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Islamic Finance Briefing - Categorized | Bonds (Sukuk), New Launches more

Sanusi promises first ever Islamic bond in 18 months

Posted on 22 June 2011

The Central Bank of Nigeria (CBN) plans to issue its first sovereign sukuk within the next 18 months in a move aimed at boosting Islamic banking in Nigeria’s economy, its governor, Sanuis Lamido Sanusi said on Monday.
Sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Sharia, Islamic religious law. Because the traditional Western interest paying bond structure is not permissible, the issuer of a sukuk sells an investor group the certificate, which then rents it back to the issuer for a predetermined rental fee……………………………………….Full Article: Source

 
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