Bandar Seri Begawan - The Autoriti Monetari Brunei Darussalam (AMBD) yesterday announced the successful pricing of its 83rd issuance of sukuk, or Islamic bonds, worth $100 million at a rental rate of 0.16 per cent.

The latest issuance was made on December 6, 2012 with the bonds set to mature on March 7, 2013, based on a 9I-day maturity period, said AMBD, who acts as the government's managing and administering agent for the Sukuk Al-ljarah issuances.

"With this issuance, the Brunei Government has thus issued over B$5.151 billion worth of short-term Sukuk Al-ljarah securities since the maiden offering on 6th April 2006," the AMBD said in a press release.

Islamic bonds do not pay interest, which is banned as usury under Islamic law, and are structured as profit-sharing or rental agreements underpinned by physical assets.