“Goldman Sachs” sell Islamic bonds for the first time
“Goldman Sachs” sell Islamic bonds for the first time
Thursday, 18/09/2014
New York – Qena: Bank started “Goldman Sachs” American investment, sale of Islamic bonds (Sukuk) for the first time since he decided to enter the Islamic finance market 3 years ago. According to Bloomberg financial news, the Bank joined to the governments of Britain and Hong Kong in the sale of bonds compliant with Islamic law during the current year. The agency said the bank yesterday raised the first instruments of $ 500 million and amounted to 3 times the size of the IPO offering. Although the instrument that up to 5 years duration offers a return is estimated at about 90 basis points (9.0 percentage points) above the average interest rate in the major markets.
The American bank has failed in 2011 in the sale of instruments in light of criticism of the framework of the law to put on the basis that it does not guarantee that the instruments are traded in accordance with the rules of Islamic law has been amended Bank .. This time, the rules of trading and subtraction to attract more investors. And carries the name of the new instruments subtraction Agency, which forms a bond compliant with Islamic law, which vows to where one of the parties to work for the benefit of another party. According to the expectations of Foundation “Ernst & Young” Financial Advisors and the size of the administrative global Islamic financial market will double over the next five years until 2018 to 4.3 trillion dollars.
raya.com
