Kazakh sukuk debut opens to door to Islamic finance

The Development Bank of Kazakhstan issued the first sukuk in the former Soviet Union worth $75 million. It is expexted that this sukuk will soon be followed by a number of new issues in the country. The issued bond will generates an annual payment of 5.5 per cent and is a part of the bank's Islamic note programme worth 1.5 billion ringgit. THe programme is subjected to the sharia principle of murabaha.