Investment Corporation of Bangladesh to Issue USD 116.6 Million Worth of Mudarabah Sukuk

The Investment Corporation of Bangladesh (ICB), a state-run listed non-bank financial institution, will be issuing Mudarabah Sukuk, referred to as ‘ICB 1st Mudaraba Sukuk’ worth BDT 10 billion (USD 116.6 million), subject to the approval of the Bangladesh Securities and Exchange Commission (BSEC) and others, according to a disclosure on the Dhaka Stock Exchange (DSE) dated 27th of December 2021.

Why it Matters?

Proceeds of the Sukuk will be invested in various Shariah based securities/instruments, with at least 70% to be invested in the capital market and the remainder in the money market. Prospective eligible investors or Sukuk holders include all resident and non-resident citizens of Bangladesh and institutional investors such as banks,...