The Bangladesh government will raise Tk 10,000 crore from Samiliti Islami Bank by issuing a Sukuk bond named 'Bangladesh Government Special Sukuk-1'. According to a Bangladesh Bank press release issued on Sunday, the bond will have a maximum tenure of 10 years, and the bank will receive an annual profit rate of 9.75 percent. The government is scheduled to receive the funds from the bank on January 14.

The Shariah Advisory Committee of Bangladesh Bank, chaired by Deputy Governor Dr. Md. Kabir Ahmed, held meetings on January 7 and 8 to finalize the issuance under the Ijara (lease) method. The Sukuk will be issued through private placement directly in favor of Samiliti Islami Bank. The underlying assets for this Sukuk include seven housing projects built by the Public Works Department for government employees and specific train services operated by Bangladesh Railway.

The issuance aims to mobilize funds for government projects while adhering to Islamic financial principles, as outlined by the central bank’s advisory committee.