Sammilito Islami Bank PLC has made a significant investment of Tk 10,000 crore in the “Bangladesh Government Special Sukuk-1,” which is a historic step for the nation’s Islamic banking industry.According to a press release, this is the biggest investment in government Sukuk made by a single bank to date.
At a ceremony today, Bangladesh Bank Deputy Governor Dr. Md Habibur Rahman formally gave the Sukuk issuance certificate to Dr. Mohammad Ayub Miah, Chairman of Sammilito Islami Bank PLC, completing the investment process.
Senior officials from the central bank’s Debt Management Department, and Sammilito Islami Bank PLC were present at the event. The Shariah-compliant bond was issued through private placement against specific government assets, including seven housing projects for government employees constructed by the Public Works Department and specific rail service operated under Bangladesh Railway.
The press statement claims that the bank will benefit strategically from this investment in a number of ways. It can be used to request liquidity support from Bangladesh Bank when needed and will be eligible to maintain the Statutory Liquidity Ratio (SLR).
Additionally, ownership of the Sukuk can be transferred at any time through the bank’s administration because it is a transferable instrument.
This investment is expected to yield a half-yearly profit for the bank at a rate of 9.72%.
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