Bangladesh to See Its First and Largest Private Sector Asset-Backed Sukuk Istisna Issuance

Bangladesh is set to witness its largest ever issuance of Shariah-compliant asset backed Sukuk in the private sector. To be issued by the Bangladesh Export Import Company (Beximco), a multinational conglomerate, the BDT 30 billion Sukuk Istisna is subject to approval from the Bangladesh Securities and Exchange Commission (BSEC), according to a company filing with the Dhaka Stock Exchange (DSE) on 3rd of March 2021.

Why it matters?

The funds from the issuance will go towards the construction of the solar projects of Teesta Solar and Korotoa Solar, Beximco Power Company’s two subsidiaries, as well as for the financing and refinancing machinery and equipment required for the expansion of Beximco’s textile division, according to the company. <...