Call to introduce Sukuk Bond in Bangladesh market

There is a huge demand for Islamic financing in the Bangladesh market while the introduction of Sukuk Bond here will be time-oriented new investment equipment, said Salman F Rahman, private industry and investment adviser to the prime minister.

The business tycoon said treasury bonds will be listed very soon and a number of other bonds will also follow suit.

Salman F Rahman was addressing a virtual round-table discussion titled "Sukuk Bond: A new frontier for financing instrument in Bangladesh" as chief guest.

Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) and City Bank Capital hosted the event on Tuesday, said a press release.

This is time to take initiatives on how to bring Islamic Financing and Sukuk in the market through learning from Malaysian experience, said the seasoned industrialist.

BMCCI president Raquib Mohammad Fakhrul termed Sukuk an important asset class for investors from both conventional and Islamic backgrounds.

He called for steps to develop a Sukuk market in Bangladesh and fulfill the realistic aspiration of becoming an upper middle-income country by 2031 for which an investment of about $300 billion is required for infrastructural development

Managing Director and CEO of City Bank Capital Ershad Hossain presented the keynote paper at the event.

Accommodating Sukuk as a source of project finance in Bangladesh could be a game changer, he said.

Malaysian High Commissioner to Bangladesh Haznah Md Hashim congratulated the government of Bangladesh, particularly the organisers for hosting such a timely discussion.

In her address, she said Malaysia has been a rising global leader in Islamic Banking and Finance for several decades and maintained its position as a top issuer of Sukuk loans.

Sukuk can drive Malaysian investors to look into Bangladesh as another potential investment destination, said the envoy.

City Bank Limited Managing Director Mashrur Arefin and Head of Chamber Barrister Tanjib-ul Alam participated in the session as panel speakers.

In their speech, the speakers gave suggestions to attract investment in Bangladesh through Sukuk Bond.

BMCCI vice-president Md Anwar Shahid gave the vote of thanks on the occasion and winded up the roundtable.