Beximco’s Green Sukuk Al Istisna Sees Considerable Investment from Banks

Bangladesh Export Import Company Limited (BEXIMCO) saw a considerable sum invested in its offered Green Islamic Notes (Sukuk Al Istisna) from a number of scheduled banks as an unexpected result of a special package announced by the country’s central bank, Bangladesh Bank (BB) to prop up the stock market.

Why it Matters?

In February 2020, BB announced the special package when the Dhaka Stock Exchange (DSE) benchmark index was staggering at 4,385 points, a seven-year low. In order to invest in the package, scheduled banks formed a special fund of BDT 5,470 crore (USD 636 million) by borrowing from the BB. However, the main goal of the package was not achieved due to stock market volatility and banks’ reluctance to invest in stocks due to their...