank operating in Bangladesh.