Malaysia’s offshore tax haven of Labuan is opening the way for Australia’s first Islamic bonds, avoiding rules in the South Pacific nation that penalise sukuk. The SGI-Mitabu joint venture between The Solar Guys Distribution Pty and Mitabu Australia Pty will offer A$150mil (RM489mil) of notes in June to fund the construction of a solar power plant in Indonesia, M. Rusydi, a director at Mitabu, said.
The syariah board of scholars in Labuan, established as a global financial hub in 1990 and located off the coast of eastern Sabah state on Borneo island, is advising on the deal………………………………………..Full Article: Source