Sukuk auction on Apr 19 to raise Tk 50b
The government is set to raise Tk 50 billion more by issuing Islamic bonds on April 19 to bankroll a rural infrastructure development project, officials say. The central bank will hold an auction to issue Istisna Sukuk bonds to eligible banks, non-banking financial institutions (NBFIs), insurance companies and individuals. The Bangladesh Bank, as a special-purpose vehicle for the issuance of government securities, has completed all necessary preparations to issue the third set of the Shariah-based bonds.Investors will receive a 4.75-per cent profit on their investment in these bonds, he tells the FE, saying that it will be paid on a half-yearly basis. As per the BB criteria, Shariah-based Islamic banks, NBFIs and insurance companies will be eligible for 80 per cent instead of 70 per cent earlier Sukuk certificates. But conventional banks and other financial institutions will be entitled to receive 8.0 per cent of the bonds instead of 15 per cent. Besides, 10 per cent of the Bangladesh Government Investment Sukuk (BGIS), generally known as Istisna Sukuk, will be sanctioned to Islamic branches and windows of conventional banks. Individual investors will be eligible to get the remaining 2.0 per cent instead of 5.0 per cent earlier.On 29 December 2021, the government raised Tk 50 billion through issuing Ijarah Sukuk bonds for the implementation of a need-based government primary school-development project by 2023.
Ctg Custom House sees 21.98% revenue growth
Chattogram Custom House, the largest customs station in the country, has achieved a significant boost in revenue collection in the first nine months of the current fiscal year owing to an increase in production and import. From July to March of the current fiscal year 2021-22, Chattogram Custom House saw 21.98% revenue growth which was Tk42,730.82 crore – about Tk5459 less than the target. According to Chattogram Custom authorities, the revenue collection is expected to reach nearly Tk60,000 crore compared to Tk51,576.96 crore last fiscal.In the last fiscal year 2020-21, the revenue collection in the first nine months was Tk35,031.65 crore, which was nearly Tk12,000 crore less than the target. A review of the revenue collection data of Chattogram Custom House shows that the highest revenue collection of the current fiscal was in March when Tk5,296.69 crore was collected.
Bangladesh Denim expo will be held on May 10
Bangladesh Denim Expo is going to be held in the city in May, after two years of suspension due to Covid-19 pandemic, aiming to help buyers and suppliers to explore new opportunity. The 12th edition of the two-day exhibition will take place at the International Convention City, Bashundhara (ICCB) in the capital on May 10-11. A total of 79 exhibitors, including local and international ones, will join the event, it said.At the two-day event, exhibitors will display fabrics, garment, threads, machinery, finishing equipment and accessories, positioning the show as a true representation of Bangladesh’s denim industry – the largest denim exporter to the EU and the USA.