Kuwait Finance House KSCP has initiated a $3 billion Islamic bond program, Reuters reported May 22.
The bonds, known as sukuk, will be issued through a special purpose entity in the Dubai International Financial Centre, which is a free zone, according to a prospectus. The certificates will be issued in multiple currencies, including Chinese renminbi, and will combine sharia-compliant contracts known as wakala and murabaha in a hybrid composition.
KFH Capital Investment Co. and Standard Chartered Bank will arrange the transaction, Reuters noted. No issuance date or initial size was stipulated.
