Saturday, September 16, 2006

Brunei moving towards becoming a major center of Islamic finance

"Brunei drives finance centre", Brunei Times, September 16, 2006

The Minister of Finance of Brunei,
Pehin Orang Kaya Laila Setia Dato Seri Setia Haji Abd Rahman bin Haji Ibrahim, speaking at the opening of the Brunei Islamic Finances Forum is paraphrased as saying "Brunei already had the required infrastructure, along with the legal and regulatory framework, to promote business. At the same time it could protect the rights of all stakeholders, making the country a safe financial haven."

The government of Brunei recently issued its first sukuk al-Ijarah, Islamic-compliant bonds based on leasing of government property.

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