Newswrap: Islamic finance

Bangladesh’s Deshbandhu Group to issue $250 million sukuk; Sydney-based Ijarah Finance launches financing for construction sector; Football star Paul Pogba becomes Wahed brand ambassador; Abu Dhabi Islamic Bank launches ‘open banking revolution’; UAE’s ADEX signs export financing agreement with Capital Bank of Jordan.

Bangladesh’s Deshbandhu Group to issue $250 million sukuk

The Deshbandhu Group is to issue a $250 million sukuk in July through the Al Waseelah Sukuk issuance platform, reported Islamic Sustainable. The high-yield sukuk is to have a 9% semi-annual profit rate over six years, and is to be issued in US dollars and Malaysian Ringgit. The Bangladesh based Group is involved in 16 companies, including food, beverages, fibers, textiles, trading, power and properties. The website noted that the sukuk issuance is intended to bolster foreign exports, domestic market share and invest in new technologies and people. The sukuk is not to feature ESG performance indicators but is intended to focus on United Nations Sustainable Development Goals (SDGs), notably no poverty (SDG 1), gender equality (SDG 5) and decent work and economic growth (SDG 8).