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Source: Thomson Reuters.   Last updated on Sep 23, 2019 at 08:00AM (UTC).   Delayed by at least 15 minutes.
Commencement of Subscription in the 24th Issue of the Government Islamic Leasing (Ijarah) Sukuk through Bahrain Bourse
Jul 11, 2017
Bahrain Bourse (BHB) announced that as of Tuesday, 11th July 2017, and according to the invitation announced by the Central Bank of Bahrain (CBB), Bahraini and non-Bahraini investors can directly subscribe through the primary market of BHB in the Government Islamic Leasing (Ijarah) Sukuk Issue 24 that have been issued by the CBB on behalf of the Government of Bahrain by giving their orders to registered brokers at Bahrain Bourse. Thereafter, investors will be able to trade the Sukuk in the secondary market at BHB once listed on BHB, which is expected to be on 31st July 2017.
The Bourse specified that the subscription period through the registered brokers is effective Tuesday 11th July 2017 until Thursday 13th of July 2017.  The subscription will be open on Tuesday and Wednesday from 9:30am until 1:00pm and on Thursday from 9:30am until 11:00am.
The BD125 million Sukuk issued at a par value of BD1 each on 17th July 2017 for a period of 3 years ending on 17th July 2020. The annual fixed return on these securities is 4.2%, and will be paid every six months on 17th July and 17th January every year throughout the period of this issue.

The Central Bank of Bahrain issued the Government Islamic Leasing (Ijarah) Sukuk on behalf of the Government of Bahrain. The Government of Bahrain directly guarantees the Sukuk securities.

One of the main advantages of subscribing through Bahrain Bourse is the ability to own Sukuk directly (beneficiary ownership).

In order to encourage retail investors, the Bourse specified a minimum subscription of 500 BHD (500 Sukuk). BHB has also determined a minimum allotment of 10,000 Sukuk per subscriber applying for an amount of BHD 10,000 and above, while the remaining quantity will be allocated on pro rata bases.

Upon listing of the Sukuk, investors will be able to trade them in the secondary market through a registered broker at BHB during the trading session, which is held on a daily basis from Sunday to Thursday.

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