From Arabnews.com: Kazakhstan has resumed work toward issuing the first sukuk out of the CIS, although bankers stress that the issuance will take some time. The Kazakh Ministry of Finance, according to Malaysian bankers, may most likely opt to issue a debut Sukuk Al-Ijarah in the region of $300 million for benchmark purposes.
The Kazakh Ministry of Finance will be both the obligor (therefore responsible for all payments including rental and principal payments to the investors) and originator, who will originate assets for the sukuk issue……………………………………….Full Article: Source