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Indonesia Still Planning Global Sukuk as It Waits for Approval

09/06/2011 11:23:09 AM GMT   Comments ()     Add a comment   Print     E-mail to friend

Indonesia is still planning a sale of dollar-denominated Islamic bonds in the second half even though it has yet to get approval for state-owned land and office buildings to be used to back the debt, the finance ministry said.

The ministry is seeking parliamentary approval to allow 30 trillion rupiah ($3.5 billion) of land and buildings to be used for the sukuk offerings, Dahlan Siamat, director of Islamic finance at the ministry, said in an interview today. It has “run out” of approved buildings and land, he said last month. The finance ministry is also waiting for a ministerial decree to enable it to use new projects, such as roads, railways and buildings to back Shariah-compliant bonds.


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Source: AJP

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