First-Ever Green Sukuk in Bangladesh

Bangladesh Securities and Exchange Commission (BSEC) has given approval for issuing country’s first ever green sukuk which will be convertible, participative and redeemable and asset backed by Islamic Shariah. The Bangladesh Export Import Company Limited (Beximco) is going to issue this first-ever private sector asset-backed Islamic Shariah compliant Sukuk Al Istisna for BDT 30 billion.

The Sukuk will be issued for the purpose of construction of the solar projects of Teesta Solar and Korotoa Solar, the two subsidiaries of Beximco Power Company and financing and refinancing the machinery & equipment required for expansion of Beximco’s textile division. Teesta Solar is a joint venture of Beximco Power and China's TBEA Xinjiang Sunoasis Company, and it has an agreem...