The programme, denominated in Brunei dollars, involves the issue of short-term ôSukuk al-Ijaraö which are effectively asset-backed lease securities that are compliant with Islamic law, or Shariah. It is also the first Ijara-based Islamic money market programme ever implemented anywhere in the world.
Launched on April 6, but only just announced to the media, the transaction was a fully-allocated offering of Bru$150 million. Pricing was Singapore Interbank Offered Rate SIBOR-3.75 basis points, with a yield of 3.4% for a three-month paper....
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