Brunei sells 148 mln in local currency Islamic bonds

| 07/01/2009 | Reply

KUALA LUMPUR, Jan 6 (Reuters) – Brunei has sold B$148
million ($100.7 million) of short-term Islamic bonds, bringing
total government issuance to B$1.3 billion to date.

In a statement dated Dec. 18 but sent to Reuters on
Tuesday, the government said it sold the bonds in four
different issuances, with maturity periods ranging from 91 days
to 364 days.

Capitalising on growing demand for sharia-compliant
investments, the Brunei government has been issuing Islamic
debt since April 2006.

Islamic bonds do not pay interest, which is banned as usury
under Islamic law, and are structured as profit-sharing or
rental agreements underpinned by physical assets.
($1=1.4689 Brunei dollar)
(Reporting by Soo Ai Peng; Editing by Anshuman Daga)

Category: Asia, Finance & Investment

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