IslamicFinance.de

Last week an immunisation programme secured a $500 million issuance of sukuk, under a broader trend to use bond markets to fund development and humanitarian projects. The sukuk from the International Finance Facility for Immunisation Co (IFFIm), for which the World Bank acts as treasury manager, is a break from the predominantly commercial nature of most Islamic finance transactions. Future sukuk from IFFIm could help reinforce that change by financing other high-profile immunisation efforts, and the Global Alliance for Vaccines and Immunisation (GAVI) is actively in discussions over taking a role in fighting Ebola when a vaccine becomes available.

The Kerala State Industrial Development Corporation (KSIDC) has partnered with Cheraman Financial Services Limited, a Kochi-based Islamic fund. KSIDC has 11 per cent share in the Rs. 250 crore fund which is a shariah-based entity aimed at funding selected sectors. Cheraman is the new avatar of the Al Baraka fund proposed by KSIDC two years ago. Cheraman has received the go-ahead from the Securities and Exchange Board of India (SEBI) and has been registered as a trust, despite the Reserve Bank of India stating that the Banking Regulation Act did not permit Islamic banking in the country.

In order to attract Muslim investors to stock markets, Reliance Capital Services has launched in Kanpur the 'Imaan Investment Plan'.