Indonesia issues world's first blockchain sukuk

October 23, 2019

Indonesian Islamic microfinance cooperative BMT Bina Ummah has raised 710 million rupiah ($50,000) through the world's first primary sukuk issuance on a public blockchain and also the world's first micro sukuk.
 
Full article: 
https://www.internationalinvestment.net/news/4006149/indonesia-issues-world-blockchain-sukuk
 
 
What is a Sukuk?
 

A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law commonly known as Sharia. Since the traditional Western interest-paying bond structure is not permissible, the issuer of a sukuk sells an investor group a certificate, and then uses the proceeds to purchase an asset, of which the investor group has partial ownership. The issuer must also make a contractual promise to buy back the bond at a future date at par value.(Investopedia)

 
 
 
 
 
 
 

 

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