Kazakhstan, the former Soviet republic that last sold international debt in 2000, is planning a debut Islamic bond sale to broaden its investor base after canceling a Eurobond offering last week.
The government will sell securities that comply with Islam’s ban on interest payments in the second half of the year and is pressing for legislative changes that would enable companies beyond state holdings and Islamic banks to sell sukuk, said Aibek Bekzhanov, head of Islamic instruments at the Regional Financial Center of Almaty, a government agency set up to develop the country’s capital markets.
“Our goal is to orient this market toward domestic demand, to help develop the market,” Bekzhanov said in a July 27 interview from Almaty. “There are also plans to raise funds abroad via Islamic finance as a way to develop international relations with Asia and the Middle East.”"
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