Brunei plans long-tenor sukuk in ‘very near future': Regulator

Brunei's financial regulator is preparing to issue long-term Islamic bonds in the "very near future" while widening the eligible list of buyers of its issuance programme. The Autoriti Monetari Brunei Darussalam (AMBD) wants to develop the local capital market to help shift the economy away from oil and gas exports, with plans to launch a securities exchange as early as 2017. The AMBD did not give a specific timeframe or potential size for the deal. Since 2006, the AMBD has issued sukuk in maturities of up to 1 year for use by the country’s seven domestic commercial banks, but never in longer tenors. The new sukuk will be available to buyers outside the domestic banking sector.