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Brunei Plans To Establish Islamic Capital Market
By Lyna Mohammad

Bandar Seri Begawan - His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, in his Hari Raya titah yesterday evening, disclosed that the government plans to establish an Islamic Capital Bond Market in the country.

As part of the government programme through the Ministry of Finance, the Capital Market will be initiated through the issuance of the "Sukuk Al-Ijarah" and its first issue will be made sometime early next year, said the monarch.

His Majesty said for a start, short-term bonds will be issued with a three-month maturity period and God willing the period will be extended from time to time according to its suitability.

The Sultan pointed out that Brunei will be the first Islamic country to issue the short-term "Sukuk Al-Ijarah" bonds.

"Without any doubt this is our contribution to the Islamic Capital Market development and it has the potential to be a reference to other Islamic countries," His Majesty added.

His Majesty said the main objective of the issuance of government bonds, apart from the expansion of the capital market, is to encourage other parties including main

corporate bodies in the country to issue their individual Islamic bonds.

"This is aimed at reducing their dependency on banks to get their funds, besides giving public members the opportunity to invest in internal projects based on the principles of Islamic Law," said the monarch.

"It is also hoped that it would reduce the amount of funds flowing out of the country," added His Majesty.

His Majesty quoted from the Quran, which interprets, "Whatever misfortune happens to you is because of the things your hands have wrought and for many of them, Allah grants forgiveness".

Based on this, the caring monarch has called on his subjects to nurture good intentions and to incorporate them into their deeds that will fulfill the desire to be a good nation as it will help upkeep the nation's safety, peace and tranquility.

Hari Raya is a day of victory for Muslims around the globe and such victory will not hold any meaning if it is only to be enjoyed for a while.

It has to be a major victory that is long lasting. To obtain victory in this form, efforts must be made in line with their objectives as without these, peace and calm will not be a reality, said His Majesty -- Courtesy of Borneo Bulletin

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