The first issue of SUKUK (Islamic securities) in the Kyrgyz Republic
The Financial Market Regulation and Supervision Service made the state registration of the first issue of Islamic equity certificates (Sukuk al Mudaraba) in the Kyrgyz Republic of LLC “Intercascad, Islamic Special Financial Company” in the amount of 750,000,000 (seven hundred and fifty million) certificates totaling 750,000,000 (seven hundred and fifty million) soms and assigned the state registration number number KG1001233814 dated May 25, 2023 with a circulation period until December 31, 2030.
The originator is a limited liability Company “Intercascad Trade and Finance Limited”, registered in accordance with the laws of Hong Kong.
The originator intends to attract additional funds for business development (financing of its entrepreneurial activity) and is ready to provide investors (owners of SUKUK) with a share in the profit from the use of the funds raised. The Originator’s business consists in trading large wholesale lots of household and industrial appliances from the markets of Southeast Asia to the markets of Central Asia.
An Investment Agreement based on the principles of the Mudaraba Agreement has been concluded between the Issuer and the Originator.
Note:
According to the Law of the Kyrgyz Republic “On the Securities Market”, Islamic securities are securities issued on the basis of Islamic principles of financing (Sharia standards) certifying ownership of an indivisible share in the issuer’s established property or business.
The following types of SUKUK can be issued by issuers in the Kyrgyz Republic: Islamic Rental Certificates (Sukuk al Ijara), Islamic Project Financing Certificates (Sukuk al Istisna), Islamic Equity Certificates (Sukuk al Mudaraba), Islamic Investment Agency Certificates (Sukuk al Wakala Bi Al Istitmar), Islamic Partnership Certificates (Sukuk al Musharaka).