Kazakhstan to issue Islamic bonds.

By bne IntelliNews July 20, 2010
The Kazakh Finance Ministry is considering the introduction of Sukuk Al-Ijarah bond worth USD 300mn. The main aim of the issue is to set up a benchmark. The ministry will take the responsibility of both the obligor and originator in the maiden sukuk program. Significantly, specific regulatory provisions on Islamic securities are the major challenges before the sukuk market in Kazakhstan. To remind you, Kazakhstan is seeking to develop Islamic banking at the domestic market as well as to become the centre of Islamic banking in the CIS area.

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